₦airaland Forum

igbesachick:
india has 20% what .? that prediction was released before april outbreak in india. and india suffered 37% negative growth in 2020, adding your 20%, still 30% 17% negative.


dont put india and china in one sentence . that is insult to chInA

GboyegaD:
Who are we trying to impress? Nominal growth without discounting for inflation in a country that has experienced over 10% in inflation growth in the last one year. It is alright with the lies.

FarahAideed:
How ,where , what drove this expansion?

Africa's largest economy Nigeria grew at an impressive 4.03 percent rate year-on-year in the third quarter (Q3) of 2021 after posting 5.01 percent in the second quarter, according to the latest data published by the National Bureau of Statistics (NBS) on Friday.

Despite the high inflation rate and a series of weak economic fundamentals, Nigeria is showing strong resilience, especially when compared to the peak of COVID-19 when Gross Domestic Product (GDP) contracted by 6.10 percent and 3.62 percent in the second and third quarter of 2020, respectively.

The economy has since rebounded from recession with 0.11 percent, 0.51 percent, 5.01 percent and 4.03 percent growth rates in Q4 2020, Q1 2021, Q2 2021 and Q3 2021, respectively. Aggregate GDP rose to N45.113 trillion in nominal terms, representing a 15.41 percent year-on-year growth rate from N39.089 trillion achieved in the third quarter of 2020.

To better understand Nigerian economic composition, it is important to take into consideration productivity in the oil and non-oil sectors.

Oil Sector

Nigeria's crude oil production stood at 1.57 million barrels per day (mbpd) on average in the third quarter, lower than the daily average production of 1.67 mbpd achieved in the same quarter of 2020 but the country generated more revenue in Q3 2021 given the surged in oil prices in 2021.

Oil sector recorded -10.73 percent year-on-year real growth in the quarter under review, an increase of 3.16 percent points relative to the rate recorded in the corresponding quarter of 2020. Growth increased by 1.92 percent when compared to Q2 2021 which was –12.65 percent.

On a quarterly basis, the oil sector recorded a growth rate of 12.05 percent the quarter under review, while the sector contributed 7.49 percent to total real GDP, down from figures recorded in the corresponding period of 2020 and up compared to the preceding quarter, where it contributed 8.73 percent and 7.42 percent, respectively.

The Non-Oil Sector

The non-oil sector, Nigeria's largest growing sector, grew by 5.44 percent in real terms in the third quarter of 2021. This rate was 7.95 percent higher than the rate recorded in the same quarter of 2020 and 1.30 percent lower than the second quarter of 2021.

The sector was largely driven by trade, Information and Communication (Telecommunication); other drivers include Financial and Insurance (Financial Institutions); Manufacturing (Food, Beverage & Tobacco); Agriculture (Crop Production); and Transportation and Storage (Road Transport), accounting for positive GDP growth.

In real terms, the Non-Oil sector contributed 92.51 percent to Nigeria's GDP in the third quarter of 2021, lower than the 92.58 percent recorded in the second quarter of 2021 and higher than 91.27 percent posted in Q3 2020.

Asamota:
What about Ighalo?

gaiusolayinka:
And where will that be? I guess not in the area like Oluyole or Challenge or Bodija sha. 250k will only get your a room self contain at best

SeaTrade:
Nigeria is the only country in the world where a product will jump in price by 50% and sales of that product won't change.

It has made corporations greedy and they milk Nigerians with reckless abandon at the slightest opportunity.

Why can't people just boycott those greedy brands,move to cheaper ones and let it sink in the heads of this corporations that no brand is too big to fail,irrespective of product or distribution network.

As someone that has travelled a lot around Africa,I can boast that Nigeria is the only place where this happens and consumers will show vulnerability and dependency by simply continuing patronage and showing these people that "we don't have a choice".
This is a very wrong message to pass,make una try wise up abeg.

Brand loyalty is a daft thing to do cos you would be taken advantage of by oligarchs.
I drop my pen.

This needs to get to front page let's discuss more on this.

