The Nation Newspaper

Tag: National Bureau of Statistics

  • How did Nigeria exit recession?

    How did Nigeria exit recession?

    Nigeria’s economy, which entered into recession for the first time in two decades in 2016,has finally exit the period of recession in one year.

    According to National Bureau of Statistics (NBS) on Wednesday, Agriculture and manufacturing were the two key sectors that rescued Nigeria’s economy from recession in the second quarter of 2017.

    The Gross Domestic Product (GDP) report which was  released on Tuesday by the National Bureau of Statistics (NBS) showed that Nigeria has exited recession with positive growth of 0.55 per. Agriculture recorded stronger positive growth of 3.01 per cent during the period.

    The NBS identified crop production as the major driver of growth in the agriculture sector.The growth in agriculture and manufacturing is gradually narrowing the gap between oil and non-oil GDP.

    The report showed that in real term, the Non-oil GDP contributed 99.11 per cent of GDP. The report showed that oil GDP hit 1.64 per cent in second quarter of 2017, up from -11.63 per cent in second quarter of 2016 and -15.40 per cent in the first quarter of 2017 while the non-oil GDP grew at 0.45 per cent, up by 0.83 per cent points from the record of the first quarter of 2016.

    Manufacturing grew for the second consecutive quarter in 2017 to stand at 0.64 per cent compared to 1.36 per cent in first quarter of 2017 and -3.36 per cent in second quarter of 2016.

    Trade also aided the exit from recession as its growth contracted from -3.08 per cent recorded in first quarter of 2017 to -1.62 per cent in the second quarter of 2017.

    Analysis of the report also showed that finance, insurance, electricity, gas, steam, air-conditioning supply and other services also aided growth of the overall GDP.

    Mining and quarrying also contributed to the positive GDP as they grew by 1.65 per cent in the second quarter, pushing up the growth of the non-oil sector.

    Some experts said this may not be unconnected with the federal government’s policies in revamping agriculture such as promoting local cultivation of rice, tomatoes and other agricultural produce.

  • Business with First Bank: A Promising Future for Nigeria SME

    Business with First Bank: A Promising Future for Nigeria SME

    When the National Bureau of Statistics released the revised figure of active small and medium scale business operators in Nigeria, it looked normal; about 37 million SMEs are active in the Nigeria market.

    We have become too conversant with statistics without digging deep into the outcomes, the implications and the futuristic forecasts. For instance in 2007 Nigeria had a population of about 10 million out of school children according to the United Nations Organization. It was just like a statistics but that figure doubled in 2017.

    There is wisdom in acting upon development statistics. Buried in those statistics are information that can inspire action, create growth and sustain development.

    37 million SMEs in Nigeria sounds like one good news, the challenges notwithstanding, it generally reflects the entrepreneurial spirit of Nigerians and the possible outcome if the right things are done.

    China is a good reference of modern development; about 40 years ago China was underdeveloped but visionary and determined to lead world economy. China’s strategy was investment in education and sponsoring a mass of micro cottage industries which engaged in diverse forms of production, about 30 million micro cottage, small and medium scale industries emerged with the goal to dominate the global market. It was not a perfect smooth; they made mistakes, had a bad reputation for fake production but with time, China perfected its acts through trial and error. Now, the world calls on China for technology or textile, China is destination for all forms of production.

    Nigeria too, can become that industrial hub at least in Africa. The opportunity abounds but the coordinated strategy seems to be lacking.

    Although financial institutions like First Bank leads in creating platforms to stimulate and advance the growth of small and medium scale businesses, government needs to create a clear vision and a more aggressive path.

    Creating that path was expounded by Chairman of First Bank Nigeria, Ibukun Awosika when she observed that “Path to a sustainable economy for Africa, particularly Nigeria, is feasible only if efforts are made and sustained to build as many Small and Medium Enterprises (SMEs) as possible because SMEs constitute the bulk of most African economies, and comprise business enterprises that employ fewer people. She said.

    “To build a sustainable business, you need to be clear on where you want to go and why you started,” Awosika said.

