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Nigeria’s economy falters, as GDP growth falls to 2.74% — NBS

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By Sodiq Adelakun

Nigeria’s economic landscape has shown a mix of resilience and challenges as the Gross Domestic Product (GDP) figures for 2023 have been released.

The nation’s economy expanded by 2.74 percent over the year, marking a slight slowdown from the 3.10 percent growth rate recorded in 2022.

This is the most modest pace of growth seen since the economic contraction of 2020, which was triggered by the global pandemic and saw a decline of –1.92 percent.

Despite the deceleration in annual terms, the fourth quarter of 2023 brought some positive news, with the economy growing by 3.46 percent compared to the same period in the previous year.

Although this is a marginal decrease from the 3.52 percent growth in the fourth quarter of 2022, it is an uptick from the 2.54 percent growth in the third quarter of 2023, indicating a stronger end to the year.

The services sector has emerged as the primary engine of growth in the final quarter, with an impressive 3.98 percent increase. It has also made a substantial contribution to the total GDP, accounting for 56.55 percent.

This sector’s performance underscores its pivotal role in driving Nigeria’s economic activity.Agriculture, a cornerstone of Nigeria’s economy, has also seen a slight improvement.

The sector’s growth edged up from 2.05 percent in the last quarter of the previous year to 2.10 percent in the corresponding quarter of 2023, reflecting a steady, albeit modest, upward trajectory. The industry sector, which had previously experienced a decline, has rebounded with a robust growth rate of 3.86 percent in the fourth quarter of 2023.

This marks a significant recovery from the -0.94 percent dip seen in the same period of 2022. The resurgence in this sector has been a significant contributor to Nigeria’s GDP, boosting the overall economic figures.

As the country moves forward, the performance of both the industry and services sectors has been particularly noteworthy, with increased contributions to the overall GDP in the last quarter of 2023 compared to their performance in the previous year’s quarter.

This suggests a shifting dynamic in Nigeria’s economic structure, with these sectors poised to play a more dominant role in the nation’s economic narrative.

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UniAbuja: ASUU begins indefinite strike

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The Academic Staff Union of Universities, ASUU, Abuja chapter, has begun an indefinite strike to draw attention to developments bordering the union.

The Abuja chapter of ASUU announced its decision to embark on the strike on Thursday at the end of its congress, held at the Permanent Site of the institution.

Sylvanus Ugoh, who is the UniAbuja Chairman of the union, told Leadership that the union had resolved to embark on a total and indefinite strike with immediate effect.

More to follow…

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Senate confirms minimum age requirement for admission into universities

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The Nigerian Senate has made it clear that the statements regarding the potential increase of the age limit to 18 years were individual viewpoints.

The Senate stressed that any adjustments to the age limit would require proper legislative procedures, whether they involve lowering or raising the limit.

Chairman of the Senate Committee on Media and Public Affairs, Adeyemi Adaramodu, made this known in an interview with journalists on Wednesday.

Recall that last week, Prof. Tahir Mamman, the Minister of Education, stated that the government is thinking about changing the minimum age for entering universities to 18 years old.

“Comment on the minimum age requirement for admission is not a law,” the lawmaker said.

“So it is just an opinion. It’s not a law. By the time the Senate resumes, whoever wants to bring that one out to make it a law, will now bring it and then the procedures will take place.

“You can bring whatever to the floor in form of a bill. When you bring it, there’s going to be public hearing.

“All the stakeholders will sit down and talk about it. The parents, teachers, legislators, civil society organisations, even foreign organisations.

“We will sit down and talk. Even if they say that the minimum age should be 30 or 12, we will all discuss it in an open forum. So it’s still a comment which cannot be taken to be the law.”

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Alleged Naira abuse: Cubana Chief Priest, EFCC explore out of court settlement

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A Federal High Court in Lagos has fixed June 5 for report of settlement in a case against celebrity bartender, Pascal Okechukwu, popularly known as Cubana Chief Priest, over alleged abuse of the naira.

The Economic and Financial Crimes Commission (EFCC) had on April 17 arraigned Okechukwu on three counts of allegedly spraying and tampering with the naira notes during a social event at Eko Hotel in Lagos.

He had pleaded not guilty to the charge and was granted bail in the sum of N10 million.

Justice Kehinde Ogundare had then adjourned the case until May 2, for hearing of the preliminary objection and trial.

When the case was called on Thursday, Mrs Bilikisu Buhari appeared for the prosecution, while Mr Chikaosolu Ojukwu (SAN), announced appearance for the defendant .

The defence counsel informed the court that the parties were exploring a settlement and have applied that the matter be settled pursuant to the provisions of Section 14(2) of the EFCC Act.

He told the court that if the prosecution confirmed the position as true, there would be a need to apply for a withdrawal of the defence’s preliminary objection and allow for a reconciliation.

In response, the prosecutor confirmed the position as stated by the defence counsel and told the court that the application was still being considered.

Following the position, the defence counsel applied for a withdrawal of the preliminary objection since there was no objection from the prosecution and the court granted the same.

The court, consequently, adjourned the case until June 5, for the report of settlement.

In the charge, the defendant was said to have tampered with the funds in the denomination of N500, while dancing at the social event in Eko Hotels and Suites.

The offence contravenes the provisions of Section 21(1) of the Central Bank Act of 2007.

The EFCC had on April 5 secured the conviction of popular cross-dresser, Idris Okuneye, also known as Bobrisky, on similar charges for which he was sentenced to six months imprisonment.

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