Connect with us

Featured

Exit From Recession Excites FG, Senate …Makarfi Says ‘Statistics Not Reality’

Published

on

The Federal Government has welcomed exit of Nigeria from recession, but with caution and optimism.
It said it would continue to drive economic growth by vigorously implementing the Economic Recovery & Growth Plan (ERGP) launched earlier this year by President Muhammadu Buhari.
A statement by Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Mr. Laolu Akande said National Bureau of Statistics broke the news.
He said: “The overall economic plan and direction of the administration has resulted, among others, in sustained restoration of oil production levels.’’
The sustenance, he explained, was made possible because of the enhanced security and stability in the Niger Delta.
He backed up his statement with that also released by the Economic Adviser to the President, Dr. Adeyemi Dipeolu, on the analysis carried out on 2nd quarter 2017 economic performance of National Bureau of Statistics (NBS).
“The figures released by NBS for the second quarter of this year (Q2 2017) show that the economy grew by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016.
“This in effect means that the Nigerian economy has exited recession after five successive quarters of contraction,’’ Dipeolu said.
This positive growth was attributable to both the oil and non-oil sectors of the economy, he said.
Growth in the oil sector which has been negative since Q4 2015 was positive in Q2 2017 as it rose by 1.64% as compared to -15.60 in Q1 2017; an increase of up to 17 percentage points.
“This improvement is partly due to the fact that oil prices which have improved slightly from the lows of last year have been relatively steady as well as the fact that production levels were being restored.’’
According to NBS, the non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017.
“This increase which was not quite as strong as it was in Q2 2016 reflects continuing fragility of economic conditions.
“However, given that nearly 60% of the non-oil sectors contribution to GDP is influenced by the oil sector, growth in the oil sector will help boost the rest of the economy.
“The positive growth seen in agriculture when the rest of the economy was contracting was maintained at 3.01% which is encouraging especially if seasonal factors are taken into account.’’
Manufacturing growth, he said, was also positive at 0.64% and although lower than the previous quarter’s growth of 1.36%, it was a noticeable improvement over the -3.36% experienced in Q2 2016 and a continuation of the turnaround of the sector.
Solid minerals which remained a priority of the Administration also continued to grow and in Q2 2016 by 2.24%.
Generally, industry as a whole grew by 1.45% in Q2 2017 after nine successive quarters of contraction starting in Q4 2014.
“This positive development was somewhat overshadowed by the continued decline in the services sector which accounts for 53.7% of GDP. Nevertheless, electricity and gas as well as financial institutions grew by 35.5% and 11.78% respectively in Q2 2017.
“The GDP figures give grounds for cautious optimism especially as inflation has continued to fall from 18.72% in January 2017 to 16.05% in July 2017.
“Foreign exchange reserves have similarly improved from a low of $24.53 in September 2016 to about $31 billion in August 2017.’’
“In the same vein capital importation grew by 95% year-on-year driven by portfolio and other investments but also notably by foreign direct investment which increased by almost 30% over the previous quarter.
“Foreign trade has also contributed to improving economic conditions with exports amounting to N3.1 trillion in Q2 2017 while imports which increased by 13.5% amounted to N2.5 trillion in the same period. The overall trade balance thus remained positive at N0.60 trillion.’’
The analysis shows that unemployment remained relatively high but job creation was expected to improve as businesses and employers increasingly respond more positively to the significantly improving business environment and favourable economic outlook.
“Besides, as key sectoral reforms in both oil and non-oil sectors gain traction, the successful implementation of ERGP initiatives such as N-Power and the social housing scheme will boost job creation.
“Food inflation also bears watching as it has remained quite high and volatile due mostly to high transport costs and seasonal factors such as the planting season.
“Investments in road and rail infrastructures, increased supply and availability of fertilizers and improvements in the business environment should contribute to the easing of food prices.’’
Dipeolu said that the end of the recession was welcomed but economic growth remained fragile and vulnerable to exogenous shocks or policy slippages.
Similarly, the 8th Senate, yesterday applauded the report by the National Bureau of Statistics indicating that Nigeria’s economy has officially exited recession.
The Senate in a statement by Chairman of its Committee on Media and Public Affairs, Senator Aliyu Sabi Abdullahi, stated that it was truly commendable that after five consecutive quarters of contraction, the economy grew by 0.55 per cent in the second quarter of 2017.
Abdullahi also stated that the improved performance of the trade, manufacturing, agriculture and oil sectors was an indication that with carefully aligned policy and legislative interventions, Nigeria’s economy could thrive beyond current forecasts and expectations.
