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Tag: GDP

  • FG hails rebased GDP figures, Q1 growth

    FG hails rebased GDP figures, Q1 growth

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has welcomed the release of Nigeria’s 2024 rebased Gross Domestic Product (GDP) figures and the Q1 2025 GDP growth estimate of 3.13 per cent.

    This is contained in a statement issued by the Director, Information and Public Relations in the ministry, Mr Mohammed Manga, in Abuja on Wednesday.

    Edun said that the growth was an important signals of the country’s economic resilience and renewed momentum.

    He said that the rebasing Nigeria’s first GDP recalibration since 2014 was carried out by the National Bureau of Statistics (NBS) in accordance with global best practices.

    Edun said that it aimed to provide a more accurate picture of the economy by updating the base year used in compiling national accounts.

    “This rebasing gives us a clearer and more contemporary view of our economy’s size and structure.

    “It helps policymakers, investors, and citizens understand where we are, and where the opportunities lie,” the minister said.

    He said that the updated data highlighted the country’s transformation from an oil-dependent economy to one increasingly driven by services, technology, and diversified production.

    Edun said that sectors such as Information and Communication Technology (ICT), entertainment, finance, and professional services had gained prominence, while oil and gas now occupied a smaller share of the economic pie.

    He said that these were not abstract shifts, they reflected the energy of the young, tech-savvy population and the growing success of reforms aimed at deepening economic participation.

    Edun said that agriculture and manufacturing remained cornerstones of the economy, even as digital and creative industries took centre stage in the updated GDP structure.

    The minister said that the Q1 2025 growth surpassed 2024, signalling upward momentum.

    Edun said that the 3.13 per cent year-on-year GDP growth recorded in Q1 2025, an improvement over the 2.4 per cent recorded in Q1 2024, as further evidence that the economy is gaining strength under the Renewed Hope Agenda.

    He said that the acceleration was driven by strong performance in agriculture, telecoms, construction, and financial services.

    “We are encouraged by the broad-based nature of this growth, which is occurring across key sectors and supported by stable macroeconomic reforms.

    “This trajectory reinforces our belief that the country is on the path to rapid, sustained, and inclusive growth with continued implementation of structural reforms, fiscal discipline, and targeted investments in critical sectors,” the minister said.

    Edun reaffirmed the government’s medium-term ambition of achieving a seven per cent annual GDP growth rate, in line with national development priorities.

    “Our goal is not just growth, but growth with impact, especially the creation of quality jobs.

    “The new data will help us better track progress, refine our strategies, and ensure that economic expansion translates into more jobs, higher incomes, and better living standards for all Nigerians,” he said.

    The minister commended the NBS for its professionalism and technical rigour in delivering the rebasing exercise and quarterly GDP reports.

    Edun said that data tools are critical to designing policies that were grounded in reality and aimed at unlocking the full potential of country’s economy.

  • Nigeria’s GDP improves by 3.13% – NBS

    Nigeria’s GDP improves by 3.13% – NBS

    The National Bureau of Statistics (NBS) says  Nigeria’s Gross Domestic Product (GDP) grew by 3.13 per cent on a year-on-year basis in real terms in the first quarter of 2025.

    The Statistician-General (S-G) of the Federation, Adeyemi Adeniran, made the announcement at a news briefing on the Rebased GDP Results released by the National Bureau of Statistics (NBS) on Monday in Abuja.

    Adeniran said this growth rate was higher than the 2.27 per cent recorded in the first quarter of 2024.

    He said the performance of the GDP in Q1 2025 was driven mainly by the services sector, which recorded a growth of 4.33 per cent and contributed 57.50 per cent to the aggregate GDP.

    The S-G said the agriculture sector grew by 0.07 per cent in Q1 2025  from the growth of -1.79 per cent recorded in the first quarter of 2024.

    He said the Industry sector witnessed a growth rate of 3.42  per cent, an improvement from 2.35 per cent recorded in Q1 2024.

