TheNewsGuru

Tag: GDP

  • FG regrets drop in real GDP growth rate

    Following the latest Gross Domestic Product (GDP) growth figures released by the National Bureau of Statistics (NBS) on Monday, Nigeria’s Minister of Budget and National Planning, Udoma Udo Udoma, has expressed regret at the slight drop in real GDP growth rate for Q2 2018.

    TheNewsGuru (TNG) reports Udoma said the slight drop in real GDP growth rate for Q2 was due to the contraction in the oil and gas sector, which he attributed to some production issues that are being addressed by the Nigerian National Petroleum Corporation (NNPC).

    The Minister said once the issues are addressed, there should be able positive growth in the oil and gas sector.

    Another area of concern for government was the slightly weaker growth in the agriculture sector which slowed to 1.19% in the second quarter in 2018 compared to 3.0% in the first quarter of 2018.

    Udoma partly attributed this to the security challenges mainly in the North-east and North-central regions of the country.

    “These security challenge affected activities of farmers with impact on commodity output,” he said.

    He, however, noted that the various measures being taken by government to tackle the situation is already reducing incidents of violent conflicts and other disruptions to farming activity in the regions.

    Meanwhile, the Minster said the FG is encouraged by the continuing growth recorded in the non-oil sector, which grew by 2.05% in Q2 2018.

    This he noted was evidence that the implementation of the targeted policies and programs of the Economic Recovery and Growth Plan (ERGP) is yielding positive results.

    Udoma emphasized that the focus of the ERGP is on diversifying the economy away from dependence on the oil and gas sector and was encouraged that efforts are yielding fruits by the continuing growth in the non-oil sector.

    He noted that the 2.05% growth in the non-oil sector represents the strongest growth in the non-oil GDP since the fourth quarter of 2015.

     

  • Telecoms, information services record 11.54% GDP growth

    The telecommunications and information services sector of the Nigerian economy recorded a Gross Domestic Product (GDP) growth of 11.54% in the second quarter (Q2) of 2018, contributing N2.5 trillion to the nation’s GDP.

    TheNewsGuru (TNG) reports this is according to the GDP report released by the National Bureau of Statistics (NBS) on Monday.

    According to the report, the telecommunications and information services, under the information and communication sector, grew by 11.54% in Q2 2018 from 1.88% in Q1 2018 and -3.28% in Q4 2017.

    TNG reports the information and communication sector is composed of the four activities of telecommunications and information services; publishing; motion picture, sound recording and music production; and broadcasting.

    According to the NBS, in nominal terms, the second quarter of 2018 saw the sector grow by 15.34% (year-on-year), a 12.68% points increase from the rate of 2.66% recorded in the same quarter of 2017, and 10.83% points higher than rate recorded in the preceding quarter. The quarter on quarter growth rate recorded in the current quarter is 13.72%.

    “The information and communications sector contributed 11.22% to total nominal GDP in the 2018 second quarter, lower than the rate of 11.26% recorded in the same quarter of 2017 but higher than the 10.64% it contributed in the preceding quarter.

    “The sector in the second quarter of 2018 recorded a growth rate of 11.81% in real terms, year on year. From the rate recorded in the corresponding period of 2017, there was an increase of 12.96% points. Quarter on quarter, the sector exhibited a growth of 13.02% in real terms.

    “Of total real GDP, the sector contributed 13.63% in 2018 second quarter, higher than in the same quarter of the previous year in which it represented 12.37% yet higher than the preceding quarter, in which it represented 12.41%,” the NBS report revealed.

    While publishing contributed N9 billion to the nation’s GDP; motion picture, sound recording and music production contributed N294.8 billion; and broadcasting contributed N606.9 billion.

    The NBS report further revealed that the non-oil sector, which contributed 91.45% to the nation’s GDP, was mainly driven by the information and communication services sector.

    TNG reports the non-oil sector grew by 2.05% in real terms during the reference quarter, representing 1.60% points increase compared to the rate recorded for the same quarter in 2017, and 1.29% points over the first quarter of 2018.

    According to the NBS, in the second quarter of 2018, Nigeria’s GDP grew by 1.50% (year-on-year) in real terms to N16.58 trillion.

