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Nigeria’s GDP Records 5% Growth For Second Quarter

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National Bureau of Statistics
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Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, the National Bureau of Statistics (NBS) has said.

The NBS disclosed this in the latest report on the nation’s GDP entitled Nigerian Gross Domestic Product Report (Q2 2021) released on Thursday.

It explained that the increase in the GDP index marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

“The Q2 2021 growth rate was higher than the -6.10% growth rate recorded in Q2 2020 and the 0.51% recorded in Q1 2021 year-on-year, indicating the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions,” the report read.

“The steady recovery observed since the end of 2020, with the gradual return of commercial activity, as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect.

“Year to date, real GDP grew 2.70% in 2021 compared to -2.18% for the first half of 2020.”

But the real GDP (quarter-on-quarter) grew at -0.79% in Q2 2021 compared to Q1 2021, indicating slightly slower economic activity than the preceding quarter due largely to seasonality.

In the quarter under review, the NBS revealed that the aggregate GDP stood at N39,123,713.32 million in nominal terms – higher than the second quarter of 2020 with aggregate GDP of N34,023,197.60 million, indicating a year-on-year nominal growth rate of 14.99%.

It added that the nominal GDP growth rate in Q2 2021 was higher than -2.80% growth recorded in the second quarter of 2020 when economic activities slowed sharply at the outset of the pandemic.

“The Q2 2021 nominal growth rate was also higher than 12.25% growth recorded in Q1 2021,” the agency said.

Oil, Non-Oil Sectors

In the oil sector, the NBS disclosed that the average daily oil production stood at 1.61 million barrels per day (mbpd) in Q2 2021, saying the value was -0.19mbpd lower than the average daily production of 1.81mbpd recorded in the same quarter of 2020, and -0.10mbpd lower than the 1.72mbpd recorded in the first quarter of 2021.

It stated that the real growth of the oil sector was –12.65% (year-on-year) in Q2 2021, indicating a decrease of –6.02% points relative to the growth rate recorded in the corresponding quarter of 2020.

Data from the report showed that growth decreased by – 10.44% points when compared to Q1 2021 which was –2.21%.

“For the first half of 2021, real GDP was recorded at -7.13%, compared to -0.80% for the first half of 2020, the performance reflecting lower oil output.

“Quarter-on-quarter, the oil sector recorded a growth rate of -20.35% in Q2 2021. The Oil sector contributed 7.42% to total real GDP in Q2 2021, down from figures recorded in the corresponding period of 2020, and down compared to the preceding quarter, where it contributed 8.93% and 9.25% respectively,” the report said.

It added, “The non-oil sector grew by 6.74% in real terms during the reference quarter (Q2 2021). The Q2 2021 growth rate was higher by 12.80% points compared to the rate recorded in the same quarter of 2020 and 5.95% points higher than the first quarter of 2021.”

The NBS explained that during the quarter, the sector was driven mainly by growth in Trade, Information and Communication (Telecommunication), Transportation (Road Transport), Electricity, Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), reflecting the easing of movement, business and economic activity across the country relative to the same period a year earlier.

“In real terms, the non-oil sector contributed 92.58% to the nation’s GDP in the second quarter of 2021, higher from shares recorded in the second quarter of 2020 which was 91.07% and the first quarter of 2021 recorded as 90.75%,” the report said.

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Business & Economy

Double trouble for Ahmed Idris: arrested by EFCC, suspended by Minister

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Ahmed Idris - Account General of the Federation
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The Accountant General of the Federation, Ahmed Idris has been directed to proceed on indefinite suspension over alleged laundering of N80 billion.

Idris, was suspended on Wednesday by Zainab Ahmed, the Minister of Finance, Budget and National Planning.

In a letter dated May 18, 2022, the minister said the suspension “without pay” was to allow for “proper and unhindered investigation” in line with public service rules.

Ahmed Idris, was on Monday arrested by the Economic and Financial Crime Commission (EFCC). over alleged diversion and laundering of N80 billion.

Wilson Uwajaren, Head of Media and Public Information of the EFCC, stated that verified intelligence reports showed that Idris raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates.

