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              Zambia applauds ADF’s impact on sustainable development

              Zambia applauds ADF’s impact on sustainable development

              Kenya kicks off Customer Service Week 2025 with ‘Mission: Possible’ theme

              Kenya kicks off Customer Service Week 2025 with ‘Mission: Possible’ theme

              Zimbabwe showcases tourism excellence at AESATA conference

              Zimbabwe showcases tourism excellence at AESATA conference

              6th Africa Public Sector Conference & Awards continue

              6th Africa Public Sector Conference & Awards continue

              VRA bolsters energy sector ties with strategic stakeholder engagements

              VRA bolsters energy sector ties with strategic stakeholder engagements

              South Africa:Bredell urges Ethical leadership to revive  ailing municipalities

              South Africa:Bredell urges Ethical leadership to revive  ailing municipalities

              Tanzania, Zambia strengthen aviation partnership

              Tanzania, Zambia strengthen aviation partnership

              Trending Tags

              • FEATURES
                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet the newly appointed executives steering NNPC Limited

                Meet the newly appointed executives steering NNPC Limited

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Nigeria’s Newly Nominated Ministers

                Meet Nigeria’s Newly Nominated Ministers

                Nigeria’s $5 billion FLNG project gets Presidential endorsement

                FULL TEXT: President of Nigeria 2024 Independence Day speech

                Trending Tags

                • DIGITAL ECONOMY
                  South Africa re-elected to ICAO to enhance Africa’s aviation agenda

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                  Kenya :NLC, Ministry meet to assess  Thwake Dam project

                  Kenya :NLC, Ministry meet to assess Thwake Dam project

                  South Africa:NCC Issues Compliance Notices to 37 Mpumalanga Suppliers

                  South Africa:NCC Issues Compliance Notices to 37 Mpumalanga Suppliers

                  Tanzania signs deal with Cuban firm to enlarge TBPL

                  Tanzania signs deal with Cuban firm to enlarge TBPL

                  Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                  Namibia: President Nandi-Ndaitwah unveils new cabinet

                  Kenya: Ministry of Health outlines SHA compliance measures

                  Kenya: Ministry of Health outlines SHA compliance measures

                  South Africa: Durban Port to expand vehicle terminal

                  South Africa: Durban Port to expand vehicle terminal

                  Botswana, Türkiye aim for stronger ties

                  Botswana, Türkiye aim for stronger ties

                  Nigeria to host 2025 Afreximbank annual meetings

                  Nigeria to host 2025 Afreximbank annual meetings

                  Trending Tags

                  • INTERVIEW
                    Botswana Stock Exchange’s Strategic moves to attract foreign investors: Insights from CEO ; Kopano Bolokwe

                    Botswana Stock Exchange’s Strategic moves to attract foreign investors: Insights from CEO ; Kopano Bolokwe

                    Transforming Botswana’s Public Service: Gaone Manzini on Leadership, Integrity, and Vision for the Future

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                    Ghana’s registra department: driving digitization for effecient services

                    Ghana’s registrar department: driving digitization for efficient services

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    Trending Tags

                    • EVENTS
                      • PUBLIC SECTOR AWARDS
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                      Ghana: Vice President Bawumia launches Credit Scoring System

                      Ghana: Vice President Bawumia launches Credit Scoring System

                      FAAN MD Olubunmi Oluwaseun Kuku has emerged as Public Sector Global CEO of the Week

                      FAAN MD Olubunmi Oluwaseun Kuku has emerged as Public Sector Global CEO of the Week

                      Sam Shivute, Commissioner General, Namibia Revenue Agency has Emerged as Public Sector Global CEO of the Week

                      Sam Shivute, Commissioner General, Namibia Revenue Agency has Emerged as Public Sector Global CEO of the Week

                      Ms. Hapiloe Sello, Chief Executive Officer, South African National Parks has Emerged as Public Sector Global CEO of the Week

                      Ms. Hapiloe Sello, Chief Executive Officer, South African National Parks has Emerged as Public Sector Global CEO of the Week

                      Dr. Douglas Letsholathebe, Minister of Education and Skills Development, Botswana has Emerged as Public Sector Global Minister of the Week

                      Dr. Douglas Letsholathebe, Minister of Education and Skills Development, Botswana has Emerged as Public Sector Global Minister of the Week

                      Bashir Adewale Adeniyi MFR, Comptroller General, Nigeria Customs Service has Emerged as Public Sector Global CEO of the Week

