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

FG Begins South-West Tour To Promote New Cooperative Bank

Published

4 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

4 days ago

May 13, 2026

The Tide

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.

This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,

Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.

According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).

He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.

Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.

“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”

Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.

“It may surprise you to know that many homes are broken due to drugs.

” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.

Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.

The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.

Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.

The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.

Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.

Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.

Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.

CHINEDU WOSU

Business

Dangote, Nicolai Tangen To Partner In strategic sectors

Published

4 days ago

May 13, 2026

The Tide

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.

This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.

Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.

The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.

Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.

Nkpemenyie Mcdominic, Lagos