Connect with us

News

JUST IN: Nigeria Records 2.98% GDP Growth In Q1’24

Published

on

Nigeria recorded a 2.98 percent growth in Gross Domestic Product, GDP, in the first quarter of the year (Q1’24).

This represents a 0.48 percentage point quarter -on-quarter decline in GDP growth when compared with 3.46 percent growth recorded in Q4’23.

The National Bureau of Statistics, NBS, disclosed this today in its Nigeria GDP report for Q1’24.

Advertisement

NBS said, “Nigeria’s GDP grew by 2.98 percent (year-on-year) in real terms in the first quarter of 2024.

“This growth rate is higher than the 2.31 percent recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 percent.”

READ ALSO: ‘Nigeria’s Poverty Level Alarming,’ Sowore Slams Tinubu

Advertisement

According to the bureau, the performance of the GDP in the first quarter of 2024
was driven mainly by the Services Sector, which recorded a growth of 4.32 percent and contributed 58.04 percent to the aggregate GDP.

“The agriculture sector grew by 0.18 percent,from the growth of -0.90 percent recorded in the first quarter of 2023.

“The growth of the industry sector was 2.19 percent, an improvement from 0.31 percent recorded in the first quarter of 2023.

Advertisement

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q1’24 compared to the corresponding Q1’23”, it added.

The Nigerian economy has been classified broadly into the oil and non-oil sectors.

READ ALSO: Tinubu’s First Year In Office Tragedy – Elder Statesman

Advertisement

On oil sector, NBS noted that the nation in Q1’24 recorded an average daily oil production of 1.57 million barrels per day (mbpd), higher than the daily average production of 1.51. mbpd recorded in the same quarter of 2023 by 0.06 mbpd and higher than the fourth quarter of 2023 production volume of 1.55 mbpd by 0.02 mbpd.

It added, “The rea growth of the oil sector was 5.7 percent (year-on-year) in Q1’24, indicating an increase of 9.91 percentage points relative to the rate recorded in the corresponding quarter of 2023(4.21 percent).

“Growth decreased by 6.41 percentage points when compared to Q4’ 2023 which was 12.11 percent.

Advertisement

“On a quarter-on-quarter basis, the oil sector recorded a growth rate of 13.77 percent in Q1’ 24.

“The Oil sector contributed 6.38 percent to the total real GDP in Q12024, up from the figure recorded in the corresponding period of 2023 and up from the preceding quarter, where it contributed 6.21 percent and 4.70 percent respectively.”

READ ALSO: Protesters Lay Siege To Villa, N’Assembly Over Sanusi’s Reinstatement

Advertisement

On non oil sector, NBS stated: “The non-oil sector grew by 2.8 percent in real terms during the reference quarter (Q1’24).

“This rate was higher by 0.02 percentage points compared to the rate recorded in the same quarter of 2023 and 0.28 percentage points lower than the fourth quarter of 2023.

“This sector was driven in the first 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.

Advertisement

“In real terms, the non-oil sector contributed 93.62 percent to the nations GDP in the Q1’24,
lower than the share recorded in the first quarter of 2023 which was 93.79 percent and lower than the fourth quarter of 2023 recorded as 95.3 percent.”

News

Edo SWAN Distances Self From Online Publication Against Enabulele

Published

on

…demands retraction, warns member against unverified publication

The Sports Writers Association of Nigeria (SWAN), Edo State Chapter, has distanced itself from an online publication titled: ‘Samuel Ogbemudia Stadium Shut Against Stephen Keshi.’

A statement signed by the Secretary of the association, Comrade Idahosa Moses, Edo SWAN said neither was it consulted nor involved in the “framing of the narrative presented by the online publication.”

Edo SWAN described the publication as misleading, sensational and grossly lacking in factual balance.

Advertisement

The statement partly reads: “SWAN finds the report inconsistent with the ethical standards and core values of the journalism profession.

READ ALSO:SWAN Orders Nationwide Boycott Of NFF Activities

“While Edo SWAN recognises and respects the sentiments expressed by Mr. Austin Popo, Secretary of the Board of Trustees of the Stephen Keshi Football and Vocational Training Centre (SKFTVC), concerning the challenges encountered in securing the use of the Samuel Ogbemudia Stadium for this year’s Stephen Keshi Memorial National Under-17 Soccer Tournament, it is imperative to state that such concerns should not be reported in a manner that imputes motives, assigns blame without verification, or portrays public officials as acting in bad faith.”

