Connect with us


ICT,Agric, Manufacturing, Trade others lift GDP by 1.81% in Q3



… Says Oil production drops to 1.94m barrels

By Kayode Tokede

The National Bureau of Statistics (NBS) has announced  that Information and communication, Agriculture, Manufacturing, Trade, Transportation and Storage and Professional, Scientific and Technical Services lifted the nation’s Gross Domestic Product ( GDP) growth of 1.81 per cent in third quarter (Q3) of 2018.

The nation’s economy has been classified broadly into the oil and non-oil sectors.

The bureau in its ‘Nigerian Gross Domestic Product Report’ for Q3 states that the nation’s GDP recorded growth of  1.81 (year-on-year) in real terms in the third quarter of 2018, compared to the third quarter of 2017 which recorded a growth of 1.17per cent.

According to the NBS report, this translates into an increase of 0.64 per cent points.

The bureau had disclosed that the nation’s GDP in the second quarter of 2018 had a growth rate of 1.50 per cent showing a rise of 0.31per cent points, while in the first quarter, it reported 1.95 per cent in first quarter of 2018.

According to NBS GDP report  released on Monday,. the non-oil sector increased by 2.32per cent in real terms during the quarter under review .

“This is higher by 3.08per cent points compared to the rate recorded same quarter of 2017 and 0.28per cent point higher than the second quarter of 2018. This sector was driven  during this quarter mainly by Information and communication; other drivers were Agriculture, Manufacturing, Trade, Transportation and Storage and Professional, Scientific and Technical Services.

“In real terms, the Non-Oil sector contributed 90.62per cent to the nation’s GDP, higher from share recorded in the third quarter of 2017 recorded as 90.16per cent and lower than the second quarter of 2018 recorded as 91.45per cent.”

Commenting on the growth in GDP, Professor of Finance at Nasarawa State University, Prof. Uche Uwaleke, said the growth is cheering news, given the federal government’s  implementation of the 2018 budget and the relative stability in the exchange rate that has aided production in the Non-oil sector of the economy.

According to him, “The Q3 2018 GDP report which shows that  the economy recorded growth of 1.8per cent compared to 1.5per cent in Q2 is cheering news because it marked an end to the downward trend in GDP growth noticed since the first quarter of this year.

“Of note is the performance of the non oil sector where marginal improvements were recorded in manufacturing, especially cement production, Transportation and agriculture.

“This outcome may have been helped by the implementation of the 2018 budget which started at the beginning of the third quarter, the relative stability in the exchange rate as well as the CBN’s interventions in the real sector.

“Be that as it may, the growth is still weak and fragile particularly with respect to the sectors that have strong linkages to jobs. The performance of the financial services sector which is critical to the economy is disappointing.

“Going forward, there is the need to vigorously implement the capital component of the 2018 budget, invest more in education and health sectors which are lagging behind, tackle the incessant farmers-herdsmen clashes weighing down on food production and enhance access to credit by target beneficiaries of the various CBN intervention schemes.

“Overall, improvement in the ease of doing business will go a long way in increasing the risk appetite of financial institutions in Nigeria which will positively rub off on GDP growth.”

According to the NBS report, in the quarter under review, aggregate GDP stood at N33.37 trillion in nominal terms.

This, according to NBS is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29.37 trillion thus, presenting a positive year on year nominal growth rate of 13.58per cent.

The report states that, “This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88per cent points and higher than the proceeding quarter by 0.01per cent points with growth rates of 10.70per cent and 13.57per cent respectively.”

The report reveals  that average daily oil production dropped to 1.94 million barrels in Q3 of 2018 as against 2.02 mbpd Q3 of 2017 but higher than that of the Q2 of 2018 production volume of 1.84mbpd by 0.10mbpd.

The NBS GDP report shows  that real growth of the oil sector was –2.91 per cent (year-on-year) in Q3 2018 indicating a decrease of –25.94per cent points relative to rate recorded in the corresponding quarter of 2017.

“Growth increased by 1.04per cent points when compared to Q2 2018 which was –3.95per cent. Quarter-on-Quarter, the oil sector recorded a growth rate of 19.64per cent in Q3 2018.

“The Oil sector contributed 9.38per cent to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 and up compared to the preceding quarter, where it contributed 9.84per cent and 8.55per cent respectively,” the report added.


Nigeria committed to ensure security, peace in West Africa – Akpabio



The President of the Senate, Sen. Godswill Akpabio, has restated Nigeria’s commitment to ensuring peace and security in West Africa.

Akpabio said this on Thursday in Abuja at the opening of the international roundtable on Parliamentary Security Sector Governance.

The roundtable was organised by National Institute for Legislative and Democratic Studies (NILDS) in collaboration with Konrad Adenauer Stiftung (KAS).

The roundtable drew lawmakers from Nigeria, Sierra Leone, Senegal, Mali, Burkina Faso and Ghana.

Represented by the Chairman, Senate Committee on Navy, Sen. Daniel Gbenga, Akpabio recommend synergy among countries in the sub-region to address insecurity.

“Nigeria is a country that is willing and determined to ensure that the West Africa sub- region enjoys peace, security, shared prosperity in our developmental goals.

