TheNewsGuru

Tag: Growth

  • States recorded N264.38bn IGR growth in Q3 2018 – NBS

    States recorded N264.38bn IGR growth in Q3 2018 – NBS

    The National Bureau of Statistics (NBS) in its states level Internally Generated Revenue records for Q3 2018 says States and Federal Capital Territory recorded N264.38bn as IGR in the third quarter of 2018, compared to N279.78bn recorded in the half-year of 2018.

    The report was released on Friday by the bureau

    This indicated a negative growth of -5.08 per cent quarter on quarter, the NBS stated.

    In the report, 17 states recorded growth in IGR while 20 states recorded decline quarter on quarter at the end of Q3 2018.

    The net allocation from the Federal Account Allocation Committee in Q3 2018 was put at N1.82tn while the total revenue available to the states was put at N2.72tn.

    However, the value of foreign debt stood at $4.22bn while domestic debt hit N3.38tn at the end of 2018 half year respectively, the NBS added.

    According to the NBS, Lagos led the figure with an aggregated N87.06bn disaggregated IGR collection in Q3 2018.

    During the period under review, Abia had N3.03bn; Adamawa had N1.37bn; Akwa Ibom had N6.7bn; while Anambra had N4.1bn.

    The NBS revealed that Bauchi had N2.43bn; Bayelsa had N3.19bn; Benue had N2.3bn; while Borno had N1.57bn.

    From the figures released, Cross River had N3.21bn; Delta, N13.14bn; Ebonyi, N1.32bn; Edo, N7.06bn; Ekiti, N1.22bn; Enugu, N4.14bn; while Gombe had N1.26bn.

    Moreover, Imo had N4.47bn; Jigawa, N2.34bn; Kaduna, N5.99bn; Kano, N7.09bn; Katsina, N1.61bn; Kebbi, N1.14bn; Kogi, N2.53bn; Kwara, N5.96bn; while Nasarawa had N1.59bn.

    Niger had N1.65bn; Ogun, N20.57bn; Ondo, N5.04bn; Osun, N2.73bn; Oyo, N5.88bn; Plateau, N3.26bn; Rivers, 2.88bn; Sokoto, N7.75bn; Taraba, N1.51bn; Yobe, N1.26bn; and Zamfara, N1.79bn.

    The statistics office also disclosed that the FCT had N14.05bn disaggregated IGR collection in Q3 2018.

    States IGR data was computed by the NBS and the Joint Tax Board from official records and submissions by the 36 State Boards of Internal Revenue.

  • Maritime: FG projects 10% growth in 2019

    Maritime: FG projects 10% growth in 2019

    As NIMASA Predicts More Shipping Activities

    The Federal Government on Tuesday projected a 10 per cent growth in the Nigerian maritime industry. This was contained in the 2019/2020 maritime forecast unveiled by the Nigerian Maritime Administration and Safety Agency (NIMASA) in Lagos. The forecast, the second in the series, tagged “Harnessing the Maritime and Shipping Sector for Sustainable Growth.

    It is meant to give direction to investors and stakeholders in the industry in their planning and investment decisions as part of efforts to attract more foreign direct investment to the economy. Major plans covered by the forecast are the economic environment, the maritime industry (local and global), regulatory framework, and emerging opportunities and challenges.

    Speaking at the unveiling ceremony, the Director General of NIMASA, Dr. Dakuku Peterside, said this year’s forecast will be addressing how emerging trends in the global maritime industry would affect the Nigerian maritime sector as well as domestic factors that will influence the sector. Dakuku said the maritime industry held a lot of promise for Nigeria.

    “The maritime sector has the potential of contributing at least 10% of Nigeria’s GDP in no distant future, as Nigeria has the biggest market in Africa; and generates about 65-67% of cargo throughput in West Africa, and 65% of all cargo heading for these regions will most likely end up in the Nigerian market,” the DG said.

    According to the forecast, the outlook for the economy in 2019 reflects, on the global side, concerns about a substantial global economic growth slowdown, likely higher US interest rates, a stronger dollar and volatile oil prices, possibly averaging below US$60pb, and domestically, the impact of sentiments surrounding the 2019 general elections and post-electoral transition.

    The empirical analysis projects the growth of the total fleet size in 2019 over 2018 to be 10.33%, easing to 8.75% for 2020. Oil tanker fleet size is projected to decrease by 11.2% for both 2019 and recover to a positive growth of 0.11% by 2020. Non-oil tanker fleet size is estimated to increase by 14.3% in 2019 and 10.2% in 2020, while Oil Rig count is projected to increase by 6.98% and 6.5% for 2019 and 2020, respectively.

