Business

Nigeria’s GDP Grows At 7.68% – Bureau

Published

14 years ago

March 15, 2012

The National Bureau of Statistics (NBS) on Tuesday said that the country’s Gross Domestic Product (GDP) stood at 7.68 per cent in the fourth quarter of 2011.

The Statistician-General of the Federation, Dr. Yemi Kale, disclosed this in a statement made available in Abuja.

He said that the figure was 0.92 per cent below the 8.60 per cent recorded in the corresponding period in 2010.

“On an aggregate basis, the economy, when measured by the Real Gross Domestic Product (GDP), grew by 7.68 per cent in the fourth quarter of 2011 as against 8.60 per cent in the corresponding quarter of 2010,’’ the statement said.

It said that the 0.92 percentage decrease in Real GDP growth observed in the fourth quarter of 2011 was due to production shut-down in the oil sector during the period.

“On a nominal basis, the GDP for the fourth quarter of 2011 was estimated at N10.05 trillion as against the N9.46 trillion during the corresponding quarter of 2010, thus indicating an increase,’’ the statement said.

The NBS said that the country’s GDP became more relevant because Nigeria’s objective of being among the 20 largest economies in the world by the year 2020 would be measured by GDP.

“Out of the 46 countries that had released their GDP in the fourth quarter of 2011, only Mongolia and China stood at 14.9 per cent and 8.9 per cent, respectively.

“Two countries, as at the time of this report, grew faster than Nigeria, and China is ahead of Nigeria in current GDP rankings,’’ the statement said.

It said that many countries which Nigeria surpassed continued to either record negative growth or grow slower than previously estimated during the visioning process.

“Nigeria may not need the double digit growth envisaged in the vision’s blueprint despite the fact that attaining double digit growth is within its (Nigeria) capacity,’’ the statement said.

NBS said that the GDP growth was driven by growth in activities of the solid minerals, telecommunications, wholesale and retail trade, building and construction, hotel and restaurant, real estate and business services sectors.

“These sectors, which make up approximately 30.8 per cent of the nation’s GDP, each grew at an average rate of over 10 per cent during the year.

“Most vibrant is the communication sector, which grew at an average rate of 34.8 per cent in 2011.

“On the other hand, the oil sector output decreased as a result of the facilities shut down in the sector,’’ the statement said.

The bureau also stated that at 218.15 million barrels, crude oil and condensate production decreased by 6.9 per cent in the fourth quarter of 2011, with an average daily production of 2.4 million barrel.

It stated that the production figure was lower when compared with the 234.33 million barrel production recorded in the fourth quarter of 2010, with a corresponding average production of 2.6 million barrels per day.

“Crude oil production, with its associated gas components, resulted in a growth rate in real term of 0.40 per cent in oil GDP in the fourth quarter of 2011 compared with the 6.68 per cent recorded in the corresponding quarter of 2010.

“Real GDP, driven by non-oil production activities, grew at 7.68 per cent in the fourth quarter 2011, ’’ the statement said.

“Accordingly, the Nigerian oil sector witnessed unprecedented levels of disruption compared to recent times due to temporary shutdown of facilities such as at Bonga, a 200,000 barrel per day (bpd) facility, which supplies about 10 per cent of Nigeria’s total crude output.

“However, the sector benefited immensely from the high international crude oil market price and the exchange rate regime of naira against the dollar in spite of decline in daily average production in the quarter under review.

“The oil sector contribution of about 14.64 per cent to real GDP in the fourth quarter 2010, however, dipped in the corresponding 2011 to 13.54 per cent,’’ the statement said.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

1 day ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

1 day ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

4 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi