Business & Economy
Nigeria’s GDP grows by 0.51% in Q1, 2021– NBS
In spite of the slower pace of economic activities in the first quarter of the year (Q1, 2021), GDP grew by 0.51 per cent year-on-year, the National Bureau of Statistics (NBS) says.
The NBS said this in the Nigerian Gross Domestic Product (GDP) Report for Q1 2021, released on its website on Sunday in Abuja.
The bureau said this marked two consecutive quarters of growth, following negative growth rates recorded in the second and third quarters of 2020.
It said the Q1 2021 growth rate was slower than the 1.87 per cent growth rate recorded in Q1 2020 but higher than 0.11 per cent recorded in Q4 2020, indicative of a slow but continuous recovery.
“Nevertheless, quarter on quarter, real GDP grew at -13.93 per cent in Q1 2021 compared to Q4 2020, reflecting a generally slower pace of economic activities at the start of the year.”
The NBS said that in the quarter under review, aggregate GDP stood at N40.01 trillion in nominal terms.
It added that this performance was higher when compared to the first quarter of 2020 which recorded aggregate GDP of N35.64 trillion, indicating a year on year nominal growth rate of 12.25 per cent.
Also, the nominal GDP growth rate in Q1 2021 was higher, relative to 12.01 per cent growth recorded in the first quarter of 2020 as well as the 10.07 per cent growth recorded in the preceding quarter.
The NBS classified the Nigerian economy into oil and non-oil sectors.
For the oil sector, in Q1, average daily oil production stood at 1.72 million barrels per day (mbpd).
This was lower than the average daily production of 2.07mbpd recorded in the same quarter of 2020 by 0.35mbpd but higher than the production volume of 1.56mbpd recorded in Q4 2020.
It added that the real growth of the oil sector was –2.21 per cent (year-on-year) in Q1, indicating a decrease of –7.27 per cent relative to the growth rate recorded in the corresponding quarter of 2020.
“Compared to Q4 2020 which recorded –19.76 per cent growth rate, growth in Q1 was higher by 17.55 per cent.
“Quarter-on-quarter, the oil sector recorded a growth rate of 35.65 per cent in Q1.
“In terms of contribution to aggregate GDP, the oil sector accounted for 9.25 per cent of aggregate real GDP in Q1, slightly lower than 9.5 per cent recorded in the corresponding period of 2020 but higher than in the preceding quarter, where it contributed 5.87 per cent.”
The NBS said the non-oil sector grew by 0.79 per cent in real terms in Q1, which was –0.75 per cent lower compared to the rate recorded in the same quarter of 2020 and -0.89 per cent lower than rates recorded in Q4 2020.
However, growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector.
Other drivers were agriculture (crop production), manufacturing (food, beverage and tobacco), real estate, construction, human health and social services.
It said that in real terms, the non-oil sector accounted for 90.75 per cent of aggregate GDP in Q1, higher than its share in Q1 2020 which was 90.50 per cent but lower than 94.13 per cent recorded in Q4 2020.
The bureau explained that Quarterly National Accounts (QNA) were an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.
They provided a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).
In providing a reasonable level of detailed information of the economy, QNA allowed the government to regularly access, analyse and monitor economic developments.
The News Agency of Nigeria (NAN) reports that Nigeria’s GDP recovered from recession in Q4 2020 by 0.11 per cent, from the 6.11 per cent contraction it recorded in Q3 2020. (NAN)
Business & Economy
Dangote Refinery Will Generate ‘Massive Job Opportunities’ – Aliko
The President of The Dangote Group, Aliko Dangote, on Monday, said his refinery will generate “massive” job opportunities for the teeming Nigerian youths.
He stated this in Lagos during the commissioning of the 650,000 bpd Dangote Petroleum Refinery and Petrochemicals by President Muhammadu Buhari.
The project is expected to churn out Premium Motor Spirit (PMS), diesel (AGO), aviation jet fuel and Dual-Purpose Kerosene (DPK), among other refined products.
“The refinery operation will generate massive job opportunities in their hundreds of thousands,” he said while highlighting the benefits of the refinery.
“The refinery will make available to our industries vital raw materials to a large range of manufacturers in the pharmaceuticals, food, beverages, construction and many other industries.”
The businessman also expressed thanks for the “massive” support for him and The Dangote Group towards the creation of the Dangote Petroleum Refinery and Petrochemicals plant.
He appreciated Buhari and Nigerians for the immeasurable support his company received from the inception of the project to its completion.
“What I want to share with Nigerians is actually to show my personal gratitude and that of The Dangote Group, for all the assistance that we got from the President, from the Federal Government of Nigeria, from even the President-elect, because he also set the pace by creating the Lekki Free Trade Zone as part of his dream.
“And also we want to thank most especially Governor Fashola, Governor Ambode and most especially Governor Sanwo-Olu; because they have given us all the assistance that we were looking for.
“We thank all Nigerians for giving us their support which is too numerous to mention,” the industrialist said.
