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Services, petrol refining sectors pilot GDP growth to 3.84%
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By Kayode Sanni-Arewa
This is fastest growth rate in three years, says Edun
Yusuf: economy on track
Uwaleke: real sector still slow
Experts last night expressed optimism about the economy with the 3.84 per cent year-on-year Gross Domestic Product (GDP) growth.
The government also renewed its commitment to faithfully implementing its economic policies which it credited for this development.
Tuesday, the National Bureau of Statistics (NBS) released the 2024 fourth quarter GDP outcome – 3.84 per cent, compared to the 3.46 per cent of Q4 2023.
Services and petrol refining sectors were the key drivers of the growth, according to the report.
Statistician-General of the Federation, Prince Adeyemi Adeniran, said the growth was 0.38 per cent points higher than the 3.46 per cent of Q4 2023.
Adeniran said: “The Gross Domestic Product (GDP) growth rate in real terms (Constant price) grew by 3.84 per cent in the fourth quarter (Q4) of 2024 on a year-on-year basis, which is 0.38 per cent points higher than the rate recorded in Q4 2023 (3.46 per cent
“The annual contributions of the economic sector showed that agriculture contributed 24.64 per cent in 2024, which is lower compared to its contributions which stood at 25.18 per cent in 2023.
“Similarly, the industry sector’s annual contribution was 18.47 per cent, which is also lower than the figure recorded for 2023 (18.65%).
“However, the services sector contributions for 2024 were 56.89 per cent, which exceeded the 56.18 per cent recorded for 2023.
The oil GDP grew by 1.48 per cent in Q4 2024, which showed a decline compared to 12.11 per cent recorded in Q4 2023, and the previous quarter of Q3 2024 which stood at 5.17 per cent.
“The oil sector accounted for 4.60 per cent during the quarter under review.
“The annual oil GDP for 2024 grew by 5.54 per cent, which is 7.75 per cent higher than the annual GDP recorded for 2023 (-2.22 per cent). while the annual contribution of oil stood at 5.51 per cent in 2024 higher than its contribution in Q4 2023 (5.40 per cent)
The fourth quarter of 2024 recorded an average daily oil production of 1.54 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd.
“On the contrary, the fourth quarter of 2024 production volume was higher than the third quarter of 2024 (1.47 mbpd) by 0.06 mbpd.
“The non-oil sector contributes 95.40 per cent to the GDP in Q4 of 2024 in real terms.
“This shows an increase on a year-on-year basis when compared to the same period of Q4 2023 which recorded 95.30 per cent.
“Similarly, the quarter under review exceeds the 94.43 per cent recorded in Q3 2024.
“The economic performance of the non-oil sector in Q4 2024 is attributed to the growth recorded in some economic activities, including rail transport & pipelines, metal ores, financial institutions, road transport, quarrying and other minerals, and insurance,
“On an annual basis, the non-oil grew by 3.27 per cent in 2024, which is higher than the rate recorded in 2023 which stood at 3.04 per cent, while in terms of aggregate contributions, the non-oil contributed 94.49 per cent in 2024, which is lower than the 94.60 per cent reported in 2023.”
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed his satisfaction with the report, which indicates that the economy has achieved its fastest growth rate in three years.
In a statement for the ministry, Edun lauded the positive indicators, which he attributed to the effectiveness of President Bola Tinubu’s Renewed Hope Agenda and the resilience of the Nigerian economy.
We are pleased to see the continued growth momentum, both from a quarterly and annual standpoint.
“The expansion of the services sector and our ongoing efforts to strengthen food security through agricultural investments are yielding positive results,” the minister stated.
He assured of the government’s commitment to ensuring that economic growth translates into tangible improvements in the living standards of all Nigerians.
In pursuit of this goal, the Federal Government is actively implementing various initiatives, including the direct benefit transfer scheme aimed at providing immediate economic relief and support to the vulnerable.
News
Senate committee on health invites stakeholders to a one-day public hearing on 3 major Bills
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The Senate Committee on Secondary and Tertiary Health has invited critical stakeholders in the health sector to brainstorm on three major Bills on Thursday.
The three Bills namely: A Bill to amend the Federal Medical Centres Act, 2022 to establish the Federal Medical Centre Gembu sponsored by Senator Manu Haruna representing Taraba Central Senatorial District.
Other Bills are:A Bill for an Act to amend the Federal Orthopaedic Hospitals Management Board Act,
CAP, 010 Laws of the Federation of Nigeria, 2004 (Amendment) Bill to establish an
additional Orthopaedic Hospital in Obokun, Osun State, 2025 (SB.582) Sponsor: Senator
Fadahunsi, Francis Adenigba (Ogun East);
National Eye Centre Jimeta Adamawa State (Establishment) Bill, 2025 (SB.524) Sponsor:
Senator Abass, Aminu lya (Adamawa Central)
The public hearing is scheduled to hold at the Senate Conference Hall 022 by 2pm on Thursday, 27th February, 2025.
