All posts by stephen

NBS releases 2017 GDP report

The Nigerian Bureau of Statistics (NBS) has released Gross Domestic Product (GDP) report for 2017.

According to the NBS, in 2017, real GDP turned to positive growth in the second quarter and sustained its acceleration on a year-on-year basis, while annual real GDP growth rate in 2017 was recorded at 0.82%, signifying economic recovery when compared to –1.58% in 2016.

Real Household Consumption and Government Consumption Expenditures generally declined in 2017 at –0.99% but improved compared to 2016 (-5.71%). Domestic demand was still weak.

Net Exports grew significantly in real terms in 2017, which was mainly driven by the strong performance in the third quarter. However, this was slower than 2016 (22%).

National Disposable Income declined by 1.52% in 2017, majorly due to the continuous decline in the largest component— Operating Surplus which recorded a negative annual growth rate, of –2.11%.

 

Insurance industry loses N100bn annually to capital flight in aviation

THE nation’s insurance industry loses N100 billion yearly to capital flight due to lack of adequate capacity to underwrite the high risk in aviation insurance business.
File: insurance
Commissioner for Insurance, Alhaji Mohammed Kari, who disclosed this in Abuja, said, “Insurance industry loses no less than N100 billion in the aviation sector annually to capital flight.”
He said that the National Insurance Commission, NAICOM, is making all efforts to improve the capacity of local insurance firms to enable them control substantial portion of the aviation insurance business in the country.
Kari noted that with the remarkable improvements recorded in the aviation sector within the last few years, there is hope of further stride in local content aviation insurance in Nigeria by 2010.
In an interview with Financial Vanguard , Deputy Managing Director of Africa Reinsurance Corporation, Africa Re, Mr. Ken Aghoghovbia, said aviation insurance is still far from local content.
He stated: “For aviation business, if you cannot retain much, you will be forced to retrocede a lot more than you can keep.”

Breaking: Governor Ortom impeached by eight Benue APC Lawmakers

Eight lawmakers of the Benue state House of Assembly under the All Progressives Congress, APC, have served impeachment notice to the Governor of the state, Samuel Ortom.
Ortom
The lawmakers who sat in the state’s Assembly complex on Monday, 30 July, 2018 gained access to the state assembly complex while the police barricaded further access to the house, Ortom’s aide has confirmed.
According to Ortom’s spokesman, Tahav Agerzua, the lawmakers took over the Assembly complex to sit and pass the impeachment notice while the police blocked further access.