What this means is that there is more money in the economy to spend again, There will be job restoration as a result of job creation. More companies that were either closed down or slowed down by the economics recession are likely to resume operation or get back to full capacity in production.
As a result of these renewed activities there will be increased spending and purchasing capacity of individuals. But should we go back to our former ways as the situation fully change. The answer is absolutely no!
According to recent report captured online, the 2017 first quarter report on Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS) shows that the Nigerian economy was on its way out of recession, We can now push our game to limit with our expectation of a bright economy.
According to the report, the level at which the GDP was sliding down reduced to 0.52%, compared to the lowest level of fall recorded in the last five quarters, especially in 2016. The Nigerian economy which has been crashing at an average rate of 1.5575% in all the quarters of 2016 had an ice cooled figure of 0.52% in the first quarter of 2017.
Though the Oil sector is yet to reverse it downward trend and still sliding down in GDP, the Non-Oil sector of the economy grew in the beginning of 2017 by 0.72%. This growth in the Non-Oil sector was driven by increased activities in Crop Production, Information and Communication, Manufacturing and production fast selling domestic products, Transportation and Other Services. This will just tell you areas where you can pitch your tenth in case you want to make money from a recovery economy.
The Non-Oil sector contributed 91.10% to the GDP in the first quarter of 2017, while the Oil sector contributed just a litre above 8.00%. The Services sector remains the largest sector of the Nigerian economy, accounting for 55.45% of the GDP as at first quarter of 2017. No doubt services like online buying and selling stores like Jumia and Konga had a great impact in all these check www.investmentmentlight.com/onlineshopping for this. Provision of cleaning services, sales of electronic devices, government support services also had a good time. This was followed by Industries sector, which contributed 23.21% to the GDP as well. Agriculture which became a good alternative for job looser during the recession accounted for 21.35% to the Gross Domestic product. Agriculture recorded the highest weighted growth rate of 0.72% in the first quarter of 2017 followed by the Information and Communication sector with a weighted growth rate of 0.34% a big money the likes of MTN, Airtel, Glo and others subservice in that sector
All these analyses are indications that the Nigerian economy is likely to be out of the current recession before the end of the last quarter of 2017, especially on the heels of the Central Bank of Nigeria (CBN) policy to increase the supply of foreign exchange, hence enhancing the purchasing power of individuals and companies that use this hard currency to transact business. This initiative is already boosting trade activities hence the
According to expert report, the Purchasing Managers Index (PMI) shows that production activities are already picking up in Nigeria as a result of available dollars to import raw materials. Remember production of household consumables like tablet soap for bathing and wash, dish wash, cleaning bleach, bathing accessories and creams, antiseptic liquids, tissue paper, detergents, etc. have become a big hub for those who want to start a small production business. Visit www.info4000.com/householdproduct for more details on fast moving consumer goods (FMCG
All these growth is anchored on the continued improvement in crude oil production and the expectation that the crude oil price will remain above $50/b thereby lifting the Oil GDP and dollar supplies as well. The oil and gas sector is an area to look at for investment and business. Get more on these from www.investmentlight.com/oilandgas
It is not enough to sit down and watch all these figure reviving without taking a queue and direction for your own future. The Nigeria economy does not serve the populace and waiting for government to be the driver of your business, finances or even investment is like trying to toe a caterpillar with a bicycle, it can never work out. Your personal economy is in your own hand you can only use these analyses to better place yourself and prepare, your ideas for opportunity to make more money either form your job, business or investment. Get more form www.info4000.com
Indicators of Nigeria Economic Revival
Dangote to invest $1bn in rice cultivation in five states to boost food self-sufficiency in the country.
Hayat Kimya, a leading fast moving consumer goods (FMCG) company, inaugurated its ultra-modern diaper and tissue factory at the Agbara Industrial Layout with an investment of about $100 million in the diaper and tissue factory in Ogun State
Shell Petroleum Development Company (SPDC) commences ‘Skeletal’ loading of crude oil from Trans-Forcados crude export pipeline after months of repairs, completion and final loading of the first tanker at the Forcados terminal.
Government share Excess Crude Account, the CBN in its latest monthly financial report. The Federal, State and Local Governments received N9.17billion, N4.65billion and N3.58billion, while the oil producing states received N2.60billion as 13 per cent derivation fund, which was distributed from the Excess Crude Account.
Finally, companies are paying high dividend during these periods to attract more investors to capital market and also more investment are coming in following the successful sale of 60 percent equity stake of ExxonMobil in Mobil Oil Nigeria Plc (MON) to NIPCO PLC. More on this from www.investmentlight.com/stock
Time to pitch your tenth in the right business, investment or even jobs, deals and transactions as Nigerian Economy gets out of recession fast. Don’t miss the Opportunity