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The National Economic Council on Thursday approved the request by the Revenue Mobilisation, Allocation and Fiscal Commission to seek a National Assembly amendment to its existing Act and to provide an alternative funding source for the commission. This also includes an approval of 0.05 per cent of non-oil federation revenue as an alternative funding source
The National Drug Law Enforcement Agency in Kano seized 709.979kg of illicit substances in October in the state. This is contained in a statement signed and released by the spokesman for the agency’s Kano Command, ASN Sadiq Muhammad-Maigatari, on Wednesday. The State Commander of the agency, Mr Abubakar Idris-Ahmad, said in the statement that the
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The National Drug Law Enforcement Agency in Kano seized 709.979kg of illicit substances in October in the state. This is contained in a statement signed and released by the spokesman for the agency’s Kano Command, ASN Sadiq Muhammad-Maigatari, on Wednesday. The State Commander of the agency, Mr Abubakar Idris-Ahmad, said in the statement that the
The Centre for the Promotion of Private Enterprise, CPPE, has stated that Nigeria’s 3.84 per cent Gross Domestic Product, GDP growth rate in the fourth quarter of 2024 reflects both the gradual recovery of the nation’s economy and the resilience of Nigerian entrepreneurs. The Chief Executive Officer of CPPE, Muda Yusuf, made this assertion in
Nigeria’s economy on recovery path — CPPE
The Centre for the Promotion of Private Enterprise, CPPE, has stated that Nigeria’s 3.84 per cent Gross Domestic Product, GDP growth rate in the fourth quarter of 2024 reflects both the gradual recovery of the nation’s economy and the resilience of Nigerian entrepreneurs.
The Chief Executive Officer of CPPE, Muda Yusuf, made this assertion in response to the GDP report released by the National Bureau of Statistics, NBS, on Tuesday.
According to the report, Nigeria’s GDP growth in Q4 was primarily driven by the services sector.
Reacting to the development, CPPE stated: “The Q4 2024 GDP growth of 3.84 per cent is a reflection of both the gradual recovery of the economy and the resilience of Nigerian entrepreneurs. Despite the daunting macroeconomic and structural headwinds, private investors have continued to forge ahead.
“It is, however, important to note that macroeconomic challenges began to ease in the second half of 2024. The naira exchange rate has remained relatively stable since then, inflationary pressures have marginally declined, and energy prices have also fallen slightly. Overall, investor confidence has shown positive signs in recent months.
“These factors have contributed to the modest GDP performance. It is also noteworthy that the overall GDP growth for 2024 was recorded at 3.40 per cent.
“One striking outcome of the Q4 GDP report was the recovery of the petroleum refining sector, which emerged from decades of recession to post an impressive GDP growth of 9.6 per cent.
“This was one of the strongest sectoral performances within the strategic sectors of the economy. The growth can largely be attributed to the commencement of refining operations by the Dangote Refinery and the NNPC refineries.
“However, the services sector continues to outperform the real sector of the economy, largely due to persistent structural impediments affecting real sector productivity.
“The agricultural sector recorded a meagre 1.76 per cent growth, manufacturing posted 1.79 per cent, while real estate grew by just 0.79 per cent.
“In contrast, financial institutions grew by 27.8 per cent, road transportation by 23 per cent, telecommunications by 6.8 per cent, and railways by 43 per cent. However, the aviation and textile sectors remained in recession.
“The GDP report highlights the gradual recovery of the economy and the resilience of the Nigerian private sector. It also underscores the need to consolidate the gains in macroeconomic stability and address the productivity challenges constraining real sector performance.”
Nigeria’s economy on recovery path — CPPE
Civil rights activist and politician Senator Shehu Sani has urged Nigerians and the government at all levels to appreciate and honour the freedom fighters who defended the country. While speaking with Newsmen on Monday, Sani made the call when he visited the tombs of six deposed Emirs in Lokoja, who refused to bow down to
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Civil rights activist and politician Senator Shehu Sani has urged Nigerians and the government at all levels to appreciate and honour the freedom fighters who defended the country. While speaking with Newsmen on Monday, Sani made the call when he visited the tombs of six deposed Emirs in Lokoja, who refused to bow down to