Advertisement

On allegations against the Executive Chairman of the Edo State Sports Commission, Hon. Amadin Desmond Enabulele, in the publication, SWAN described Enabulele as a “seasoned professional with a proven track record of integrity and dedicated service to sports development in Edo State.”

Any insinuation that he or the Commission deliberately acted to undermine the memory and legacy of the late Stephen Okechukwu Keshi is not only unfair but also unsupported by verifiable facts.”

Edo SWAN, therefore, “strongly cautions the publisher of Popular News to desist from publishing unverified and inflammatory reports capable of misleading the public and damaging reputations.”

Advertisement

READ ALSO:Botswana’s New President Sworn In As Voters Kick Out Ruling Party Of Nearly Six Decades

The Association formally demands that the controversial publication be withdrawn immediately and that an unreserved apology be tendered to Hon. Amadin Desmond Enabulele.”

SWAN further “extends its sincere apologies to the Chairman of the Edo State Sports Commission, who is also a Patron of the Edo SWAN Chapter, for any embarrassment or misrepresentation arising from the said publication, and assures him of its continued respect, support and cooperation.”

Advertisement

Edo SWAN, while stating that it “shares in the collective responsibility of preserving and honouring the legacy of the late Stephen Keshi—a national icon whose contributions to Nigerian football remain indelible—the Association, maintained that “this noble course must be pursued through constructive engagement, professionalism and mutual respect among all stakeholders.”

Edo SWAN, thereafter, warned “all sports writers in the state to avoid unverifiable reports and sensationalism, stressing that any member found culpable of professional misconduct will be decisively sanctioned in line with the Association’s statutes.”

Advertisement
Continue Reading

News

Court Dissolves Petitioner’s Marriage Over Lack Of Love, Care

Published

on

An Area Court sitting at Centre-Igboro, Ilorin in Kwara State, on Thursday, dissolved the four-year-old marriage between Aminat Mustapha and Wahab Adeshina, following the petitioner’s insistence.

The petitioner told the court that she was no longer interested in her marriage to her husband following claims of lack of love and care.

According to the News Agency of Nigeria (NAN), while delivering ruling, the presiding judge, Mr Toyin Aluko, held that the respondent had written to the court, accepting the divorce application made by his wife.

Advertisement

READ ALSO:Why I Charged My Husband Money For Sex —Woman

Aluko, consequently, dissolved the marriage between the parties, and ordered the woman to observe one month iddah (waiting period) before she could remarry.

Meanwhile, the court granted custody of the two children in the marriage, ages one and three, to their mother.

Advertisement

He ordered the father to pay a monthly sum of N20,000 for the children’s feeding and maintenance.

The court also held that the respondent will be responsible for their education and healthcare.

Again, the court held that the father has unrestricted access to his children, but at reasonable time adding that he should be notified before any decision is taken on his children.

Advertisement

The judge ordered the petitioner to get a copy of the judgment and send same to the respondent.

Continue Reading

News

Tinubu Embarks On Three-state Visit

Published

on

President Bola Ahmed Tinubu will depart Abuja on Saturday on a working visit to Borno, Bauchi and Lagos.

This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Friday in Abuja.

While in Borno, the President will commission projects executed by the Borno State Government under Gov. Babagana Zulum, in collaboration with the Federal Government.

Advertisement

He will also attend the wedding ceremony of Sadeeq Sheriff, son of former Borno Governor, Sen. Ali Modu Sheriff, and his bride, Hadiza Kam Salem.

READ ALSO:Ambassadorial Nominees: Ndume Asks Tinubu To Withdraw List

From Maiduguri, Tinubu will proceed to Bauchi State to condole with the state government and the family of Sheikh Dahiru Bauchi, the renowned Islamic cleric and leader of the Tijjaniyya Muslim Brotherhood.

Advertisement

Sheikh Dahiru Bauchi died on Nov. 27.

After the condolence visit, the President will travel to Lagos, where he will spend the end-of-year holidays.

During his stay in Lagos, Tinubu is expected to attend several engagements, including the Eyo Festival scheduled for Dec. 27.

Advertisement

The festival, to be held at Tafawa Balewa Square, will honour notable personalities, including the President’s late mother, Alhaja Abibatu Mogaji, former Lagos State governors Alhaji Lateef Jakande and Chief Michael Otedola.

Continue Reading

Trending