    The programs and products of First bank attest to the positioning of the bank to deliver unequal service to the small and medium scale business sector.

    For instance, the Economy and You, a program which highlights essential capacity development for startups was conceived to deliver information that will inspire and support the growth of SMEs in Nigeria.

    No doubt First bank story is unique; the bank is the biggest lender to SME sector in Nigeria, through partnerships with organized small scale industries association, the bank has a single digit lending rate for members, smashing the high interest rate phenomenon, the very first steel ceiling that inhibits inclusion of small businesses in the corporate lending circle. This is a major step to advancing the Nigerian SME to the next level.

  • Recession: Economist warns against laxity in implementation of policies

    Recession: Economist warns against laxity in implementation of policies

    An Economist, Prof. Chika Aliyu, has warned stakeholders and players in the economy against laxity in implementing the economic plans and policies to get the country out of recession.

    Aliyu, a researcher in Development Economics at Usman Dan Fodio University, Sokoto,  gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

    He said stakeholders should be focused in implementing the Economy Recovery and Growth Plan.

    “If there is strong determination, real implementation of the outlined strategies and more economic measures; the country will be out of the recession soon.

    “The time frame fixed can be maintained but if there is any laxity and lukewarm attitude from all stakeholders and players, then the period is likely to go beyond already projected time frame.

    “Our Monetary Policy Committee has to come up with policies to re-strategise the economy.’’
    Aliyu said that the Federal Government should do more to diversify the economy, especially in agriculture and other key sectors.

    “We are in rainy season; people should go into farming, government should inject money and empower people to farm.

    “The more people go into agriculture, the rate of growth of Gross Domestic Product (GDP) will definitely rise and the economy will be out of recession,’’ he said.

    The don, however, said that the recently released GDP report for the first quarter of 2017 had a lot of implication on the economy.

    The National Bureau of Statistics said the nation’s GDP contracted by -0.52 per cent (year-on-year) in real terms in the first quarter.

    The bureau stated that it represented the fifth consecutive quarter of contraction since first quarter of 2016.

    “This has a lot of implication on the economy;  if the recession is on short term, the economy will be picking and correcting itself.

    “It will be picking up and correct itself at least, first quarter, second and up to third quarter, we will be out of recession,’’ he said.

    Aliyu said that what the economy showed now was that more needed to be done because contraction in the GDP indicated that domestic productivity was going down.
    “ The economy is in need of more of diversification; we should turn away from oil and concentrate more on the productivity sector.

    “People should be doing well in other sectors like agriculture, mining, tourism, recreation activities and any area that is productive.

    “If the GDP is improving; economy is recovering very well and speedily, it will stabilise in the near future.
    “It will stabilise in future but if it is reversing and going back; this is not good for the economy.

    “It signals that more needs to be done and the areas already projected for the recession to end may spill over and go beyond the time limit already projected,’’ he said.

     

  • 14 million children of school age out of school in North – Shettima

    14 million children of school age out of school in North – Shettima

    The Northern state Governors Forum decried the rising number of out of school children in the north, saying about 14 million children of school age are currently out of school in the region.

    Chairman of the Forum and Governor of Borno state, Kashim Shettima who disclosed this at the signing of a Memorandum of Understanding between the Forum and Fundacion Profuturo, a Spanish Organisation for the enhancement of education in the north said the growing number of our or school children in the north was alarming and an irony.

    Shettima said while the north has about 41,913 public primary school compared to 19,978 in the southern part of the country, the north can only boast of 34 percent literacy rate compared to 67 percent literacy rate in the southern party of the country.

    According to him, while the north east alone has a total of 19,436 public primary schools which is almost equal the number in the three regions of the it is just one point shy of being the lowest in literacy across the entire country”

    He said the Northern Governors are particularly touched with the educational intervention because “we believe most of the problems in the north are products of low literacy and high poverty levels. Of course, the low literacy is sufficiently responsible for the high poverty. And, what we need is to make our educational institutions functional, qualitative and accessible.

