According to latest GDP data from the National Bureau of Statistics, Nigeria’s Gross Domestic Product growth decreased to 3.10 percent in 2022 from 3.40 percent in 2021.
Fidel Info reports that the NBS indicated that while the service sector’s performance increased in the year under review, growth in the economy’s agriculture and industry sectors was lowered in 2022.
Real GDP increased by 3.52 percent (year over year) in the fourth quarter of 2022. The services sector, which saw growth of 5.69% and made up 56.27% of the total GDP, was the main driver of this expansion.
In its Nigerian Gross Domestic Product Report Q4 2022, the NBS said, “Nigeria’s GDP grew by 3.52 per cent (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25 per cent in the third quarter of 2022 and 3.98 per cent in the fourth quarter of 2021.
“The performance of the GDP in the fourth quarter of 2022 was driven mainly by the services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to the aggregate GDP.”
According to the national statistics body, the agriculture sector grew by only 2.05 per cent in the period under review because of flooding experienced across the country.
It added, “Moreover, the Industry sector was yet challenged recording -0.94 per cent growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.
“Overall, the annual GDP growth rate in 2022 stood at 3.10 per cent, from the 3.40 per cent reported in 2021. Thus, the performance of agriculture and Industry reduced in 2022 relative to 2021, while the performance of the Services sector improved in 2022.”
Aggregate GDP for Q4 2022 stood at N56.76tn in nominal terms, higher than the N49.28tn that was recorded in Q4 2021.
BREAKING: Jubilation across Nigeria as BUA Reduces Price Of Cement To N3,500
One of the major companies in Nigeria, BUA Group , has announced a reduction of ex-factory cement price to N3,500 per bag.
The company, which made this known in a statement on Sunday, said the reduction will take effect from 2 October, 2023.
The statement titled : ‘BUA Cement reduces ex-factory cement prices to N3,500/bag effective October 2, 2023’, reads in full :
“We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.
NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance
Oyetola @69th: Your Adventure is a Remarkable Milestone. – Hon Taiwo Oluga
A member of the 9th Assembly of the House of Representatives, Hon Taiwo Oluga has felicitated with the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola on his 69th birthday describing his adventure so far as very impactful and remarkable milestone.
In message personally signed by her, the former legislator described Mr Oyetola as a compassionate, humble, urbane and civil democrat-politician, whose cool, calm and collected disposition added tremendous values to his community, his associates and now Nigeria as a country.
Hon Oluga pointed out that the Minister is a man of impeccable character and high integrity,both in private and public spheres as evidenced by accounts of those who had worked with him for over three decades in the insurance sector and about two decades in governance and public service.
The message reads, ” Dear Hon Minister and leader of our party in Osun State, your adventure in the last 69th years and your service in both public and private spheres speak volume of the depth of your character and integrity. As a gentleman with unassuming candour, you achieve unimaginable results in everything you touch. Your are a leader who is indeed worthy of emulation “.
The Frontline politician who represented Ayedaade/Irewole/Isokan Federal Constituency of Osun State also seize the opportunity to express confidence in Oyetola’s capacity to transform the Blue Economy as a pioneer executive of the Ministry, considering his ingenuity in managing Osun State when the state’s finance was at zero level.
“Your pivotal role in advancing policies for sustainable marine and blue economy practices is crucial and I am confident of your commitment to environmental conservation and the development of maritime resources which will contribute significantly to the growth of the marine sector, promoting economic opportunities and safeguarding marine ecosystems.”
Hon Taiwo Oluga praised the minister’s efforts in fostering collaborations with international partners to enhance maritime security and explore avenues for sustainable blue growth, a development which she noted was demonstrated by the Minister’s meeting with Professor Gunter Pauli, the creator of Blue Economy worldwide.
Reflecting on Oyetola’s accomplishments, particularly as the Governor of Osun State, Hon Taiwo Oluga highlighted specific milestones achieved under his leadership, such as the introduction of contractor financing scheme for capital projects, through which the Olaiya flyover was constructed, security of live and property, commerce, workers welfare including regular payment of salary, blocking of revenue loopholes, running a minus federal allocation state without borrowing a dine among others.
Honoring the minister not only for his professional achievements but also for his personal qualities, Hon Oluga applauded Oyetola’s resilience, vision, and dedication to public service.
Hon Taiwo Oluga prayed God to grant Mr Adegboyega Oyetola the grace of good health and wisdom to live a more impactful life in his service to God, to Nigeria, Osun State and mankind in general.
EFCC gets new spokesperson, Dele Oyewale (See Profile)
Mr. Dele Oyewale as been appointed as the spokesperson for the Economic and Financial Crimes Commission, (EFCC), ROYAL NEWS has gathered.
The anti-graft agency’s boss, Abdulkarim Chukkol, approved the appointment of the renowned journalist with immediate effect from Thursday, September 28, 2023.
In separate letters dated Thursday, September 28, which were exclusively obtained by our correspondent, Oyewale was appointed as the EFCC Head of Media and Publicity, while the former spokesperson, Wilson Uwujaren, was redeployed as the acting Director of Public Affairs.
When contacted by our correspondent, Uwujaren confirmed the development, saying, “Yes, I’ve been appointed as the acting Director of Public Affairs for the EFCC.”
Oyewale, as a practicing journalist worked with various news outlets including The News, Tempo, PM News, and Tell Magazine.
He was awarded and honoured by the Nigerian Media Merit Awards as the Industry Reporter of the Year 2002 and 2003, the Business Reporter of the Year 2003 and 2005, the Aviation Reporter of the Year 2004 and 2005, and the Banking and Finance Reporter of the Year, 2005.
Oyewale holds a Bachelor of Science degree in Geography from the University of Ilorin, Kwara State. He also holds a Post Graduate Diploma in Journalism from the Nigeria Institute of Journalism.
He also holds a Master’s degree in Business Administration from Ladoke Akintola University of Technology, Oyo State
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