    Growth in Q2 2018 was 0.79% points higher when compared to the second quarter of 2017 which recorded a growth of 0.72%, but –0.45% points slower than 1.95% recorded in the first quarter of 2018. On a quarter on quarter basis, real GDP growth was 2.94%.

    In the quarter under review, aggregate GDP stood at N30.69 trillion in nominal terms. This represents a 7.85% increase in nominal GDP when compared to the preceding quarter (N28.46 trillion) and 13.57% increase when compared to the corresponding quarter of 2017 (N27.03 trillion).

    The oil sector contributed 8.55% to total real GDP in Q2 2018, down from figures recorded in the corresponding period of 2017 and the preceding quarter, where it contributed 9.04% and 9.61% respectively.

    Real growth of the oil sector was -3.95% (year-on-year) in Q2 2018 indicating a decrease by –7.48% points relative to the rate recorded in the corresponding quarter of 2017. Growth also decreased by –18.72% points when compared to Q1 2018. Quarter-on-Quarter, the oil sector recorded a growth rate of –8.34% in Q2 2018.

    “Broadly speaking, growth in Q2 2018 was driven by developments in the non-oil sector as services sector recorded its strongest positive growth since 2016.

    “However, the relatively slower growth when compared to Q1 2018 and Q2 2017 could be attributed to developments in both the oil and non-oil sectors,” the NBS noted.

    TNG reports the telecommunications and information services GDP data were computed from the gross output of revenue from telephone, telex, Facsimile, telegraph, and other income from satellite and internet services; and intermediate consumption of transit fees, operational expenditure, minor repairs and maintenance and other expenses.

     

  • JUST IN: Nigeria’s economy declines as GDP shrinks from 1.95% to 1.5% in Q2

    JUST IN: Nigeria’s economy declines as GDP shrinks from 1.95% to 1.5% in Q2

    The National Bureau of Statistics (NBS) on Monday released the Gross Domestic Product (GDP) growth rate for the second quarter of this year, with the economy recording a decline in performance from 1.95 per cent in the first quarter to 1.5 per cent in the second quarter

    The bureau, in the report which was made available to newsmen said the second quarter growth rate was constrained by contractions in oil GDP.

    It said oil GDP contracted by -3.95 per cent in the second quarter, as against 14.77 per cent in the first quarter of this year and 3.53 per cent in the second quarter of 2017.

    The report said for the first time since Nigeria’s exit from recession, growth was driven by the non-oil sector, which grew by 2.05 per cent, representing the strongest growth in non-oil GDP since the fourth quarter of 2015.

    The 2.05 per cent growth rate is higher than the 0.76 per cent growth which the sector recorded in the first quarter of this year.

    It added that non-oil GDP growth which was 0.72 per cent in the first quarter of 2017, 0.45 per cent, -0.76 per cent, 1.45 per cent in the second, third and fourth quarters of 2017 grew by 2.05 per cent in the second quarter of this year.

    The report added, “Non-oil growth was driven by transportation which grew by 21.76 per cent supported by growth in construction which grew by 7.66 per cent and electricity which grew by 7.59 per cent.

    “Other non-oil sectors that drove growth in Q2 2018 include telecommunication which grew by 11.51 per cent, water supply and sewage which grew by 11.98 per cent and broadcasting which grew by 21.92 per cent.

    “The non oil sector performance was however constrained by agriculture that grew by 1.3 per cent compared to three per cent in Q1 2018 and 3.01 per cent in Q2 2017.”

  • Judiciary, Security Sector Reforms Targeted At Growing Lagos GDP – Ambode

    …Osinbajo, CJN Urge Judges To Be Above Board, Uphold Ethical Standards

    …As Lagos Judiciary Holds First Biannual Public Lecture

    Lagos State Governor, Mr Akinwunmi Ambode on Monday said the major reforms being implemented in both judiciary and security sectors in the State were targeted at creating a sound pedestal for residents to be productive and in turn boost the Gross Domestic Product (GDP) of the State.

    Governor Ambode, who spoke at the first biannual lecture of the Lagos State Judiciary held at City Hall in Lagos Island, said the major reforms in the sectors were already contributing to the growth of the economy, assuring that no effort would be spared in ensuring the success of the various initiatives.