    Adeniran said in terms of share of the GDP, the services sector and industry sector contributed more to the aggregate GDP in Q1 2025  compared to Q1 2024.

    He said in Q1 2025, aggregate GDP at basic price stood at N94,051,733.20 million in nominal terms.

    “This performance is higher when compared to Q1 of 2024, which recorded an aggregate GDP of N79,505,265.15 million, indicating a year-on-year nominal growth of 18.30 per cent.”

    The S-G gave a further breakdown of the rebased GDP results for 2019 to 2024  as follows:

    In nominal terms, Nigeria’s economy was estimated at N205.09 trillion in  2019, N213.64 trillion in 2020, N243.30 trillion in 2021,  N274.23 trillion in 2022, N314.02 trillion in 2023 and  N372.82 trillion in 2024.

    In 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent, over the nominal GDP of  2019 of the old year of 2010.

    “In 2020, it was 39.0 per cent,  38.7 in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024.”

    In real terms, the GDP growth rate for 2020 stood at -6.96 per cent, which was as a result of COVID-19.

    “We came out of that negative growth in 2021 when we reported 0.95 per cent growth.  Higher growth rates were also reported in 2022, 2023, and 2024  at 4.32 per cent,  3.04 per cent and 3.38 per cent, respectively.

    He said ranking economic activities based on the 2019 base year,  crop production was first at 17.58 per cent,  followed by trade at 17.42 per cent and real estate at 10.78 per cent.

    This was followed by telecommunications at 6.78 per cent and Crude petroleum and natural gas took fifth place at  5.85 per cent.

    “Real estate ranked third, displacing crude oil and natural gas to the fifth position, which was usually in the third place before the rebasing.

    “This is due to better coverage of the activities of the real estate informal sector, now putting it in third place.”

    In terms of broad classification, the services sector remained the largest, contributing the highest to GDP at 53.09 per cent, as against 52.60 per cent before the rebasing.

    This was followed by the agriculture sector at 25.83 per cent and the industry sector at 21.08 per cent.

    Adeniran said better coverage was given to the water transport sub-sector and the service sector, resulting in significant improvement in the sector.

    “The economic activities in the service sector with the most notable changes include water transport; art, entertainment and recreation; transport services;  administration and support services and human health and social services.

    He said the coverage of the Agriculture sector was enhanced following the National Agricultural Sample Census and the National Agricultural Sample Survey conducted by the NBS.

    Adeniran said the contribution of the informal sector to the GDP in 2019 was estimated at N86.85 trillion, which represents 42.5 per cent of the GDP, compared to 41.4 per cent recorded previously.

    The last rebasing exercise was conducted in 2014 with 2010 as the base year.

    However, the recent rebasing exercise which covered a period between 2019 and 2023,  has  2019 as the new base year due to the relative stability of the domestic economy.

    The rebased GDP also includes updated methodologies based on best practices and official statistical guidelines.

  • Aviation contributes $1.7bn to Nigeria’s GDP – FAAN

    Aviation contributes $1.7bn to Nigeria’s GDP – FAAN

    The Federal Airports Authority of Nigeria (FAAN) on Friday said that aviation now contributes 1.7 billion dollars to Nigeria’s Gross Domestic Products (GDP).

    The Managing Director of FAAN, Mrs Olubunmi Kuku, said that the huge contribution was a testament to the efficacy of market-driven solutions in Nigeria’s aviation industry.

    Kuku made the remarks at a book launch, with the title: “100 Years of Civil Aviation in Nigeria”, authored by Mr Wole Shadare, in Lagos.

    She said that the milestone was achieved as a result of private sector involvement in the aviation industry.

    “Upon Nigeria’s attainment of independence in 1960, we were faced with a pivotal question: How could we convert colonial-era infrastructure into a sovereign aviation powerhouse?

    “Our national carrier, Nigeria Airways, emerged as a response, yet it soon faced challenges stemming from mismanagement and operational inefficiencies. By the early 2000s, we found ourselves at a crossroad – adapt or risk obsolescence.

