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FG Generates N39bn From Passport Issuance, Others in 12 Months

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Nigerian passport - Investorsking
  • FG Generates N39bn From Passport Issuance, Others in 12 Months

The Nigeria Immigration Services generated a total of N39.06bn through issuance of passports and other services within the 2018 fiscal period, the National Bureau of Statistics has said.

The figure was contained in a report on the activities of the agency which was released by the NBS on Friday.

The NBS said the amount generated by the NIS in 2018 represented an increase of 9.34 per cent over the N35.72bn local revenue generated in 2017.

In terms of passport application, the report stated that a total of 1,011,158 passport applications were received in 2018 as against 720,958 in 2017.

This, according to the report, represents an increase of about 40.25 per cent when compared to the 2017 application figure.

It explained that 173,461 out of the 2018 application figure of 1,011,158 were minor, 779,905 were adults, while the remaining 57,792 were senior citizens.

The report reads in part, “The immigration statistics for 2018 reflected that a total of 1,011,158 passport applications were received in 2018 as against 720,958 received in 2017.

“This represents about 40.25 per cent positive growth; 173,461 of the 2018 figure are minors, 779,905 are adults and the remaining 57,792 are senior citizens.”

The report said a total of 185,657 passports were issued at the foreign missions in 2018 as against 152,163 issued in 2017 while the number of visa issuance at the foreign missions was put at 120,697.

In terms of international travellers, the NBS report said about 4,529,153 international trips were recorded across all Nigeria’s borders in 2018 as against 3,715,268 in 2017.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Agricultural Sector’s Contribution to GDP Decreases in Q1 2024

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Nigeria’s agricultural sector declined in its contribution to the Gross Domestic Product (GDP), according to recent data released by the National Bureau of Statistics (NBS).

The sector, which encompasses crop production, livestock, forestry, and fishing, experienced a decrease in its nominal growth rate compared to the same period in 2023.

The data reveals that the agricultural sector grew by 0.77% year-on-year in nominal terms in Q1 2024, a decrease of 4.47% points from the corresponding quarter of the previous year.

This decline is significant, especially when compared to the growth rate of 14.94% recorded in the preceding quarter, showcasing a downturn of 14.17% points.

Crop production emerged as the primary driver of the sector, constituting 87.98% of the overall nominal value of the sector in Q1 2024.

However, despite its dominance, the sector’s contribution to nominal GDP stood at 17.22%, reflecting a decrease from the rates recorded in both the first quarter and fourth quarter of 2023, which were 19.63% and 24.65%, respectively.

In real terms, the agricultural sector experienced a modest growth rate of 0.18% year-on-year in Q1 2024, indicating an increase of 1.08% points from the same period in 2023.

Nevertheless, this growth rate represents a decline of 1.92% points from the preceding quarter, which recorded a growth rate of 2.10%. On a quarter-on-quarter basis, the sector’s growth rate stood at -32.25% in the first quarter of 2024.

Despite these challenges, the agricultural sector remains a vital component of Nigeria’s economy, contributing significantly to employment, food security, and overall economic development.

As the nation navigates through economic fluctuations, policymakers and stakeholders may need to explore strategies to revitalize and strengthen the agricultural sector to ensure its sustained growth and resilience in the face of future uncertainties.

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Economy

Nigeria’s GDP Grows by 2.98% in Q1 2024, Driven by Services Sector

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Nigeria’s Gross Domestic Product (GDP) grew by 2.98% in the first quarter of 2024 as the services sector sustained growth, the latest National Bureau of Statistics (NBS) report has shown.

This growth was higher when compared to the 2.31% recorded in the corresponding period of 2023, but lower than the 3.46% growth observed in the fourth quarter of 2023.

The report indicates that the services sector spearheaded this expansion as it grew by 4.32% in the period under review and contributed 58.04% of the aggregate GDP

Contrary to previous quarters, where the agriculture sector faced challenges, it rebounded modestly to post a 0.18% growth rate.

