NEWS
Nigeria’s GDP Grows by 3.19% in Q2 2024, Uwaleke Reacts

By Tony Obiechina, Abuja
Nigeria’s Gross Domestic Product (GDP) has grown by 3.19% (year-on-year) in real terms in the second quarter of 2024.
This was contained in the latest GDP report of the National Bureau of statistics (NBS) on Monday.
The growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.
98%.The performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP.
The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023.
The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023. In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.
In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.
This performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52,103,927.13 million, indicating a year-on-year nominal growth of 16.94%.
Highlights of Q2 2024 real GDP performance (year on year), NBS latest: Real GDP growth 3.19% (Q1 2024 2.98%), Oil sector 10.15% (Q1 2024 5.70%), Av. Oil production 1.41mbpd (Q1 2024 1.57mbpd), Non-oil sector 2.80% (Q1 2024, 2.80%), Agriculture 1.41% (Q1 2024 0.18%), Manufacturing 1.28% (Q1 2024 1.49%), Trade 0.70% (Q1 2024, 1.23%), Transport -13.53% (Q1 2024 3.33%), ICT 4.44% (Q1 2024, 5.43%), Real Estate 0.75% (Q1 2024, 0.84%), Finance and Insurance 28.79% (Q1 2024, 31.24%), Education 1.92% (Q1 2024, 1.62%) and Health 2.41% (Q1 2024, 2.21%).
Top contributing sectors to GDP in Q2, 2024: Agriculture 22.62 (Q1, 21.07%), ICT 19.78% (Q1, 17.89%), Trade 16.39% (Q1, 15.70%), Manufacturing 8.46% (Q1, 9.98%), Finance & Insurance, 6.57% (Q1, 6.81%), Crude oil 5.70% (Q1, 6.38%) and Real Estate, 5.17% (Q1, 5.20%).
Reacting to the report, Capital market expert, Professor Uche Uwaleke of the Nasarawa State University, Keffi noted that the aggressive hike in monetary policy rate in February and March 2024 by the CBN took a toll on output in Q2 2024.
According to him, this may explain the decline recorded in major contributors to GDP such as Manufacturing, Trade, ICT and Real Estate.
“The impact of high cost of petroleum products manifested in the huge decline in Transport GDP from 3.33% to -13.53%. Just like in Q1 2024, when growth was driven by the oil sector, growth in Q2 2024 was also driven by the oil sector at 10.15%.
“Oil sector growth was aided largely by the increase in crude oil price during the quarter as average crude oil production fell (from 1.57mbpd in previous quarter to 1.41mbpd)
“The Non-oil sector performance was powered by the Services sector chiefly Financial services and ICT. This sector’s contribution to GDP in Q2 was 2.80%, exactly same as in Q1
“In my view, this identified growth pattern, weighted in favour of the services sector, is not healthy for a developing economy such as ours. Little wonder, economic growth does not appear inclusive, reflecting in rising unemployment and poverty levels.
“It is time we reset this faulty economic structure, leveraging technology, in favour of the productive sectors: Industry and Agriculture.
“Indeed, structural change is strongly recommended (by UNCTAD) as one of the ingredients of building productive capacities”.
Foreign News
Philippine President Calls for Resignation of All Cabinet Secretaries

Philippine President Ferdinand Marcos Jr. has asked all of his Cabinet secretaries to submit their resignations on Thursday in what he called a “bold reset” of his administration following last week’s mid-term elections.
The elections saw more opposition candidates win crucial Senate seats, signaling shifting political tides.
Marcos, the 67-year-old son of the late Philippine dictator overthrown in 1986, won the presidency in a landslide in 2022, a stunning political comeback marked by a call for national unity.
However, his vice-presidential running mate, Sara Duterte, also widely popular, later distanced herself from Marcos in a falling-out that had sparked intense political discord.
Marcos had since emerged as one of the region’s most vocal critics of China’s aggression in the disputed South China Sea, bolstered by support from the United States and other allies. Domestically, he continued to face significant challenges, including high inflation, unfulfilled promises to lower rice prices, and growing concerns over kidnappings and other crimes.
“This is not business as usual,” Marcos said in a government statement.
“The people have spoken and they expect results, not politics, not excuses. We hear them and we will act.” (AP/NAN)
NEWS
Reps to Investigate Alleged Irregularities in Driver’s licence Issuance, Revenue Generation