    “This juncture precipitated a remarkable transformation. The private sector took the initiative, introducing fresh capital, contemporary management practices, and a competitive spirit,” Kuku said.

    She said that companies such as Air Peace and Arik Air did not merely fill the void, but they revolutionised the aviation landscape.

    “The current figures sum up this transformation: 39 certified airline operators, 31 airports nationwide, over 2,100 licensed pilots, a workforce comprising thousands, ranging from engineers to air traffic controllers.

    “Nigeria has emerged as a testament to the efficacy of market-driven solutions. Our aviation sector now contributes approximately 1.7 billion dollars to our GDP.

    “Private airlines are connecting our cities with unprecedented efficiency, and international carriers increasingly regard Nigeria as a critical market,” the FAAN boss said.

    She disclosed that over 16 million passengers traversed Nigeria’s domestic terminals, while international passenger numbers exceeded 3.5 million.

    Kuku said that the figures were impressive, yet there remained substantial potential for growth.

    “While challenges persist, infrastructure deficiencies; regulatory frameworks; and financing requirements; these should be perceived not as obstacles, but rather as opportunities.

    “Each challenge facing our aviation sector represents a potential investment awaiting realisation.

    “The forthcoming chapter of Nigerian aviation will be authored by those who recognise that our skies are not merely thoroughfares for aircraft, they are highways to prosperity,” she said.

    According to her, the inquiry is not whether to invest in Nigerian aviation, but rather, how to engage in this transformative journey.

    Speaking on the book, she said  Shadare provided a perspective to comprehend how far the sector had advanced, as well as an examination of the flight path ahead.

    “The industry and commitment he has exhibited as a journalist are evident throughout this book that we all convened here to celebrate,” Kuku said.

  • Africa’s real GDP projected to grow by 4% in 2025 – Afreximbank

    Africa’s real GDP projected to grow by 4% in 2025 – Afreximbank

    Africa’s real Gross Domestic Product (GDP) is projected to grow by 4.0 per cent in  2025, in spite global economic fragility,   says Afreximbank Research Report.

    The 2025 African Trade and Economic Outlook (ATEO) Report, a research by Afreximbank, said Africa’s real GDP is projected to reach 4.1 per cent in 2026 and 4.2 per cent in 2027.

    The News Agency of Nigeria (NAN) reports that the 2025 African Trade and Economic Outlook (ATEO) provides an in-depth analysis of Africa’s economic and trade performance, projecting the continent’s growth trajectory in the short-to- medium term.

    It highlights the key macroeconomic and trade developments shaping Africa’s recovery, detailing opportunities for sustainable growth amid heightening global and domestic uncertainties.

    The  2025 ATEO report said  41 per cent of African economies were projected to grow by at least five per cent, nearly double the global rate of 21 per cent, reflecting the continent’s expanding role as a driver of global growth.

    According to the report,  Africa’s gradual recovery would be supported by increased global demand for African exports, the disinflation trend, and the implementation of structural reforms to diversify African economies

    The report said the  were  downside risks to the African economic outlook, including rising geopolitical tensions and fluctuating commodity prices.

    “Economic slowdown in the United States and China may also impact the international financial conditions and the demand for African resources.

    “Internal conflicts and climate change threaten stability and growth.”

    However, the report said potential upside risks include the anticipated decline in global interest rates, which would begin in 2025 if geopolitical uncertainty remained unchanged, potentially enhancing access to financing.

    “Additionally, the African Continental Free Trade Area (AfCFTA) presents an opportunity to boost economic integration and intra-African trade, reducing vulnerability to external shocks in the medium term.”

    To address potential downside risks, the report suggests several short-term strategies which include  adopting a nuanced and proactive monetary policy stance, and enhancing resilience against climate-related and geopolitical disruptions.

    Other strategies include boosting domestic consumption alongside the service sector and accelerating the implementation of the AfCFTA agreement.

    In the medium term, the report said strategies should shift toward economic diversification through strategic investments in human capital development and workforce training within key emerging sectors.