    Dakuku identified asset building/acquisition and human capacity development as two factors that would enable Nigerians play a major role in the maritime and shipping sector. He said shipping is capital intensive and the Cabotage Vessel Financing Fund (CVFF) will not be adequate to address the huge demand for maritime asset. This propelled the Agency to seek other ship financing models, he said.

    “We have been engaging with government at the highest level to push for special intervention fund, special interest rate and other incentives that will drive optimal performance in the sector. We shall not relent in our drive to put the right framework together to help beneficiaries and investors have good return on investment. The country is also making huge investments in human capacity development in the sector, which means that more Nigerians will get involved in shipping, especially, in shipping operations,” Dakuku stated.

    The NIMASA DG also disclosed that the government had made consistent effort to drive changes in the maritime and shipping sector through regulatory and infrastructural developments. He added that the main public bodies regulating the maritime and shipping sector had all keyed into the government’s strategies to reform the operating environment and improve on the country’s ease of doing business index, which has the potential of attracting more businesses to the maritime industry.

    He said 2018 offered government opportunities for strategic changes in policies to restore growth in the economy, invest in the people and build a globally competitive economy. Dakuku assured the stakeholders of the Agency’s resolve to push for reforms that will help grow the maritime sector, noting that building and enhancing indigenous capacity in the shipping and maritime sector and ensuring a conducive playing field for operators to tap into the vast economic benefits inherent in shipping will be made a priority.

    A consultant and faculty at the Lagos Business School, Dr. Doyin Salami, who reviewed the forecast, noted that it was intended to provide the context in which the sector will operate in 2019 to 2020. Salamisaid it was expected that in 2019, the Petroleum Industry Bill (PIB) will be passed; the anti-piracy bill will become law, and more International Maritime Organisation (IMO) conventions would be domesticated in Nigeria.

    Salami stated that the general election and its aftermath was a major factor that will affect the economy this year. The other, according to him, is happenings in the global economy, especially the United States/China trade war.

    He also observed that NIMASA based the forecast on the Economic Recovery and Growth Plan (ERGP) of the Federal Government and charged stakeholders to key into the Agency’s vision.

    Earlier in his welcome address, the Minister of Transportation, Rt. Hon. Rotimi Amaechi, emphasised the importance of shipping in poverty alleviation and wealth creation. Amaechi, who was represented by the Deputy Director, Cabotage and Shipping Development in the Ministry, Mrs. Gloria Adie-Ayabie, informed stakeholders that the Federal Government had initiated reforms to facilitate the development of the Blue Economy, saying this involves the enactment of laws and domestication of relevant international instruments.

    Stakeholders in attendance at the event, including the NIMASA Board Chairman, General Jonathan India Garba (rtd.), and Rector, Maritime Academy of Nigeria (MAN), Oron, Commodore Emmanuel Duja Effedua (rtd), agreed that the forecast was a step in the right direction and called for continuous support for NIMASA to enable it achieve its mandate of realising a robust maritime sector.

    It would be recalled that the Agency unveiled the first maritime forecast in the industry in February 2018, projected at 5% growth along with other potentials, most of which were achieved and served as a guide to stakeholders and investors. There was a significant growth and development in the sector and it is also expected to improve in the year 2019-2020.

     

  • Lagos economy will grow by four per cent to $136b in 2019 – IMF

    Governor Akinwunmi Ambode on Wednesday said the economy of the state would grow by four per cent in 2019.

    Ambode, who spoke at separate meetings on Tuesday in an address he delivered to the state’s foremost social clubs – the Yoruba Tennis Club and Island Club, said “Lagos on a stand-alone basis in the year under reference, would achieve four per cent growth in its GDP, which is currently valued at $136 billion.”

    The governor, who echoed the IMF’s (International Monetary Fund’s (IMF’s) forecast, said the state’s growth projection will exceed that at the federal level.

    He said: “With its Gross Domestic Product (GDP) currently standing at $136 billion, Lagos economy will record four per cent growth in 2019, while the national economy will grow by 2.8 per cent, the International Monetary Fund (IMF) has predicted.

    Unlike the national economy, Ambode pointed out that the social intervention initiatives of its administration would also go a long way to facilitate reduction in unemployment rate, saying the 2019 economic outlook was quite positive.