This positive performance marks a notable turnaround from the decline of -0.90% recorded in the first quarter of 2023.

Also, the industry sector recorded a growth rate of 2.19%, compared to the marginal 0.31% growth in the same period last year.

The aggregate GDP in nominal terms stood at N58,855,142.27 million for the first quarter of 2024.

Oil Sector First Quarter 2024

Delving into sectoral specifics, the oil sector posted a real growth rate of 5.70% year-on-year in Q1 2024.

Although this growth rate represents a decline from the previous quarter where it stood at 12.11%, the oil sector still contributed 6.38% of the total real GDP.

This performance revealed the sector’s continued importance despite ongoing global economic shifts and fluctuations in oil prices.

Non-oil Sector First Quarter

On the other hand, the non-oil sector expanded by 2.80% in real terms during the reference quarter.

This growth was predominantly driven by key sectors such as Financial and Insurance, Information and Communication, Agriculture, Trade, and Manufacturing.

In real terms, the non-oil sector contributed 93.62% to the nation’s GDP in the first quarter of 2024, lower than the share recorded in the first quarter of 2023 which was 93.79% and lower than the fourth quarter of 2023 recorded as 95.30%.

Despite the challenges posed by the global economic landscape and domestic factors, Nigeria’s GDP growth in the first quarter of 2024 shows resilience and potential for further expansion.

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Economy

Federal Government Disburses N260bn to Revitalize Primary Health Centres Nationwide

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Africa health startup

The federal government has disbursed N260 billion to the 36 states to revitalise primary health centres (PHCs).

This initiative, announced by Muhammad Pate, the Coordinating Minister of Health and Social Welfare, will improve healthcare accessibility and quality for all citizens.

During a ministerial sectoral update organized by the Ministry of Information and National Orientation on Friday, Pate emphasized the urgency and importance of this investment.

“N260 billion is sitting right now at the state level for the revitalization of their primary healthcare centres,” he stated, highlighting the immediate availability of funds for this crucial sector.

The fund, part of which is sourced from the Basic Healthcare Provision Fund, is intended to upgrade and equip up to 17,000 primary healthcare centres nationwide.

This ambitious target aims to significantly improve the quality of healthcare services available to Nigerians, particularly in rural and underserved areas.

Pate noted the government’s strategic focus on primary healthcare as the foundation of a robust health system.

“Our goal is to ensure that every Nigerian, regardless of their location, has access to quality healthcare services. By revitalizing these primary health centres, we can provide essential health services closer to the people, thereby reducing the burden on tertiary healthcare facilities.”

The minister also pointed out that this financial injection would address several challenges faced by the PHCs, including inadequate infrastructure, lack of essential medical supplies, and insufficient staffing.

“This funding will enable states to renovate existing facilities, procure necessary medical equipment, and employ additional healthcare workers to meet the increasing demand for healthcare services,” Pate explained.

The disbursement of these funds is part of a broader strategy to strengthen Nigeria’s health system, which has faced numerous challenges in recent years, including the impact of the COVID-19 pandemic.

The revitalization of PHCs is seen as a critical step in achieving universal health coverage and improving health outcomes for all Nigerians.

Stakeholders in the healthcare sector have welcomed the government’s initiative, calling it a timely intervention that could transform the country’s healthcare landscape.

“This is a significant milestone for Nigeria’s healthcare system. The revitalization of primary health centres is essential for achieving sustainable health improvements and ensuring that every Nigerian has access to basic healthcare services,” said Dr. Adeyemi Adeniran, a public health expert.

The successful implementation of this initiative will require close collaboration between the federal and state governments, as well as active participation from local communities.

The Ministry of Health and Social Welfare has pledged to monitor the utilization of the funds to ensure transparency and accountability.

As the government embarks on this ambitious project, the hope is that it will not only enhance healthcare delivery but also build a resilient health system capable of addressing current and future health challenges.

With the N260 billion disbursement, the federal government has taken a significant step towards achieving this goal, reaffirming its commitment to the health and well-being of all Nigerians.

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