    “Until April this year, I was living with a wrong notion that the number of public primary schools in the Southern part of Nigeria tripled the number of schools in the north. I thought the number was, in addition to other key factors, responsible for the wide literacy gap between the north and south.

    “I was lucky to have participated at an event organized by the Sir Ahmadu Bello Memorial Foundation in Kaduna and listened to a thought provoking lecture eloquently delivered by Dr. Suleyman Ndanusa, former Chairman of the Securities and Exchange Commission.

    “He shared a finding of UNESCO and the National Bureau of Statistics which showed that whereas the entire southern Nigeria made up of the East, West and South have a total of 19,978 public primary schools the northeast alone has a total of 19,436 public primary schools.

    “The number of public primary schools in the northeast is almost equal the total in the entire south, Yet, the northeast is just one point shy of being the lowest in literacy across the entire country.

    “At regional levels, the three geo-political zones in the north have a total 41,913 public primary schools, more than twice the number of public primary schools in the south. Yet, the south has 67 percent literacy level while the North has a dismal 34 percent literacy level. The ratio in poverty is also in similar proportion between the north and south.

    “Now, what we have learned from Dr. Ndanusa’s lecture was that the major problems of education in northern Nigeria are the functionality of schools, the quality of what teachers pass to students, and the level of school enrollment.

    “An intervention like the Profuturo Program is certainly one step that can increase the functionality of public schools in Northern Nigeria. This means, helping to address the critical need to make public schools in Northern Nigeria more and more functional. The Northern Governors’ solemnly pledge total commitment to the implementation of this project to improve the quality of our public educational system.

    “I know that majority, if not all of my colleagues, the Northern Governors are doing very well in trying to change the conditions of public schools in their respective States. But as we know, the north is grappling with an ever increasing population. The number of school aged children out of school is still on the increase. At the last count, we had 14 million out of school children in the north. The whole thing is an irony.

    “The schools are there but not very functional and where the schools are functional, there is low enrollment. We must continually device means of addressing these problems through creative steps and flexible steps.

    “To us, the Northern Governors, the North is at stage in need of emergency surgery. We do not really care where the surgeons come from so long as we can agree on modus operandi. All we need is for the north to get well, and in getting well, the north must become by the grace of our God that ordained education for humanity.”

    He commended the Catholic Church for their contribution to the development of education in the region.

     

  • Osinbajo inaugurates National MMSE Council to drive economic growth, job creation

    Osinbajo inaugurates National MMSE Council to drive economic growth, job creation

    Vice President Yemi Osinbajo on Wednesday announced the reduction of the membership of National Council on Micro, Medium, and Small Enterprises (MSMEs) from 43 to 21.

    Osinbajo said at the inauguration of the council that the reduction  was  to ensure  effectiveness and proper coordination.

    “This Council shall be the apex body on MSMEs development in the country, providing guidance and coordination on the establishment of strategies and policies for the wholesome support of MSME development in Nigeria.

    “The next few years will be decisive for Nigeria in many profound ways.

    “Our ability to create a modern industrial economy able to provide livelihoods for millions and a future for multiples will be tested.

    “The challenge calls for our sharpest minds and best talents.

    “And you ladies and gentlemen who form this council are of that required caliber, we simply cannot afford to fail.’’

    The vice president described the council as a fresh, streamlined and refocused National Council on MSME.

    He said that the council “was the coordinating platform for the implementation of all development programmes within the sub sector, especially the National Enterprise Development Programme (NEDEP)’’.

    He said NEDEP was the administration’s repackaged and strategic platform to deliver growth and sustainability within the MSMEs subsector.

    He said the importance of the MSMEs was enormous as they were the bedrock of the nation’s industrialization and inclusive economic development and also the most important component of industrialization.

    “This is the primary driver of employment, wealth creation and poverty alleviation for our government,’’ he said.

    Osinbajo recalled the survey by SMEDAN and National Bureau of Statistics showing that over 37 million MSMEs existed in the country employing no fewer than 59.7 million persons, contributing 48.4 per cent to GDP and 7.27 per cent to exports.

