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Business

GDP Report: PwC Chief Economist hails resilience of the Nigerian economy

Andrew Nevin has expressed his optimism about the Nigerian economy.

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Subsidies gulp N2.3 trillion from FG - PwC, PwC is Hiring! Here is how to apply , PwC is being dragged into the Isabel dos Santos fraud case , GDP Report: PWC Chief Economist Hails The Resilience of the Nigerian Economy

PwC Nigeria’s Chief economist, Andrew Nevin has shared his opinion on the recent Nigerian GDP report figures released by the National Bureau of Statistics.

Speaking to TVC Business News anchor via Skype, the foremost economist stated that he remains optimistic about the Nigerian economy following the positive GDP report released.

In his reaction to the latest GDP report, Nevin expressed optimism and called on Nigerian citizens to go easy on the government. He stated that the COVID-19 pandemic has wrecked other economies and has presented countries with very challenging times.

“Let’s put this in perspective, it is easy to be hard on ourselves and Nigeria, but around the world, this has been the greatest health and economic challenges in our lifetime.

“In the UK, the economy shrank in 2020 by almost 10%. The year 2019 to 2020 in Nigeria is about minus 1 percent. Then from the first quarter of 2019 to the first quarter of 2020, it increased a little bit. These are the few signs of positive happenings in the Nigerian economy. So, I am not surprised,” Nevin said.

On the Information and Communication sector and also the Agriculture sector which were key sectors responsible for the positive GDP growth, Nevin said he was elated with the success of the ICT sector which he attributed to the fact that people were working from homes. He also believed the Agriculture sector could be a lot better than it is.

Nevin also highlighted the emerging growth away from Oil-dependency portrayed by the latest GDP report.

“I mean it’s very good news. There has been a lot of emphasis on ICT. It enables other sectors to do well. It is not a big surprise because people have been working remotely.

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“In terms of Agriculture, we will like to see faster growth, but there has been so much emphasis on it paying dividends. When I talk to farmers or people in the agricultural space, they tell me the crops are doing very well. I mean it’s good news and it also shows us that the rotation away from oil is real,” he said.

On the 19.76% plunge of the oil sector, the PWC chief economist highlighted the fall in oil production in the fourth quarter of 2020. He brushed aside the heavy emphasis on Oil prices reminding the audience that Oil production is equally important while analyzing the Oil sector.

“People always tend to think about the oil price but probably as important or more important in the context is the production. The production in the fourth quarter of 2020 was only 1.6m barrels a day. It is a big contraction there. So, the fact that we can grow the Nigerian economy in these very challenging health and economic times shows you the resilience of the Nigerian economy. It shows why people like me are optimistic in the medium term about the Nigerian economy,” he said.

The Recent GDP report confirms that Nigeria has exited the pandemic-induced recession. Andrew Nevin was quizzed on how the Nigerian Government can sustain the positive growth reflected by the latest GDP report.

In response, he highlighted the encouraging partnership between the private and the public sector depicted in the recent Lagos economic summit as one of the key ways to maintain positive growth in the Nigerian economy.

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    Business

    Lagos Commissioner of Police dismantles road blocks on Lagos-Badagry expressway

    The Commissioner warned the concerned Area Commanders to take action on full compliance as any defaulter will be sanctioned accordingly.

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    The Commissioner of Police in Lagos State, CP Hakeem Odumosu, has ordered the immediate dismantling of all illegal roadblocks by police teams from the command on the Lagos-Badagry expressway.

    The directive is to checkmate the illegal activities of the police on that route which have been condemned by the government, some stakeholders and international bodies and also bring sanity and decency to their operations along that axis.

    That disclosure is contained in a statement signed by the Police Public Relations Officer of the Lagos State Police Command, CSP Olumuyiwa Adejobi, on Saturday, April 10, 2021.

    Adejobi in the statement said that CP Odumosu gave the order on Friday while addressing Area Commanders and Divisional Police Officers in the command on the general security situation in the state and reviewing the anti-crime strategies of the command in order to sustain its feats on crime control.

    What the statement from the Lagos State Police Command is saying

    The statement from the Lagos Police Command partly reads, “In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy Expressway, the Commissioner of Police, Lagos State, CP Hakeem Odumosu, has ordered for the immediate dismantling of illegal roadblocks by the police teams from the Lagos State Police Command.

    The police boss, while reacting to some complaints from the general public and some security reports on the police activities along the international route, ordered the Area Commanders and Divisional Police Officers whose jurisdictions fall along the Badargy Expressway; Festac and Area K, Marogbo, to withdraw their men from the illegal roadblocks and embark on aggressive motorised patrol and surveillance to police their areas and the route.

    The Commissioner of Police confirmed that the illegal police roadblocks along the route have been condemned by the government, international bodies and interest groups and they must be dismantled without delay,” he said.

    The Commissioner, however, noted that other police operatives from other police formations, outside the supervision of the Lagos State Police Command who operate along the route, would be contacted to adjust and do the needful to restore sanity to their operations.

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    The CP Odumosu then warned the concerned Area Commanders to desist and take necessary action on full compliance with his order as any defaulter will be sanctioned accordingly.

     

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    Business

    Burial date for late Prince Philips announced

    The Duke of Edinburgh will be laid to rest on Saturday, April 17, 2021, in a colourful but lowkey ceremony.

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    Prince Philip, the late husband of Britain’s Queen Elizabeth, and the Duke of Edinburgh will be laid to rest on Saturday, April 17, 2021, in a colourful but lowkey ceremony by royal standards.

    The Buckingham palace in making the announcement stressed that the funeral service will be held according to the Covid-19 restrictions guideline with the number of mourners to be limited to 30. This means that members of the royal family including the Queen would be expected to put on face masks.

    The College of Arms, which handles most of the ceremonial aspects of the royal family’s work, had earlier confirmed that the late Prince Philip would not lie in state anywhere accessible to the public, which could have seen thousands of people lining up to view his coffin.

    The funeral service for Philip, who died aged 99 on Friday, will be held at St George’s Chapel in Windsor Castle, and a national minute’s silence would be observed ahead of the ceremony. There will be no public access nor public procession beforehand with the royal family and UK government asking the public not to gather or leave flowers at the royal residences due to Covid-19 restrictions.

    A Buckingham Palace spokesman also confirmed that Prince Harry, the Duke of Sussex, who had moved to Los Angeles after giving up royal duties, was planning to attend his grandfather’s funeral, but his pregnant wife Meghan won’t be present as she had been advised not to travel by her physician.

    In case you missed it

    • It can be recalled that the death of Prince Philip, the husband of Queen Elizabeth II and the longest-serving consort of any British monarch before retiring from his public duties in 2017, was announced on Friday, April 9, 2021.
    • He died peacefully in Windsor Castle on Friday morning and had been married to the Queen for 73 years.
    • Since his death, tributes have been flooding in from the UK and all around the world for the duke, who had recently spent a month in two London hospitals, undergoing heart surgery and treatment for an infection, before returning in mid-March to Windsor Castle.

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