Nigeria records 1.95% GDP growth in Q1

AfDB President at a Forum in Busan, South Korea

The National Bureau of Statistics says Nigeria has recorded 1.95 per cent GDP growth in the first quarter of 2018.

According to the bureau, this shows an increase of 2.87 per cent above the growth rate in the first quarter of 2017.

Vice President Yemi Osinbajo says the Federal Government has issued the Executive order 005 which mandates companies to engage local expertise, where available, instead of foreign expertise.

Osinbajo, at the inauguration of a facility for the training of 20,000 youths across the country in various vocations under the N-Power Build Scheme, said an additional 14,000 youths would be empowered in technology hardware repair and maintenance skills.

The Central Bank of Nigeria says the Nigeria-China currency swap deal worth about N720 billion, will not cover the importation of the 41 items such as rice, cement, poultry and textile, banned in its 2015 circular on items not valid for foreign exchange.

CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor, said the Federal Government had taken steps to ensure that the currency deal does not stifle local companies and turn Nigeria into a dumping ground.

The Federal Government has also launched an up-to-date online portal, iGuide Nigeria, containing necessary information and relevant data for willing investors.

iGuide is an easy-to-use platform with pertinent information on the processes, procedures and basic costs of doing business in Nigeria.

Meanwhile, the Lagos State Government says it will launch an electronic business guide to ease trading at the Lagos Island Central Business Districts.

The project would fast track economic growth and enable enormous revenue generation through advert placements and patronage.

African Development Bank says it will invest 35 billion dollars in the next 10 years to grow Africa’s industrial GDP.

President of the bank, Dr Akinwumi Adesina, made the pledge at the bank’s Annual Meeting, hosted in Busan, South Korea while urging African countries to tap into the greatly endowed natural resources of the continent for exports and rapid industrialisation.

African Union Commission has applauded the African Continental Free Trade Area Agreement as a historic development to drive intra-African trade.

The commission’s Deputy Chairperson, Amb. Kwesi Quartey, said boosting intra-African trade through infrastructure investment, science and technology, was the most effective way to grow and develop the continent.

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