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Exit From Recession Excites FG, Senate …Makarfi Says ‘Statistics Not Reality’
The Federal Government has welcomed exit of Nigeria from recession, but with caution and optimism.
It said it would continue to drive economic growth by vigorously implementing the Economic Recovery & Growth Plan (ERGP) launched earlier this year by President Muhammadu Buhari.
A statement by Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Mr. Laolu Akande said National Bureau of Statistics broke the news.
He said: “The overall economic plan and direction of the administration has resulted, among others, in sustained restoration of oil production levels.’’
The sustenance, he explained, was made possible because of the enhanced security and stability in the Niger Delta.
He backed up his statement with that also released by the Economic Adviser to the President, Dr. Adeyemi Dipeolu, on the analysis carried out on 2nd quarter 2017 economic performance of National Bureau of Statistics (NBS).
“The figures released by NBS for the second quarter of this year (Q2 2017) show that the economy grew by 0.55% from -0.91% in Q1 2017 and -1.49% in Q2 2016.
“This in effect means that the Nigerian economy has exited recession after five successive quarters of contraction,’’ Dipeolu said.
This positive growth was attributable to both the oil and non-oil sectors of the economy, he said.
Growth in the oil sector which has been negative since Q4 2015 was positive in Q2 2017 as it rose by 1.64% as compared to -15.60 in Q1 2017; an increase of up to 17 percentage points.
“This improvement is partly due to the fact that oil prices which have improved slightly from the lows of last year have been relatively steady as well as the fact that production levels were being restored.’’
According to NBS, the non-oil sector grew by 0.45% in Q2 2017, a second successive quarterly growth after growing 0.72% in Q1 2017.
“This increase which was not quite as strong as it was in Q2 2016 reflects continuing fragility of economic conditions.
“However, given that nearly 60% of the non-oil sectors contribution to GDP is influenced by the oil sector, growth in the oil sector will help boost the rest of the economy.
“The positive growth seen in agriculture when the rest of the economy was contracting was maintained at 3.01% which is encouraging especially if seasonal factors are taken into account.’’
Manufacturing growth, he said, was also positive at 0.64% and although lower than the previous quarter’s growth of 1.36%, it was a noticeable improvement over the -3.36% experienced in Q2 2016 and a continuation of the turnaround of the sector.
Solid minerals which remained a priority of the Administration also continued to grow and in Q2 2016 by 2.24%.
Generally, industry as a whole grew by 1.45% in Q2 2017 after nine successive quarters of contraction starting in Q4 2014.
“This positive development was somewhat overshadowed by the continued decline in the services sector which accounts for 53.7% of GDP. Nevertheless, electricity and gas as well as financial institutions grew by 35.5% and 11.78% respectively in Q2 2017.
“The GDP figures give grounds for cautious optimism especially as inflation has continued to fall from 18.72% in January 2017 to 16.05% in July 2017.
“Foreign exchange reserves have similarly improved from a low of $24.53 in September 2016 to about $31 billion in August 2017.’’
“In the same vein capital importation grew by 95% year-on-year driven by portfolio and other investments but also notably by foreign direct investment which increased by almost 30% over the previous quarter.
“Foreign trade has also contributed to improving economic conditions with exports amounting to N3.1 trillion in Q2 2017 while imports which increased by 13.5% amounted to N2.5 trillion in the same period. The overall trade balance thus remained positive at N0.60 trillion.’’
The analysis shows that unemployment remained relatively high but job creation was expected to improve as businesses and employers increasingly respond more positively to the significantly improving business environment and favourable economic outlook.
“Besides, as key sectoral reforms in both oil and non-oil sectors gain traction, the successful implementation of ERGP initiatives such as N-Power and the social housing scheme will boost job creation.
“Food inflation also bears watching as it has remained quite high and volatile due mostly to high transport costs and seasonal factors such as the planting season.
“Investments in road and rail infrastructures, increased supply and availability of fertilizers and improvements in the business environment should contribute to the easing of food prices.’’
Dipeolu said that the end of the recession was welcomed but economic growth remained fragile and vulnerable to exogenous shocks or policy slippages.
Similarly, the 8th Senate, yesterday applauded the report by the National Bureau of Statistics indicating that Nigeria’s economy has officially exited recession.
The Senate in a statement by Chairman of its Committee on Media and Public Affairs, Senator Aliyu Sabi Abdullahi, stated that it was truly commendable that after five consecutive quarters of contraction, the economy grew by 0.55 per cent in the second quarter of 2017.