    In his words: “According to IMF, the Nigeria GDP will grow from 1.9 per cent in 2018 to 2.8 per cent in 2019. Lagos on a stand-alone basis will achieve over four per cent growth in GDP. By implication, this could be more if the congestion at the port and the negative effect this has on the economy is addressed.”

    Ambode, whose speech was witnessed, among others by former Commissioner for Works, Alhaji Femi Okunnu; Chairman, Yoruba Tennis Club, Prof. Adetokunbo Fabanwo; his Island Club counterpart, . Olabanji Oladapo and the governorship candidate of the All Progressives Congress (APC) in the state, Babajide Sanwo-Olu, said the state’s 2019 budget will be dedicated towards the completion of ongoing infrastructure projects, creation of more jobs, supporting businesses to thrive, and strengthening the security architecture of the state.

    He recalled the activities of his administration in the last three and a half years, saying that it was particularly fulfilling that the state has made tremendous progress in all sectors of the economy and has become more globally competitive and strategically positioned among the major city-states worldwide.

    “Three and a half years down the line, our state has progressed in all sectors of the economy. We have charted a clear path to the destination we have all dreamt about and desired.

    According to Bloomberg Ambode said: ‘Today, our Lagos has become more globally competitive and strategically positioned among the major city-states of the world. Our state has become a top destination for business and tourism and it can only get better

    “We have undertaken projects in all sectors of the economy with the sole intention of making life better for our people. All of these and similar initiatives were made possible by the personal taxes of high net worth residents of our state represented at this gathering which account for a significant percentage of our IGR. I want to use this opportunity to thank you so much for providing the resources, which have empowered us to make a positive difference in the lives of all citizens of our state,” Ambode stated

     

     

  • Increment in minimum wage will stimulate economic growth – CBN

    Increment in minimum wage will stimulate economic growth – CBN

    The Central Bank of Nigeria (CBN) on Thursday said the proposed increase in minimum wage for Nigerian workers would stimulate output growth in the economy.

    Godwin Emefiele, CBN governor, made this known in a communique published at the end of the 264th meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria in Abuja.

    According to the communique, the MPC welcomed the moderation in inflation in October which according to the committee reflected declining food prices.

    The committee added that it believes that given the negative output gap, “the proposed increase in the national minimum wage would stimulate output growth due to prolonged weak aggregate demand arising from salary arrears and contractor debt”.

    “Consequently,” the communique said, “its impact on the aggregate price level would be largely muted, given that the monetary aggregates have largely underperformed in fiscal 2018.”

    In addition, the MPC said the prevailing stability in the foreign exchange market would continue to moderate pressures on the domestic price level.

    The Nigerian government and labour unions have been at loggerheads over the issue of minimum wage in recent time.

    The governments at both federal and state levels are still negotiating over the proposed N30,000 minimum wage which the Tripartite Committee recommended to government.

    Many state governors have since disagreed with the committee, saying they would not be able to pay else there would be mass retrenchment of workers.

    On Wednesday, the development took a new turn when the organised labour said it would demand for two years arrears payment of the proposed new national minimum wage from the federal and state governments.

    “Workers in the country have made tremendous sacrifice and I think going forward, we are going to demand for arrears of those two years we have lost,” said Ayuba Wabba, President of the Nigeria Labour Congress (NLC).

    “Because I think with all fairness and justice, as they are going out to campaign we will also go out to campaign for our minimum wage.”

  • How private sector can help revive Nigeria’s economy – Osinbajo

    Vice President Yemi Osinbajo has given an insight on how the private sector can help revive the nation’s economy.

    The Vice President explained that the government alone cannot fix the economy.

    He said a private sector-led economy encapsulates the economic vision of the Muhammadu Buhari administration, saying the government is working on conducive environment to enable realisation of that vision.

    Osinbajo spoke on Tuesday at the commissioning of Sokoto (BUA) Cement Plant at Kalambaina, near Sokoto.

    The cement complex which has installed capacity of 1.5 million metric tones per annum and 32 megawatts captive power is worth $350 million.

    The vice president cited a number of initiatives introduced by the Buhari administration aimed at strengthening manufacturing sector of the economy.

    He said completion of the cement factory was a testimony to the government’s pro-investment policies and signals that “Nigeria has vast capacity for profitable projects”.

    Mr Osinbajo described the Kalambaina factory as an important addition in the federal government’s quest for sustenance in cement production.

    He said cement is a building block of the economy and important to infrastructural development needed to spurn the economy.

