Economy
GDP Growth Testament to Nigeria’s Economic Resilience — Economist
Mr Ona Ohimor, a Financial Consultant, has described the growth in Nigeria’s Gross Domestic Product (GDP) in quarter two of 2021 (Q2, 2021), as a testament to the nation’s economic resilience and capacity in the face of setbacks.
Ohimor said this on Sunday in Abuja while speaking with the News Men, adding that the 5.
01 per cent GDP growth was a positive and welcome development, coming on the heels of the damaging effects of the COVID-19 pandemic and the attendant slump in oil demand and price.“The GDP growth is a cause for cheer by all, as increased economic output rubs off by and large on the society.”
Ohimor cautioned that certain measures must, however, be put in place to ensure that the growth was sustained.
“The government needs to ensure that the growth is inclusive as much as possible, and by inclusive growth, I mean one that impacts all segments of society.
“The possibility of going back to into recession is there if the growth is not sustained. The onus is on the nation’s economic managers to elicit programmes and policies that will sustain the growth and keep recession away.
“The security threat from banditry and farmers and herders clashes will continue to dampen output from the agricultural sector”, he said, stressing that until the government took decisive steps to stem the scourge and ensure maximum output from the sector, real GDP growth would continue to be muted.
The National Bureau of Statistics (NBS) last Thursday released its Q2, 2021 GDP report which indicated that GDP grew by 5.01 per cent (Year-on-Year) growth in real terms marked by three consecutive quarters of growth since the recession in 2020.
It also said this indicated the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions.
The NBS also said that the steady recovery observed since the end of 2020, with the gradual return of commercial activity, local and international travel accounted for the significant increase in growth performance relative to Q2 2020 when nationwide restrictions first took effect. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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