“In order to mitigate the challenges already identified, it is important to properly address insecurity in the West African sub region.

“This can be done through deep cooperation and deliberate policies and laws by our parliament, as well as empower the parliament to assume full legislative powers,” he said.

The Speaker of the House of Representatives, Rep. Tajudeen Abbas, said the security sector plays a pivotal role in ensuring peace, stability, and development within any nation.

Represented by the Deputy Speaker, Rep. Benjamin Kalu, Abbas said effective governance and reform of the security sector were essential for upholding the rule of law, protecting human rights, and safeguarding democratic principles.

“In this regard, the role of parliament is indispensable as it serves as a key institution for oversight, legislation, and budgetary control over the security sector.

“I urge all stakeholders present to consider practical strategies for enhancing parliamentary engagement in security sector governance.

“This may involve developing specialised training programs for parliamentarians on security related matters, establishing robust mechanisms for information sharing between security agencies and parliamentary committees.

“Also for fostering a culture of dialogue and cooperation between the executive and legislative branches on security policy formulation,” he said.

The Director-General, NILDS, Prof. Abubakar Sulaiman said that in recent times, West Africa faced a scourge of terrorism, insurgency, and transnational crime.

He said that the menace presented formidable threats to the collective peace and stability of the region.

According to him, security issues, including illicit trafficking and the movement of armed groups, further compound the complexities.

“We must confront these urgently; internal conflicts, driven by various factors, pose additional challenges that require our immediate attention.

“More recently, the series of military coups that have taken place in and around our region which remains a threat to peace, the rule of law and democratic stability within the region.

“As legislators, you stand at the forefront of crafting responses to these challenges.

“The laws and policies you shape must not only address the immediate threats but also lay the foundation for sustainable security sector governance and reform,” he said.

Sulaiman said the roundtable provided an opportunity to pool insights, share best practices, and develop legislative frameworks that are responsive to the unique security dynamics of West Africa.

Peran said that there has been a spread of terrorism and violent extremism with terrorist groups becoming more and more sophisticated.

“Wave to try to understand better why the security situation is so complex and what can be done to improve it in a sustainable fashion said the Resident Rep of KAS, Ms Marija Peran.

According to her, security sector reforms and governance plays a vital role in stabilising the region.

She said they had also been recognised as an essential precondition not only for conflict prevention, post-conflict reconstruction and peace-building but in general for good governance.

“Security sector reforms, repurposing of security institutions and agencies, improved interagency cooperation and effective oversight of the security sector are critical enablers to create the peaceful and secure Africa,” she said.

Continue Reading


Senate threatens to step down NCoS budget over insufficient information



The Senate has threatened to step down consideration on the 2024 budget of the Nigerian Correctional Services (NCoS) over insufficient information

Sen. Adams Oshiomhole, the Chairman,Senate Committee on Interior, Sen.Adams Oshiomole, said this said this at the 2024 budget defence of the National Assembly Joint Committee on Interior on Thursday in Abuja.

Oshiomole said he was unhappy with the services being rendered to inmates by the NCoS.

“Your organisation has transformed from Nigeria Prison Service to Nigerian Correctional Service but you have yet to change in your attitudes toward inmates.

“It’s not just your fault because the government appropriates little money for you, it is either you don’t feed the inmates or you feed them only once and even at that, very miserable food.

“This is why they have completely emaciated and some can never live a decent life again even when they did not commit an offence.

“You all know the price of food items in the market, so how can you look us eye to eye and tell us that you feed a man in Nigeria with N750 a day, how much is a bottle of water,” he said.

He said that the committee would not be in a haste to approve any budget for the service until it received satisfactory answers.

He requested for a breakdown of the number of inmates and security dogs at the correctional centers and how they were fed daily.

“I would like to see a breakdown of how you feed the inmates. If you say you feed inmates three times a day with N250 each.

“How many dogs do you have and how much does it cost to feed them daily,” he said.

Responding, the NCS Comptroller General, Alhaji Haliru Nababa, said the service had a total of 81,358 inmates nationwide, saying that 53,362 of the inmates were awaiting trial.

“We feed each inmate with N750 daily and they are fed three times daily (N250 for each square meal).

“We have 900 security dogs and to feed a dog each day we spend N800,” he said.

Continue Reading


Army Chief tasks NASS on funding



Lt.-Gen. Taoreed Lagbaja, the Chief of Army Staff, has appealed to the National Assembly to review the current envelope budgeting system of the Federal Government to ensure adequate funding for the Nigerian Army.

Lagbaja said this when he appeared before the National Assembly Joint Committee on Nigerian Army on Thursday in Abuja.

He said that the envelope system had led to inadequate funding for the Nigerian Army, especially its anti terrorism operation and other operations across the country.
Lagbaja also called on the national assembly to expedite action on the passage of the Armed Forces Support Trust Fund Bill, saying that the passage would enhance the operations of the Armed Forces, through improved funding.
The Chairman, of the Joint Committee, Sen. Abdulaziz Yar’ adua assured of transparency in the handling of the Nigerian Army 2024 budget.

He comended Lagbaja for taking responsibility for the bombing of Kaduna villagers and taking steps to investigate the matter.

Continue Reading