Business & Economy
Dangote Refinery To Generate 12,000 Megawatts Of Electricity – CBN
The Central Bank of Nigeria (CBN) has said that the newly inaugurated Dangote Petroleum Refinery and Petrochemicals will help Nigeria generate more power for its electricity sector.
Speaking today at the inauguration in Lagos State, Governor of the apex bank, Mr Godwin Emefiele, said the Dangote Refinery is expected to generate 12,000 megawatts of electricity.
He further stated that over 135,000 permanent jobs will be available to Nigerians as operations get underway.
According to him, it is also expected that the refinery saves Nigeria between $25 and $30 billion in forex annually.
Like a venture that continues to give, the refinery Emefiele says will further give the economy an inflow of $10billion yearly.
In his opinion, the Dangote Refinery is an indication that Nigeria can produce whatever it Needs.
Business & Economy
SANWO-OLU PRAISES BUHARI, TINUBU, DANGOTE CONTRIBUTIONS TO NIGERIA’S FIRST PRIVATE REFINERY
•LASG has provided enabling environment for private sector growth, says Dangote
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Monday, said the stories of President Muhammadu Buhari; President-elect, Asiwaju Bola Tinubu and Chairman of Dangote Group, Alhaji Aliko Dangote are a testament that prosperity can be achieved when leaders have shared vision for the people they are leading.
Sanwo-Olu shared three different stories on how President Buhari, Asiwaju Tinubu and Dangote are connected to the newly commissioned first privately owned refinery in Nigeria, the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, said the three leaders have shown Nigerians that leadership is about consistency and commitment to Nigeria’s economic growth.
He said: “The vision of Aliko Dangote, President Muhammadu Buhari and incoming President Asiwaju Bola Ahmed Tinubu, is a story of possibility when men have a shared common vision, purpose and they have the possibility that things can happen, things can change and things can be prosperous for the people they are leading.
“These three men; Aliko Dangote, President Muhammadu Buhari, and President-elect Bola Ahmed Tinubu epitomise all the great qualities of great leadership. They have shown us that nothing can be something. They have shown us that leadership is about consistency. It is about showing that whatever it is that you believe in, give it all it takes and at the end of it you will see the results coming out.”
Governor Sanwo-Olu while commending Dangote, said the business mogul is a completely detribalised Nigerian who has impacted many lives positively.
He said: “To our son Alhaji Aliko Dangote, we are indeed truly proud that you have put Nigeria and indeed Africa on that world map in which you have done the very first. We are proud of your belief in your country and your belief in the youth that you are giving the opportunity to. We are proud of the fact that you are a Nigerian that is completely detribalised and you have imbibed it in many ways.
“It is about the opportunity this (refinery) has provided for all the youth and young people of our country. It is about the fact we can say to them the work these three men – Mr. President, Alhaji Dangote, and our incoming president have done and will continue to do.
“It is about our future. It is about providing an opportunity for the youth because over 150,000 direct and indirect jobs that will be created are for our youths; young leaders that are in their 20s and their 30s for them to believe that indeed Nigerian is a place for them. Nigeria considers them as an important and veritable tool in developing and ensuring the very best.
“I want to also thank our President-elect who propelled a vision of what we are enjoying today. As governor and as Lagosian, he was the main architect of the modern history of the trajectory of Lagos and we are hopeful and praying that when he comes in as president, all of those additional vision that he has will come to reality.”
Governor Sanwo-Olu, who was part of the birth of the Lekki free zone in 2006 during the tenure of Tinubu as Governor of Lagos State, praised the host communities for showing hospitality to investors in the area.
“I want to use this opportunity to thank our host community. This community has been the host to several firsts in our country and I want to thank all of them; from the traditional rulers to all of the indigenous citizens that have continued to reflect the true spirit of Lagos to be able to show hospitality and accommodation in everything that we are about,” he said.
Governor Sanwo-Olu also commended President Muhammadu Buhari’s eight years in office, saying the people of Lagos State are proud of what the President has done for Nigeria.
He said: “You (President) have spent 2,915 days out of 2,922 days that you have. Mr. President, you have spent 99.98 percent of your time. Mr President history will certainly judge you well. We in Lagos are happy. This is your third trip to the Lekki Free Zone in less than a year.
“We are proud of you. We are indeed excited that you have thrown everything you have into it and as you bow down, I might not have the opportunity of holding a microphone again, I want to say to you, that on behalf of Lagos State, we are truly proud of the things that you have done for us in this country.”
Speaking earlier, Dangote commended Lagos State Government under the leadership of Governor Sanwo-Olu for providing an enabling environment for private sector growth, particularly the Dangote Refinery.
He said: “Lagos State Government has been exceptionally remarkable in their efforts toward the completion of this project.
“The Lagos State Government under the leadership of Governor Babajide Sanwo-Olu has provided an enabling environment for private sector growth in the state and this project. It has allowed us to invest over $30 billion in different sectors of the industry.”
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