The statement partly read, “The Senate received Q2 NBS economic report with great excitement. We are delighted that government’s response to the economic recession has begun to yield tangible results.
“The public will recall that in the days following the announcement of the 2016 recession, the Senate initiated steps and tabled 21 recommendations that it submitted to the executive for immediate action. We also listed out economic priority bills, many of which have now been passed, or at the final stage.
“We are also happy to note that many of the economic recommendations, specifically in the areas of retooling our agriculture and trade policies were adopted. This shows that the ‘all hands on deck’ approach was necessary from both branches of government.”
Abdullahi further noted that although the nation was now out of the recession, the Senate remained committed to seeing that the unemployment rate and high cost of living in the country were brought down.
He added, “The rising unemployment in the country is an issue that is of much concern to all of us. Additionally, the rising cost of food prices and basic services in the country still affects millions of households. This is why we will continue to work on our laws, specifically in the areas of access to credit to promote more opportunities for small business owners; and opening up more sectors to private sector participation, so that there will be more competition in our markets — which will lead to lower prices.
“We will also continue to work with the executive to ensure that our policy and legislative objectives, specifically as they relate to the economy, are well aligned.”
However, the Peoples Democratic Party (PDP) has urged Nigerians not to see every statistics as an indication of reality, following yesterday’s report by the National Bureau of Statistics (NBS) that the nation has exited the economic recession that worsened living conditions in the past two years.
The NBS had in its 2017 second quarter report yesterday indicated that the Nigerian economy has exited recession, having notched up a growth output of 0.55 per cent in the oil, agriculture, manufacturing and trade sectors.
According to the bureau, “In the second quarter of 2017, the nation’s Gross Domestic Product, GDP grew by 0.55 % (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since the first quarter of 2016.”
Expectedly, the report has continued to elicit diverse reactions with some stalwarts of the ruling All Progressives Congress (APC) basking in ecstasy.
In an exclusive chat with newsmen on the issue, Chairman, National Caretaker Committee of the PDP, Senator Ahmed Makarfi said it is the wish of every Nigerian for the country to overcome the current hardship, warning however that statistics differs from reality.
“PDP is not praying for the country to be in recession. Statistics may indicate one thing, but reality is different,” he said.
Makarfi’s position is not out of tune with that of millions of Nigerians struggling to eke out a living in the past few years following the crash in the price of crude oil in the international market.
It would be recalled that the National Bureau of Statistics (NBS) had said that Nigeria has exited its worst economic recession in more than two decades, notching up growth of 0.55 per cent in the second quarter of 2017.
In its report released, yesterday, the data showed that the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors of the economy.
It said that since the first quarter of 2016, the Nigerian economy had contracted for five consecutive quarters.
According to the report, the West African powerhouse slipped into recession for the first time in more than two decades in August 2016.
“In the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55% (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016,” it said.
Nigeria, which depends on oil sector for 70 per cent of state revenues and 90 per cent of export earnings, has been battered by lower oil prices since mid-2014, which have slashed government revenues, weakened the currency and caused dollar shortages, frustrating business and households.
The nation’s economic woes were exacerbated by militant attacks on key oil infrastructure in the restive Niger delta, slashing output.
The crisis is heaping pressure on President Muhammadu Buhari, who took office in May, 2015 on an anti-corruption platform.
His government is also grappling with separatist agitation in the country’s South-East, farmer-herders clashes in the central, Boko Haram insurgency in the northeast and kidnappings and militancy in the South.
Analysts said the outlook for more growth looks positive for Nigeria.
“You can see that there have been improved performances in non-oil sectors in the second quarter,” said Bismark Rewane of the Lagos-based Financial Derivatives Company.
“The prospects for more robust growth are bright. I hope the current economic diversification efforts which see efforts being given to agriculture and mining will be sustained,” he said.
He said the nation’s economy would also buoy if ongoing truce with Niger delta militants was intensified.
“If there are no attacks on oil facilities and production is increased and Nigeria earns more money, then the economy will stabilise.”
Nigeria’s oil output has ramped up to an average of two million barrels per day from a low of 1.3 million in 2016 following government peace talks with the oil rebels.