    He, therefore, said that if each MSME employed an additional person the administration would create over 37 million extra jobs.

    “With NEDEP we are making MSMEs a central part of our national growth and economic policy.

    “”This is a new model for national enterprise development and would reach every one of the 774 local governments in Nigeria.

    “”We have identified and are supporting at least one product in each of the local governments based on each local government’s area of competitive and comparative advantage.

    “”NEDEP will unlock the Nigerian MSMEs sub sector by resolving the issues that most small businesses have to contend with.

    “”These are access to finance, access to markets, weak business development dearth of technical skills, lack of infrastructure and insufficient market information,’’ he said.

    The VP said that with NEDEP the administration would create enterprise zones with the required infrastructure for small businesses to succeed.

    Osinbajo said the programme would transform the country through employment generation, facilitating economic linkages and engendering rural industrialization.

    ““As we look ahead, it is important that we not only sustain the momentum of NEDEP and other development programmes such as the highly successful nation-wide MSME clinics but we must coordinate their impact for effectiveness and sustainability.

    ““This is the crucial relevance of the National Council on MSMEs,’’ he said.

    “The Council will effectively coordinate the enterprise development efforts made by the various tiers of government, International Development Partners (IDP) and the private sector towards job creation, wealth creation and poverty alleviation in Nigeria.

    “The Council will draw its membership from the public and private sectors and its secretariat shall be the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

    “”It is important to re-emphasize the point that this Council will have the same success delivery platform as the Presidential Enabling Business Environment Committee (PEBEC).

    The VP outlined the responsibilities of the Council to include coordinating the activities of all stakeholders in both the private and public sectors to ensure that all efforts and activities are geared towards the priority sectors of the economy.

    Others are guiding the Federal Government on the formulation of broad policies and strategies to drive the wholesome development of the MSMEs sub-sector in Nigeria.

    The council will be coordinating the roles and responsibilities of Government Ministries, Departments and Agencies  (MDAs), State and Local Governments and other stakeholders responsible for MSME development.

    It will be promoting inter-agency synergy and cooperation in MSME development and encouraging and strengthening Public-Private-   Partnership and Public-Public-Partnership in MSME development.

    It is to ensure the creation of an enabling environment to facilitate the development of MSME clusters,     infrastructure upgrade, access to finance, MSME capacity building and fostering increased awareness and ensuring  stakeholders’ buy-in on MSME development   programmes, initiatives and projects.

    The council will also ensure the institution of an effective framework for monitoring and evaluating the impact of MSME policies, programmes, projects and initiatives as well as ensure that the principles of the National Policy on MSMEs are achieved and reviewed as the need arises.

    The minister of State for Industry, Trade and Investment, Mrs Aisha Abubakar, in an address said the Council looked forward to creating an MMSE sub-sector that could drive the administration’s diversification programme.

    Also the D-G of SMEDAM, Dr Dikko Radda, said that the inauguration was good for the development of the economic sector and showed the importance the administration had given to MSMEs in the development of the nation’s economy.

    According to him, the creation of additional 37 million jobs being proposed to the council, will eliminate joblessness in the country.

  • ILO urges FG to grow private sector to create more jobs

    The International Labour Organisation (ILO), has urged the Federal Government to grow the private sector as a long term solution in creating sustainable jobs for the teeming youths.

    Mr Denis Zulu, ILO Country Director to Nigeria made the call in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

    Zulu said this was imperative as the private sector would promote entrepreneurship development for the youths.

    “Unemployment is a big challenge for Nigeria and many other African countries.

    “But I think that a lot of attention is being paid by the current government in finding strategies and solution to the growing problem of unemployment.

    “If you look at the figures provided by the National Bureau of Statistics, you will know that over the last three, four quarters unemployment have being growing.

    “This is normally expected as you know Nigeria is currently in recession,” he said.

    He said that this means that the government alone would not be able to provide the number of jobs required to deal with the unemployment problem in the country.

