Connect with us

Business

Cash Crunch Slows Nigeria’s Q1 2023 Growth

Published

on

 

According to the National Bureau of Statistics, Nigeria experienced a slowdown in economic growth during the first quarter of 2023.

 

The Gross Domestic Product (GDP) recorded a year-on-year growth of 2.31 percent within the quarter.

 

This information was stated in the “Nigerian Gross Domestic Product Report Q1 2023″ released on Wednesday by the statistics bureau.

 

The report highlighted that this growth rate declined compared to the first quarter of 2022, which saw a growth rate of 3.11 percent, as well as the fourth quarter of 2022, which had a growth rate of 3.52 percent.

 

The NBS attributed this reduction in growth to the adverse effects of the cash crunch experienced during the quarter.

 

According to the report, the performance of the GDP in the first quarter of 2023 was driven mainly by the services sector, which recorded a growth of 4.35 per cent and contributed 57.29 per cent to the aggregate GDP.

 

The bureau said the agriculture sector grew by -0.90 per cent, lower than the growth of 3.16 per cent recorded in the first quarter of 2022.

 

The NBS said although the growth of the industry sector improved to 0.31 per cent relative to -6.81 per cent recorded in the first quarter of 2022, agriculture and industry sectors contributed less to the aggregate GDP in the quarter under review compared to the first quarter of 2022.

 

According to the report, in the quarter under review, aggregate GDP stood at N51.24 trillion in nominal terms.

 

This performance is higher when compared to the first quarter of 2022 which recorded aggregate GDP of N45.3 trillion, indicating a year-on-year nominal growth of 13.07 per cent.

 

According to the National Bureau of Statistics, Nigeria recorded an average daily oil production of 1.51 million barrels per day (mbpd) during the first quarter of 2023.

 

This figure is higher compared to the daily average production of 1.49 mbpd in the same quarter of 2022, and it exceeds the production volume of 1.34 mbpd in the fourth quarter of 2022 by 0.17 mbpd.

 

It reported that  the real growth of Nigeria’s oil sector in the first quarter of 2023 was -4.21 percent year-on-year. This indicates an increase of 21.83 percentage points compared to the growth rate recorded in the corresponding quarter of 2022, which was -26.04 percent.

 

Furthermore, the NBS stated that the growth rate in the oil sector increased by 9.18 percentage points when compared to the previous quarter, Q4 2022, which had a growth rate of -13.38 percent.

 

The report said “On a quarter-on-quarter basis, the oil sector recorded a growth rate of 20.68 per cent in Q1 2023.

 

“The oil sector contributed 6.21 per cent to the total real GDP in Q1 2023, down from the figure recorded in the corresponding period of 2022 and up from the preceding quarter, where it contributed 6.63 per cent and 4.34 per cent respectively.”

 

According to the National Bureau of Statistics, the non-oil sector experienced a real growth rate of 2.77 percent during the first quarter of 2023. However, this rate was lower by 3.30 percentage points compared to the growth rate recorded in the same quarter of 2022.

 

Additionally, it was 1.67 percentage points lower than the growth rate in the fourth quarter of 2022.

 

“This sector was driven in the first quarter of 2023 mainly by information and communication (telecommunication), financial and insurance (financial institutions), trade, manufacturing (food, beverage and tobacco), construction, and transportation and storage (road transport), accounting for positive GDP growth.

 

“In real terms, the non-oil sector contributed 93.79 per cent to the nation’s GDP in the first quarter of 2023, higher than the share recorded in the first quarter of 2022 which was 93.37 per cent and lower than the fourth quarter of 2022 recorded as 95.66 per cent,” it said.

Business

Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals

Published

on

Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.

In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.

Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.

His remarks underscore the significant revenue opportunities available in the digital content landscape.

Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.

READ MORE: SERAP Issues Tinubu 48-Hour Ultimatum Over Detained Minors

The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.

“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.

Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.

This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.

Continue Reading

Business

NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria

Published

on

 

A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.

The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).

In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.

According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”

ALSO READ: We Load 2,900 Trucks Daily, Evacuate Products By Sea – Dangote Refinery

It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.

“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”

It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”

In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.

“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.

Continue Reading

Business

Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library

Published

on

 

The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.

Biztellers reports that it initiative is part of their continuing support for education.

Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).

The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.

ALSO READ: NNPC Ltd Targets 3,000 In Free Cancer Screening Initiative

In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.

Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”

The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.

Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”

Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”

On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.

“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.

“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.

The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.

Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.

The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.