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Nigeria’s GDP improves by 3.52% in Q4 2022- NBS
The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) grew by 3.52 per cent in the fourth quarter of 2022 on a year-on-year basis.
The NBS said this in the Nigerian Gross Domestic Product Report Q4 2022 released in Abuja on Friday.
According to the report, this followed a growth of 2.25 per cent in the third quarter of 2022 and 3.98 per cent in the fourth quarter of 2021.
The report said the performance of the GDP in the fourth quarter of 2022 was driven mainly by the services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to the aggregate GDP.
It said although the agriculture sector grew by 2.05 per cent in the fourth quarter, its performance was significantly hampered by severe incidences of flood experienced across the country.
“This accounted for lesser growth relative to the fourth quarter of 2021 which was 3.58 per cent.’’
The report, however, said the Industry sector was yet challenged recording -0.94 per cent growth and contributing less to the aggregate GDP relative to Q3 2022 and Q4 2021.
It said overall, the annual GDP growth rate in 2022 stood at 3.10 per cent, from the 3.40 per cent reported in 2021.
“Thus, the performance of agriculture and industry reduced in 2022 relative to 2021, while the performance of the services sector improved in 2022.’’
The report said in Q4 of 2022, aggregate GDP stood at N56, 757,889.95 million in nominal terms
“This performance is higher when compared to the fourth quarter of 2021 which recorded aggregate GDP of N49,276,018.23 million, indicating a year-on-year nominal growth of 15.18 per cent.’’
A breakdown by sector showed that crude oil production in the fourth quarter of 2022 recorded an average daily oil production of 1.34 million barrels per day (mbpd).
“This was higher than the third quarter of 2022 production volume of 1.20mbpd by 0.14mbpd.’’
The NBS said the oil sector contributed 4.34 per cent to the total real GDP in Q4 2022.
The report said this showed a decrease from the figures recorded in Q4 2021 and Q3 2022, where it contributed 5.19 per cent and 5.66 per cent.
It said the total annual contribution of oil to aggregate GDP in 2022 was 5.67 per cent.
The NBS said the non-oil sector grew by 4.44 per cent in real terms during the reference quarter (Q4 2022).
The report said the non-oil sector in Q4 2022 was mainly driven by activities in Information and Communication (Telecommunication), Trade, and Agriculture (Crop Production).
“Others are Financial and Insurance (Financial Institutions), Manufacturing (Food, Beverage and Tobacco), Real Estate and Construction, all accounting for positive GDP growth.’’
It said in real terms, the non-oil sector contributed 95.66 per cent to the nation’s GDP in the fourth quarter of 2022.
The NBS said this was higher than the share recorded in Q4 2021 which was 94.81 per cent and higher than Q3 2022 recorded at 94.34 per cent.
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FCTA to boost security with drones – Wike
The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the FCT Administration has begun the procurement processes for drones to boost the security architecture of the territory.
Wike disclosed this when the Consul-General of the Embassy of Hungary in Nigeria, Mr Endre Deri visited him in Abuja on Thursday.
The minister, while responding to the consul-general comments on the need for drones, said, “whether we want some drones? Yes, there is no going back”.
He promised to discuss with the security experts, to consider a conversation with Deri on the type of drones that would be effective and efficient work based on the terrain of FCT.
He said that security was part of President Bola Tinubu’s priority in his “Renewed Hope” agenda.
The minister said that the security interventions in the FCT were already yielding results, stressing that the incidents of insecurity had drastically reduced.
“You too can attest to the fact that Abuja is safer now, because of the way we have been able to tackle the issue,” he added.
On agriculture, Wike said that the FCTA was open to collaborate with Hungry through Public-Private Partnership (PPP), adding that the administration was willing to provide the needed land.
“The issue of agriculture is very key, and I know your country is doing well in agriculture.
“We can collaborate and partner in terms of PPP. We are willing to provide land, if you can reach those concerns we can start the process.
“Let us also know what they intend to produce in order to address the issue of food insecurity in FCT.
Earlier, Deri expressed the willingness of Hungry to partner with FCTA to improve security in the territory.
The consul general, who commended the minister for improving the security situation in the FCT, expressed the willingness of his country to support the FCT with the latest drone technology.
“We are also interested in partnering with the FCTA in the areas of agriculture to boost food security and food safety for residents of the FCT,” he added.
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Ogun assembly passes resolution seeking urgent clampdown on activities of cultists
The Ogun House of Assembly on Thursday passed a resolution seeking for the urgent clampdown on the activities of cultists in the state.
Mr Bisi Oyedele (APC-Ipokia/Idiroko), the sponsor of the resolution, said during plenary in Abeokuta that there was also an urgent need for Gov. Dapo Abiodun to appoint a commissioner for youths in the state.
Oyedele noted that the incessant cult killings in some parts of the state, especially Abeokuta, which had started over six weeks ago needed to be addressed as soon as possible.
The lawmaker alleged that no fewer than 10 individuals had lost their lives to cult-related violence within the last 42 days.
He stated that the rate at which lives were being lost in the state capital remained worrisome and baffling.
“Recent incidents include the shooting in broad daylight of five individuals at different locations within Abeokuta.
” Also worrisome is the continuous killings among young people across the state, which is adversely affecting businesses and tarnishing the reputation of our dear state,” he said.
Oyedele stressed that there was need for urgent intervention from both security operatives and the state government to address the escalating violence in other parts of the state.
He said that the anti-cultism section of the State Police Command must enhance intelligence gathering and take proactive measures to curb the reoccurring menace across the state.
“There is an urgent need for the governor to appoint a commissioner for youths, who will be saddled with the responsibility of providing productive initiatives for young people.
“He will also have to promote continuous engagements across the state, and drive youth-related policies and programme in the State Executive Council.
“Government should focus on continuous human capital development through job facilitation and enhance the skills of youths across the state.
“We call on the government to prioritise the aforementioned initiatives, as the time to address the root causes of social unrest and provide sustainable solutions for the youth population is now,” he said.
Other members who spoke on the resolution called on security agencies, especially the police, to do more to put an end to the issue of cultism in the state.
They called for effective youth engagements, while also calling on residents to always provide information to the police.
The Speaker, Oludaisi Elemide (APC-Odeda), implored everyone, government and parents, to be up and doing and also report suspicious moves within their environment.
The Majority Leader, Yusuf Serif (APC-Ado Odo Ota 1), moved the motion for the passage of the resolution, seconded by the Minority Leader, Lukman Adeleye (PDP-Odogbolu).
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