Abdullahi also stated that the improved performance of the trade, manufacturing, agriculture and oil sectors was an indication that with carefully aligned policy and legislative interventions, Nigeria’s economy could thrive beyond current forecasts and expectations.
The statement partly read, “The Senate received Q2 NBS economic report with great excitement. We are delighted that government’s response to the economic recession has begun to yield tangible results.
“The public will recall that in the days following the announcement of the 2016 recession, the Senate initiated steps and tabled 21 recommendations that it submitted to the executive for immediate action. We also listed out economic priority bills, many of which have now been passed, or at the final stage.
“We are also happy to note that many of the economic recommendations, specifically in the areas of retooling our agriculture and trade policies were adopted. This shows that the ‘all hands on deck’ approach was necessary from both branches of government.”
Abdullahi further noted that although the nation was now out of the recession, the Senate remained committed to seeing that the unemployment rate and high cost of living in the country were brought down.
He added, “The rising unemployment in the country is an issue that is of much concern to all of us. Additionally, the rising cost of food prices and basic services in the country still affects millions of households. This is why we will continue to work on our laws, specifically in the areas of access to credit to promote more opportunities for small business owners; and opening up more sectors to private sector participation, so that there will be more competition in our markets — which will lead to lower prices.
“We will also continue to work with the executive to ensure that our policy and legislative objectives, specifically as they relate to the economy, are well aligned.”
However, the Peoples Democratic Party (PDP) has urged Nigerians not to see every statistics as an indication of reality, following yesterday’s report by the National Bureau of Statistics (NBS) that the nation has exited the economic recession that worsened living conditions in the past two years.
The NBS had in its 2017 second quarter report yesterday indicated that the Nigerian economy has exited recession, having notched up a growth output of 0.55 per cent in the oil, agriculture, manufacturing and trade sectors.
According to the bureau, “In the second quarter of 2017, the nation’s Gross Domestic Product, GDP grew by 0.55 % (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since the first quarter of 2016.”
Expectedly, the report has continued to elicit diverse reactions with some stalwarts of the ruling All Progressives Congress (APC) basking in ecstasy.
In an exclusive chat with newsmen on the issue, Chairman, National Caretaker Committee of the PDP, Senator Ahmed Makarfi said it is the wish of every Nigerian for the country to overcome the current hardship, warning however that statistics differs from reality.
“PDP is not praying for the country to be in recession. Statistics may indicate one thing, but reality is different,” he said.
Makarfi’s position is not out of tune with that of millions of Nigerians struggling to eke out a living in the past few years following the crash in the price of crude oil in the international market.
It would be recalled that the National Bureau of Statistics (NBS) had said that Nigeria has exited its worst economic recession in more than two decades, notching up growth of 0.55 per cent in the second quarter of 2017.
In its report released, yesterday, the data showed that the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors of the economy.
It said that since the first quarter of 2016, the Nigerian economy had contracted for five consecutive quarters.
According to the report, the West African powerhouse slipped into recession for the first time in more than two decades in August 2016.
“In the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55% (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016,” it said.
Nigeria, which depends on oil sector for 70 per cent of state revenues and 90 per cent of export earnings, has been battered by lower oil prices since mid-2014, which have slashed government revenues, weakened the currency and caused dollar shortages, frustrating business and households.
The nation’s economic woes were exacerbated by militant attacks on key oil infrastructure in the restive Niger delta, slashing output.
The crisis is heaping pressure on President Muhammadu Buhari, who took office in May, 2015 on an anti-corruption platform.
His government is also grappling with separatist agitation in the country’s South-East, farmer-herders clashes in the central, Boko Haram insurgency in the northeast and kidnappings and militancy in the South.
Analysts said the outlook for more growth looks positive for Nigeria.
“You can see that there have been improved performances in non-oil sectors in the second quarter,” said Bismark Rewane of the Lagos-based Financial Derivatives Company.
“The prospects for more robust growth are bright. I hope the current economic diversification efforts which see efforts being given to agriculture and mining will be sustained,” he said.
He said the nation’s economy would also buoy if ongoing truce with Niger delta militants was intensified.
“If there are no attacks on oil facilities and production is increased and Nigeria earns more money, then the economy will stabilise.”
Nigeria’s oil output has ramped up to an average of two million barrels per day from a low of 1.3 million in 2016 following government peace talks with the oil rebels.
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Arson: Those Behind It’ll Account For Atrocities -Fubara …Swears In Bipi, Three Others As Commissioners
Rivers State Governor, Sir Siminalayi Fubara, has said that his administration will not fold its hands and watch sponsored political thugs run berserk, committing arson in the State.
