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Nigeria’s recession worsens as economy shrinks 2.24% in Q3

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Nigeria’s Gross Domestic Product (GDP) shrunk by 2.24 per cent in the third quarter of 2016, worsening the country’s chances of getting out of its current recession in 2016.
According to the National Bureau of Statistics (NBS), the country’s GDP fell deeper than recorded in the first and second quarters of 2016, leading to the economy shrinking by 0.36 per cent in the first quarter, and 2.06 per cent in the second quarter of 2016.
But experts say that for the country to get out of recession in 2016, it must record a GDP growth of at least 4.32 per cent in the last quarter of 2016.
Meanwhile, the oil sector contributed 8.19 per cent of total real GDP, down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 at 10.27 per cent and 8.26 per cent respectively, NBS said.
On the other hand, the non-oil sector grew by 0.03 per cent in real terms in the third quarter of 2016, reversing the last two quarters of negative growth recorded in Q1 and Q2 2016.
The sectors of the economy, which recorded growth include crop production, fishing, metal ores, textile and footwear, human health and social  services, public administration, technical services, financial institution, arts, entertainment and recreation.
Those that recorded decline were livestock, forestry, oil and gas, coal mining, quarry and other minerals, real estate, food and beverage, motor vehicle and assembly, iron and steel, electronic, chemical and pharmaceuticals, wood and wood products, cement, education, insurance and telecommunication.
Air transport also recorded a decline, while every other means of transportation in the country recorded an increase.
According to the report, “real agricultural GDP growth in the third quarter of 2016 stood at 4.54 per cent (year-on-year), an increase of 1.07 per cent points from the corresponding period of 2015.
“Growth basically remained the same when compared with the previous quarter, which was recorded as 4.53 per cent. The contribution of agriculture to overall GDP in real terms was 28.65 per cent in the quarter under review, higher by 1.86 per cent from its share in the corresponding quarter of 2015, also higher from the second quarter of this year by 6.10 per cent.”
The Federal Government had initially projected a three per cent growth rate for the country in 2016, while the International Monetary Fund (IMF) projected a 1.8 per cent decline.
Meanwhile, the Federal Government yesterday, said that despite the economic recession reflected in the latest release by the National Bureau of Statistics (NBS), its policies have been evidently effective and responsive to pulling the country out of the woods.
Reacting to the latest NBS release, the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, explained that the report revealed a consistent growth in agriculture and solid mineral sectors, indicating the success of the Buhari administration’s economic policies even though overall economy is still in recession.
According to him, the third quarter results just released by the NBS show that the Nigerian economy is still in recession as growth in Gross Domestic Product (GDP) fell by -2.24 per cent in the third quarter as compared to the decline of -2.07 per cent experienced in the second quarter of the year.
He further noted that the slight deterioration in national economic performance owes largely to the continued poor performance of the oil and gas sector, which worsened to -22.01 per cent in the third quarter as compared to -17.48 per cent in the second quarter of 2016.
The Special Adviser said, “the Strategic Implementation Plan (SIP) for the implementation of the 2016 Budget of Change prioritised capital expenditures for power, roads and rail as well as social investments.
“In addition to creating jobs and promoting social inclusion, these expenditures will also provide a stimulus by putting money in the hands of people.
“The usual economic activity that takes place in the Yuletide season will also likely have a positive impact on the wholesale and retail trade sector.
“Overall, therefore, it is expected that these factors which will be underpinned by the policies to be unveiled in the Economic Recovery and Growth Plan (ERGP), to be adopted before the end of the year, will lend further momentum to ongoing efforts to revitalise and reposition the economy,” he said.

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12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.

 

The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

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Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.

 

 

In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

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Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

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A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
 
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

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