GRBusiness
GDP grows by 1.95% in Q1, non-oil sector accounts for 90.3%- NBS
Though the nation’s Gross Domestic Product (GDP) grew by 1.95 per cent (year-on-year) in real terms in the first quarter of 2018, financial analysts have advocated easing of monetary policy for sustainability.
Data released by the National Bureau of Statistics (NBS), yesterday, showed a stronger growth when compared with the first quarter of 2017, which recorded a growth of -0.91 per cent, indicating an increase of 2.87 per cent points.
Compared to the preceding quarter, there was a decline of -0.16 per cent points from 2.11 per cent. Quarter on quarter, real GDP growth was -13.40 per cent.
Real growth of the oil sector was 14.77 per cent (year-on-year) in Q1 2018. This represents an increase of 30.37 per cent points, relative to rate recorded in the corresponding quarter of 2017, while the non-oil sector grew by 0.76 per cent in real terms during the period under review.
The non-oil sector was driven mainly by agriculture (crop production); other drivers were financial institutions and insurance, manufacturing, transportation and storage, information and communication.
In real terms, the non-oil sector contributed 90.39 per cent to the nation’s GDP, lower than 91.47 per cent recorded in the first quarter of 2017 and 92.65 per cent recorded in the fourth quarter of 2017.
According to the NBS, aggregate GDP for the first quarter stood at N28.4 trillion in nominal terms.
“This performance is higher when compared to the first quarter of 2017, which recorded a nominal GDP aggregate of N26.028 trillion, thus presenting a positive year-on-year nominal growth rate of 9.36 per cent. This rate of growth is however lower, relative to growth recorded in Q1 2017 by -7.70 per cent points at 17.06 per cent, but higher than the preceeding quarter by 2.14 per cent points at 7.22 per cent.”
Speaking on the data, the Chief Executive of Financial Derivatives Company Limited, Bismarck Rewane, said the growth notwithstanding, the economy needs stimulus from the budget that was recently passed, and low interest rate to aid the numbers.
He noted that the growth recorded was driven by the services sector, and that interest rate sensitive sectors, like manufacturing and agriculture, need to be complemented with monetary policies.He warned that it could take longer for the economy to recover if the Central Bank of Nigeria (CBN) retains key monetary policy rates, and called for a stimulus.
“The CBN is not in charge of fiscal policy. There is need to maintain price stability. The problem in the country has to do with unemployment, among others, even as growth slowed down in the critical sectors. The sectors that will deal with unemployment need to be stimulated. Vulnerability to shocks needs to be addressed,” he said.He added: “Issues that affect the everyday man need to be addressed. Election is not an issue if unemployment is reduced, as it would reduce dysfunctional behaviours in the society.”
For the Lagos Chamber of Commerce and Industry (LCCI), monetary policies should address access to funds and cost of funds for many domestic investors.According to the President, Babatunde Ruwase, “With commercial banks’ lending rate at between 20-35 per cent, depending on the borrower and other factors such as acceptability of collateral, it is very difficult for the private sector to successfully access fund, especially the SMEs.
“Investors in many sectors cannot finance projects profitably at an interest rate above 10 per cent. These sectors are majorly agriculture, real estate, solid minerals.”
Considering that yields on fixed income securities in the country have declined sharply in the last few months, despite the CBN retaining the Monetary Policy Rates, an Investment Analyst with Afrinvest, Omotola Abimbola, said there is need for deeper commitment by the Federal Government in implementing key fiscal policies.
Compared to the GDP figures in Q4 2017, Abimbola said the Q1 figures reflect a disappointing figure, as consumer confidence remains low.“For the equities market, a lesser than expected growth may have a negative sentiment on the market. However, foreign investor portfolio would help to address that sentiment. While it is appropriate to cut down on interest rates at this time, we expect the Monetary Policy Committee to retain rates at their meeting. The trigger for rates cut will be Foreign Direct Investments driving inflow in key sectors of the economy rather than in short term instruments,” said Abimbola.
Environmental Economist with the Federal University of Agriculture, Abeokuta (FUNAAB), Prof. Bola Okuneye, noted: “The increase in budgetary allocation is commendable, but the issue is if it will be retained. If under-spending is also addressed, the GDP contribution will increase. However, with the budget only recently passed, how much impact should we expect from it?
“Interventions in agriculture need to increase. The implementation of government policies is weak and people are not being encouraged. There are other policies that weaken the good policies that government initiates for the sector. We need more farms and also need to bring more people into the sector.”
Meanwhile, the International Monetary Fund (IMF) has advised Nigeria to increase its revenue to service its debt profile.The Senior Resident Representative and Mission Chief for Nigeria, African Department, IMF, Amine Mati, gave the advice, yesterday, at the public presentation of the Spring 2018 issue of the Sub-Saharan Africa Regional Economic Outlook (REO) in Lagos. (Source: Guardian.ng)
Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.
Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.
According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.
According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.
According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.
Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.