    “Additionally, efforts should be made to improve economic governance, public infrastructure, and initiatives to strengthen intra-African trade dynamics.”

    The report highlighted several challenges and solutions for Africa to attain stability and sustainable development amid a rapidly uncertain global landscape.

    The first challenge identified was Africa’s reliance on commodity exports which had made countries vulnerable to fluctuations in world commodity prices.

    “To reduce their exposure to these price fluctuations, it is crucial to accelerate the structural shift to a more diversified and resilient economy.”

    The second challenge identified was debt sustainability, with the report stating that several African countries allocate over 50 per cent of their revenues to debt servicing, due to their large development financing needs.

    “Ensuring debt sustainability requires more efficient public spending and prioritisation of growth-oriented investment projects.”

    The report said the third challenge involved human capital and skill development.

    To tackle this challenge, the report suggests that governments should invest more resources to improve healthcare and promote collaboration between the public and private sectors.

    “ Strengthening training in sciences and technology facilitates skill development and talent allocation, which is essential for successful structural transformation.”

    It said the fourth challenge was the weak social outcomes of economic growth in Africa caused by slow progress in poverty reduction.

    “To boost poverty-reducing potential growth, improving the provision of basic public infrastructure and services is vital, reducing dependency on natural resources through structural transformation.

    “Addressing inequalities must be an integral part of sustainable development goals, ensuring equitable access to quality education, healthcare, energy, transport infrastructure, and financial services.”

    The final challenge identified in the report was the growing concerns about environmental degradation and the increasing frequency of extreme weather events.

    “For sustainable economic development, promotion of green growth must align with comprehensive policy frameworks that address climate change adaptation and mitigation strategies, while recognizing continental development needs and challenges.”

    The 2025 ATEO  provides an in-depth analysis of Africa’s economic and trade performance, projecting the continent’s growth trajectory in the short-to-medium term.

  • Nigeria’s GDP improves by 3.84% in Q4 2024 – NBS

    Nigeria’s GDP improves by 3.84% in Q4 2024 – NBS

    The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) rate in real terms grew by 3.84 per cent in the fourth quarter of 2024 on a year-on-year basis.

    The Statistician-General(S-G) of the Federation, Adeyemi Adeniran disclosed this in a statement on Nigeria’s GDP Report for Q4 2024 released in Abuja on Tuesday.

    Adeniran said the growth rate was  0.38 per cent points higher than the 3.46 per cent recorded in the fourth quarter of 2023.

    “Similarly, it was higher by 0.38 per cent basic points relative to a similar growth rate of 3.46 per cent recorded in the third quarter of 2024.

    “This reflected a higher economic improvement when compared to Q3 2024.”

    The S-G said the performance of the GDP in Q4 2024 was still driven mainly by the services sector, which recorded a growth of 5.37  per cent and contributed 57.38 per cent to the aggregate GDP.

    Adeniran said on a quarter-on-quarter basis, the real GDP grew by 10.99 per cent in Q4 2024, which indicated a higher production level than in Q3 2024.

    He said the estimated economic activity in real terms for Q4 2024 stood at N22,610,393.45 million.

    Adeniran said this was higher than the rates recorded in Q3 2024 and Q4 2023 which stood at N20,115,766.93 million and N21,773,263.25 million, respectively.

    He said this also highlighted the improvement in the economy in Q4 2024 compared to Q3 2024 and Q4 2023.

    The S-G said overall, the year 2024 ended with an overall annual GDP growth rate of 3.40 per cent relative to 2.47  per cent recorded in 2023.

    “Thus, there was a decline in the performance of the Agriculture and Industry sector in 2024 relative to 2023, while the performance of the Services sector improved in 2024,” he said.

    Adeniran said in nominal terms, which refers to the current price, aggregate GDP stood at N78,374,120.95 million in Q4  2024, which indicated a year-on-year nominal growth rate of 18.91 per cent.

    He said this was higher than the N65,908,258.59 million recorded in Q4 2023 and the N71,131,091.07 million in Q3 2024.