The Governor, therefore, assured that, working with the Nigerian Police Force and the Directorate of State Services (DSS), measures will be taken to unravel those behind the recent burning of council Secretariats at Ikwerre, Emohua and Eleme Local Government areas, with a view to making them account for their atrocities.
Governor Fubara gave the assurance while swearing in four new commissioners into the Rivers State Executive Council at Government House in Port Harcourt yestersday.
Those sworn in are Hon. Israel Lebura Ngbuelu, PhD; Hon. Evans Bapakaye Bipi; Barrister Otamiri John Ngubo; and Hon. Barrister Benibo Anabraba.
Governor Fubara recalled mentioning when he sworn-in newly elected Local Government Councils’ Chairmen on 6th October, 2024, that there was intelligence on planned mayhem by misguided persons, who had threatened to prevent the elected officers from resuming duties.
True to it, Governor Fubara said, the sponsored political thugs hatched their plans, and burnt valued buildings at some council secretariats.
He said, “I said it before it happened. I knew because they were unhappy, they would go extra miles to create disaffection in the minds and hearts of the good people of Rivers State.
“We want to also let the people know that what has happened (arson) after the election, we are not going to allow it to go uninvestigated.
“A similar event had happened in this manner before, and after some weeks, some of our supporters were declared wanted in order to turn the story around.
“But this time around, I strongly believe, with the support and cooperation of the Nigerian Police and the Directorate of State Services (DSS), we will unravel those behind the assault and make sure that they account for their atrocities.”
Governor Fubara expressed appreciation for the show of patience and calmness by majority of Rivers people despite the fact that they are angry with the reckless acts of the misguided miscreants.
The Governor said he has continued to show leadership, provided the climate that has engendered productive endeavours, and will not mislead those he is leading.
“As your leader; the one steering the ship, I assure you I will not mislead anyone of you. I still stand on the path of peace. We have cases of arson in some local government areas.
“But, I appreciate your calmness. I have always maintained that we are going to be the greatest losers, if we meet them force-for-force. We need to go with peace.
“So, I will encourage everyone of you not to follow them with violence. We are carrying a basket of precious eggs in our hands. So, we need to follow them with carefulness and wisdom.”
Governor Fubara reiterated what he said the previous day on what should matter most for Rivers State, which is a firm support to ensure that the progress of Nigeria is sustained.
He said, if oil theft is not checked, the country’s economy will be badly impacted, and there will not be funds to address critical issues.
“We are in a situation where the fund that is being generated from oil production is not sufficient to tackle the challenges of Nigeria, and every hand has to be on deck to make sure that there is increase in production.
“Our focus here, not minding the distractions, will be how to provide support. You have to work with us to make sure that we curb this issue of oil theft and pipeline vandalisation.
“This is the only way that the allowances (revenue) will increase and more will also come to our State, and more progress will also be achieved in this State.”
Governor Fubara explained that his administration is doing a lot for the good people of the State, that are not being seen because of the political drama that takes their attention away.
He, however, said that his administration is working out modalities, and will soon choose a day, which could probably be before the end of October, 2024, to showcase a few projects and services that have positively impacted lives in the State.
Governor Fubara congratulated the newly sworn-in commissioners for making it into the Rivers State Executive Council.
He explained that more persons whose loyalty are for Rivers people and the administration needed to be admitted into the Rivers State Executive Council to help drive the policy of government because they will not resign their appointment.
Governor Fubara said: “We want to be sure, at this point, who we are adding into the Council, so that we will not wake up one morning and see resignation letter. So, we are taking our time.
“And usually, after a normal political period, there used to be what we call balancing. So, I can also say that the new Commissioners that are coming in are coming from their zones to also balance the political equation.”
Governor Fubara charged them to be dedicated, forthright, diligent and productive while rendering quality services to the State.
The Governor said he believed in their capacity to deliver because of their exposure to the workings of government, and expressed the hope that they will contribute positively to the success of the administration.
He said, “So, let me thank everyone of you. Let me also use this opportunity to thank the good people of Rivers State for their support, and to assure them that we will continue to defend, protect the interest of Rivers people.
“I want to thank everyone of you for your support, more especially before, during and after the elections. I appreciate your doggedness, your belief in our course to salvage this State, to protect the integrity of this State,” he added.
Head of Civil Service of the Federation (HoCSF), Mrs Didi Walson-Jack, has sought media support to fast-track the implementation of the ongoing reforms in the civil service sector.
Walson-Jack made the request during a cocktail organised by her office for media executives from different organisations in Abuja.
