- USA leads 10 largest world economies with $19.4tn GDP
Nigeria maintains its lead as the biggest economy in Africa, in terms of Gross Domestic Product (GDP) of $442.9bn, the latest report of the International Monetary Fund has revealed.
The IMF, in its recently released World Economic Outlook, ranked Nigeria the 26th largest economy, with an average GDP of $442.976 billion.
The United States remains the biggest world economy with $19.48tn GDP; followed by China, $12.23tn; Japan, $4.87tn; Germany, $3.69tn; India, $2.65tn; United Kingdom, $2.63tn; France, $2.58tn and Brazil in 10thh position with $2.05tn GDP.
The figures were based on nominal GDP, which do not take into account differences in the cost of living in different countries.
South Africa’s GDP put at $358.839bn is the second biggest economy in Africa; Egypt has $302.256bn GDP; Algeria, $172.781bn; Morocco, $119.04bn and Kenya’s GDP is put at $99.246bn.
Nigeria’s GDP is mainly driven by abundant crude oil, finance, transport and infrastructure.
The country records around 1.6 million barrels of crude oil a day, according to OPEC, making it the largest exporter of crude oil in Africa. The petroleum exports make up 10 per cent of the total GDP and over 80 per cent of the export sector revenue.
Notwithstanding the rankings, the IMF has just returned a gloomy verdict on the Nigerian economy for 2020, noting that the outlook was challenging.
The multilateral institution, in its recently released 2020 Article IV Consultation on Nigeria, had stated that the country’s economy “is buffeted from side to side by a cocktail of issues, including the uncertainty over the COVID-19 pandemic, low oil prices, capital outflows and balance of payment challenges.”
The IMF stated, “The COVID-19 global pandemic is exacting a heavy toll on the Nigerian economy, which was already experiencing falling per capita income and double-digit inflation, with limited buffers and structural bottlenecks.
“Low oil prices and sharp capital outflows have significantly increased balance of payments (BOP) pressures and, together with the pandemic-related lockdown, have led to a large output contraction and increased unemployment.”
The IMF said supply shortages had pushed up headline inflation to a 30-month high.
It said, “Under current policies, the outlook is challenging. Real GDP is projected to contract by 3¼ per cent in 2020. The recovery is projected to start in 2021, with subdued growth of 1½ per cent and output recovering to its pre-pandemic level only in 2022.”
Although the IMF report acknowledged the efforts of the Central Bank of Nigeria to rein in inflation, it maintained that despite an expected easing of food prices, inflation would remain in double digits and above the CBN’s target range.
“Following a significant decline in revenue collections – from levels that were already among the lowest in the world – fiscal deficits are projected to remain elevated in the medium term,” the report stated.
The IMF believes there is a need to put in place more broad market reforms in order to address the pressing balance of payment pressures in Nigeria.
NMDPRA seals 16 gas plants, arrests five suspects in Edo
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has sealed 16 illegal gas facilities in Edo State.
Some filling stations were also sealed over an alleged breach of rules and regulations.
The agency arrested five suspects during the exercise.
The agency’s state comptroller, Ebi Ogionwo, said the clampdown was to curb the activities of illegal and unlicensed oil and gas operators in the state.
He alleged that some misguided operators were setting up oil and gas facilities in areas not suitable for the business and without necessary approval from the agency.
Ogionwo said, “It is an offence for anyone to site such facilities without due approval from the NMDPRA. The agency is out to bring sanity to the operations of midstream and downstream petroleum business in the state.”
He further warned investors against taking laws into their hands by setting up gas and petroleum facilities in areas not approved by the agency.
Ogionwo said five suspects arrested during the exercise would be charged to court.
“There are laws, guidelines and regulations that people must follow before setting up oil and gas facilities. So, the purpose of the operations is also to check the level of compliance by those who have set up these facilities in the state and take necessary actions that are required,” he said.
Ogionwo added that the illegal operations of oil and gas facilities compromised the safety of lives, property, environment as well as deprived both the state and Federal Governments of the revenue that should accrue to them through taxes and other sources.
Lagos suspends RTEAN activities, sets up caretaker committee
The Lagos State Government has suspended all activities of Road Transport Employers Association of Nigeria (RTEAN) in the state.
Special Adviser to the Governor on Transportation, Sola Giwa, who announced the suspension, said the action became imperative following some pockets of violence recorded in Ojo and Lagos Island on Wednesday.
Already, he said a 35-man caretaker committee had been constituted to take over activities of the union.
The caretaker committee is headed by Sulaiman Adeshina Raji, with Bamgbose Oluseyi as deputy chairman and members are Sunday Aransiola, Sulaiman Onabanjo, Azeez Abdulrahman, Isiaka Seriki, Victor Ifemenam, Kareem Babatunde, Amusan Abdulrahman, Teslim Adeshina, Sulaiman Surajudeen and Fatai Rauf.
Others are Sunday Banjo, Segun Omole, Thomas Akinkayode, Taiwo Lasisi, Gbenga Kashimawo, Samson Ajala, Taiwo Daodu, Sule Aliu, Ahmed Musa and Oladipupo Ibrahim. Adewale Adeniyi, Olatunji Durojaiye, Wasiu Olanrewaju, Taofeek Onileola, Yusuf Afolabi, Bode Ogungbade, Alh. A.A. Ussaini, Saliu Usman, Saheed Badru, Kolawole Yusuf, Kayode Thomas, Idowu Oyewole and Salami Babatunde Ope, are to also join them.
Giwa reiterated that suspension became necessary to prevent further acts of violence in the state, stressing that men of the Lagos State Police Command would be deployed in different parts of the state to enforce the action and ensure safety of lives and property.
He said the state government met with some representatives of the RTEAN on Wednesday, following a protest by some members of the union demanding the removal of their national president, adding the government had assured them of a thorough investigation into the allegations levelled against the union’s president with a promise to resolving all lingering issues.
Ade.Ojo hails Mandilas GM @60, says Toyota family proud of you
The Founder of Toyota Nigeria Limited, TNL, Chief Michael Ade Ojo, has described the General Manager of Mandilas Motors, Ms. Kemi Koyejo as a performer, who takes her job very seriously.
Chief Ade Ojo, who spoke at the MUSON Centre, Lagos during the 60th birthday ceremony of Koyejo as the chairman of the occasion, showered encomiums on the GM for her contributions towards driving Toyota brand sale and development in Nigeria.
He said, “Olukemi is a performer, a wonderful lady, who takes her job very seriously. She is “Lady Toyota”. She never misbehaves and I want to pray that God should continue to bless you the more.”
Chief Ade Ojo, who recalled that Kemi’s father was his senior in high school, expressed no surprise at Kemi’s sterling performance and behaviour, given her family background.
“The Toyota family in Nigeria is very proud of you and God will continue to be with you,” he prayed.
The 84-year-old business mogul attended the event with his wife, and senior management staff of Toyota Nigeria Limited including the Managing Director, Mr. Kunle Ade Ojo.
Reiterating Chief Ade Ojo’s commendation on the Mandilas General Manager, the Managing Director of Toyota, Mr. Kunle Adeojo, also said that the Mandilas General Manager is very hard-working and has brought many ideas that have led to the growth of the Toyota brand in Nigeria.
He also used the occasion to announce that the Nigerian Institution of Mechanical Engineers has conferred on him a Fellow of the institute.
A trained engineer, Mr. Kunle Ade Ojo, has been at the helm of affairs at TNL and has taken the company to greater heights despite the challenges in the Nigeria’s auto sector.
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