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Nigeria’s economy exits recession with 0.11% Q4 growth

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Nigeria has come out economic recession as it recorded 0.11 per cent growth in its Gross Domestic Product in the fourth quarter of 2020,

The data released on Thursday by the National Bureau of Statistics revealed this.

This is coming after two consecutive quarters of negative growth resulting in the recession.

The latest NBS report stated, “Nigeria’s gross domestic product (GDP) grew by 0.11 per cent (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.”

It also stated, “Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters.

“As a result, while the Q4 2020 growth rate was lower than growth rate recorded the previous year by –2.44 percentage points, it was higher by 3.74 percentage points compared to Q3 2020.”

According to the report, the real GDP growth on a quarter-on-quarter basis was put at 9.68 per cent, indicating a second positive consecutive growth rate in 2020 after two negative quarters.

“Overall, in 2020, the annual growth of real GDP was estimated at -1.92 per cent, a decline of -4.20 percentage points when compared to the 2.27 per cent recorded in 2019,” it stated.

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Used car market booms as Nigeria’s imports rise by 100%

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As automakers and dealers of new vehicles in Nigeria are lamenting poor sales, used car market is experiencing a boom as the latest report from the National Bureau of Statistics has revealed.

The report covering the third quarter of this year showed that Nigerians spent about N195bn on fairly used cars, motorcycles and auxiliary cycles between July and August this year.

Specifically, it states that a total of N194.8bn was spent on the imports of fairly used vehicles, motorcycles and cycles fitted with an auxiliary motor.

This shows an increase of over 100 per cent compared to N83bn spent on used cars sourced from the United States (N79.66bn) and Italy (N4.33bn) in the previous quarter.

The revelation came amid calls for patronage of Nigeria-assembled vehicles in line with a presidential directive to all government’s ministries, departments and agencies.

The country has indigenous car makers with notable names such as Innoson Motors, Nord Automobile and Stallion Motors.

The NBS said, “Manufactured goods mainly imported were ‘used vehicles, with diesel or semidiesel engine, of cylinder capacity 2500cc’ from the United States of America and Italy worth N75.15 billion and N3.27 billion, followed by ‘Filters’ from China and United Arab Emirates valued at N56.66 billion, N0.99 billion respectively

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Just in: CBN limits ATM withdrawals to N20,000 weekly

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The Central Bank of Nigeria has restricted cash withdrawals through the automated teller machine (ATM) to N20,000 per week, as part of measures to promote its cashless policy.

The CBN also imposed a limit of N100,000 weekly and N500,000 weekly on over-the-counter cash withdrawals for individuals and corporates respectively.

It announced this in a circular with reference number, BSD/DIR/PUB/LAB/015/069 directed to banks and other financial institutions dated December 6, 2022.

The circular is titled, ‘Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs):

According to the apex bank, withdrawals above the limits attract five per cent processing fee for individuals and 10 per cent for corporates.

The development is coming two weeks after the bank unveiled its newly redesigned notes of N1,000, N500 and N200 note on November 23, 2022.

The bank had in October lamented that 85 per cent of the money in circulation are not in the bank vaults and is hoarded by the public.

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Aregbesola Inaugurates ‘Command and Controls Rooms’ at NCoS Headquarters

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Minister of Interior, Rauf Aregbesola

Minister of Interior, Rauf Aregbesola, has commissioned a block of newly-built ICT Command and Control Rooms at the Nigerian Correctional Services, NCoS, Headquarters.

He also unveiled the Service’s new uniform, while also commissioning 40 operational vehicles.

PRNigeria gathered that the operational vehicles will help enhance operational efficiency, provide speedy access to justice thereby de-congesting custodial centres.

This is just as the situation/monitoring rooms will be providing a situation report (sitrep) on custodial centres.

In his speech, Aregbesola, who also presented awards to select NCoS’ staff for displaying gallantry in the course of discharging their duties, emphasized that the award ceremony is a reminder that the government will always appreciate and reward gallantry, professionalism and patriotism.

He disclosed that the Nigerian Correctional Service is now, in line with what is obtainable internationally, becoming digitised.

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Aregbesola noted that all NCoS custodial facilities are red zones, hence should be inviolable. He warned that any intruder that comes near them should pay the full price.

“The change in the name from Nigerian Prisons Service to Nigerian Correctional Service requires a new face in the Service uniform that will reflect Corrections not only as a name but in practice.

“We are also here therefore to unveil the new uniform for NCoS. This uniform symbolises the transition from a punitive prison system to a reformatory corrections system that is now the philosophy of the service,” he said.

Earlier in his welcome address, Haliru Nababa, Controller General of Corrections, explained that the introduction of a new set of uniforms is strategic, as it denotes renewed vigor and readiness to add value to the Service.

“It is gratifying to note profoundly, that NCoS under the present administration has witnessed unprecedented improvement due to the kind of attention the Service has continued to receive from the government.

“Thus, the Service has enjoyed a generous increase in budgetary allocation over the last few years, enabling salient interventions, improvement and landmark achievements,” he said.

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