    Zulu said the Federal Government must grow the private sector as a long term solution to solving the increasing unemployment in the country.

    “We have a lot of skilled young Nigerians who do not have jobs and who should be engaged to contribute to the growth of the economy.

    “So, we need to give them the skills to run the business of their own, hopefully when the business is grown they can employ their fellow Nigerians.

    “So, it is about equipping them with the right entrepreneurship skills to be able to run businesses and not to be idle.

    “Also, we need to move away from training our young people from looking for jobs, we must train them to create jobs.

    He said that there was a need to encourage the youths to go into agriculture as it offers huge potentials for job creation.

    The ILO country director said that the value addition in agriculture sector was imperative as it was an opportunity for job creation in the area of production of food crops.

    Zulu advised the government to consider these opportunities following the recent ban on importation of fruit juice into the country.

    He called on the government to explore the potentials that abounds in the country, such as the production of fruits juice from Benue state.

    Zulu commended the Federal Ministry of Labour and Employment partnership with the Job Creation Unit in the Vice President office on job creation initiatives.

    He said that the number of initiatives being introduced by the Federal Government would go a long way to ensure that Nigerian youths were gainfully employed.

    He said that government must ensure that integrated and comprehensive approaches were adopted for job creation

    “That is getting the right skills, promoting the private sector and looking at the demand and supply side of employment creation.

  • The creative industry is our life and our job – Austen Peters

    The creative industry is our life and our job – Austen Peters

    Ms. Bolanle Austen-Peters has described the creative industry  as a money-spinning sector that the Federal Government must not neglect its development.

    “Art is money; art is life, art is job, art adds value to the individual and the environment,” the Founder and Managing Director, Terrakulture, a cultural firm, told the News Agency of Nigeria (NAN) on Wednesday.

    She said in Lagos that it if well developed by the government, it would also boost the nation’s Gross Domestic Products (GDP) and employment generation for its teeming unemployed youths.

    She said that the industry was blessed with enormous potentialities that could be harnessed to solve the unemployment challenges facing the country.

    “Some of the areas of specialisation that the youths can venture into in the sector are: visuals, food, music, dance, and script writing.

    “ These areas are capable of employing millions of Nigerian youths and solve problems facing them,” she said.

    She also said that the industry was a fertile ground for the production of artistic and movie producers/directors, fashion designers, models, image makers and painters.

    Austen-Peters tasked the National Bureau of Statistics to disclose the data on revenue generated from creative arts and its contributions to the nation’s economy.

    She said that the data would enable government to know the immense contributions of the industry to national development in the areas of employment, revenue and foreign exchange earnings.

    She said that her firm had engaged several youths since its inception in 2013 through its periodic organised exhibitions.

    Austen-Peters said that the organized private sector should be ready to partner the Federal Government under the Public Private Partnership (PPP) initiative because the former had lots of statutory responsibilities to perform.

  • Nigeria records increase of 6.5 per cent external trade in 2016 – NBS

    Nigeria records increase of 6.5 per cent external trade in 2016 – NBS

    The National Bureau of Statistics (NBS) said the value of the total trade at the end of 2016 was N17. 35 billion.

    The NBS said that the figure was 6.5 per cent higher than the value recorded in 2015.

    The bureau announced this in a report on“Merchandise Trade Intensity Index/Re-exports for fourth quarter’’, released in Abuja.

    The report, however, stated that Nigeria’s external trade in the fourth quarter of 2016 was valued at N5.28 billion.

    “The export component stood at N2.98 billion while the import component stood at N2.31 billion leading to a trade surplus of N671 billion.

    “Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for N2.43 billion or 45.9 per cent trade in fourth quarter.

    “The second major contributor to total trade by sector was manufactured goods with N1.17 billion or 22.1 per cent of total trade,’’ it stated.

    The report stated that manufactured goods were followed by the non-crude oil products, which was also a major contributor to total trade in the quarter under review.

    “The non-crude oil products stood at N1.15 billion or 21.8 per cent while Agricultural goods accounted for N212.7 billion or 4 per cent.

