Finance, Insurance Sectors Gain 26% YoY Growth to Boost GDP in Q1 2023 – THISDAYLIVE

Kayode Tokede Despite Nigeria’s tough operating business environment, the finance and insurance sectors gained 26 per cent Year-on-Year (YoY) in real Gross Domestic Product (GDP) growth in the first quarter

Despite Nigeria’s tough operating business environment, the finance and insurance sectors gained 26 per cent Year-on-Year in real Gross Domestic Product growth in the first quarter 2023.

Analysts have expressed that online transactions in the period under review increased significantly amid the Central Bank of Nigeria currency swap policy. They stressed that increase impacted positively on finance and insurance contributions to real GDP outcome in the period. The policy deepened online transactions in the period as Nigeria Inter-bank Settlement System reported 298 per cent increase in e-payment transactions, which reached N135 trillion in Q1 2023, up from N34.04 trillion recorded in Q1 2022, reflecting the impact of cash scarcity on the payment culture of Nigerians.

Speaking with THISDAY, Managing Director/Chief Economist at Analysts Data Service and Resources Limited, Dr. Afolabi Olowookere, attributed the growth in finance and insurance to the increased online transactions during the period. According to NBS report, “The finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, in which the former accounted for 91.75per cent and the latter 8.25 per cent of the sector respectively in real terms in Q1 2023.

A member of the Monetary Policy Committee of the CBN, Festus Adenikinju, who is from the Department of Economics, University of Ibadan, said: “I fear that the staff output growth forecast of 2.64 per cent in Q1 2023 may not be realised because of the problems associated with the implementation of the currency redesign policy and the fuel queues in parts of the country for January and February 2023.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

THISDAY LIVE /  🏆 14. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

65-Year-Old Nigerian Man Defiles 9-Year-Old Girl, Blames Victim | Sahara ReportersA 65-year-old Nigerian man, Danladi Wari, has been arrested by the police for allegedly defiling a nine-year-old girl in Adamawa State. Wari, who reportedly defiled the minor in Gangaraso village in the Jada Local Government Area of the state, was arrested on May 23, 2023, by the state police command. Wari, a tailor and cobbler, allegedly lured the minor into his room in the community and had sexual intercourse with her.
Read more »

Construction, Real estate GDP contribution decline to N8.33tnInfrastructural activities in the Construction and Real estate sector reduced by 7.4 per cent in its contribution to Nigeria’s
Read more »

Davido, Wema Bank’s CEO Parley to Boost Finance, Entertainment Industries – THISDAYLIVE
Read more »

Ballon d'Or: Power Ranking reveals 10 possible winners of this year's award [See list]The Ballon d'Or Power Ranking for the end of the season has emerged. The ranking for May 2023 listed the ten players who have performed extremely well at
Read more »

Two-year-old jailed for life over parent’s Christian faith – Punch Newspapers
Read more »

Haaland Wins Premier League Player of the Year – THISDAYLIVE
Read more »