DAILY TRUST
Monday, February 21,2011
23
Business
Agric sector maintains lead in Nigeria's GOP chart Ltit of top conlributors to lOIij GDP and forecastfor 1ml
By OIayemi R.lbrahim THE agricultural sector has topped the list of sectors contributing to the 2010 real Gross Domestic Product (GOP). This was revealed In the 2010 data on Nigeria's quarterly GOP and the forecast for 2011 released by the National Bureau of Statistics (NBS) last week. The GOP is the total worth of goods and services produced within a given period The sector emerged as the highest contributor by contributing 35.68 percent in the first quarter, 42.32 percentin the second quarter, 44.30percent In the third quarter and 40.26 percent in the fourth quarter. It is expected to contribute a total average of 40.02 percent in the outlook for 2011 with an increase of 5.68 percent. The next in the list of highest contributors is the Wholesale and Retail sector which made a total average contribution of18.7 percent The sectorcontributed22.28 percent in first quarter, 16.19 percent in the cent in its third and first quarters respecsecond quarter, 17.56 percent and lively. This sector is expected to generate 19.20 percent in the third and fourth an increase of3.40 percent in the outlook quarter of 2010. In the forecast for for 2011 which will yield an increase of 2011, it is expected to contribute' 15.12 percent. average total of 19.29 percent mak-: Financial and Insurance sector with ing an increase ofl!.31 percent. 'Telecommunication and Post both conAccording to the release, Petro- tributed 3.50 percent and 4.56 percent leurn and Natural Gas sector con-; to the growth of the economy in 2010. tributed 18.36 percent in its first Both sectors are also expected to record quarter, 15.70 percent in the sec- an increase of 4.08 percent and 34.66 ond, 15.38 percent and 14.45 per- percent In 2011 with a total average of
UNITED Bank for Africa Cote d'Ivoire Limited, a subsidiary of United Bank for Africa Pic, the Pan African financial institutt<in with offices in 18 African countries has announced a temporary. suspension of banking operations in Cote in d'Ivoir~. "The suspension of operation in Cote d'Ivoire is consistent with our group staff welfare code given the current political situation in the country at the moment and the implication for the security of our employees," the bank said in a statement ~igned by Mr. Liby Guil-
3.44 percent and 5.69 percent each. On the top list of the least contributors is Solid Mineral which recorded a total average of 0.3 percent in 2010 but it is expected to rise to 0.36 percent in 2011 with an increase of 12.30 percent. Following in the least is Hotel and Restaurant, contributing 0.50 percent average total to the economy growth and also expected to generate 0.52 percent in 2011 with an increaseofl2.8 percent
lamme, MO/CEO, UBA Cote d'Ivoire. According to him, the suspension of the banking operations became more expedient follOWing the political situation in the country that has made banking operations in the country non-sustainable at the moment. UBA Cote d'lvoire , according to Mr. Guillamme, will resume operations in the country as soon as the sociopolitical and economic environment improves. United Bank for Africa Pic is one of Africa's leading financial institutions offering universal banking to more than 7 million customers across Africa and the world.
UK initiative to boost African trade By Romoke W. Ahmad THE United Kingdom is la\lnchlng a new initiative to boost African trade through reduced bureaucracy, improved transport infrastructure and more efficient border crossings. Andrew Mitchell, Member of Parliament for Sutton Coldfield and Secretary of state for international development disclosed in a press release forwarded to Daily Trust saying African free trade Initiative (AFTi) will see Britain provide technical experts to unblock issues that continue to hold back economic growth across the region. The statement said the initiative will include adviSing African countries on the design of border posts, infrastructure investment and analysis of major transport bottIenecks which they hoped will cut time it takes to travel
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the length of Africa's North South Corridor from nine to seven days and reducing the journey time to three days. It will also help break down trade barriers and open up opportunities for entrepreneurs, both large and small, to access new markets and invest in expanding production and trade. Mitchell posited that the AFTi will "oil the wheels of trade" by making business quicker, easier and cheaper as part of a push to unlock Africa's economic potential and enable people to pull themselves out of poverty. He said "The African Free Trade Initiative clearly demonstrates the UK's commitment to helping to oil the wheels of trade in Africa. "We are offering real, tangible help, from technical assistance on transport infrastructure projects to technical assistance with streamlining border post bureaucracylhat will enable traders to move goods more quicklY:'
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----puJITJ('NOTICE All investors with Nespecto Oil & Gas Umited!Flagship who participated in the recently concluded registration exercise for the amount invested in the company are requested to please come and check their names, amount invested, name of bank and account number in the compiled list between Monday, February 21 and Friday 25, 2011, to confinn non-error in the compiled list for necessary corrections I amendments.
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