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The measure of efficiency and effectiveness in completing tasks, often involving time management and goal setting.
Nigeria's Gross Domestic Product (GDP) grew by 2.51% year-on-year in real terms in the second quarter of 2023, according to the recently released GDP report by the National Bureau of Statistics. The Services sector drove the growth with a 4.42% increase, while the agriculture and industry sectors showed improvement compared to the previous year. The oil sector, however, experienced a significant decline. The non-oil sector played a crucial role in the GDP growth, contributing 94.66% in real terms. This article analyzes the key findings of the report and highlights the sectors that contributed to Nigeria's economic growth in Q2 2023.
Nigeria's GDP growth rate dropped to 2.51% year over year in the second quarter of 2023, reflecting slower economic expansion compared to the previous year. The services sector played a crucial role in driving the GDP growth, while the agriculture and industry sectors contributed less to the overall GDP. Despite the slowdown, the country's nominal growth showed improvement, highlighting potential opportunities for future economic development.
Nigeria's Gross Domestic Product (GDP) growth rate in real terms declined by 2.51% in the second quarter (Q2) of 2023, according to the National Bureau of Statistics (NBS). The services sector was the major driver of the economy, contributing 58.42% to the aggregate GDP. The quarter-on-quarter growth was also negative, reflecting a low production level. However, in nominal terms, the GDP showed a year-on-year growth rate of 15.77%.
The Nigerian Optometric Association (NOA) has issued a warning that over 1 billion people worldwide could be blind by 2025. The association attributes this alarming projection to the increase in outdoor and prolonged near work activities, coupled with ignorance and poor accessibility to eye care services. With the majority of optometrists working in the private sector, the NOA calls on the government to prioritize primary healthcare and provide a conducive environment for quality eye care services.
The Anambra State government, under the leadership of Governor Prof. Chukwuma Soludo, is taking significant steps towards preserving data collated in local government areas. With the distribution of laptops to rural areas and training programs for department heads, the government aims to improve data management and security. This move aligns with the government's vision to digitize governance processes.
The Rural Electrification Agency (REA) in Nigeria has achieved a significant milestone by successfully deploying 103 mini-grids across the country. This accomplishment is part of the Nigeria Electrification Project (NEP), funded by the World Bank. The mini-grids aim to enhance electricity access for households, micro, small, and medium enterprises (MSMEs), as well as public facilities in rural and underserved regions of Nigeria. The REA's commitment to bridging the energy gap is highlighted through the implementation of various electrification programs, including the NEP's Performance Based Grant (PBG) subcomponent. Through this initiative, private sector investments in mini-grids have been successful, providing clean and reliable electricity to over 46,000 verified connections.
The government of Niger State in Nigeria has expressed its interest in collaborating with Morocco to improve agricultural productivity, promote sustainable farming methods, and enhance food security in the state. The governor of Niger State, Umar Muhammad Bago, highlighted the potential benefits of partnering with Morocco in these areas. The collaboration aims to leverage Morocco's advancements in technology and agricultural practices. Additionally, it encompasses partnerships in education, healthcare, energy, and railway transportation to accelerate the growth and development of the state.
The government of Niger state in central Nigeria has expressed its interest in working with Morocco to improve agricultural production, develop sustainable farming practices, and enhance food security in the state.
Peter Obi, the presidential candidate of the Labour Party, has urged Nigerian youth to remain positive and hopeful for the future of the country. He emphasized the need for youth development and productivity in order to tackle the nation's challenges. Obi highlighted the high unemployment rate among the youth as a key factor contributing to insecurity, social vices, and inflation. He emphasized the importance of job opportunities and support for small businesses in overcoming these challenges. Obi's vision for a New Nigeria is centered around harnessing the energy, skills, and potential of the youth to transition from consumption to production.
Plateau State Governor, Barr. Caleb Manasseh Mutfwang, celebrates International Youth Day 2023 and recognizes the exceptional qualities possessed by the youth of Plateau State. He expresses his commitment to supporting the youth in harnessing their talents and creating a conducive environment for their growth. The Governor also highlights the importance of addressing drug addiction among the youth and looks forward to building a united and prosperous Plateau State.
The newly inaugurated Chairman of Ibadan North LG, Hon. Waheed Adeniyi Akanbi, has commended Governor Seyi Makinde for his sustainable development agenda under Omituntun 2.0. He highlighted the positive impact this agenda will have on the economic, social, and physical development of the state. Akanbi also called on all stakeholders to support the administration of Governor Makinde to ensure the successful implementation of this agenda. He emphasized the importance of cooperation, efficiency, and productivity to achieve the desired results.
Nigerians must come together to rebuild the nation and reposition it on the path of sustainable economic growth and development, according to Edo State Governor, Mr. Godwin Obaseki. He emphasized that external actors cannot be solely relied upon to rebuild the country. The government aims to collaborate with institutes like the Institute of Chartered Accountants of Nigeria (ICAN) to foster human capital development and enhance the capacity of public servants. The recently opened John Odigie Oyegun Public Service Academy will play a crucial role in this process.
The Taraba State Governor, Dr. Agbu Kefas, has announced the rollout of a palliative care initiative to alleviate the impact of the fuel subsidy removal on the citizens. The comprehensive plan includes measures such as providing public transportation, food subsidies, and employment opportunities for women and youths. The government aims to address the specific challenges faced by different communities and demographics in Taraba State.
The Chairman of the Osun Water Corporation Board, Mr. Samuel Oyedokun, calls for the support of well-meaning individuals and stakeholders in empowering the youth and creating platforms for their success. He announces the establishment of the Sam Oyus Foundation, committing N100 million to various initiatives such as skill acquisition, farmer education, SME empowerment, and scholarships for students. This commitment reflects Oyedokun's dedication to improving youth opportunities and contributing to the socio-economic development of Osun state.
Taraba state Governor, Dr. Agbu Kefas, has approved the engagement of 10,000 youth with N15,000 monthly allowances as part of his administration's palliative measures to alleviate the impact of the fuel subsidy removal on the state citizens. The Governor also plans to implement the Federal Government approved minimum wage and offer subsidized transportation fare for farmers. Additionally, measures are being taken to provide free seedlings and fertilizers to farmers and explore waste-to-wealth opportunities through the state's digital economy initiative.
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