    “Raw material goods accounted for N309 billion or 5.9 per cent and Solid mineral goods stood at N13.1billion or 0.3 per cent of total trade in the quarter.’’

    The report stated that Nigeria’s export intensity in the months of October, November and December 2016 was the highest for South Africa with export intensities of 8.9, 7.3 and 4.1, respectively.

    It stated that export intensity in the fourth quarter was also intense with India with export intensities of 5.8, 5.8 and 1.7 for the last three months of 2016.

    “ Spain and Netherlands also had high export intensities with export intensities of 4.8, 2.9 and 2.0 for Spain and 2.2, 1.5 and 2.2 for the Netherlands.

    “Although United States was one of Nigeria’s major trading partners, its export intensity was low with 0.6, 0.6 and 0.2 for the last three months of 2016.’’

    Meanwhile, the report stated that Nigeria imported mainly from China with total imports of N404.1billion or 17.5 per cent of total imports.

    It stated that China was followed by Belgium with N356.46 billion or 15 per cent while import trade with Netherlands which was the third highest was valued at N230 billion or 10 per cent.

    “ The remaining trading partners contributed relatively lower proportion of the total import trade.

    “United States accounted for N205.6 billion or 8.9 per cent while India accounted for N113.9 billion or 4.9 per cent,’’ the report stated. (NAN)

  • Lagos ‘has highest number’ of awaiting trial inmates

    The National Bureau of Statistics (NBS) said Lagos State has the highest number of awaiting trial inmates based on the 2015 data from prison population.

    The NBS made this known in a report on “Number of Un-Sentenced Detainees and Overall Prison Population by State and Year (2011-2015),” released in Abuja on Friday.

    The report said Lagos recorded 5,603 awaiting trial inmates out of a prison population of 6,522, followed by Rivers and Edo with 3,625 and 2,434, respectively.

    “Conversely, Yobe and Borno States had the least numbers of 163 and 216 out of a prison population of 562 and 603, respectively,” the News Agency of Nigeria (NAN) quoted the Bureau as saying in the report.

    “Of the 36 states of the federation, Lagos State had the highest prison population in the country with 6,522 inmates, closely followed by Kano and Rivers with populations of 4,082 and 4,054, respectively.

    “The overall prison population in the country for 2015 was 62,260 as against 56, 059 in 2014.”

    According to the report, the rise in prison population in 2015 represents about 11.06 per cent growth compared to the overall prison population in 2014.

  • Nigeria’s inflation rises by 17% – NBS

    In the last one month, inflation has risen from 17.1% to 17.6 per cent in Nigeria, with increasing prices of 740 goods and services, including food items and hospital services, the National Bureau of Statistics (NBS) said on Friday.

    In its latest report released, the NBS noted that its objective computation of Consumer Price Index (CPI) or inflation requires skills of economists, statisticians, computer scientists, data collectors and others.

    The bureau said, “In August the Consumer Price Index (CPI) which measures inflation increased by 17.6 per cent (year-on-year), 0.5% points higher from the rate recorded in July (17.1 per cent).

    “Increases were recorded in all COICOP (Classification of Individual Consumption by Purpose) divisions which contribute to the Headline index reflecting higher prices across the board.

    “The major divisions responsible for accelerating the pace of the increase in the headline index were housing, water, electricity, gas and other fuel, education and transportation services.”

    According to the NBS, the trend of rising inflation is clearly discernible in both urban and rural areas of the country even though the pace slowed down a bit between July and August this year.

    “Urban and Rural Prices continued to rise in the month of August.

    “The Urban index increased by 19.3 percent (year-on-year) in August from 18.9 percent recorded in July, while the Rural index increased by 16.1 percent in August from 15.5 percent in July.

    “On a month-on-month basis, both Urban and Rural index increased at a slower pace, as Urban index rose by 0.9 percent in August from 1.4 percent in July, while the Rural index rose by 1.09 percent from 1.12 percent in July,” it added.