Continue Reading

Featured

Be Firm In Fight Against Oil Theft, Fubara Tells CNS …As Navy Moves Training Hqtrs To Rivers …Seizes 14 Vessels In Three Months

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has encouraged the Nigerian Navy to be firm in the fight against all forms of economic sabotage, particularly crude oil theft, in the nation’s waterways.
The Governor noted with delight the positive results already recorded by the Navy in the State due largely to the tremendous support it has received from his administration.
Governor Fubara spoke when he hosted on courtesy visit, the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla with his delegation of top officers of Navy High Command at Government House in Port Harcourt,yesterday.
The Rivers State Governor stated that Nigeria was facing myriad of crises, including economic challenges, rising insecurity and criminal activities that threaten the national economy, which should not be overlooked.
He said, “We are working together, we will give you all the support to make sure that you deliver on your mandate.
”And what is the mandate? You were appointed at a time when our country is facing a lot of crises, and your duty, among others, include to reduce, if it cannot be eliminated completely, the criminalities perpetrated on the waterways; oil theft and others.
”And I am happy that they are positive and commendable records of achievement so far, in the course of your tenure.”
Governor Fubara said the good news of reduced level of oil theft in Rivers State is evidence of the many positive things that are happening in the State beyond the much hyped negativity, and assured that such positive achievements will be sustained.
The State Chief Executive insisted: “The success of the Nigerian Navy in our State, in the areas of oil theft, is because the State Government has given you all the necessary support.
”We have collaborated with the command here. We supported them morally, and with all the necessary logistics.
”We have also maintained good relationship with the communities to make sure that whatever it is that is required for these operations to be successful were granted. I am happy to be associated with these very laudable achievements.”
Governor Fubara said: “So, I have to say that I am happy that the Chief of Naval Staff, today, is commending the success of the exercise. He is commending the doggedness of the men in fighting oil theft, not just in the Niger Delta, but particularly in our State.
”I want to assure you that we will continue to give them the support, and discourage any act that would be a sabotage to the economy of our State.”
Governor Fubara said that Rivers State was not named in error: there are several water channels that can boost the operations of the Navy. This is why we are requesting that the Nigerian Navy move all its bases to the State.
”It was not a mistake they called it Rivers State. It is surrounded with all forms of rivers. You want the Atlantic region, you can get it here. You want those small creeks, you can also get it here. Maybe, if you want an Island, you can also find it here.
”So, it is proper if we work with you and you have all that is required within this geographic region, to have all your bases relocated to Rivers State,” he said.
He further said: “We must continue to give you the necessary support to make sure that you succeed. I am happy to also say that, as the Governor of the State by the special grace of God, we are still here, not minding the dramas here and there. We will not let our people down in ensuring that we protect their interest.
”We will support the genuine course of governance; the protection of lives and provision of basic amenities. And these can only be achieved when there is a peaceful environment.
”And the peaceful environment can only come when there is a collaboration with security agencies to prevent crimes, and protect lives and property of residents.”
In his address, the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla, reiterated that the Nigerian Navy and Rivers State are like conjoined twins who cannot do without each other.
This is because, he said, they needed collaboration on various aspects of their activities ranging from training, operations, logistics, adding that Rivers State is key to their performance.
”My purpose of coming here today are three folds. The first is to inform His Excellency that on Saturday, we are graduating a set of former civilians who have been trained at our Basic Training School, Onne, and are graduating to join the ranks of the Nigerian Navy as ratings in order to beef up our strength.
”The second reason is to first appreciate the Governor and the entire Rivers State Government for the schools they donated to us: the Ambassador Nne Krukrubo Model Secondary School at Eleme in Eleme Local Government Area, and the Model Secondary School, Egbelu in Oyigbo Local Government Area.”
Vice Admiral Ogalla stated further: “We also want to use this opportunity to inform His Excellency that following that donation, and based on our strategic plan of moving our facilities to areas where we have enough space to be able to carryout out duties, we have renovated the school at Eleme.
”We are happy to report, today, that the erstwhile location of Headquarters of Naval Training Command, Lagos, is moving to that particular school location in Eleme, tomorrow.’
Speaking on the operational successes recorded thus far, he said that propelled by the charge given to them by President Bola Tinubu, the Nigerian Navy, under his watch, has impounded 14 vessels caught to be conveying stolen crude oil and several other individuals arrested, adding that investigations into their culpability were ongoing.
”I am here today to report Sir, that, with the “Operation Delta Sanity”, launched in January, 2024, we have been very successful, and within the period, we have recorded tremendous successes and achievements.
”Over 14 large crude carrying vessels have been arrested within that period. Most of them are at various levels of investigation. We have also arrested several barges and other companies and organizations that are involved in oil theft.
”As a result of the operations, we are happy to report that there has been tremendous improvement in terms of security in the maritime environment,” Ogalla added.

