Connect with us

News

Nigeria’s GDP Growth Rises to 3.19% in Second Quarter of 2024

Published

on

Kindly share this post

Nigeria’s economy showed signs of resilience in the second quarter of 2024, with the nation’s real Gross Domestic Product (GDP) growing by 3.19%, a slight increase from the 2.98% growth recorded in the first quarter of the year. This 0.21 percentage point rise was disclosed by the National Bureau of Statistics (NBS) in its latest GDP report released on Monday.

The report highlighted that the Services sector was the primary driver of this growth, posting a robust 3.79% increase. The sector’s strong performance contributed significantly to the overall economy, accounting for 58.76% of the aggregate GDP in Q2 2024.

The report read; “Nigeria’s Gross Domestic Product (GDP) grew by 3.19 percent (year-on-year) in real terms in Q2’24. This growth rate is higher than the 2.51 percent recorded in the second quarter of 2023 and higher than the Q1’24 growths of 2.98 percent.

“The performance of the GDP in the Q2’24 was driven mainly by the Services sector, which recorded a growth of 3.79 percent and contributed 58.76 percent to the aggregate GDP.

“The agriculture sector grew by 1.41 percent from the growth of 1.5 percent recorded in the second quarter of 2023. The growth of the industry sector was 3.53 percent, an improvement from -1.94 percent recorded in the second quarter of 2023.

“In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in Q2’24 compared to the corresponding quarter of 2023.”

The report also showed that the oil sector grew by 10.15 percent in Q2’24 while the non-oil sector growth was 2.8 percent during the period.

It added; “The nation in the second quarter of 2024 recorded an average daily oil production of 1.41 million barrels per day (mbpd), higher than the daily average production of 1.22 mbpd recorded in the same quarter of 2023 by 0.19 mbpd and lower than the first quarter of 2024 production volume of 1.57 mbpd by 0.16mbpd.

“The real growth of the oil sector was 10.15 percent (year-on-year) in Q2’24, indicating an increase of 23.58 percentage points relative to the rate recorded in the corresponding quarter of 2023 (-13.43 percent). Growth increased by 4.45% points when compared to Q1’24 which was 5.7 percent.

“On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51 percent in Q2’24. “The Oil sector contributed 5.7 percent to the total real GDP in Q2’24, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.34 percent and 6.38 percent respectively.”

The non-oil sector grew by 2.8 percent in real terms during the reference quarter (Q2’24). The report read;

“This rate was lower by 0.78 percentage points compared to the rate recorded in the same quarter of 2023 which was 3.58 percent and relatively same with the 2.8 percent recorded in the first quarter of 2024.

“This sector was driven in the second quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage, and Tobacco), accounting for positive GDP growth.

“In real terms, the non-oil sector contributed 94.3 percent to the nation’s GDP in the second quarter of 2024, lower than the share recorded in the second quarter of 2023 which was 94.66 percent and higher than the first quarter of 2024 recorded as 93.62 percent.”


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Tinubu Did Not Ask Cardoso, CBN Governor to Resign – Presidency

Published

on

Kindly share this post

President Bola Tinubu has not asked Yemi Cardoso to resign from his position as the governor of the Central Bank of Nigeria (CBN), according to Bayo Onanuga, special adviser to the President on Information and Strategy.

Tinubu Did Not Ask Cardoso, CBN Governor to Resign – Presidency

Onanuga, taking to his official X handle on Tuesday, debunked reports suggesting that Tinubu ordered Cardoso’s resignation and described the report as a “bundle of lies.”

“It’s all lies. President Tinubu has not asked Yemi Cardoso to resign,” Onanuga said while dismissing the report.

The report claimed that President Tinubu issued the directive to Cardoso before departing for China, despite efforts by influential Yoruba leaders to keep him in the position.

Cardoso has faced criticism for his inability to address the ongoing economic challenges and stabilise the Naira.

A seasoned economic and development policy advisor, he was nominated by President Tinubu on September 15, 2023, and assumed office as CBN Governor on September 22, 2023.

He and his deputies were cleared by the National Assembly days before he took over from Folashodun Shonubi, acting CBN governor.

 

 


Kindly share this post
Continue Reading

News

UK Announces £1.9m Sankore Project for Science, Tech & Innovation in West Africa

Published

on

Kindly share this post

UK government’s West Africa Research and Innovation Hub (WARIH) has launched Sankore to support economic growth by strengthening technology and innovation across West Africa, in close partnership with country governments.

UK Minister for Africa, Lord Collins - today in Accra

Lord Collins, UK Minister for Africa

UK Minister for Africa, Lord Collins announced the call for creative proposals for the project from non-profit organisations (including UN Agencies) at a press conference today, 17th September 2024, in Accra.

The Sankore call for proposals will support the UK government’s partnership with Government in Nigeria and Ghana on science, technology and innovation, facilitate commercialisation of innovative solutions, improve innovation policy and enhance government digital service delivery.

Named after a West African medieval center of learning, Sankore will establish new partnerships worth up to £1.9 Million with non-profit organisations (including UN agencies) in Ghana or Nigeria.

At the launch for call for proposals, UK Minister for Africa, Lord Collins, said: “This initiative is all about how we can work together to strengthen the global technology sector, creating opportunities for rapidly growing economies with lots of potential to compete on the world stage.