    The vice president said cement is needed in roads construction and in addressing the country’s estimated 17 million housing deficit.

    He, however, urged BUA Group chairman, Abdulsamad Rabiu, and Dangote Group’s Aliko Dangote to work out ways to bring down prices of cement in the country.

    Earlier speaking, Mr Rabiu lauded the Buhari administration for its policy of helping investors in the real sector; which, he said, enabled the completion of the cement factory.

    He recalled that forex crisis hit Nigeria just after signing agreement for the project but the investment was only saved by flexible exchange regime for real sector investors instituted by the Central Bank of Nigeria.

    Rabiu said the plant has a number of competitive advantages including “huge limestone deposits” in the Kalambaina area.

     

  • Nigeria on path of resurrection, progress – Osinbajo

    Vice-President Yemi Osinbajo on Sunday in Abuja, assured Nigerians that Nigeria was on the path of resurrection and progress, as Christians the world over celebrate this year’s Easter.

    Osinbajo gave the assurance when he spoke with journalists shortly after the Easter Sunday Service at the Aso Villa Chapel, to mark this year’s Easter celebration.

    According to him, the celebration of the resurrection of Jesus Christ implis that the country is moving out of its present challenges to a greater hope and peace.

    He said, “the resurrection of Jesus Christ is also a strong and powerful message to the nation.

    “The message is that, our nation is on the path of resurrection, it is on the path of progress, it is on the path of elevation.

    “We are moving out from all our challenges and we are going to a place of greater hope, peace, prosperity and abundance for all of us.”

    The Chaplain of the Aso Villa Chapel, Pastor Seyi Malomo, who delivered a sermon on: “The Temporary Hour of Darkness”, also assured that “Nigeria is going to rise again”.

    He said that the resurrection of Christ signified that darkness could only reign but for a while.

    ”Darkness only reigns for a while, no matter the problem we are facing, just as Jesus only laid in the grave for three days, all these will be over,” he said.

    He called on all Nigerians to emulate the life of Jesus Christ who sacrificed his life for the salvation of mankind.

    He said: “In terms of sacrifice, we have to emulate the life of Jesus Christ. He sacrificed for mankind. And we are liberated and celebrating because he paid the sacrifice.

    “We are all called to do our role in giving that sacrifice that will bring the liberation and the greatness of our nation.”

     

  • First Bank gears up to achieve customer growth target

    First Bank Nigeria Limited is stepping up efforts to ensure that it meets its growth target of 30million customers over the next three years, the lender has said.

    Managing Director/Chief Executive, FirstBank Limited, Dr. Adesola Adedutan, had announced last May that the Tier 1 lender had begun implementing a three-year strategy that would result in its increasing its customer base to 30million.

    He said: “The strategy is focused on significantly growing our customer base. We plan on having minimum of 30 million customer account over the three years. We are currently at about 14 million customer accounts. Our commitment is that, given the number of branches that we already have, which is slightly below 750, we don’t intend to make additional significant investments in building new branches.

    “We are left with aggressive digital marketing initiatives, which means, migrating our existing and new customers to alternative channels, namely First Online, Firstmobile, USSD and ATM cards. That is the way forward for us and we are making significant progress already.”

    In a statement made available, the bank disclosed that in line with its strategy to grow its customer base to 30million over the next three years, it launched a “Project Orion”- a, “technology-led transformation programme aimed at fully automating the Finance, Risk Management, Compliance and Human Capital functions, using a proven Enterprise Resource Planning and Enterprise Risk Management (ERP/ERM) system.”

    The ERP/ERM solutions, the lender said, would eliminate process redundancies as well as strengthen risk management and controls, support cost optimization, reduce opex and improve efficiencies and profitability.

    It also stated that last June, it announced the launch of its refreshed and user-friendly website, adding that besides being built for the digital age, the new website is easy to access and navigate for the average multi-screen user.

    According to the statement, the new website is considered a unique evolution for the lender in terms of information and interactive services available for customers, investors, shareholders and the global community.

    Commenting on the new website, Group Head, Marketing and Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney, said: “The launch of refreshed website comes in line with measures that the Bank has taken to execute its digital banking strategy that aims to progress all facets of its activities in line with global best practices.”

    She explained that FirstBank has benefited from modern technology tools to ensure a solid technical foundation for the new site, which would see continuous enhancements in the coming months to enhance the effectiveness of its operations and provide all key information needed by customers, investors and other visitors of the website to make investment decisions and have a better customer experience.

