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NBS Records 3.4% GDP Growth, Highest Since 2014

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By Derrick Bangura.

The National Bureau of Statistics (NBS) said on Thursday that Nigeria’s Gross Domestic Product (GDP) expanded by 3.40 percent in 2021, the highest rate since 2014 when the economy grew by 6.22 percent.
According to the NBS’s National GDP Q4 report, the non-oil sector accounted for the majority of the increase in economic activity.
The survey also indicated that the country’s GDP increased by 3.98 percent in real terms in the fourth quarter of last year (Q4 2021), down from 4.03 percent the previous quarter.

Since the 2020 recession, when output declined by 6.10 percent and 3.62 percent respectively in the second and third quarters of that year due to the COVID-19 pandemic, the performance has been positive for five consecutive quarters.
The economy was driven primarily by the non-oil sector, which accounted for 94.81 percent of GDP, while the oil industry contributed 5.19 percent to growth, according to the statistical agency’s report.
In 2021, the Q4 growth suggested a steady economic rebound, with an annual growth rate of 3.40 percent. It was noted that the growth rate during the review period was 3.87 percentage points greater than the 0.11 percent recorded in Q4 2020 and 0.05 percentage points lower than the 4.03 percent recorded in Q3.
Nonetheless, the NBS claimed that real GDP increased by 9.63 percent quarter over quarter in Q4, indicating increased economic activity over the previous quarter.
The average daily oil output was 1.50 million barrels per day (mbpd), down from 1.57 mbpd in the third quarter and 1.56 mbpd in the fourth quarter of 2020.
In real terms, oil growth in Q4 was -8.06 percent, with an annual growth rate of -8.30 percent in 2021. Oil contributed 7.24 percent on an annual basis, compared to 8.16 percent in 2020.
In real terms, the non-oil sector, which excludes crude petroleum and natural gas activities, grew by 4.73 percent in Q4 2020, up from 1.69 percent in Q4 2020.
The sector grew by 4.44 percent annually in 2018, compared to -1.25 percent in 2020.
However, the non-oil sector’s annual contribution grew to 92.76 percent in 2020, up from 91.84 percent in 2020.
The services sector accounted for 55.11 percent of total growth, while agriculture accounted for 26.84 percent.
In real terms, the services sector contributed 55.11 percent to total growth, while agriculture contributed 26.84 percent in Q4, down from 29.94 percent the previous quarter and 26.95 percent in Q4 2020.
The manufacturing industry provided 8.46% of the total, down from 8.60% in Q3 and 8.98% in Q4 2020.
In nominal terms, aggregate GDP in Q4 was N49.28 trillion, up from N43.56 trillion in Q4 2020 and reflecting a 13.11 percent year-on-year growth rate.
The preceding quarter’s nominal GDP was N45.11 trillion, while the annual nominal value in 2021 was N173.53 trillion, up from N152.32 trillion in 2020, representing a 13.92 percent growth rate.
In terms of real GDP, which measures the level of economic activity, N20.33 trillion was recorded in Q4, up from N18.54 trillion the previous quarter and also up by N778.91 billion from N19.55 trillion in Q4 2020.
The nominal GDP growth rate in Q4 was greater than the 10.07 percent growth rate in the same quarter of 2020, but lower than the 15.41 percent growth rate in the previous quarter.
Annual nominal growth in 2021, on the other hand, was 13.92 percent.
“The increase in output growth recorded in the last five quarters indicates a sustained progress made in halting the COVID-19 pandemic and its accompanying detrimental impact on livelihood, well-being, and the economy,” according to the NBS.
In comparison to 2020, when COVID-19 was endemic, several countries have seen an improvement in economic performance. As a result, economic recovery is a long process that necessitates concerted efforts across institutional sectors to boost economic activity, “However, given Nigeria’s improved economic performance during these periods of time, the chances of consolidating the recovery are striking.”

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NCBN, OISD Seek Strategic Partnership with ASR Africa

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NCBN, OISD Seek Strategic Partnership with ASR Africa

By Matthew Eloyi

The Managing Director and Chief Executive Officer of the Nigeria Customs Broadcasting Network (NCBN), Mr. Jamilu Yusuf, has led a delegation on a courtesy visit to the Managing Director of the Abdul Samad Rabiu Africa Initiative (ASR Africa), Dr. Ubon Udoh, to explore areas of mutual collaboration.

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Mr. Yusuf, who also serves as the Executive Director of the Organisation for Innovation and Sustainable Development (OISD), commended ASR Africa for its transformational impact in critical sectors such as education, healthcare, social development, and institutional strengthening across Nigeria and the African continent.

He highlighted NCBN’s commitment to promoting institutions and initiatives that drive sustainable development, noting that a strategic communication partnership with ASR Africa would help amplify the organisation’s achievements and further inspire positive change.

Mr. Yusuf also proposed a collaboration between OISD and ASR Africa in areas including education, digital literacy, and economic empowerment, aligning with both organisations’ shared vision for inclusive growth and capacity building.

