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Sustain GDP Growth, Experts Tell Manufacturers

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8 years ago

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Some financial experts have urged the Federal Government to create access to finance for the manufacturing sector to sustain the present Gross Domestic Product (GDP) growth.
They stated this in separate interviews with newsmen in Lagos while reacting to the third quarter GDP figure released by the National Bureau of Statistics (NBS).
They said that there was the need to strengthen the manufacturing sector to move the economy from being oil dependent.
Prof. of Economics, at Olabisi Onabanjo University, Ago-Iwoye Sheriffdeen Tella, said that government should assist the sector by providing cheap credit for operation and expansion.
Tella said that access to cheap funds would not be feasible without downward review of the interest rate by the Central Bank of Nigeria (CBN).
“This cannot happen as long as the CBN keeps the interest rate high and allow people to continue to invest in financial instruments for quick returns that cannot grow the economy’’ Tella said.
He stated that the growth in GDP to 1.48 per cent should not be surprising because the price of oil had been rising.
Tella said that the country was not yet moving away from oil dominated economy, noting that economic fundamentals had not changed from pre-depression.
“We are not yet moving away from oil dominated economy. This is not good for the economy as any crisis in the oil sector again will be catastrophic,’’ Tella added.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, said that the financial sector should be strengthened and encouraged to lend to the real sector to sustain economic growth and development.
Omordion said that the Monetary Policy Committee (MPC) of the apex bank should reduce interest rate and stabilise the foreign exchange rate market by achieving single rate for the nation.
He stated that infrastructure development needs of the country such as power and good roads network, among others should be addressed quickly to boost productivity.
Our source reports that data released by NBS on Nov. 20, showed that the nation’s economy recorded a growth of 1.40 per cent in the third quarter of 2017.
The NBS said that the growth was due to increased oil production during the period.
The country returned to growth in the second quarter of 2017, but the recovery had been fragile due to depressed oil revenues.
The statistics office said oil production on which the OPEC member state’s economy largely relies, stood at 2.03 million barrels per day in the third quarter.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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