    The Governor particularly commended the State’s Chief Judge, Justice Opeyemi Oke and the Attorney General and Commissioner for Justice, Mr Adeniji Kazeem, saying he was in firm support of the reforms being championed by the duo in the judicial sector.

    “I want to say that I am very proud of the judicial sector reforms going on in the State; we are very proud of the work being done by the Chief Judge and the combination of the efforts being carried out by the Attorney General and Chief Judge is something we need to support.

    “It is now very obvious that some major reforms are going on in the judicial sector and we are very proud as the executive arm of government to support the judicial sector reforms which we are also complementing with our security sector reforms.

    “In totality, the reforms are aimed at improving the economy of Lagos and grow the GDP and what is going on in the judicial sector is significant and we are very proud of it,” the Governor said.

    While lauding the initiative of the lecture which was intended to engender thought provoking discussions and provide platform for stakeholders to assess performance of the judiciary and as well broaden the frontiers of justice delivery, Governor Ambode called for the lecture to be held annually.

    He said it was important for the intellectual conversation around the lecture to be held regularly in order to bring about practicable solutions to issues in the sector.

    In opening remarks, Justice Oke lauded Governor Ambode for supporting the reforms being implemented in the State Judiciary, describing him as a man of vision who is known for pursuit of excellence and international best standards in every area of his administration.

    She said the lecture, which is the first of its kind not only in Lagos but in other jurisdictions, was designed to facilitate closer interaction between judiciary and the bar both in terms of practice and continuing legal education.

    The CJ, who reeled out some of the reforms being implementing including judicial ethics and administration, old cases above 20 years elimination programme, designation of special offences court, sexual offences court, small claims court, child rights law and regulations, prison decongestion effort, among others, said the lecture was one of the initiatives put together to advance justice delivery in the State.

    On his part, Vice President, Professor Yemi Osinbajo represented by Special Assistant to the President on Economic Crimes, Mr. Biodun Aikomo, said in view of the strategic role occupied by judicial officers in the country, it was important for them to always be above board and uphold ethical standards.

    “Judges must be beyond reproach; they must be above board; they must abide by ethics and standards of the profession and dispense justice without rightly,” he said.

    Speaking on the theme: “Judicial Standards, Integrity, Respect and Public Perception: A Comparative Analysis From Independence In 1960 Into The Present Millennium,” the guest speaker at the lecture and Chief Justice of Nigeria (CJN), Justice Walter Onnoghen admonished judges to refrain from commenting from commenting on matters of public interest through social media blogging sites such as Twitter, Facebook, Instagram, among others.

    The CJ said judges must also ensure the removal of their personal information online, and as well desist from uploading pictures of their holiday and personal activities on social media.

    He said judges “who are desirous of discussing public matters on the social media can only do so without revealing their identity,” adding that the interactive design of the internet blogging sites made it important for judges not to descend into such arena.

    Onnoghen, represented by Mr Olabode Rhodes-Vivour, Justice of the Supreme Court, also called for the study of law in the University to be made a second degree in view of the declining standards of education in Nigeria, while lawyers who wanted to be appointed into the bench, in addition to 10 years post call requirement, should also be mandated to have post graduate diploma in law.

    Such reforms, according to the CJN who traced the trajectory of the Nigerian judiciary since 1960, were important factors that can further help to advance justice delivery.

  • SGF lauds car dealers for contributing N400bn to nation’s GDP

    The secretary to the Government of the Federation (SGF), Mr. Mustapha has commended car dealers in Nigeria, for contributing N400 billion to the country’s Gross Domestic Product (GDP)

    Boss gave the commendation on Friday in Abuja in a statement by Mr Lawrence Ojabo, Director of Press, Office of the Secretary to the Government of the Federation.

    The SGF spoke when he received a delegation of the Association of Motor Dealers’ of Nigeria (AMDON), led by the National President, Mr Ajibola Adedoyin, in his office.

    He thanked the association for also reducing the rate of unemployment and encouraging economic diversification.

    “Your annual turnover of N400 billion is a welcome development in this administration’s drive for economic diversification away from oil.

    “I commend you for the many multiplier effects of your business, which provided the citizens with access to the needed vehicles,” the SGF said.

    The national president of the association solicited for waiver on customs duties on imported vehicles by the members.

