President Tinubu Commissions Lagos-Calabar Superhighway, Nigeria’s Q1 2024 GDP Growth Slows to 2.98%, Services Sector Remains Primary Driver – Trending Today

Tinubu Nigeria

Happy Children’s Day! In today’s trending news stories;

1. President Bola Tinubu in Lagos State commissioned the Lagos-Calabar Superhighway, a 700 km coastal road costing around N15 trillion. The road will link Lagos to Cross River, passing through Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom states. The project has faced criticism for its timing, although Works Minister Dave Umahi defends it as beneficial for Nigerians. In celebration of his first anniversary, President Tinubu will also inaugurate several projects, including a concrete-paved road to Apapa and Tin Can Island ports, financed by the Dangote Group; the refurbished Third Mainland Bridge; and the rehabilitation of 330 roads and bridges across the country. Following his return to Abuja, Tinubu will inaugurate the Southern Parkway, attend the National Assembly Dialogue Series, unveil the National Assembly Complex, relaunch the Abuja Light Rail, and commission several other infrastructure projects, including the Wuye Flyover-Link Bridge, the Defence Intelligence Agency Headquarters, and the NASENI-Portland CNG Reverse Engineering Centre.

2. Nigeria’s GDP growth rate slowed to 2.98% in Q1 2024, down from 3.46% in Q4 2023, but higher than the 2.31% recorded in Q1 2023, according to the National Bureau of Statistics. The nominal GDP for the quarter was N58.86 trillion, reflecting a year-on-year nominal growth of 14.86%. The services sector, which grew by 4.32%, was the primary driver, contributing 58.04% to the GDP. The non-oil sector contributed 93.62% to the GDP in real terms, and grew by 2.80%, while the oil sector’s contribution rose to 6.38%, with a real growth of 5.70%. Average daily oil production increased to 1.57 million barrels per day. Agriculture’s contribution to GDP decreased to 21.07%, manufacturing to 9.98%, and trade to 15.70%. The Arts, Entertainment, and Recreation sector increased its contribution to 0.31%. Additionally, the CBN raised N1.8 trillion through Open Market Operation (OMO) and Nigerian Treasury Bills (NTBs), with heightened interest in longer-term securities. The NTBs auction saw strong demand, particularly for the 364-day bills, reflecting increased investor interest due to higher yields driven by recent hikes in the Monetary Policy Rate.

3. The Kano State Government has declared that it will not be intimidated by its decision to dissolve the five emirates and reinstate Emir Muhammadu Sanusi II. Deputy Governor Aminu Gwarzo emphasized that the decision was made through proper legal channels and aimed to serve the common good of the people. He explained that peaceful coexistence was necessary for the state’s progress and political stability, affirming the administration’s commitment to the principles of peace, justice, equality, tolerance, and hospitality.

4. Dr. Temitope Ilori, Director General of the National Agency for the Control of AIDS (NACA), on Children’s Day emphasized that no child should be born with HIV, given the advanced technology available today. In a statement issued by NACA’s Head of Public Relations and Protocol, Toyin Aderibigbe, Ilori said it was important to safeguard children’s health, happiness, and well-being by addressing mother-to-child HIV transmission. Ilori reaffirmed the commitment to ensuring no child begins life with HIV by enhancing Prevention of Mother to Child Transmission (PMTCT) services. Despite progress in reducing mother-to-child transmission rates, significant work remains.

5. Senator Oluremi Tinubu, Nigeria’s First Lady, warned that Nigerian children risk losing their identity if societal issues are not addressed. Speaking at the “Celebrating the Woman” event in Abuja, marking President Bola Tinubu’s first year in office, she stressed the need for women to nurture children and uphold cultural values. Mrs. Tinubu called for women to be unifying forces in their homes and communities to promote national prosperity and urged them to draw inspiration from pioneering women. She was praised by other speakers, including the Wife of the Vice President, Hajia Nana Shettima, and former First Lady Patience Jonathan, for her experience and leadership.

6. Manchester United manager Erik ten Hag has the support of several key figures at the club amid uncertainty about his future. Reports surfaced that club chiefs planned to sack Ten Hag after the FA Cup final, following an eighth-place Premier League finish, regardless of the outcome against Manchester City. However, United’s surprising 2-1 victory in the final, marking Ten Hag’s second trophy at Old Trafford, has influenced opinions. New part-owners INEOS, led by Sir Jim Ratcliffe and Sir Dave Brailsford, are conducting an end-of-season review to decide on Ten Hag’s future. Despite the review, many prominent figures within the club advocate for him to stay. Nonetheless, United has already been in contact with potential replacements, making it an anxious period for Ten Hag.

7. Paul Nonso Okoye, known as Rudeboy and half of the popular music duo PSquare, has confirmed his marriage to Ivy Ifeoma Iboko. The couple had a traditional wedding in Ivy’s hometown of Igbere, Abia State. Rudeboy shared photos from the ceremony on his X handle, captioned “[hash tag] Ifynonso.” This marks Rudeboy’s second marriage; he was previously married to Anita, with whom he has three children, until their divorce in December 2022. Rudeboy introduced Ifeoma as his girlfriend in December 2022, a year after his divorce.

 

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