Construction,

the country is caused by panic buying by Nigerians.

This medium had reported that queues for petrol resurfaced in parts of the country shortly after President Bola Tinubu

Real estate

Infrastructural activities in the Construction and Real estate sector reduced by 7.4 per cent in its contribution to Nigeria’s real Gross Domestic Product in Q1 2023.

According to latest data released by the Nigeria Bureau of Statistics recently, the sector contributed a total of N8.33tn in the quarter compared to the N9tn generated in the fourth quarter of 2022.

The NBS attributed the decline to the adverse effects of the cash crunch experienced during the quarter.

The cash scarcity caused by the naira redesign policy of the Central Bank of Nigeria had pushed Nigeria’s Gross Domestic Product growth below global projections of the World Bank, International Monetary Fund and the African Development Bank.

The decline is slightly below a recent projection by KPMG that Nigeria’s GDP will grow at a relatively slow pace of 3 per cent in 2023 due to challenges associated with the naira redesign and political transition.

announced the cancellation of petrol subsidy.

In Lagos, Ogun, and Abuja, it was observed that some filling stations were closed, while those that dispensed petrol had large queues of customers lining up for the commodity.

A resident who preferred anonymity told TheCable that most filling stations decided to stop selling when they were