    Adedoyin said that the association would reorganise its structure and business outlets as well as review its membership, to help reduce crimes and contribute to economic development.

    NAN

  • We’re committed to carrying out reforms in ICT sector – Minister

    Mr Adebayo Shittu, the Minister of Communications, says the ICT Roadmap, if well implemented, will facilitate the development of the Information and Communications Technology (ICT) industry.

    The Minister expressed the Federal Government’s commitment to the reform of ICT sector in an interview with the News Agency of Nigeria on Tuesday in Abuja.

    He said the implementation of the ICT Roadmap of 2017 to 2020, would also help to increase the sector’s contribution to the nation’s Gross Domestic Products (GDP) through improved and better service delivery.

    He said that the roadmap came about as a result of views, proposals and recommendations of various stakeholders in the industry as to where the industry should be heading to.

    According to him, the roadmap defines the different roles that the different agencies of the ministry should undertake in order to use ICT to develop Nigeria.

    “The time NIPOST is reformed and became fully commercialised, it would have not less than five new companies.

    “One of them is NIPOST Banking and Insurance Company, NIPOST Property and Development Company, NIPOST Transport and Logistics Company, NIPOST e-Commerce Services and NIPOST e-Government Services,” he said.

    Shittu said the document also recommended two additional satellites for NIGCOMSAT in order to expand the infrastructure of the agency which currently has one satellite in orbit.

    He said by the time the agency’s infrastructure was consolidated, it would stop Nigerian entities from patronising foreign satellite companies, thereby reducing capital flight from the country.

    He, however, noted that having complied with the objectives of the roadmap, the supervisory, mentoring and regulatory roles of the Nigerian Communications Commission (NCC) had improved substantially with regards to the telecom operations.

    ‘’With regards to the internet operations, NITDA as a supervisor and regulator has also improved tremendously having regards to the ideas that are contained in the roadmap,” he added.

    On what the ministry is doing on issue of importation of fake and sub-standard phones into Nigeria, the minister said plans were underway to bring-up a legal framework against such practice.

    “For now, the thinking is still on as to how to bring a legislation which will enforce the customisation of phones that are coming in,” he said.

    He however acknowledged that the Standard Organisation of Nigeria (SON) and the Nigerian Customs Service had a lot to do in ensuring that the right products were brought into the country.

    “And you will agree with me that it is not really the business of this ministry.

    “It is the business of the SON and of the Customs to ensure that only the right things are brought in and the appropriate customs duties are paid on them,” he said.

    Shittu said he would love to be remembered as a minister who was the most acceptable by the stakeholders in the ICT industry and a minister who was ready to welcome every new idea by everybody.

    “I want to be remembered as a minister who came here, who was the most accessible minister by members of the general public; the minister who saw himself not as a boss but as a servant of the public.

    “And a minister, who was the most acceptable by the stakeholders in the ICT industry.

    “I am happy to say I have already achieved that because initially when I was appointed, stakeholders protested because I was not an ICT person but barely one and half years thereafter, I was given an award of fellow of the Nigerian Computer Society.

    “So a minister in whose time, NIPOST became repositioned, became reformed and became commercialised to such an extent that new companies never heard of in the history of any postal service, became established for Nigeria.

    “So, these are some of the things I hope before I leave office I would have achieved and much more,” he said.

     

  • Nigeria’s GDP records 0.82% growth rate in 2017 — NBS

    Nigeria’s GDP records 0.82% growth rate in 2017 — NBS

    The National Bureau of Statistics (NBS) on Tuesday released the full year 2017 Gross Domestic Product growth rate for the country with the economy growing by 0.82 per cent in 2017.

    The 0.82 per cent growth in GDP is an improvement over the contraction of -1.58 per cent which the economy recorded in 2016 during the period of recession.

    The bureau in the report which was made available to our correspondent said the economy further consolidated it’s recovery from recession with GDP growing by 1.92 per cent in the fourth quarter of 2017, as against 1.4 per cent in the third quarter.

    It said, “The nation’s GDP grew in Q4 2017 by 1.92 per cent year-on-year in real terms, maintaining its positive growth since the emergence of the economy from recession in Q2 2017.

