• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 26, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

3.4% GDP growth signals Nigeria’s economic recovery

GDP

The Matters Press by The Matters Press
February 19, 2022
Reading Time: 2 mins read
0
CAC, Pakistani investors on economic diversification

Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), says the nation’s Gross Domestic Product (GDP) growth rate of 3.4 per cent shows economic recovery.

RELATED POSTS

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Yusuf made this known on Friday in Lagos and noted that the figure surpassed projections of both the International Monetary Fund (IMF) and the World Bank of 2.6 per cent and 2.7 per cent respectively.

The CPPE boss attributed the positive growth to a strong base effect and the easing of shocks of the pandemic on the economy.

He noted that the base year (2020) was characterised by devastating shocks of the COVID-19 pandemic with its attendant collapse of commodity prices, supply chains disruptions, travel restrictions and lockdown.

“But in 2021, we saw a rebound of oil prices, relaxation of travel restrictions, improvements in vaccination rates, lifting of lockdowns and economic stimulus programmes by government.

“The fourth quarter typically witnessed increased spending and heightened tempo of economic activities because of the end of year festivities.

“These were the critical drivers of the growth,” he said.

Yusuf, however, noted that the GDP growth was not an end in itself but a means to an end.

He said for growth to be meaningful it must impact on citizens’ welfare, create jobs, alleviate poverty, reduce inequality, ensure prosperity of small businesses and promote inclusion.

Yusuf also said the economic performance on the score of those metrics had been sub-optimal.

“Galloping inflation and the sharp depreciation of the currency has inflicted immeasurable shocks on business performance and the welfare of citizens.

“Citizens purchasing power was considerably eroded, thus aggravating poverty.

“While we welcome the positive growth numbers, we reckon that there is still a great deal of work to be done to translate the growth to improved welfare and prosperity of small businesses.

“This will require a mix of fiscal, monetary and social policy interventions,” he said.

Tags: GDP
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Next Post
Nigeria showcases minerals to woo investors

Minerals in Edo state can transform Nigeria’s economy

Dangote Fertilizer in gas supply deal

Revive refineries to curb fuel adulteration, LCCI advises Nigeria

Recommended Stories

NSE, Vitapur partner to promote local content

NSE, Vitapur partner to promote local content

February 25, 2022
“Naira-4-Dollar” getting results

Naira begins new week on negative note

May 15, 2023
Nigeria plans to increase petrol pump price despite spike in inflation, unemployment

Fuel queues reappear in Abuja

October 9, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
  • Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us