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ICT Sector Contributes 17.83% to Nation’s Economy – NBS



ICT Sector Contributes 17.83% to Nation's GDP - NBS

The National Bureau of Statistics, on Monday released Nigeria’s Gross Domestic Product (GDP), report for the second quarter of 2020 showing 17.83 per cent contribution by the Information, Communication and Technology(ICT) sector.

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In a statement signed by Dr Femi Adeluyi, Technical Assistant, Information Technology, the Minister of Communications and Digital Economy, Dr Isa Pantami, expressed delight regarding the growth of Information Communications Technology’s (ICT) sector and its contribution to Nigeria’s GDP.

The Minister noted that the growing contribution of the ICT sector to the GDP was a direct result of the focused and committed effort of the present administration.

He said that the strategic policy directions of the Federal Government included the inclusion of Digital Economy in the mandate of the Ministry, the unveiling and implementation of the National Digital Economy Policy and Strategy and the National Broadband Plan, among others.

“As at July 2020, the broadband penetration in the country was 42.02 per cent, translating to a percentage increase of almost double digits in less than one year. This is another remarkable achievement.

“The unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to dynamic and results-oriented leadership which has been acknowledged and appreciated by a wide spectrum of the stakeholders in the sector.

“The support of President Buhari has contributed immensely to the impressive developments in the sector.

“Mr President is excited about the growth of the sector and commended the Minister when he heard of these achievements.

“The GDP Report has shown how critical the ICT sector is to the growth of our country’s digital economy and, by extension, the general economy,” the statement said.

It said that the Minister called on all sectors to take advantage of the government’s new focus on the digital economy to enable and improve their processes through the use of ICTs, which would enhance the output of all the sectors of the economy and boost Nigeria’s GDP.

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Nigerian Economy Loses N700Bn to EndSARS Protest – LCCI




Nigerian Economy losses N700bn TO Endsars Protest-LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has valued the nation’s losses as a result of the ENDSARS protest at N700 billion.
The statement released by LCCI partly reads:

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“The Lagos Chamber of Commerce and Industry is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country. Over the past twelve days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas. The Nigerian economy has suffered an estimated Seven Hundred Billion Naira [₦700 billion] loss in the past twelve days’’.

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10,000 Protesters Defy Thai Crackdown After Emergency Decree



Thai protesters

10,000 Thai protesters gathered Thursday in defiance of a sweeping crackdown after authorities moved to crush months of pro-democracy demonstrations by imposing emergency powers and rounding up leading activists.

Protesters chanted “Prayut get out!” and “free our friends!” as they confronted police at Ratchaprasong, a busy junction in central Bangkok, despite a new decree that bans gatherings of more than four people — aimed at quelling student-led demonstrations.

The Government of Prime minister Prayut Chan-o-Cha, a former army chief who initially took power in a 2014 coup, has been the target of the protesters, but they have also taken aim at Thailand’s unassailable monarchy.

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As night fell, Thai protesters waved their lit-up mobile phones in the air.

Thousands sat on plastic sheets on the road snacking on street food while scores more watched from overhead walkways. Many said they would return Friday evening.

After the emergency measures were announced early Thursday, riot police dispersed hundreds of protesters who camped overnight outside the prime minister’s office.

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CBN Invests Over N120bn on Cotton Value Chain



Nigeria’s External Reserves Records Decline to $35.67bn

The Central Bank of Nigeria, CBN says it has invested over N120 billion on the Nigerian Cotton value chain and projected over 300, 000 metric tonnes of seed cotton by end of 2020.

This was made known by the Deputy Governor, Corporate Services, CBN, Edward Adamu, at the Cotton, Textile and Garments, CTG, stakeholders meeting tagged ‘Cotton Harvest 2020 season’.

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According to Adamu, the Apex bank’s intervention is to eradicate smuggling and dumping of textile goods in Nigeria and also to resuscitate and return the lost glory of the cotton textile and garment industry.

He recalls the booming days of the industry that sustained the economy with massive job creation, which in the 1970’s and early 1980s, Nigeria was home to Africa’s largest textile industry, with over 180 textile Mills in operations, which employed close to over 450,000 people.

Explaining that if nurtured properly, the industry can create millions of jobs for Nigerians.

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Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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