    Adeniran said the major contributing economic activities in real terms in  Q4 2024 were  Crop Production at 23.42 per cent, Trade at  15.11 per cent, and Telecommunication at 14.40 per cent.

    Real Estate at  5.88 per cent, Financial Institutions at  5.76 per cent, and Crude Petroleum at 4.60 per cent.

    On a broad classification of the economic activities into Agriculture, Industry, and Services sectors based on growth, he said the Agricultural Sector grew by 1.76 per cent and the Industry grew by 2.00 per cent.

    The S-G said this showed a decline compared to the rate recorded in Q4 2023 at 2.10 per cent for the Agricultural sector and 3.86 per cent for the industry sector.

    On the other hand, he said the Services sector recorded a 5.37 per cent increase in growth rate compared to the 3.98 per cent recorded in Q4 2023.

    Giving a breakdown of sectoral contributions to the GDP in Q4 2024, Adeniran said Agriculture contributed 25.59 per cent, Industry 17.03 per cent, and Services 57.38 per cent.

    He said the Agriculture and Industry sector’s contribution was less than their contributions in Q4 of 2023 by 0.53 per cent and 0.31 basis points.

    Adeniran said the Services sector had the highest contribution to the GDP in Q4 2024, surpassing their contribution in Q4  2023 by 0.83 per cent basis points.

    He said the annual contributions of the economic sector showed that Agriculture contributed 24.64 per cent in 2024,  which was lower compared to its contributions of 25.18 per cent recorded in 2023.

    Similarly, the Industry sector’s annual contribution was 18.47 per cent in Q4 2024, which was also lower than the 18.65 per cent recorded in 2023.

    However, he said the services sector contributions for 2024 were 56.89 per cent which exceeded the 56.18 per cent recorded in 2023.

    The S-G said the Oil sector witnessed a growth rate of 1.48 per cent in Q4 2024.

    He said this indicated a decline compared to the 12.11 per cent recorded in Q4 2023, and the 5.17 per cent in Q3 2024.

    Adeniran said the Oil sector accounted for 4.60 per cent of the GDP in Q4 2024.

    He said the annual oil GDP for 2024 grew by 5.54 per cent, which was  7.75 per cent higher than the annual GDP recorded for 2023 at -2.22 per cent.

    Adeniran said the annual contribution of oil stood at 5.51 per cent in 2024 which was higher than its contribution in Q4 2023 at 5.40 per cent.

    He said Q4 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), which was lower than the daily average production of 1.56 mbpd recorded in Q4 2023 by 0.03 mbpd.

    “On the contrary, the production volume for Q4 2024 was higher than Q3 2024 which recorded 1.47 mbpd  by 0.06 mbpd.”

    He said the non-oil sector contributed  95.40 per cent to the GDP in Q4 2024 in real terms.

    “This shows an increase on a year-on-year basis when compared to Q4 2023 which recorded a contribution of 95.30 per cent.

    “Similarly, the non-oil sector’s contribution in Q4 2024 exceeds the 94.43 per cent  recorded in Q3 2024.”

    Adeniran said the economic performance of the non-oil sector in Q4 2024 was attributed to the growth recorded in some economic activities, including Rail Transport & Pipelines, Metal Ores, Financial Institutions, Road Transport, Quarrying & Other Minerals, and Insurance.

    He said on an annual basis, the non-oil grew by 3.27 per cent in 2024, which was higher than the 3.04 per cent recorded in 2023.

    “While in terms of aggregate contributions, the non-oil sector contributed 94.49 per cent in 2024, which was lower than the 94.60 per cent recorded in 2023,” he said.

  • NESG predicts 5.5 per cent GDP for Nigeria in 2025

    NESG predicts 5.5 per cent GDP for Nigeria in 2025

    The Nigerian Economic Summit Group (NESG) has painted a positive picture of the nation’s economic outlook for 2025. with the potential to achieve a 5.5 per cent GDP growth rate.

    NESG, however, pointed out that this positive outlook was only possible provided the current reforms are sustained.