Ibime:
That whale should dump all his SHIB so we can start from zero

PrinceOfLagos:
Cash out time for Tinubu as usual

If you know you know

Data from the National Bureau of Statistics (NBS) shows that the 36 states in the country and the Federal Capital Territory (FCT) earned N2.33 Trillion from Pay As You Earn (PAYE) in three years 2018 to 202o.

Pay As You Earn (PAYE) is a form of personal income tax that is deducted directly from the wages and salaries of employees operating in the formal sector. Employers in Nigeria are responsible for directly deducting Pay as you earn taxes from their employees’ earnings.

Unsurprisingly, Lagos state earned the highest from Pay as you earn tax collected with N788.29 Billion collected in the period under review. Rivers State with N255.34 Billion was a close second, the Federal Capital Territory with N210.08 Billion collected was third with N210.08 Billion collected. Jigawa State with N11.74 Billion, Taraba State with N10.66 Billion, and Gombe State with N9.23 Billion made the least from PAYE during the period.

The South-West earned N1.0 Trillion from PAYE in the three years, therefore making it the region with the highest PAYE earnings, The South-South meanwhile came second with N555.14 Billion earned from PAYE during the period. The North-Central earned N366.71 from PAYE, making it the region with the third-highest PAYE earnings. The North-West earned N172.95 Billion making it the region with the fourth-highest PAYE earnings. Rounding up the list at fifth and sixth were the South-East at N134.53 Billion earned and the North-East at N96.54 Billion earned.

Personal Income Tax in Nigeria is guided by the amended Personal Income Tax Act Cap P8 LFN 2004, and is imposed on the income of individuals, corporate sole or body of individuals, families, communities and trustees or executors of any settlement. The tax ranges from seven per cent to twenty-four per cent depending on the amount of chargeable income and the due date for the remittance of PAYE is the 10th day of every new month.

TGM2015:
Kudos to the reporter. This is how reporting should be.
Report the positive, the negative, the indifferent, and the reality as at the time of reporting.

Thank you SAMED OLUKOYA

eNaira App has reappeared on the Google play store barely 24 hours after it was taken down by the Google team following a series of complaints by Nigerians that downloaded the newly unveiled digital currency Speed Wallet Application.

Investors King had reported that eNaira app recorded over 100,000 downloads before it was pulled down when its ratings dropped to 2.0 within 24 hours of it being available for download.

However, the app reappeared on the Google play store a few hours ago despite the nationwide criticism that trailed its poor implementation and sudden disappearance.

The Director of Corporate Communications for the Central Bank of Nigeria, Osita Nwanisobi, who was in Abakaliki on Thursday, said the eNaira app's disappearance was temporary as it was pulled down for an important upgrade targeted at addressing glitches observed during its launch.

The reviews have gotten better with ratings rising to 3.1 of 5 after 3,319 votes.

While there were still complaints, a lot of them were positive as of October 28, 2021.  A customer, Yakubu Aminu, who has gone through the process and downloaded eNaira app, has this to say "The App is working fine. People can be terrible at following instructions. If you follow the instructions accordingly, it will work fine for you. Kudos to CBN for this wonderful initiative. Nigeria is a great country."

Another customer, Osarenren Ojogho Nwenke, lauded CBN efforts, saying "Well done CBN. But I think there is an issue. If someone transfers some eNaira to my wallet, I hope the person's name will show in the transaction (credit) notification received in the app. Experimentally, I transferred some funds from my UBA to my Speed Wallet. I saw only the transaction date and transaction ID. Name of the depositor is very important please." 

Olawale Falade. however, said "eNaira is back. We complained, they listened - pathetic. Email addresses were provided when we enrolled for BVN. Why can't the app locate it? This is sad. The app shouldn't have gone live yet. Expect us to go to the bank to update our BVN after all the inhuman treatment we were put through the first time? I will put a hold on this, at least till you guys start bullying us that we must enroll compulsorily. Hoping by that time you would have put your acts together. Sad."