Business

OPS Fears Job Losses As Economic Growth Slows To 2.31%

Published

3 years ago

August 26, 2023

Editor

Photo: file copy

The Organised Private Sector has expressed concern about possible jobs losses as the country’s economy in the second quarter of 2023.

The Nigeria’s Gross Domestic Product data released by the National Bureau of Statistics on Friday showed that the economy slowed to 2.51 per cent (year-on-year) in real terms in Q2 2023, compared to 3.54 per cent growth rate recorded in the corresponding period of last year.

The statistics body attributed the growth decline to the challenging economic conditions being experienced.

According to NBS, the performance of the GDP in the second quarter of 2023 was driven mainly by the services sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.

It added that the agriculture sector grew by 1.50 per cent, an improvement from the growth of 1.20 per cent recorded in the second quarter of 2022.

“The growth of the industry sector was -1.94 per cent relative to -2.30 per cent recorded in the second quarter of 2022. In terms of share to the GDP, agriculture, and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022,” it noted.

In the quarter under review, aggregate GDP stood at N52.1tn in nominal terms, higher when compared to the second quarter of 2022, which recorded aggregate GDP of N45tn, indicating a year-on-year nominal growth of 15.77 per cent.

The GDP growth in the second quarter saw a slight improvement from Q1, which recorded a growth of 2.31 per cent.

Earlier this week, the Manufacturers Association of Nigeria, in its Manufacturers CEOs Confidence Index, said that manufacturers were forced to cut jobs due to the current harsh economic environment.

The manufacturers also projected that there would be more job losses in the coming months, going by its forecast of the economic environment.

While speaking in an exclusive interview with The PUNCH, the President of the Manufacturers Association of Nigeria, Francis Meshioye, expressed worry that manufacturers were beginning to downsize, while others were divesting away from Nigeria.

On his part, the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said the decline in economic growth could trigger job losses due to the decrease in productivity.

He said, “If the GDP decreases, it can trigger job losses. It means that our output is on the decline. It means there is reduced productivity.”

Also speaking, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Musa Yusuf, said the recent economic reforms in the country set off shocks that impacted the GDP growth negatively.

Yusuf said, “It is going to be difficult because nobody foresaw that the economic reforms will hit the economy so badly.

“It turned out to be a major shock, which has affected practically all sectors of the economy. The economy is still struggling to recover from the shock of the reforms.”
PUNCH

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

19 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.