    Similarly, the lender disclosed that as part of the strategy, it recently implemented new features on its mobile banking application – FirstMobile- to enhance security and customers’ digital banking experience. The new features, it stated, include, The Card-in-Control functionality, the Quick Response (QR) Code, the Transaction receipt and Save beneficiary functions.

    Furthermore, the bank stated that it recently partnered with Visa to launch the Mobile Payments Solution – mVisa, adding that this mobile solution allows customers pay for goods and services by scanning a QR code using a smartphone via the FirstMobile App.

    “Payment goes straight from the consumer’s FirstBank account into the merchant’s account and provides real-time notification to both parties,” the bank explained.

    Commenting on the innovative platforms that it recently launched, the Group Head, E-Business, First Bank of Nigeria Limited, Chuma Ezirim, said the lender would continue to put customers first by leading the industry in the use of technology to provide convenient and fast banking solutions.

    “Partnering with Visa to deliver mVisa is part of the FirstBank’s strategy to deliver reliable, secure and convenient payment options to its esteemed customers.”

    It further promotes our digital approach by delivering omnichannel experience to all our customers, while enhancing our existing offerings”, he reiterated.

    It will be recalled that First Bank’s CEO, Dr Adedutan, had revealed in May: “Based on the figures of the last quarter of 2016, 47 percent of the transaction volumes carried out by our customers was done via alternative channels.

    “We aim at increasing this figure to 70per cent by 31st of December 2019. This will be very significant because that’s when we plan on achieving the 30million customer account minimum.”

  • ERGP: Nigeria can achieve GDP growth target in 2018 – Udoma

    The Minister of Budget and National Planning, Sen. Udoma Udo Udoma says the 4.8 per cent Gross Domestic Product (GDP) growth targeted in Economic Recovery and Growth Plan (ERGP) for 2018 is achievable.

    Udoma said this in a statement issued by his Media Adviser, Mr James Akpandem on Sunday in Abuja.

    The minister gave the assurance at the Consultative Forum with Civil Society Organisations (CSOs), Private Sector Operators (PSO) and other members of the public in Lagos.

    The aim of the forum was to present draft proposals for the Medium Term Fiscal Framework/Fiscal Strategy Paper (MTFF/FSP) 2018-2020 to the stakeholders for suggestions and inputs.

    The inputs from the stakeholders would be considered for inclusion in the final Medium Term Expenditure Framework (MTEF), which would serve as the basis for the 2018 Budget.

    Udoma said it may be very challenging to achieve the target GDP growth rate of 4.8 per cent set out in the ERGP for 2018.

    “It will be achieved if we are able to attract a high enough amount of private sector investment to drive economic growth.

    “It is for this reason that government is putting a lot of effort and emphasis on making it easier for business to be transacted in the country.

    “The good news is that there are presently many positive indicators in many sectors of the economy, which shows that we are moving in the right direction.

    “They are indicators that we are moving in right direction and that the strategies set out in the ERGP are the right strategies,’’ he said.

    The ERGP projects that Nigeria will make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020.

    The key areas are stable macro-economic environment, achieve agriculture and food security, ensure energy sufficiency in power and petroleum products, and drive industrialisation focusing on Small and Medium Enterprises (SMEs) as well as improve transportation infrastructure.

    Udoma said all budgets prepared within the Plan period must be drawn from, and align with the provisions of the ERGP.

    Addressing concerns raised over the level of borrowing, the minister said that the issue was not so much of a debt problem, but more of a revenue problem.

    According to him, even with our present levels of borrowings, the country’s fiscal deficit is still well within the three per cent (3%) limit prescribed by the Fiscal Responsibility Act.

    Udoma said that government would continue to monitor the deficit level to ensure that it remains within the three per cent threshold.

    “If we have enough revenue coming in, we can easily offset the debts.

    “The problem is that we are not getting as much revenue as we require and therefore, have to borrow to make up the shortfall required to fund the necessary infrastructure that will help us make our economy grow.

    “That is why we have had to borrow, but our debt level is sustainable,’’ he said.

    The minister, however, told stakeholders that the government had been working hard to increase its non-oil revenues, adding that it was not still sufficient.

    For instance, he said the revenue from tax was very low considering the size of our economy and that it was about the lowest compared to other countries in Africa.

    “Our tax to GDP ratio is 6 per cen, whereas the average in Africa is about 16 per cent.

    “So we need to increase our revenues and government is working hard to increase revenues so as to be able to fund our expenditure without having to rely too heavily on borrowing,’’ the minister said.

