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Nigeria’s Economy Grows by 1.81% in Q3 – NBS

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The National Bureau of Statistics (NBS) on Monday released the country’s Gross Domestic Product (GDP) report for the third quarter with the economy recording a growth rate rise to 1.81 per cent.

Gross Domestic Product is the monetary measure of the market value of all the final goods and services produced in a period of time, usually annually or quarterly.

According to details of the Nigerian Gross Domestic Product Report (Q3, 2018 ) released by the bureau on Monday, there is an increase of 0.64 per cent points, compared to the third quarter of 2017, which recorded a growth of 1.17 per cent.

In nominal terms, the report put the value of the country’s economic output during the third quarter at N33.36 trn which it rated high, when compared to the third quarter 2017 GDP output of N29.37 trn.

“This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29, 377, 674. 03 million thus, presenting a positive year on year nominal growth rate of 13.58%”.

“This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively. For clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”

Lukman Otunuga, a research analyst at FXTM, a finance firm, said confidence over the recovery of Nigeria’s economy is set to become a dominant theme following reports of the nation’s economic growth accelerating during the third quarter of 2018.

“Nigeria’s GDP expanded by 1.81 per cent in the third quarter, which represents an encouraging 0.31 per cent rise from the 1.50 per cent achieved in quarter two.

“Although the primary driver behind the economic expansion was rising oil production and elevated oil prices, signs of Non-Oil sectors contributing to growth is a welcome development.

“With the Non-Oil sector growing by 2.32 per cent in real terms during quarter three, Nigeria continues to showcase to the global arena that it remains on a quest to break away from oil reliance.”

He said with economic growth expected to gain momentum next year on the back of increasing government spending ahead of the presidential elections, Nigeria’s outlook remains encouraging.

“OPEC’s deal to cut oil production by 1.2 million barrels a day is seen offering near-term support to oil – a scenario that will most likely support Nigeria’s government revenues and the Naira exchange,” he said.

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Stay Away from CBT Centres, JAMB Warns Parents, Threatens Arrest

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As this year’s Unified Tertiary Matriculation Examination (UTME) begins on Friday, the Joint Admissions and Matriculation Board (JAMB) has vowed to arrest parents found near any Computer-Based Test (CBT) centre during the 2024 UTME exercise.

The directive was issued at the final briefing of the CBT centre owners, which was held virtually on Wednesday, 17th April, 2024.

The spokesman for JAMB, Fabian Benjamin, said this directive became necessary following the intrusive disposition of some parents during the Board’s previous exercises.

Benjamin, who quoted JAMB Registrar Prof. Is-haq Oloyede, said any parent, who disobeys the order would not only be arrested but his ward would also be disqualified from sitting for the examination.

Oloyede explained that this measure became necessary as it has been discovered over time that many of these intruding parents are facilitators of examination infractions while others have, by their actions, disrupted the Board’s examinations in the past.

He added that some miscreants also disguise as parents to infiltrate the centres to perpetrate all forms of infractions.

“The Board’s helmsman noted that going by the extant national policy on education, a candidate for the examination must have attained the age of 17 years.

“Therefore, it is evident that these parents had not allowed their wards to pass through the classes as defined in the document, hence the desperation to follow their wards to the examination venue with the aim of compromising examination officials.

“At any rate, it is clear to any discerning observer that these parents deserve to be sanctioned as they had obviously ‘smuggled’ underage children into the ranks of those scheduled to sit the examination,” the Board note through a statement.

Furthermore, the Registrar said all arrangements have been concluded for the conduct of the 2024 UTME, which will be held in over 700 CBT centres across the nation.

He disclosed that the Board expects a seamless exercise but it has nevertheless made adequate provision to tackle any technical glitch that might occur in the course of the examination.

He, however, warned that if a session experienced any technical challenge, candidates in subsequent sessions would be allowed to sit their examination as scheduled while the candidates in the challenged session would be rescheduled for the last session for the day or the following day or even further depending on the centre schedules.

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Oyo Govt Demolishes Operational Base of Yoruba Nation Agitators

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The Oyo State government, on Wednesday, demolished a building serving as the operational base of the Yoruba Nation agitators led by Modupe Onitiri-Abiola, in Ibadan.

Onitiri-Abiola, one of the widows of late Bashorun M.KO Abiola, had declared the creation of the so-called Yoruba Nation in a video posted online, which has been widely condemned.

Last Saturday, some armed men in military uniforms invaded the Oyo State Secretariat, with the motive to forcefully take over the State House of Assembly, before they were dislodged by the combined efforts of police and troops for the Nigeria Army 2 Division..

Mr. Fatai Owoseni, Special Adviser on Security Matters to Governor Seyi Makinde, confirmed the demolition of the house located at Toye Oyesola Street in Ibadan South West Local Government Area.

Already, no fewer than 29 suspects – including a lecturer – arrested in connection with the foiled armed invasion were on Wednesday arraigned by the police before a Chief Magistrates’ Court in Ibadan.

In a case with charge number Mi/520c/2024 between the Commissioner of Police and the 29 suspects, they were accused of a seven-count charge of treasonable felony, unlawful society, illegal possession of firearms, and conduct likely to cause breach of peace.

Inspector Bakare Rasaq, the Investigative Police Officer (IPO) at the State Criminal Investigation Department, Iyaganku, Ibadan, said the offence contravenes, and is punishable under Section 516 of the Criminal Code, Cap 38, Vol. II, Laws of Oyo State of Nigeria, 2000.

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PDP BoT Queries Damagum, Anyanwu’s Continued Stay in Office

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The Board of Trustees of the Peoples Democratic Party has queried the continued stay in office of the party’s acting National Chairman, Umar Damagum, and National Secretary, Samuel Anyanwu.

Recently, many party members have raised concerns about the ongoing tenure of Damagum and Anywanwu in their respective positions.

Previously serving as the PDP National Deputy Chairman (North), Damagum assumed the role of acting National Chairman following the court’s suspension of the party’s National Chairman, Iyorchia Ayu, in March of the preceding year.

With the National Secretary being selected as the PDP candidate for the Imo State 2023 governorship election, the South zone has been grappling with nominating a replacement. Despite this, he, along with other party leaders, contested and retained the position of party secretary after losing to Governor Hope Uzodinnma.

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