Understanding Factors Responsible For 3.19 Percent GDP Growth

and in business news the federal government has set up a committee to examine concerns raised by industry stakeholders over the N nigeran Upstream petroleum Regulatory Commission on domestic crude oil supply uh obligations and this is with regards to section 109 committee is headed uh by the permanent Secretary of the ministry of petroleum resources Mr Nicolas Elias and is expected to present its findings on recommendations next week recommendations are expected to provide a way forward for the industry address challenges posed in the sector policy here in the ministry that whenever we see that there is a seeming misunderstanding we bring parties together we've been able to agree except you know for one or two great areas and so disagreement those issues you know that people thought were you know very fundamental issues have been Lely agreed and all of us are committed all you know the companies in Nigeria committed to ensuring that we meet that part of the P that to do with domestic rul ofation marketers earlier today the director general of Franco Nigeria Chamber of Commerce and Industry Mr Moses umoru has expressed excitement over the latest report by the National Bureau of Statistics which says Nigeria's gross domestic product G will buy 3.19% year onye in Q2 higher than 2.51% recorded in the same period of 2023 DG said despite the challenges government economic reforms and policies are gradually yielding positive results for businesses and creating more confidence for investors the business environment is um is showing some confidence in terms of policies from from from from the fiscal side of things um the Tai committee for example has said that has identified 60 taxes and levies and they're trying to shrink it up to down to 10 and of course that if if that comes into being there is a confidence from there that yes that there is going to be um a leeway as far as businesses are concerned apart from that um if you look at what government has instituted in terms of um the single window for Import and Export that was of just of late and these policies are things that you know of course it looks like the same thing with the w dut auction system BR dut auction system for for FX um earnings and the rest of them but it looks like something that um you know pushes confidence as far as the business environment is concerned so irrespective of the challenges they're experiencing they staying back and like yes let's see how it's going to be let's see how long is going to last and we believe that it's going to come down as as time goes on what is has shown is that there is resilience in Nigerian economies and there is um room for confidence now when businesses see that there is hope or there is light at the end of the tunnel there is a possibility that yes okay let's wait and let's go to our reses to ensure that we continue production to ensure that things things are going on but if you look at the World Bank for example the World Bank predicted even their review prediction at at January 2024 it stipulated that the nigeran econom is going to goow by 3.3% right so I think think nigeran economy is going in line with World Bank prediction because they believe that if um the government implements these policies it's going to help the economy in the long run so we believe that this are these things are going to help the economy truckers in the maritime industry are threatening to Halt operations due to surging attacks on their drivers which have resulted in debts extortion and vehicle damage at the meeting in Lagos the association of Maritime truck owners urged the government to take immediate action to address this alarming trend noting that many Trucking and Holly businesses are now operating at a loss TVC news senior business correspondent if a a report if the association of Maritime truck owners follows through on his threat to withdraw Services after a two we timum the consequences could be severe potentially leading to Port congestion and other disruptions to Port operations at this meeting the group made it clear they can no longer tolerate the harassment Distortion and attacks on their drivers by hoodlums along the port Corridor the issue has to do with the ignorable activities of the street orins popularly known as agu you can see from the hall that atmosphere is charged people are angry because of what they have been doing they brutalize our drivers on daily basis sometimes they even kill apart from smashing the risking smashing the damaging the truck they even cause accident that may continue to fall on vehicles the decision to withdraw Services sent from frustration over failure to address the escalating danger to their lives and the safety of the cargo they transport the situation they say has worsened inflation in the country we have issued 4 14 days ultimatum to federal government to look into the activities of all these extortion Bandits that lead echas Corridor AA logistic Corridor the Ley Corridor and other logistic routes they should address these people they should leave the road they should stop harassing truckers the general statistics is showing us that 85% of the of the goods coming to Nigeria and going out out of Nigeria is being carried by the truckers so without if the government can't protect the interest of the driver definitely they are not protect the the interest of the economy because this extortion is killing the economy the truckers are calling on the federal government to take decisive action against the Deep rooted issue which the say is hindering the ease of doing business and discouraging investment in the sector they are also demanding an outright ban on roadblocks and checkpoints used for Tool collection on major highways in accordance with the taxes and Levis Act of 2004 a TVC news Lagos the stock market Rose as some investors gained the market index which measures priz movements in trade sector served by 0.21% it was oando PLC that gained the highest value calculated above 9% others that followed included Julius Berger njer PLC Cornerstone Insurance Company Eternal PLC and dark Communications plc well Nigeria PLC japo gold and Ventures PLC tantalizers fits in Prestige loss in some trade corridors Asian shares followed Wall Street features lower today as vide result disappointed some bullish investors while the dollar steadied and the treasury yield curve came within a whisker of turning positive Europe is set for a mixed open with Euro stock 50 features of 0.2% put the features up 0.2% this is ahead of inflation data from Germany and Spain where any uh downside misses could add to the case for more policy easing in Europe msi's broadest index ofation Pacific shares outside Japan fell 0.3% as tech stocks dragged the Nel e 0.2% South Korea dropped 1% vidia's third quarter revenue forecast of $ 32.5 billion to pass Wall Street estimates NASDAQ features dropped 0.7% S&P 500 skied 0.3% media chip contractor SL 1.8% drug in the broader Taiwanese Market 0.7% down China's Blue Chips were flat having dropped for three straight sessions all right wrapping up business now let's tell you that crude oil prices are steady after two days of decline uh this is with regards to concerns about demand from China and the US count which uh disruptions out of Libya and US West Texas intermediate crude sells for $74. 31 with a decline of 0.28% Brent also experienced a downward review of 0.36% to sell at $78 37 Bon light is selling at $78 62 with a downward price margin of 2.84% and for the OPEC basket HUD diaza offering $ 7943 with an up surge of 2.16% that's business next is sports good evening thank you for watching