     

     

    NAN

     

  • Nigeria, India, 7 other countries to account for half of world population growth by 2050 – UN

    Nigeria, India, 7 other countries to account for half of world population growth by 2050 – UN

    The UN says nine countries will account for half of the world’s population growth from 7.6 billion in 2017 to 9.8 billion in 2050.

    The UN in a projection, named India, Nigeria, the Democratic Republic of Congo, Pakistan, Ethiopia, Tanzania, the United States, Uganda and Indonesia, the report from the UN’s Department of Economic and Social Affairs, as the nine countries.

    The UN said that in spite of fertility levels declining in nearly all regions in the world, the group of 47 least-developed countries had a relatively high level of fertility at 4.3 births per woman in 2010 to 2015.

    The world body added that in Africa, populations in 26 countries are projected to expand to at least double their current size.

    Nigeria is set to overtake the US in population by 2050.

    The concentration of population growth in the poorest countries will pose a challenge for the UN’s goals of improving healthcare, education and equality to end poverty and hunger in the developing world.

    Meanwhile, Europe’s population is predicted to continue ageing, with the percentage of people aged 60 or older rising from 25 percent in 2017 to 35 percent in 2050.

    A growing number of countries now have fertility rates below the replacement level that keeps the population level constant, the 10 most populous of which are China, the U.S. Brazil, Russia, Japan, Vietnam, Iran, Thailand and Britain.

    The movement of refugees and other migrants will go some way to compensating for dwindling population growth, especially in Europe, but will not fully compensate for the decline, the report notes.

  • Telecoms sector records 0.80 % growth in 4th quarter of 2016- NBS

    The National Bureau of Statistics, NBS has said there were 154,529,780 subscribers as at December 2016, compare with 153,299,535 in September 2016, which represents a quarterly increase of 0.80 per cent.

    This was revealed in the Nigeria Telecommunications Sector Summary Report for December 2016 as released by the NBS in Abuja on Tuesday.

    The report said that growth had continued unabated since April 2016, before which subscriber numbers had fallen for several months.

    It stated that the yearly increase in total subscriber numbers was 2.33 per cent, which was slightly higher than the yearly increase of 1.75 per cent recorded in the previous quarter.

    “Last quarter’s growth rate has been revised up slightly.

    “It has revised (from 1.73 per cent) following the inclusion of Voice over Internet Protocol (VoIP) services, in addition to the four services of (GSM, CDMA, Fixed Wired and Wireless) discussed in previous reports.

    “The four services are Global System for Mobile Communications (GSM), Core Division Multiple Access (CDMA), Fixed Wired and Wireless.

    “The numbers are small relative to the total, possibly due to the service being newer.’’

    TheNewsGuru.com reports that the report further stated that the increase in subscriber numbers was despite a quarterly fall in CDMA subscribers of 21.26 per cent.

    This, the report stated compounded previous quarterly falls leading to year -on -year fall of 89.87 per cent in December, a fall surpassed only by the year- on -year fall of 89.88 per cent in November.

    “The number of fixed wireless subscribers also recorded a large decline, of 12.54 per cent compared to the previous quarter and 55.03 per cent year -on -year.

    “However, by far the most popular technology type is GSM, and therefore this technology type has a much larger effect on movements in the total number of subscribers,’’ it stated.

    Meanwhile, the report stated the total number of subscribers had increased rapidly over the past decade; at the end of 2005 there were 19,519,154 subscribers.

    It stated that it subscribers had increased rapidly but by the end of 2015 there were 151,017,244, which is equivalent to an increase of 13,149,809 every year.

    “However, growth has been declining recently, possibly resulting from high market penetration leaving less room for large expansion,’’ it stated.

    In real terms, the report stated that the telecommunications sector contributed N 1.40 billion to Gross Domestic Product (GDP) in the third quarter of 2016, or 8.0 per cent, which represents a decrease of 1.8 per cent points relative to the previous quarter.

    However, it stated that due to differing seasonal patterns, telecommunications tends to account for the lowest share of GDP in the third quarter.

    “The share of telecommunications in total real GDP had declined throughout 2010 to 2014, but for the last six quarters growth in telecommunications has been higher, meaning the trend has reversed.

    “Although, growth in the telecommunications sector remained positive, in contrast with the economy as a whole, year- on- year growth nevertheless dropped in real terms from 1.5 per cent in the previous quarter to 0.9 per cent, the lowest rate since third quarter 2011,’’ it stated.