    “This growth is compared to a contraction of –1.73 per cent recorded in Q4 2016 and a growth of 1.40 per cent recorded in Q3 2017. Quarter on quarter, real GDP growth was 4.29 per cent.

    “The year 2017 recorded a real annual growth rate of 0.83 per cent higher than –1.58 per cent recorded in 2016.”

    The NBS report said the economy in the fourth quarter recorded aggregate GDP of N31.2tn in nominal terms. This, it added, is higher when compared to N29.16tn in the corresponding fourth quarter of 2016.

    In the fourth quarter of 2017, the report said oil production averaged 1.91million barrels per day, adding that this is 0.12 million barrels lower than the daily average production recorded in the third quarter of 2017.

    For the non-oil sector, the NBS report said it grew by 1.45 per cent in real terms during the fourth quarter of 2017.

    The report said the non-oil sector recorded an annual growth rate of 0.47 per cent compared to –0.22 per cent in 2016.

    The growth in the non-oil sector, according to the report, was driven mainly by agriculture (crop), trade, transportation and storage.

    In real terms, the non-oil sector contributed 92.83 per cent to the nation’s GDP, lower from the 93.25 per cent share recorded in the fourth quarter of 2016.

  • FG gets global support against tax evasion

    The Federal Government has secured a global commitment to fight tax evasion through having access to the financial accounts of Nigerians outside the country.

    Head, Organisation for Economic Cooperation and Development (OECD) Global Forum on Exchange of Information, Ms Monica Bhatia, stated this following a meeting with Nigeria’s Minister of Finance Kemi Adeosun.

    The meeting held on the sideline of the Platform for Collaboration on Tax Conference at the UN Headquarters, New York where Adeosun was on a panel that discussed ‘Revenue Leakages: Illicit Financial Flows’.

    Bharia told the Correspondent of the News Agency of Nigeria (NAN) that Nigeria when operational, Nigeria could exchange information with other countries on tax information.

    “The meeting was about exploring how even more closely can Nigeria work with the Global Forum on Tax Transparency to implement the goal of fighting tax evasion through automatic exchange of information.

    “Nigeria has decided to do Automatic Exchange of Tax Information and use exchange of information to investigate cases and fight tax evasion.

    “So the discussion today is how the global Forum can support Nigeria’s efforts in achieving the goals and in fighting tax evasion.

    “I found the minister very committed and very determined to do all it takes to send a strong message to tax evaders.

    “That the government will not sit back but they will fight tax evasion and we are trying to support those efforts.

    “The information that Nigeria can exchange with other countries around the world that is related to anything that their investigation needs firstly.

    “And secondly, on an automatic basis on financial accounts of Nigerians abroad,” Bhatia said.

    According to her, however, it will take efforts over the next couple of years and we hope that after a couple of years, they will start getting that information.

    She said already 102 countries are exchanging information by September this year adding, Nigeria is not yet in the 102 because the country committed later.

    “The 102 countries committed in 2014 and Nigeria is a developing country; it doesn’t have a financial centre so it was not sort of forced to commit, it was voluntary.

    “Among the developing countries, Nigeria is one of the first few that have come forward and said we would like to do this.

    “We are prepared to do what it takes to do this because we are going to benefit from getting information,” she said.

    Adeosun had, during the meeting alongside Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, expressed the Federal Government’s commitment to collaborate with international organisations to track down Nigerians operating in tax havens.

    NAN reports that Adeosun was earlier among panelists that discussed the impact of the illicit financial flows, particularly those caused by tax evasion and corruption on sustainable development.

    The panel of discussants also discussed measures, both at the national and international level, which might help to reduce the menace and identify opportunities to increase cooperation among a range of actors tackling it.

     

  • FG to double tax to GDP ratio in 2yrs – Adeosun

    The Federal Government is committed to doubling Nigeria’s tax to Gross Domestic Product (GDP) ratio from its current six per cent to 12 per cent by year 2020.

    The Minister of Finance, Mrs Kemi Adeosun, said in an interview with the News Agency of Nigeria (NAN) in New York that Nigeria was among the lowest tax-paying country in the world.

    The minister had earlier participated on a panel that discussed ‘Revenue Leakages: Illicit Financial Flows’ at the Platform for Collaboration on Tax Conference at the UN Headquarters, New York.