                      Bashir Adewale Adeniyi MFR, Comptroller General, Nigeria Customs Service has Emerged as Public Sector Global CEO of the Week

                      Ms. Latifa Mohamed Hamis, Director General, Tanzania Trade Development Authority, has Emerged as Public Sector Global CEO of the Week

                      Ms. Latifa Mohamed Hamis, Director General, Tanzania Trade Development Authority, has Emerged as Public Sector Global CEO of the Week

                      The Minister of Health, Morocco, Hon. Khalid Ait Taleb has Emerged as Public Sector Global Minister of the Week

                      The Minister of Health, Morocco, Hon. Khalid Ait Taleb has Emerged as Public Sector Global Minister of the Week

                      Esther Ngari Emerges Public Sector Global ‘CEO of the Week’

                      Esther Ngari Emerges Public Sector Global ‘CEO of the Week’

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                      Home Featured

                      Nigeria: President Buhari welcomes 5.01% GDP growth in Q2

                      Public Sector Global by Public Sector Global
                      August 27, 2021
                      in Featured, NEWS, PS Finance
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                      Nigeria: President Buhari welcomes 5.01% GDP growth in Q2
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                      President Muhammadu Buhari has welcomed the Nigerian Bureau of Statistics (NBS) Q2 2021 report which revealed a positive growth in Nigeria’s economy for the third consecutive quarter.

                      Spokesperson for the president, Mr Femi Adesina in a statement noted that the president said that the report also showed the highest quarterly growth in GDP since 2014.

                      The Gross Domestic Product (GDP) grew by 5.01% in Q2 2021 following 0.51% growth in Q1 2021.

                      This growth, which continues the progress of the preceding two quarters, is a continuing trend reflecting Nigeria’s economic rebound, following the COVID-19-induced contractions seen in Q1 and Q2 2020.

                      The non-oil sector is a significant contributor to the economic performance in Q2 2021 with growth of 6.74% in real terms, the fastest growth in the sector since the third quarter of 2014.

                      The contribution of the non-oil sector to GDP increased from 91.07% in Q2 2020 to 92.58% in Q2 2021, according to the NBS.

                      The president commended managers of the economy for hard work and commitment, urging them to keep at it till the positive development “touches the lives and pockets of the average Nigerian.”

                      The main drivers of the Q2 2021 economic growth included Trade, Information and Communication (mainly Telecommunications), Transportation, Electricity, Crop Production and Manufacturing, even though the service sector, specifically also recorded its strongest performance in more than a decade, growing at 9.27%.

                      These main growth drivers of this second quarter performance are reflective of the gains from easing restrictions of movement locally and internationally and the improvement in the business and economic environment compared to the same period in 2020.

                      President Buhari noted the decline in real growth in the oil sector in Q2 2021, compared to a year ago, indicating oil production levels at 1.62million barrels per day, compared to 1.67million barrels per day in Q2 2020.

                      According to him, the lower production output, as well as the volatility in oil prices since the beginning of the COVID-19 pandemic, was responsible for the decline in performance of the oil sector.

                      The president, however, assured that a combination of recent reforms and efforts were certain to attract new investment to the oil and gas sector, as well as create conditions for more robust levels of growth in the future.

                      He cited these reforms and efforts to include the Marginal Fields Bid Rounds, the renewed focus on gas development, including the NLNG Train 7 project, and various pipeline construction projects, as well as the passage and assent to the Petroleum Industry Bill (PIB).

                      “It is gratifying to note that the various policies of the administration, aimed at boosting agricultural production, improving the business environment and investing massively in infrastructure, are beginning to yield fruit.”

                      “Equally gratifying is the complementary news of the steady decline in the rate of inflation, over the last few months.”

                      “The positive effects of the Economic Sustainability Plan (ESP), which helped fast-track the country’s exit from the COVID-induced recession of 2020, continue to be evident, as some of the sectors driving the Q2 2021 growth have benefited or are benefiting from government-led interventions.”

                      The successful roll-out of vaccines and COVID-19 protocols has also helped to reduce pressures on the healthcare system and the need for a lockdown,” he observed.

                      While looking to the future, the president assured Nigerians that there was much to be optimistic about.

                      He believed that the investments in agriculture and infrastructure would continue, as will on-going efforts to achieve a significant improvement in the security situation across the country.

                      “There is no doubt that a more secure environment – which the security agencies are working hard to achieve – will spur and energize the shoots of economic progress being seen and felt in the country.”

                      Source: NAN

                      Tags: Nigeria GDPNigerian Bureau of Statistics
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