Continue Reading

Featured

118 Inmates Escape As Rainstorm Destroys Niger Prison

Published

on

A heavy downpour has wreaked havoc on the Medium Security Custodial Centre in Suleja, Niger State, resulting in extensive damage to the facility and facilitating the escape of 118 inmates.
This was disclosed in a statement signed by the spokesperson, Federal Capital Territory Command of the Nigerian Correctional Service, Adamu Duza, yesterday.
Duza noted that the downpour which occurred on Wednesday night, caused severe damage to the custodial centre’s infrastructure, including a breach in the perimeter fence, which allowed the inmates to flee.
However, 10 fleeing inmates had been recaptured following a swift response by the NCoS in collaboration with other security agencies.
Duazu promised that efforts were ongoing to recapture the remaining fleeing inmates, adding that their database would soon be made known to the public.
Recognising the vulnerability of ageing facilities, many of which were built during the colonial era, Duza acknowledged that the NCoS was committed to modernising its infrastructure.
The statement further noted that the Controller of Corrections, FCT Command, Francis John, assured the public that the situation was under control and urged them to carry on with their daily activities without fear.
The public was encouraged to remain vigilant and report any suspicious activities or sightings of escaped inmates to the nearest security agency.
The statement read in part, “A heavy downpour that lasted for several hours on the night of Wednesday, April 24, 2024, has wreaked havoc on the Medium Security Custodial Centres, Suleja, Niger state, as well as surrounding buildings, destroying parts of the custodial facility, including its perimeter fence, giving way to the escape of 118 inmates of the facility.
“The service has immediately activated its recapturing mechanisms, and in conjunction with sister security agencies, has so far recaptured 10 fleeing inmates and taken them into custody, while we are in hot pursuit to recapture the rest.
“The service is not unmindful of the fact that many of its facilities were built during the colonial era and that they are old and weak. The Service is making frantic efforts to ensure that all aging facilities give way to modern ones.
“The Controller of Corrections, FCT Command, Francis John, wishes to assure the public that the service is on top of the situation and that they should go about their normal businesses without fear or hindrance.”
Meanwhile, the United States has underscored the significant challenge of overcrowding in Nigerian prisons.
The US, according to its ‘2023 Country Reports on Human Rights Practices: Nigeria,’ published on its website on Tuesday, noted that numerous correctional facilities were grappling with a staggering 50 per cent increase in the number of inmates beyond their intended capacity, revealing a systemic issue.
Furthermore, it disclosed that a notable proportion of these prisons, some with histories dating back 70 to 80 years, faced difficulties in meeting even the most fundamental standards of living.

Continue Reading

Featured

Rivers’ll Be Known For Peace, Not Crisis -Fubara

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has said that peace has prevailed because he draws strength from God to resist insults and tantrums thrown at him while frustrating attempts by some disgruntled persons who wanted to plunge the State into unending crisis.
The Governor also said that because he has anchored his Government on promoting peace, the enabling atmosphere has been provided for investments and sustainable development to flourish.
Governor Fubara made the assertion when he received a delegation of members of the Bishops and Gospel Ministers’ Association International Incorporated, Rivers State Chapter, at Government House in Port Harcourt, yesterday.
Represented by the Head of Rivers State Civil Service, Dr George Nwaeke, Governor Fubara said while most people took his meekness for weakness, his stance on peace has unarguably enhanced harmonious atmosphere of concord as residents sleep with their two eyes closed, and investors and shareholders are happy with the returns on investment.
He said, “Before, what they hear of Rivers State is that they are fighting, and some genuine investors will not come. Some people even ask you: How are you coping in Rivers State?
“But now”, he asserted: “The Governor has brought about a lot of changes in the State. One of the most important things is that he has changed the negative narrative. It is no longer Rivers of blood. It is now Rivers of peace.
“We are enjoying our lives here. Why? Because there is a change in the narrative. We have peace. The Governor is, as much as possible, absorbing any level of insult at him only for one purpose: that Rivers State may have peace; that we may grow; that this state will experience genuine development.”
Governor Fubara urged them, as members of the Christian family in the State, to continue to pray for the State and the Government so that the enemies of the State will be put to greater shame.
“This peace is what I want you to embrace. Go and continue to pray, because when the sower of the seed went and sowed, the enemy went in the night and sowed tares inside there. But the Governor is sowing peace.
“When I listened to the leader of the team, His Grace Eddy Ogbonda, he said you came all the way from Eleme Junction, and stopped at major junctions, and you uttered prayers for the peace of Rivers State.”
He also said: “I, hereby want to thank you for identifying with the Governor at a time like this. At a time when it looks as if someone wants the Governor’s peace posture misunderstood as weakness.
“When someone has the strength to fight back, but refuses to fight back. That is a bigger strength; that power of restrain does not just come, it can only come from God.
“You cannot give peace, if you do not have peace within you. The Governor is not interested in any form of trouble or violence. What he is interested in is known, and it is: let there be peace in Rivers State,” he said.
In his address, leader of the group, Archbishop Eddy Ogbonda, said they had observed a week-long intensive prayers that culminated into a peace rally, which brought them to Government House, and assured the Governor that God will continue to give him victory over his adversaries while preserving Rivers State.
“It is Rivers State Prophetic Prayer Convocation and Rally 2024 with the theme: ‘Peace be still’. Of a truth, everyone of us understands that we live in a time when we need peace much more than any other thing.
“Rivers State needs peace. Everyone as individuals need peace. The country needs peace, and the world at large needs peace. So, we are here to do a peace march. We pray that God will command His peace to reign in Rivers State,” he said.

Continue Reading

Trending