    The projection was made at the launch of the 2025 Macroeconomic Outlook Report, titled ‘Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond’, which took place in Lagos on Thursday.

    Dr Olusegun Omisakin, the Chief Economist and Director of Research and Development at NESG, stressed the importance of balancing price stability with the need for high and strong economic growth.

    “We believe that at the optimal level, if we embark on a more efficient policy reforms, the Nigerian economy has the potential for the GDP to end up at 5.5 per cent, and we believe that this is achievable,” he noted.

    Omisakin also highlighted the need for increased collaboration to tame inflation, as well as sectorial reforms, particularly in agriculture, to optimise performance.

    He noted that inefficient policy implementation could result in a much lower growth rate, of around 3.4 per cent.

    Omisakin warned that reversing current policies could lead to a growth rate of just 2.7 per cent.

    In terms of inflation, Omisakin predicted that it could be moderated to 24.7 per cent by the end of the year.

    He, however, warned that if the current path was continued, it could rise to 34 per cent, leading to an extended stabilisation period.

    To achieve speedy GDP growth, Omisakin called for collaboration between monetary and fiscal authorities, alongside private sector participation.

    He stressed the need to boost foreign exchange liquidity and stabilise the exchange rate.

    The Chief Economist and Director of Research and Development also emphasised the importance of better fiscal performance.

    “We believe so strongly that this must be the main focus of the government. If inflation is moderated, at the end of the year, it has a lot of benefits concerning all other macro indicators,” he said.

    Overall, the NESG’s projection suggests that with sustained reforms and efficient policy implementation, Nigeria has the potential to achieve significant economic growth in 2025.

  • CBN predicts 4.17% GDP growth in 2025

    CBN predicts 4.17% GDP growth in 2025

    The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.

    Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.

    The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.

    Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.

    According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.

    Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms

    “Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.

    The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.

    Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.

    “The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.

    “Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.

    “While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.

    “As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.

    “As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.

    “Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.

    Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.

    He noted that the GDP signalled gradual recovery amidst global and domestic pressures.

    “As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.

    “This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.

    He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.

    Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.

  • How closing gender gaps can add N15trn to GDP annually

    How closing gender gaps can add N15trn to GDP annually

    Hajiya Imaan Sulaiman-Ibrahim, Minister of Women Affairs, said closing gender gaps has the potential to add N15 trillion to Nigeria’s Gross Domestic Productivity (GDP) annually by 2025.

    Sulaiman-Ibrahim stated this on Thursday in Abuja at the joint UN Accountability Forum and Orange/Lighting ceremony, themed: ” Towards Beijing +30: Unite to End Violence Against Women and Girls.”

    She noted that studies had shown that countries with higher levels of gender equality experience faster economic growth, improved governance, and more stable societies.

    She said: “For Nigeria, closing gender gaps has the potential to add N15 trillion to our GDP annually by 2025.

    “Women constitute 49 per cent of our population and account for 41 per cent of small and medium-scale enterprise (SME) owners.

    “Yet their representation in senior leadership is just 22 per cent, with only 3.6 per cent holding seats in parliament.

    “These disparities represent untapped potentials that if harnessed, could drive our nation’s development forward.”

    The minister, said that the event was an opportunity to reflect on shared commitment towards advancing gender equality and ending violence against women and children.

    She said: “it is an opportunity to evaluate our progress, reassess our strategies, and reaffirm our commitment to achieving the bold vision outlined in the Beijing Declaration and Platform for Action, now approaching its 30th anniversary.“

    Dr Felicia Onibon, Nigeria Report Consultant, said the over 100 paged “Nigeria Beijing Report” contains all the activities done around SDGs and also the Beijing platform for action in the past five years.

    Onibon said: “To resolve some of the issues and gaps that we have in the report, we would still continue to ask that our partners within the United Nations and development agencies come up with strategic plans to support the Nigerian government.”

    Nesreen Elmolla, UN Women Deputy Representative, while speaking on the Nigeria Beijing Report, noted the huge milestone recorded in Nigeria.

