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Business

ACCI commends FG for efforts made to exit Nigeria from recession

The ACCI has commended the FG for the efforts made to exit Nigeria from recession in the fourth quarter of 2020.

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Dr Abubakar Al-Mujtaba, President of Abuja Chamber of Commerce and Industry (ACCI), has commended the Federal Government for the impressive actions and sacrifices it made to help the nation exit recession in the fourth quarter of 2020.

This commendation was made by him in a statement issued by Latifat Opoola, the Media Officer of Abuja Chamber of Commerce and Industry.

According to a news report by NAN, Al-Mujtaba noted that the growth in agriculture, telecommunications and manufacturing sectors in the fourth quarter of 2020, which helped to offset a sharp drop in oil production, was impressive. He expressed optimism over other sectors picking up in subsequent quarters.

READ: Nigeria’s manufacturing sector contracts by 2.75% in 2020

The ACCI President also noted that the government’s spendings on key infrastructure in the nation would help to bridge the nation’s infrastructure gap and stimulate her growth potential.

He noted that the reopening of the four land borders was also a step in the right direction, which would play a key role in driving prices down.

READ: Lagos Chamber of Commerce and Industry signs MoU with RCCI to boost trade

What they are saying

Dr Abubakar Al-Mujtaba in his statement said:

What the government has done so far to put the nation back on the path of growth is impressive, however, there will be sustained inflationary pressures on consumers’ purchasing power in the coming months, causing a strain on businesses in the country.

The government needs to work more to address the constraints of farmers, Micro, Small and Medium Enterprises and manufacturers which were critical at this stage to drive sustainable growth of the country.

READ: How Nigeria got out of 2020 recession(Opens in a new browser tab)

“Government at all levels must forge partnerships between universities, research institutions and public, private sector institutions in developing and implementing solutions to aid productivity in agriculture and manufacturing sectors. This will be important in order to build a sustainable productive base for the nation.”

What you should know

  • According to a report by Nairametrics, Nigeria’s Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in real terms in the fourth quarter of 2020. This represents the first positive quarterly growth in the last three quarters after the nation’s economy slipped into a recession in the third quarter of 2020.
  • It is important to note that the nation’s economy slipped into its second recession in five years, in the third quarter of 2020 with a decline of 3.6 per cent, having contracted 6.1 per cent in the second quarter.
  • However, for the full year 2020, the economy contracted 1.92%, compared with the International Monetary Fund’s (IMF) projection of 3.25% contraction.

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Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Business

Bandits kidnap students at Girls Secondary School in Zamfara State

Armed bandits have attacked and abducted students of a secondary school in Zamfara State.

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Armed bandits have kidnapped an unspecified number of students at the Girls Secondary School, Talata Mafara Local Government Area of Zamfara State.

This was disclosed by the state media agency, NTA in a statement on Friday morning.

“Armed bandits kidnapped an unspecified number of Students at Government Girls Secondary School, Jangebe in Talata Mafara Local Government Area of Zamfara State,” they said.

More details shortly…

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Business

Border trade: Onion marketers commence land exports to West Africa

Nigerian onion marketers have commenced documented exports to West Africa.

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The Onion Producers and Marketers Association of Nigeria (OPMAN) has inaugurated the launch of documented onion exports to West Africa through the Illela land border in Sokoto State.

This was launched by Mr Abdulrahameed Ma’aji, the Area Controller of Nigerian Customs Service (NCS), for Sokoto and Zamfara states on Thursday, as he urged the onion traders to maximize the opportunity for enhanced production and trade with the continent.

He added that the Customs Service had implemented laws and guidelines to improve Nigerian trade and encourage businesses to export to Africa.

“Despite COVID-19 Pandemic, NCS provided proactive solutions to the public that will aid continued reliable and quality service delivery for sustenance of global trade,” Ma’aji said.

National President of OPMAN, Aliyu Maitasamu, stated that the union was working with sister agencies to develop a recovery plan to boost production by 20% each year until 2026.

“In line with the Federal Government’s plan to diversify the economy and create jobs, the union in conjunction with sister bodies in West and Central Africa, developed an onion recovery plan which will target an average steady growth of 20 per cent each year, from 2020 to 2026,” he said.

“Nigeria is among the 10 top onion exporting countries in the world, and with competitive advantage of production, the largest onion producing country in sub-Saharan Africa, with annual 1.4 million metric tonnes in output.

“With the present arrangement, Nigeria will continuously export onions to Niger Republic, Ghana, Burkina Faso, Benin Republic, Mali, Cote D’ Ivoire, and others, with more expanding opportunities,” Maitasamu added.

In case you missed: Nairametrics reported on December 16, 2020 that President Muhammadu Buhari had ordered the immediate reopening of four of Nigeria’s land borders, over a year after they were all shut.

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