    Adeosun said: “We’ve made it the focus to improve our tax to GDP ratio from six per cent where it currently is to move it up into a spare for other African countries.

    “Ghana has 15 per cent, South Africa has 24 per cent. Most developed countries have 30 per cent. So Nigeria’s six per cent is very low.

    “So we need to correct that and we’ve driven a number of initiatives to do this. We shared that with the panel.

    “We shared some of our challenges with the panel and we got some very good advice and support which would be taken back to Nigeria to implement”.

    She said, however, that there was still a long way to go adding, “we are not satisfied yet until that figure is significantly moved from where we are in today”.

    “As I said, we’ve set ourselves a target, we want to pursue that aggressively and all the revenue generating agencies especially FIRS – Federal Inland Revenue Service.

    “States Internal Revenue Service are being equipped to really take on that task and we expect that to yield result,” she said.

    The minister had also held a private meeting with the Head of Organisation for Economic Cooperation and Development Global Forum on Exchange of Information, Ms Monica Bhatia.

    The meeting focused on Nigeria’s efforts for developing international networks and collaboration with other countries to secure tax payer information.

     

  • Second quarter GDP ranked most uploaded report in 2017 – NBS

    Second quarter GDP ranked most uploaded report in 2017 – NBS

    The Statistician General of the Federation and Chief Executive Officer of National Bureau of Statistics ( NBS ), Dr Yemi Kale, said the Second Quarter 2017 Gross Domestic Product (GDP) Report was one of the most uploaded reports in 2017.

    Kale said this in his 2018 message posted on the bureau’s website.

    He said the report was followed by the National Survey on Corruption Perception, each with more than 5000 uploads within 120 days of their release.

    “My personal engagement with a vastly diverse sample of our clients convinces me of the growing appreciation for Nigeria’s official statistics. Yet, we can and must do better,’’ he said.

    Kale said with the country’s emergence from economic recession in the second quarter, came greater demand for data by policymakers and business leaders seeking to identify how to sustain the recovery.

    “Also to sustain the implementation of policies, prioritise programmes and ensure that the Nigerian economy gets on a more sustainable path of inclusive growth.

    “Concerned citizens, eager to witness immediate changes in their socio-economic circumstances, also paid closer attention to statistical reports,’’ he said.

    The statistician-general said 2017 witnessed a considerable uptick in activities of NBS, driven in large part by an ever-growing demand for more and better data by governments, businesses and citizens.

    “As 2018 beckons, it is clear that we are unlikely to see a slowdown in such demand, and I am pleased to affirm that NBS is ready, willing and able to rise to the occasion again this year.

    “No doubt, 2017 was a remarkable year. A total of 198 reports were released, an increase of 85 per cent over 2016,’’ he said.

    According to him, NBS is committed to surpassing these milestones in 2018, as seen in its revised data release calendar, 189 reports are already planned.

    “As usual, they will be accompanied by clear, informative infographic materials, and disseminated widely across all our social media platforms.

    “We remain committed to quality improvement across all our service delivery channels, in order to continually justify our multiple awards in 2017.

    “As ever, the bureau will remain steadfast in guarding its professional and operational independence granted by the Statistics Act (2007), especially as the political climate builds up.’’

    The statistician-general said that efforts would be made to provide adequate explanations and context for data releases, and prioritise statistical advocacy efforts to limit the misuse of data.

    Kale, however, acknowledged the support of government at all levels and institutional partners towards improving the availability and quality of official statistics in the country.

    The statistician-general prayed that 2018 would be a year of better statistical funding, both at the federal level and to state statistical agencies.

    He said the importance of statistical data for identifying development priorities and shaping public policy should not be subjected to vagaries of the socio-economic or political climate.

    “Rather, leaders must continually emphasise and utilise evidence-based approaches, whether in policy or business.

    “If this is not done, it becomes impossible to objectively identify key areas in our society that actually require change.

    “It will be difficult to accurately determine what policy prescriptions will best respond to the real needs of the country or take advantage of the next big business opportunity in this resilient economy.

    “We are confident that the year will bring numerous opportunities for us to effectively support policymakers.

    “We look forward to another fulfilling year for us at the bureau, our partners and data users,’’ Kale said.

     

    NAN