The report that Nigeria’s manufacturing sector has continued to navigate through hard times as the nominal GDP growth of the industry in the second quarter of 2022 was recorded at 5.21 per cent on a year-on-year basis is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that Nigeria’s manufacturing sector has continued to navigate through hard times as the nominal GDP growth of the industry in the second quarter of 2022 was recorded at 5.21 per cent on a year-on-year basis.
According to the Nigerian Gross Domestic Product Report (Q2 2022) published by the National Bureau of Statistics, this was 33.12 per cent points lower than the figure recorded in the corresponding period of 2021.
The report read in part, “Nominal GDP growth of the Manufacturing sector in the second quarter of 2022 was recorded at 5.21% (year-on-year), 33.12% points lower than the figure recorded in the corresponding period of 2021 (38.33%) and 6.51% points lower than the preceding quarter figure of 11.72%.
“Quarter-on-Quarter, growth of the sector was recorded at -14.50% during the quarter. The contribution of Manufacturing to Nominal GDP in the second quarter of 2022 was 12.97%, lower than the figure recorded in the corresponding period of 2021 at 14.18% and lower than the first quarter of 2022 at 15.06%.”
The NBS report also indicated that real GDP growth in the manufacturing sector in the second quarter of 2022 was 3.00 per cent on a year-on-year basis, lower than the same quarter of 2021 and lower than the preceding quarter by 0.48 percentage points and 2.89 per cent respectively.
The growth rate of the sector on a quarter-on-quarter basis stood at -15.47 per cent. Real contribution to GDP in 2022 second quarter was 8.65 per cent, lower than the 8.69 per cent recorded in the second quarter of 2021 and lower than the 10.20 per cent recorded in the first quarter of 2022.
The newspaper says that the Nigeria National Petroleum Corporation Limited will have the first right of refusal to supply the Dangote refinery with about 300,000 barrels of crude oil per day for the next 20 years.
The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, disclosed this to journalists when he appeared at the 49th Session of the State House Ministerial Briefing organised by the Presidential Communications Team, at the Presidential Villa, Abuja.
A supply of 300,000 per day in 20 years brings the total supply to 2.1 trillion by the NNPC.
According to him, the corporation had succeeded in locking down the huge supply as part of the Federal Government’s means of guaranteeing sufficient petroleum products supply for Nigeria.
“We have secured the right to sell up to 300,000 barrels of crude oil to the Dangote refinery for the next 20 years. Not only that, by right, we also have access to 20 per cent production from that plant,” he said.
He alleged that stolen crude oil products were now stored in places of worship such as churches and mosques.
He also noted that various law enforcement agencies had arrested 122 persons involved in pipeline vandalism and oil theft from April to August of 2022.
This was as he justified the government’s recent move to hire private entities to safeguard the network of oil pipelines crisscrossing the country.
According to him, the NNPC operatives discovered that stolen petroleum products were stored in places of worship with the consent of the clergy, members and neighbours.
He claimed that in one instance, at least 295 illegal connections were spotted on a 200km stretch of pipeline.
The Guardian reports that Nigeria’s bid to float a new national carrier appears to have entered the wrong time zone, with credible investors and technical partners allegedly reluctant to warm up to the high-end venture.
The development, following the completion of the bid process, is another drawback for the July 2022 take-off, as well as nurturing the airline to stability before the end of this administration. It was the fifth time the national project has aborted the crucial take-off.
The hard-sell, The Guardian learnt, may not be unconnected with the state of the global economy, local peculiarities, including political uncertainties in an election year, and the project setup that has already gulped over N14.6 billion from a government that has only five per stake in the airline.
Industry stakeholders are far from being impressed with the ongoing ‘hawking’ of a new airline and other elements of the aviation development roadmap that was launched in 2016. None of the five elements has been delivered within nine months to the end of the administration.
Though the project consultants are optimistic about the new carrier, others demand attention shift to pressing existential issues that are threatening the entire sector.
It would be recalled that President Muhammadu Buhari had, during the 2015 electioneering campaign, promised to float a new national carrier as a replacement for Nigeria Airways which was hurriedly liquidated in 2004.
The Minister of Aviation, Hadi Sirika, 2016, rolled out an Aviation Roadmap development agenda for the transformation of the sector. The plan had as a priority, the new national carrier, the concession of all the airports for efficiency, aircraft leasing companies, maintenance facilities and the development of aerotropolis.
After its christening before an audience of investors at the Farnborough Airshow, London, in July 2018, the Nigeria Air was scheduled to take off in December that year. Criticism at home and lack of budgetary provision forced the Federal Executive Council to set it aside indefinitely.
The newspaper says that President Muhammadu Buhari has promised that government will ensure Nigerians don’t get intimidated or humiliated by those in positions of power during the 2023 general elections.
While reflecting on current political happenings ahead of the election during a meeting with governors of the ruling All Progressives Congress (APC), yesterday, the President declared that he will not allow any politician to intimidate Nigerians with their personal resources.
The Chairman of the Progressive Governors’ Forum (PGF) and governor of Kebbi State, Abubakar Atiku Bagudu, led members to the State House, Abuja.
President Buhari also gave an assurance that his administration would ensure that eligible citizens vote for candidates of their choice and that people’s votes would count during the next election.
He said: “We will not allow anyone to use personal resources or their influence to intimidate other Nigerians. We will not allow intimidation materially, morally or physically. This is the kind of leadership that can emerge and consolidate our nation.
“In six months, Nigerians will appreciate the government of APC that we are sincere and we respect them.”
The President said APC, under his leadership, will continue to respect Nigerians and ensure that their votes count and that the people’s voice matters in choosing political leaders at different levels.
He assured Nigerians that APC will continue to bequeath strong political institutions that reflect their choices through non-interference in elections, citing the outcome of polls in Ekiti, Anambra and Osun states as indicators. APC lost the governorship elections in Anambra and Osun but won in Ekiti.
His words: “I want Nigerians to know that we respect them, and for us to show that, we will allow them to vote who they want. We all witnessed what happened in Anambra, Ekiti and Osun states. What happened in those states gives me a lot of hope that we are succeeding.’’
The President urged the party’s leaders to intensify efforts in “thinking, meeting and strategising for the 2023 elections.’’
GIK/APA