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In response, Dr. Udoh welcomed the partnership proposals, expressing ASR Africa’s readiness to collaborate with NCBN on strategic communication initiatives. He also affirmed the initiative’s interest in working with OISD on education empowerment programmes.

Dr. Udoh further used the occasion to congratulate the Comptroller-General of Customs, Bashir Adewale Adeniyi, on his recent election as the Chairperson of the World Customs Organisation (WCO), describing the achievement as a testament to Nigeria’s growing influence in global customs administration.

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Akpabio Hails Okpebholo’s Supreme Court Victory, Calls It Triumph of Democracy

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Akpabio

President of the Senate, Godswill Akpabio, has congratulated Governor Monday Okpebholo on his affirmation as the duly elected governor of Edo State by the Supreme Court, describing the ruling as a “triumph of democracy and the will of the people.”

Akpabio, in a statement personally signed and released on Friday in Abuja, applauded the apex court’s decision, saying it validated the mandate freely given to Okpebholo in the September 2024 gubernatorial election.

“What the apex court in the land has done is to affirm the will and wishes of the overwhelming majority of the people of Edo State. It shows that the election was transparent, free and fair,” Akpabio stated.

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He added that, “The declaration by the Supreme Court in favour of Sen. Okpebholo against Mr Asue Ighodalo of the Peoples Democratic Party (PDP) has proven that elections are won at the ballot and by people who have identified with the grassroots.”

The Senate President said the judgment reaffirms the strength of Nigeria’s democratic institutions and the popularity of the All Progressives Congress (APC) in Edo State.

“This judgment has again reaffirmed the fact that democracy is at play and the people of Edo have wholeheartedly embraced the All Progressives Congress (APC) and popularly elected their preferred choice of Senator Okpebholo as their governor,” he said.

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According to Akpabio, the ruling not only confirms Okpebholo’s mandate but also “paves the way for him to continue delivering exceptional service to the good people of Edo.”

He praised the governor’s performance in the past seven months, expressing confidence in his capacity to deliver more during his four-year tenure.

“My distinguished brother, His Excellency Senator Monday Okpebholo, on behalf of my family and constituents, the Senate of the Federal Republic of Nigeria, I extend my warmest congratulations to you and the wonderful people of Edo on this landmark victory at the Supreme Court.

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“I wish you success and I assure you of the Senate’s support and collaboration in ensuring the state’s progress and development.

“Congratulations once again, Gov Okpebholo. I look forward to a robust working relationship with you,” Akpabio added.

In a unanimous decision, a five-member panel of the Supreme Court led by Justice Mohammed Garba dismissed the appeal filed by the PDP candidate, Mr Asue Ighodalo, for lacking merit.

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The apex court upheld the earlier rulings of the Court of Appeal and the Edo State Governorship Election Petition Tribunal, both of which declared Okpebholo of the APC as the valid winner of the election.

The court ruled that the appellant failed to provide credible and admissible evidence to support claims of electoral malpractice, including over-voting and substantial non-compliance with the Electoral Act.

It further held that the PDP candidate failed to call relevant witnesses to back up some of the evidence he tendered, particularly those involving the Bimodal Voter Accreditation System (BVAS).

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Some of the documents presented, the court noted, were simply “dumped” on the tribunal without demonstrating the alleged irregularities in 432 of the 4,519 polling units across the state.

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NELFUND Begins Upkeep Payments to Over 3,600 Students After Bank Detail Update

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NELFUND Disburses Over N20bn in Student Loans, Assures Transparency

The Nigerian Education Loan Fund (NELFUND) has commenced the disbursement of upkeep payments to students who successfully updated their bank account details from digital wallets to commercial bank accounts.

This was announced in a statement released on Friday in Abuja by the Director of Strategic Communications of the Fund, Mrs. Oseyemi Oluwatuyi.

Oluwatuyi described the development as a significant breakthrough in addressing earlier disbursement delays.

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“Over 3,600 students, who previously registered with digital-only banking platforms, have now successfully received their backlog of upkeep payments after updating their details to conventional commercial bank accounts on the NELFUND portal,” she stated.

“We appreciate the patience and understanding of all affected students during this period. Your resilience and cooperation have made this progress possible,” she added.

The NELFUND spokesperson advised students who have yet to update their bank details to raise a support ticket via the official NELFUND portal to request access for the update.

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She further urged affected students to report through the IT office of their respective institutions, which would compile and forward all related cases to NELFUND for prompt resolution.

“NELFUND remains committed to ensuring that no eligible student is left behind. This resolution process is part of our broader effort to enhance the efficiency, transparency, and student-centered delivery of our support services,” she said.

Oluwatuyi encouraged students to continue engaging only through official NELFUND channels and to assist their peers who may need help navigating the update process.

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She also provided contact options for inquiries, stating that the fund can be reached via email at info@nelf.gov.ng or through its official social media handles: X (formerly Twitter) @nelfund; Instagram @nelfund; and Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND.

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