The event, according to her, aimed at interacting with the media men one-on-one, appreciate them and implore them to continue to strengthen the bond with the office.
“I want to start by thanking each and everyone of you for honouring this invitation. I want to say that we purposely designed this grail cocktail so that we can have one-on-one interactions.
“Let me also go ahead to thank you for all the supports you have given to the Office of the Head of the Civil Service of the Federation (HCSF) in the years past I know that the Fourth Estate of the realm has always supported this office.
“I will also go ahead to thank you for your support, especially at my announcement as the HoCSF and that support has continued, up till date.
“We, therefore, thought it fit that we should organise this event just to interact with you to strengthen the bond that this office has with the media, “ she said.
The HoCSF recalled that her office had continued with programmes she met on ground upon assumption of office, especially the ongoing reforms on Federal Civil Service Strategy and Implementation Plan (FCSSIP- 2022 to 2025).
She, therefore, appealed to the media for continuous reportage on the initiative, so as to give it the necessary publicity for proper dissemination to the citizens.
“You will recall that the office has the Federal Civil Service Strategy and Implementation Plan (FCSSIP- 2022 to 2025) and that is the plan that we are still driving.
“We want to request that you collaborate more with us, we are asking that the friendship, the partnership go beyond what it is now to ensure that the reforms which this office is driving get the full publicity it requires,” she said.
Walson-Jack used the medium to announce the preparation to re-introduce the civil service national anthem officially for the entire civil servants to recite at every national programme.
“The anthem has been re-introduced to drive the reforms and it’s expected that the anthem will be sung by all federal civil/public servants and indeed Nigerians.
“And it will be an anthem that will encourage every public servants to be efficient, productive, incorruptible and citizen-centred, “ she added.
Participants at the event congratulated Mrs Walson-Jack for her uplifting to the position of the HoCSF and pledged to continue in the relationship.
In a response, Mr Ephraims Sheyin, Editor-in-Chief, News Agency of Nigeria (NAN), pledged the agency’s readiness to give the HoCSF the needed support.
According to him, supporting government policies has always been NAN’ priority as government’s owned media organisation.
“You can take it for granted that we are going to give the Office total support. It is part of our own mandates to support Federal Government policies, so we are going to do that fully for the head of service.
“As she said, she has her policies which are in tandem with the federal government policies, she is asking for the support in implementation of the Federal Government policies.
“She has very lofty ideas, she has lofty things that she believes that we should do. Our job is to make sure that whatever government wants to do, we have to support such policies, “ he said.
Speaking in the same vein, Mrs Halima Musa, Director News, NTA, assured her office’s partnership with the Head of service towards ensuring communicating the needed values on excellence, incorruptibility and new culture of efficiency to the public.
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LG Polls: Rogue Policemen Break RSIEC Gate, Strong Room To Steal Electoral Materials …Fubara Foils Attempt To Cart Away Materials
Rivers State Governor, Sir Siminalayi Fubara has foiled an attempt by the Nigerian Police, led by the Deputy Commissioner of Police (Operations), to take over the Rivers State Independent Electoral Commission (RSIEC) at 1am on Friday, 4th October, 2024.
The rogue policemen were said to have attempted to scale through the gates and strong room of the Commission to cart away sensitive Electoral materials meant for the conduct of Saturday’s local government election in the State.
The deployment was said to have been ordered by the Inspector-General of Police.
However, the evil plots of the rogue policemen and DC Ops were botched when vigilant security officials alerted principal officers of the Commission and relevant government authorities, who immediately informed the Governor of the development.
The Governor immediately led a team of government officials, lawmakers from the National Assembly and State House of Assembly, top political stakeholders, and other leaders to storm the facility.
Addressing newsmen in front of RSIEC Office on Aba Road in Port Harcourt, after an encounter with the rogue policemen, the State Governor, Sir Siminalayi Fubara condemned the conduct of the policemen on illegal duty, saying that the IGP was taking his friendship with some Abuja-based politicians too far.
He restated the position that the attempt to surreptitiously withdraw policemen already deployed to protect the facility, and replace them with a detachment from a neighbouring State was unacceptable.
He reminded the IGP that local government election was the internal affairs of states, and advised him to allow the federation unit conduct its affairs without interference.
At present, the Chief of Staff, the Speaker of the Rivers State House of Assembly, and State and National Assembly members, alongside other stakeholders, are manning the RSIEC office to ensure that the rogur policemen in two trucks and two Hilux vehicles do not return and that elections will go ahead as scheduled on Saturday.