The House of Representatives has resolved to set up an ad hoc committee to investigate operational issues related to driver’s licence issuance, revenue generation and usage within the last three years.The resolution was sequel to the adoption of a motion by Rep. Victor Ogene (APC-Bayelsa) at the plenary on Wednesday.
Moving the motion, Ogene said that a tripartite arrangement between Federal Road Safety Corps (FRSC), State Boards of Internal Revenue (BIR) and the Vehicle Inspection Office (VIO) led to the digital issuance or renewal of a driver’s license. He said that the approving signature on a driver’s licence typically comes from a designated officer at the Motor Vehicle Administration Agency (MVAA) in the state where the licence application originated.He explained that a learner’s permit for driving a vehicle was first issued at a prescribed fee by Motor Vehicle Administration Agency (MVAA) in the relevant state before the release of a driver’s licence.According to him, FRSC operates a Very Important Person (VIP) centre, ostensibly for the renewal of a driver’s licence, which is reportedly being used for issuing fresh driver’s licences that are not preceded with a learner’s permit.Ogene said that the Joint Tax Board (JTB) reviewed the fees payable for a five-year and three-year driver’s licence to N21,000 and N15,000 respectively for a vehicle, N11,000 and N7,000 respectively for a motorcycle or tricycle since Nov. 1, 2024.“FRSC is alleged to use its Information Processing Centre (IPC) for warehousing data for driver’s licences and shortchange the state Boards of Internal Revenue (BIR) and the Vehicle Inspection Office (VIO) in the collection and usage of fees for processing driver’s licences.“Worried that FRSC is reportedly controlling and receiving accounts for drivers’ licence fees, the yearly revenue generated from chargeable fees which amounts to hundreds of billions of naira, is also allegedly unaccounted for by the VIO and various state boards of internal revenue.“Disturbed that the processing of drivers’ licences is unexplainably being delayed for upward of two to three years after the biometric data capturing of applicants.“Also disturbed that the huge debts the FRSC owes Galaxy Backbone Ltd. and other system consultants who are the network providers and maintainers of the biometrics data capturing system are responsible for the system slowdown and the resultant long delay in the issuance of driver’s licences,” he said.Ogene also expressed the need to clearly ascertain which public agency had the legal responsibility of designing, producing and issuing a driver’s licence.In his ruling, Speaker of the House, Rep. Abbas Tajudeen said that the committee, when constituted, would report its findings within four weeks for further legislative action. (NAN)NEWS
Those Waiting for Wike’s Downfall ‘ll Wait Endlessly – Aide

Mr Lere Olayinka, spokesman to the FCT Minister Nyesom Wike says those waiting for the minister’s political downfall will wait endlessly.Olayinka, Senior Special Assistant to the FCT Minister on Public Communications and Social Media, made the remarks while reacting to comments by former governor of Ebonyi Sam Egwu.
Egwu had in a statement on Tuesday, said that Wike was living on borrowed time, adding that the FCT minister’s influence would soon burn out. Reacting, the spokesman said in a statement in Abuja on Wednesday, that those waiting for Wike’s downfall would wait forever.He argued that Wike’s political progress was based on personal hard work, dedication, commitment and most importantly, God’s grace.Olayinka also faulted Egwu’s challenge to Wike to make it possible for the suspended governor of Rivers, Siminalayi Fubara to return to office.He also described allegations that the FCT Minister now exercises the powers of President Bola Tinubu and the National Assembly in Rivers as absurd.“This type of statement should not come from a former lawmaker,” he said.The Wike spokesman also dismissed the threats by a faction of the South East leaders of the PDP to withdraw their support for the party.According to him, it was illogical for people who could not deliver anything substantial in terms of votes to the PDP in the 2023 elections to be threatening to withdraw their support for the party.“The PDP constitution is clear as to who is the National Secretary of the party. His name is Senator Samuel Anyanwu, and anyone saying or doing anything contrary is only interested in the collapse of the party.” (NAN)