Uwujaren added that the funds were laundered through real estate investments in Kano and in Abuja.

According to EFCC, Idris was arrested after he failed to honour invitations by the Commission to respond to issues connected to the fraudulent acts.

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NEPC, 13 trade promotion organisations shortlisted for WTOP award

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NEPC Headquarters, Maitama - Abuja.
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The Nigerian Export Promotion Council (NEPC) has been nominated along side 13 other Trade Promotion Organisations (TPOs) for the 2022 World Trade Organisation (WTPO) Awards for Excellence in Trade Promotion.

A statement released on Monday by Ndubueze Okeke Head, Corporate Communications of the NEPC, it said Nigeria is poised to clinch the “Best Use of a Partnership”.

He said the NEPC has been shortlisted along with Apex Brazil, Jamaica Promotion Corporation, Qatar Development Bank-Tesder and Saudi Export Development Authority.

The WTPO Award which is scheduled to hold on 17th May, 2022 in Accra, Ghana is open to all national TPOs.

The statement also said, “NEPC acknowledged WTPO as it recognizes excellence in providing trade support to Micro, Small and Medium Enterprises MSMEs to become competitive in international trade.

“In 2018, Nigeria, through NEPC won the award for the ‘Best initiative to Ensure that Trade is Inclusive and Sustainable”.

The NEPC won that category with its Zero to Export initiative which builds capacity of would-be exporters and SMEs on export procedures and documentation as well as provide practical training on product sourcing and market access.

The NEPC said that the initiative had trained 560 SMEs.

The International Trade Centre Executive Director, Pamela Coke-Hamilton said, “At a time when small firms have been hit by supply chain disruptions, climate change crises and other socio-economic challenges, it important to show inspiring models that connect small firms to Trade opportunities that are Inclusive and sustainable”.

The Executive Director/Chief Executive Officer of NEPC, Dr. Ezra Yakusak will represent Nigeria at the Award Ceremony.

The statement further said, Austria, Canada, Malaysia, Tanzania is competing in the “Best use of Information Technology”, while Sri Lanka, Republic of Korea, Netherlands and Zimbabwe will compete for the “Best initiative to ensure that trade is inclusive and sustainable category”.

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Skils acquisition: ITF, Sightsavers train 32 physically challenged on 8 set of skills

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In fulfilling its mandate of promoting skills acquisition in the country, the Industrial Training Fund (ITF), in partnership with Sightsavers, an international non-governmental organization that promotes disability rights have trained and graduated 32 Nigerians on different skills.

The skills include, computer hardware, event management, catering, phone repair, photography and poultry management.

Sir Joseph Ari, Director General of the ITF, at the graduation ceremony in Abuja on Thursday, said that the agency has made the training of physically challenged persons a priority.

He said “Among the the 34 that started the training only 2 couldn’t continue, therefore making the graduands 32.

“There is a physically challenged Act today in Nigeria, therefore as an agency thatt caters for the growth and development of youths and women through skills acquisition, we have decided to focus on our attention on the physically challenged so they can acquire different skills and contribute their quota to national development because we believe there is ability in disability,”

Yahaya Manu, Area Manager, ITF Kaduna, who reppresented Ari, also charged the graduands to make good use of their start up parks provides to them by the agency.

“Now that you have acquired these special skills, I urge you to deploy it into judicious use so you can contribute your quota to the growth and development of the country, because the ultimate aim of this training is to reduce youth unemployment,, and the agency is always committed to support the physically challenged in any capacity” he further stated.

On his part, the country director of Sightsavers Nigeria, Dr. Sunday Isiyaku, said the rationale behind their partnership with the ITF is to transform the labour market system to be disability inclusive.

“We are building the disability confidence of employers, job readiness of young persons with disabilities and supporting government agencies to ensure their programs promote disability inclusive economic empowerment.

“While we have trained hundreds of persons with disabilities on soft and digital” skills, preparing and connecting them to formal job, we decided to partner with ITF to empower the graduates today in vocational training and prepare them for entrepreneurship,” he said.

He said the courses were carefully selected for the disability persons due to its relevance to the labour market while admonishing the graduands to apply the knowledge they have gathered during the training to start their business.

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