News
Amaewhule, 26 Other Lawmakers Never Defected To APC, Rivers Chair Confirms
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By Kayode Sanni-Arewa
The Rivers State chapter of the All Progressives Congress (APC) states the obvious that 27 members of the State House of Assembly never defected to APC .
Rivers APC chairman Chief Tony Okocha, dismissed claims that the lawmakers had defected to the APC from PDP.
Okocha also denied receiving the lawmakers into the APC, saying what happened at the Port Harcourt Polo Club in December 2023 was not a reception for the 27 lawmakers.
He said the December event attended by the lawmakers was to celebrate the constitution of the state executive council of the APC by the party’s national body.
While addressing a news conference in Port Harcourt on Tuesday, Okocha said he personally invited the lawmakers individually as friends for the 2023 event and not as Assembly members.
He said, “There was no intention to organise a reception for what we were not holding. We were inaugurated in Abuja and we chose to organise a reception and thanksgiving for our members.
It was not to receive the 27 lawmakers. We were misinterpreted to have received the 27 lawmakers into the APC. That is not correct.
“We invited individual members of the Assembly. I have a relationship with them over time. We tried to woo them into the party. I was intentional in reaching out to them to join us. We would have counted it all joy if we had succeeded.”
Okocha continued, “We want to tell Nigerians that the 27 lawmakers led by Martin Amaewhule never defected to the All Progressives Congress.
“What people flaunt on social media or television cannot put a plausible argument for them.
“The law is not about emotions. It is as strict as it is.”
He accused Governor Siminalayi Fubara of disobeying the rule of law at all times, saying “The era of strong man mentality is gone. The law has taken its place.
“There is no way a High Court can sit in judgment over a superior Court of Appeal. It is not done. It is a pity that senior lawmakers in this country will now come out to misinterpret the court judgment.”
Okocha further accused the governor of exhibiting dictatorial tendencies in his refusal to obey the court judgment which authorised him to re-present the 2024 budget before the Amaewhule-led House of Assembly.
“We are disenchanted by the governor’s disrespect for the rule of law. Justice James Omotosho granted 15 reliefs in his judgment but the governor has refused to obey them.
“You cannot run the state without an annual budget. But the governor is doing so. You cannot present a budget before a three-man Assembly. The Appeal Court called it a forum,” Okocha stated.
He, however, called for calm and expressed optimism that the parties would obey when the Supreme Court finally rendered judgment on the matter.
News
Ex-President, Buhari, El-Rufai, Amaechi Absent As APC Holds NEC Meeting
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By Kayode Sanni-Arewa
Ex-President Muhammadu Buhari, former Minister of Transportation, Roti mi Amaechi and ex-Governor of Kaduna, Nasr El-Rufai are missing as APC holds NEC meeting.
This is coming just as leaders of the ruling All Progressives Congress (APC) have arrived at the National Secretariat of the party for its National Executive Committee (NEC) meeting in the nation’s capital, Abuja.
All roads leading to the venue of the meeting on Blantyre Street were cordoned off by a combined team of armed security men including soldiers from the Guards Brigade.
Vehicular and human movements on Blantyre Street were also restricted just as journalists were kept outside despite the release of an accredited list of reporters on Wednesday morning by the party spokesman, Felix Morka.
Some early arrivals at the venue include all National Working Committee (NWC) members; Forum of State Chairmen; former governor of Zamfara State, Abdulaziz Yari; Minister of Budget and National Planning, Atiku Bagudu; and Deputy Speaker, Benjamin Kalu.
Governors of Edo, Benue, Ondo, Ekiti, Kaduna, Jigawa, Nasarawa, Yobe, Niger, Lagos, Kogi, Ogun, Imo, deputy governor of Ebonyi and former governors of Kogi, Kebbi, Niger, Zamfara, and Plateau were in attendance.
Conspicuously absent from the NEC meeting were former President Muhammadu Buhari; former Governor of Kaduna State, Nasir El-Rufai; and former Governor of Rivers State and ex-Minister of Transport, Rotimi Amaechi.
The leader of the party, President Bola Tinubu, Vice President Kashim Shetimma, Senate President Goodwill Akpabio, and Speaker Tajudeen Abbas arrived at the venue at noon. The meeting was presided over by APC National Chairman Abdullahi Ganduje
The NEC meeting, the first since Tinubu’s assumption of office in May 2023, comes a day after the national caucus meeting of the party at the Presidential Villa also in Abuja.
Some APC chieftains including El-Rufai and an ex-National Vice Chairman of the party Salihu Lukman had complained about the lack of internal democracy in the ruling.
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