“The Sankore grant fosters partnerships at its heart, with a strong message that we go far when we go together.”

Nigeria’s Minister of Innovation Science and Technology, Uche Nnaji said: “Sankore project is a pivotal opportunity for Nigeria to enhance its innovation landscape, by strengthening industry-science linkages and developing an enabling policy environment.

“This partnership underscores our shared commitment to developing practical solutions that lead to sustainable and inclusive growth.”

Also commenting, the British Deputy High Commissioner in Lagos, Jonny Baxter, said: “Sankore exemplifies the UK’s commitment to driving innovation and sustainable development in Nigeria.

“The project will strengthen partnerships between businesses and innovators as well as drive the development of innovative solutions that address critical gaps in priority economic sectors.

“The project will build on the UK’s wider efforts to support economic growth, create job opportunities and propel Nigeria’s technology and innovation ecosystem.”

How to Apply:

Interested and qualified organisations and partners are encouraged to visit Sankore call for proposals: strengthening innovation and technology across West Africa – GOV.UK (www.gov.uk) to learn more and apply.

Deadline for submissions is 25th October 2024, 12pm WAT.


Kindly share this post
Continue Reading

News

CIPM Explains Allegations on Virtual Exam Processes, Emphasizes Commitment to Excellence

Published

on

Kindly share this post

The Chartered Institute of Personnel Management of Nigeria (CIPM) has provided a transparent account of the process and measures taken to ensure the success of its virtual examinations, saying the allegations surrounding its recently concluded virtual examination are totally unfounded.

CIPM’s Commitment to Professional Excellence

CIPM is committed to providing a seamless and professional examination experience for all candidates. As the first professional body in Nigeria to introduce virtual examinations during the global COVID-19 pandemic, we have consistently worked to adapt, improve, and innovate within this space.

During the Institute’s September 2024 diet, 4,169 candidates were scheduled for the tests, out of which 4,049 candidates (97.12%) sat for the test as scheduled. Furthermore, 4,006 candidates representing 98.94% of those who sat for the test successfully submitted their exams.

The 2.88% of candidates not tested either failed accreditation or were absent. It is important to note and emphasize that candidates who failed accreditation or experienced technical issues were promptly advised and rescheduled for another examination at no additional cost to them.

Addressing Accreditation and Submission Failures

Accreditation and submission failures are not uncommon in virtual examinations and can be caused by various factors, including incorrect computer specifications, poor internet connectivity, and even computer literacy challenges.

CIPM, in collaboration with its technical partners, continue to work tirelessly to provide guidance and support to candidates experiencing such challenges, ensuring they are accommodated and rescheduled promptly.

In response to the challenges encountered by some candidates during the September 13, 2024, exam session, CIPM to address these challenges, extended the test window from the initial 12:00 PM until 6:00 PM, allowing ample time for students experiencing network difficulties to complete their exams. All affected candidates were duly informed of this extension.

Technical Support and Continuous Improvement

CIPM recognizes that the virtual exam experience is a collaborative effort involving various stakeholders, including technical partners like Dragnet, the IT company responsible for administering our exams.

While technical issues may arise in such a setup, it is essential to highlight that CIPM actively works with all relevant parties to address concerns promptly. We have always taken the concerns of our candidates seriously, and any technical challenges are met with proactive solutions.

Addressing Concerns of Fraud and Examination Integrity

Allegations suggesting exploitation or fraudulent intent are baseless as they are unfounded. At no point has CIPM charged candidates for rescheduled exams due to technical failures.

Our rescheduling process is transparent, fair, and free of charge to those affected by genuine technical difficulties. CIPM’s commitment to integrity remains firm, and we maintain rigorous standards in ensuring that our examinations are conducted fairly and transparently.

The Institute’s examination process is guided by ISO 17024, so we are required to embed measures which ensure fairness, equity and transparency in the online examination process. Part of the measures put in place is a remote proctoring system which records candidates’ activities end-to-end, all through the examination process.

There are processes for reviewing and taking actions on the proctoring reports. Also, all computer systems without the facilities to support the remote proctoring system cannot pass accreditation and therefore are unable to access examination questions. All cases of breach of process among the accredited candidates are seriously dealt with in line with the requirements of the global standards.

CIPM Leading the Way in Virtual Examinations

CIPM as a pacesetter is proud to have set a standard and benchmark in the conduct of professional examinations in Nigeria by leading the transition to virtual examinations.

Many other institutes have since followed our lead, recognizing the benefits of virtual platforms for professional certifications. Despite the challenges, CIPM remains steadfast in its commitment to delivering high-quality examinations that meet global standards.

Looking Ahead

CIPM is dedicated to continuous improvement and innovation. We will continue to work with technical partners and stakeholders to enhance the examination experience and ensure it meets the expectations of our candidates.

Our values of Service, Creativity, Integrity, Professionalism and Teamwork guides us in all our endeavors as we strive to advance in our certification journey.

We appreciate the feedback from our stakeholders and are committed to addressing any concerns. CIPM will always act in the best interests of our candidates and the broader HR profession.


Kindly share this post
Continue Reading

Trending