He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
Energy
AVEVA is providing data management support for renewable natural gas projects
Reporter: Godwin Ezeh
Key Highlights
● AVEVA’s industrial information infrastructure has been selected by Archaea Energy to provide key data management support
● AVEVA’s industrial software to optimize performance across Archaea’s RNG plants
AVEVA, a global leader in industrial software driving digital transformation and sustainability, has been selected by Archaea Energy, the largest renewable natural gas (RNG) producer in the US, to build a comprehensive operations data management infrastructure.
Using AVEVA’s software, Archaea Energy can collect, enrich and visualize its real-time operations data, enabling performance analysis across its growing network of plants.
Using AVEVA PI Data Infrastructure, a hybrid solution with cloud data services, the plants will be able to share data to highlight operational opportunities and optimize efficiency.
Caspar Herzberg, CEO, AVEVA, stated,
“Through this collaboration and the use of AVEVA PI Data Infrastructure, Archaea’s growing network of plants will have streamlined operations with accurate performance analysis throughout the expansion. AVEVA’s CONNECT software platform leverages industrial intelligence from a central location, making it easier to deploy additional digital solutions in the future.”
“As the largest RNG producer in the United States, we are dedicated to delivering reliable, clean energy,” said Starlee Sykes, chief executive officer of Archaea Energy. “This relationship will allow us to optimize operations and offer detailed performance analysis as we continue to expand across the country.”
Micro, Small and Medium-sized Enterprises(SMBs) are the backbone of most economies accounting for 90% of businesses, over 70% of employment, and 50% of global GDP, according to the United Nations. They drive growth, innovation, and job creation worldwide.
In Nigeria, they play a crucial role in stimulating local economies and contributing to the country’s GDP.
Recognising their impact, WhatsApp is committed to empowering SMBs with the tools to succeed through the WhatsApp Business App, by reaching their customers where they already are.
WhatsApp continues to be the best way for people and businesses to get business done in Nigeria. With its efficient features, the WhatsApp Business App has become an indispensable tool for small businesses, helping them streamline communication, enhance customer engagement and drive sales. And we know customers love communicating with businesses over WhatsApp too, as nearly 80% of people globally message with a business at least once a week.
Whether you’re just starting out or looking to optimise your business operations, here are five essential WhatsApp Business features that can elevate your efficiency and customer interactions.
1. Catalog – Showcase Your Products and Services
Gone are the days of sending multiple images and descriptions individually to customers. With the Catalog feature, you can create a digital storefront where customers can browse your offerings within WhatsApp. This is just like a mini-website which makes it easier to showcase your products, prices and descriptions in an organised way.
How to Use It: Go to Business Tools > Catalog. Add product images, videos, names, descriptions and pricing.
2. Quick Replies – Save Time on Repetitive Questions
Answering the same customer questions repeatedly? Quick Replies let you create preset responses for frequently asked questions, saving you time and ensuring fast customer service.
How to Use It:Go to Settings > Business Tools > Quick Replies. Create and save responses such as a greeting message or order confirmation. Use the shortcut “/” to insert a quick reply in any chat
3. Labels – Stay Organised and Track Conversations
Managing multiple customer interactions can be overwhelming, but the Labels feature helps by categorising chats in different ways, such as order status or customer type. You can create labels with different colors or names and add the conversations to an entire chat. This keeps your inbox organised and ensures no customer is left waiting.
How to Use It: Open a chat, tap on the three-dot menu > Label Chat. Assign relevant labels like New Customer, Order Placed, Pending Payment.
4. Away Messages – Engage Customers Even When You’re Away
Never miss a customer inquiry again. Away Messages allow you to set up a greeting or away message, ensuring customers receive timely responses even outside business hours.
How to Use It: Go to Business Tools > Away Message / Greeting Message. Set up a custom message and schedule when it should be sent.
5. Meta Verified – For Enhanced Protection and Account Support
A paid subscription that helps your business build credibility with new audiences, Meta Verified can help drive more engagement and grow your brand. With Meta Verified, you’ll receive enhanced account support, can use WhatsApp across multiple devices and easily create a professional WhatsApp web page that’s tailored to you.
How to Use It: Go to Settings or Business Tools > tap Meta Verified.
WhatsApp Business is packed with features designed to help small businesses grow, stay organised, and engage with customers effortlessly. By leveraging these features, you can enhance your customer experience, increase efficiency and ultimately drive more sales. Start your own journey with the WhatsApp Business app here.
PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria
Emulate Christ’s virtues, Glo urges Christians at Easter
“Jesus + Nothing Worship” Leaves Lasting Impact, Amplifying the Message of Christ’s Sacrifice and Resurrection
LASG Acquires New Outboard Engines For Optimum Boat Performance
Elon Musk builds Hotel in Mars, Sets to launch soon at $5million per night – Photos
We Do Not Accept Refugee Application Directly From People – Canadian Govt.
-
Spotlight2 days ago“Jesus + Nothing Worship” Leaves Lasting Impact, Amplifying the Message of Christ’s Sacrifice and Resurrection
-
Finance1 day ago
PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria
-
News2 days ago
Emulate Christ’s virtues, Glo urges Christians at Easter
