Connect with us

General News

Nigeria’s GDP grows by 0.51% in Q1, 2021– NBS

Published

on

In spite of the slower pace of economic activities in the first quarter of the year (Q1, 2021), GDP grew by 0.51 per cent year-on-year, the National Bureau of Statistics (NBS) says.

The NBS said this in the Nigerian Gross Domestic Product (GDP) Report for Q1 2021,  released on its website on Sunday in Abuja.

The bureau said this marked two consecutive quarters of growth, following negative growth rates recorded in the second and third quarters of 2020.

It said the Q1 2021 growth rate was slower than the 1.87 per cent growth rate recorded in Q1 2020 but higher than 0.11 per cent recorded in Q4 2020, indicative of a slow but continuous recovery.

“Nevertheless, quarter on quarter, real GDP grew at -13.93 per cent in Q1 2021 compared to Q4 2020, reflecting a generally slower pace of economic activities at the start of the year.”

The NBS said that in the quarter under review, aggregate GDP stood at N40.01 trillion in nominal terms.

It added that this performance was higher when compared to the first quarter of 2020 which recorded aggregate GDP of N35.64 trillion, indicating a year on year nominal growth rate of 12.25 per cent.

Also, the nominal GDP growth rate in Q1 2021 was higher, relative to 12.01 per cent growth recorded in the first quarter of 2020 as well as the 10.07 per cent growth recorded in the preceding quarter.

The NBS classified the Nigerian economy into oil and non-oil sectors.

For the oil sector, in Q1, average daily oil production stood at 1.72 million barrels per day (mbpd).

This was lower than the average daily production of 2.07mbpd recorded in the same quarter of 2020 by 0.35mbpd but higher than the production volume of 1.56mbpd recorded in Q4 2020.

It added that the real growth of the oil sector was –2.21 per cent (year-on-year) in Q1, indicating a decrease of –7.27 per cent relative to the growth rate recorded in the corresponding quarter of 2020.

“Compared to Q4 2020 which recorded –19.76 per cent growth rate, growth in Q1 was higher by 17.55 per cent.

“Quarter-on-quarter, the oil sector recorded a growth rate of 35.65 per cent in Q1.

“In terms of contribution to aggregate GDP, the oil sector accounted for 9.25 per cent of aggregate real GDP in Q1, slightly lower than 9.5 per cent recorded in the corresponding period of 2020 but higher than in the preceding quarter, where it contributed 5.87 per cent.”

The NBS said the non-oil sector grew by 0.79 per cent in real terms in Q1, which was –0.75 per cent lower compared to the rate recorded in the same quarter of 2020 and -0.89 per cent lower than rates recorded in Q4 2020.

However, growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector.

Other drivers were agriculture (crop production), manufacturing (food, beverage and tobacco), real estate, construction, human health and social services.

It said that in real terms, the non-oil sector accounted for 90.75 per cent of aggregate GDP in Q1, higher than its share in Q1 2020 which was 90.50 per cent but lower than 94.13 per cent recorded in Q4 2020.

The bureau explained that Quarterly National Accounts (QNA) were an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.

They provided a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).

In providing a reasonable level of detailed information of the economy, QNA allowed the government to regularly access, analyse and monitor economic developments.

The News Agency of Nigeria (NAN) reports that Nigeria’s GDP  recovered from recession in Q4 2020 by 0.11 per cent, from the 6.11 per cent contraction it recorded in Q3 2020. (NAN)

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General News

Clergy Urged To Put Members’ Welfare Above All Else

Published

on

Anglican Church logo

At a solemn ordination service in Abuja, senior church leaders have called on pastors to make the well-being of their congregations a top priority, following the example of Jesus Christ.

Speaking during the priesthood ordination and installation of a Sub Dean at the Cathedral Church of Advent, Life Camp, Abuja, the retired Bishop of the Anglican Diocese of Okene, Rt. Rev. Emmanuel Ajulo, described pastors as shepherds charged with the care of their flock. He urged them to shun worldly distractions and focus on meeting the spiritual and material needs of their members.

Bishop Ajulo also encouraged the newly ordained priests to remain faithful to their calling by teaching God’s word without compromise.

In his charge, the Primate of the Church of Nigeria, Anglican Communion, Most Rev. Henry Ndukuba, urged the new clergy to preach the undiluted gospel and foster religious harmony wherever they serve. He expressed confidence that their new roles would help promote peace and unity in society.

The service also featured prayers for national leaders and divine intervention in addressing the current global economic challenges.

Continue Reading

General News

1,000 Prayer Warriors Storm Ilorin for Tinubu, Nation’s Deliverance

Published

on

President Bola Ahmed Tinubu

In a dramatic show of faith and patriotism, over 1,000 fiery prayer warriors from across Nigeria will descend on Ilorin, Kwara State, this Saturday, lifting their voices in intense intercession for President Bola Tinubu’s success and Nigeria’s survival in the face of biting economic woes and mounting insecurity.

The spiritual siege, themed “Walking in Domini”, is the maiden convention of the Organisation of African Instituted Churches (OAIC), with its Kwara State Chairman, Evangelist Thomas Adeboye, vowing that “heaven will hear and respond to Nigeria’s cry.”

Aside from marathon prayers, the gathering will roll out free medical outreach to locals across Kwara’s LGAs, a gesture aimed at touching both body and soul.

Adeboye, lamenting Nigeria’s “troubling economic and security realities”, called for a nationwide prayer uprising, insisting that Tinubu has shown the will to revive the nation but needs massive divine backing to succeed.

“Banditry, a collapsing economy, and political tension demand we seek God’s face like never before,” he declared. “We will storm heaven for wisdom for the President and governors to steer Nigeria to safety.”

The convention will also feature awards to distinguished personalities, soul-lifting worship, fiery sermons, and unity-driven lectures—all capped with thunderous prayers for Nigeria’s redemption.

Adeboye urged the President to ensure every policy has “a human face,” stressing that Nigerians must not only endure but also enjoy the fruits of governance.

With the OAIC promising to reaffirm believers’ authority in Christ and rally spiritual boldness in the face of national challenges, Ilorin is set to become the epicentre of a powerful spiritual warfare for Nigeria’s destiny.

 

 

Continue Reading

General News

Nigerian Anglicans Condemn Lesbian Archbishop of Wales, Deepening Global Anglican Rift

Published

on

Anglican Church logo

…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”

The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.

In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”

Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.

The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).

The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).

“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.

 

Continue Reading