    “Nigeria has been an inspiring country on many fronts, but on  Violence Against Women, Nigeria has actually been leading on operationalising and domesticating the violence against persons, Prohibition Act.

    “This is now enacted in 35 states. This is a huge milestone for Nigeria that we are proud to be celebrating.”

    According to her, the orange and lighting ceremony symbolises hope, unity and a collective vision for a world and a Nigeria free of violence.

    “Let us reaffirm our commitment to a Nigeria where women’s rights, girls rights, men’s rights, human beings rights underpin justice, solidarity and prosperity for all,” she said.

    Abdourahamane Diablo, Head of Office and Country Representative of UNESCO to Nigeria, reiterated their commitment to ending GBV, girl-child education and advancing gender equality.

    “UNESCO aligns strongly with the goals of the Beijing Platform for Action, particularly in advancing gender equality through education and eradicating gender-based violence,” he said.

    Francis Koessan, Deputy Representative, UNFPA, called for more synergy between stakeholders, engagement with men and boys and advocacy for policies implementation to end GBV and investments in preventive measures that will ensure safety of women and girls.

    Cheikh Toure, UNODC Representative in Nigeria said: “we can transform commitment into tangible outcomes, fostering a society where women and girls can live free from violence, fear and inequality.”

    Other activities include the launch of the Nigeria Beijing Report, orange and lighting ceremony and signing of commitment board by stakeholders.

  • Nigeria’s GDP grew by 3.46% in Q3 – NBS

    Nigeria’s GDP grew by 3.46% in Q3 – NBS

    Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in 3rd quarter (Q3) of 2024 on a year-on-year basis.

    This is according to a Monday GDP report published by the National Bureau of Statistics (NBS) which showed that the growth represents a 3.19 percent increase from the one recorded in Q2 2024.

    “Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024,” the NBS said. “This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.”

    “In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms,” the report read.

    “This performance is higher when compared to the third quarter of 2023 which recorded an aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%.”

    The NBS said the growth in the GDP was driven mainly by the services sector. It said the sector had a growth rate of 5.19 per cent and contributed 53.58 percent to the aggregate GDP, underscoring its increasing importance to the country’s economy.

    “The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023,” the NBS said.

    The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.

    “In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.”

    The NBS said in the quarter under review, Nigeria had an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07mbpd”.

    “The real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%),” the report read.

    But the non-oil sector grew by 3.37% in real terms during the reference quarter (Q3 2024).

    “This rate was higher by 0.62% points compared to the rate recorded in the same quarter of 2023 which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024,” the NBS added.

  • President Tinubu reacts over new GDP report by NBS

    President Tinubu reacts over new GDP report by NBS

    President Bola Tinubu has welcomed the latest report of the National Bureau of Statistics (NBS) on the state of the economy. The report had indicated that the country’s Gross National Product (GDP) posted another growth.

    According to NBS, the real GDP grew by 3.2 per cent year on year in Q2, higher than the 2.51 per cent recorded in the same period of 2023.

    A statement by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the latest report affirmed that the economy was on the right trajectory and, indeed, on the path to recovery.

    “As the President said in his Aug. 4 national broadcast, our economy is recovering. Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.

    “We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence. President Tinubu is working to build a solid and resilient economy.

    “President Tinubu wants Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers intent on aborting and undermining the current reforms for their selfish ends,” said Onanuga.

    According to the NBS report, the growth rate in Q2 is higher than the 2.5 per cent recorded in Q2 2023 and higher than the 2.98 per cent growth in Q1 2024.

    The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate output.

    The agriculture sector grew by 1.41 per cent in contrast to the 1.50 per cent recorded in the second quarter of 2023.

    The industrial sector’s growth was 3.53 per cent, up from the -1.94 per cent recorded in the second quarter of 2023.

    The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.

    In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

    “We are confident that with the policies we have put in place, we expect oil production to rise to about two million barrels very soon.

    “In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 in nominal terms.

    “This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94 per cent year-on-year nominal growth,” Onanuga said.