I 24
DAILY TRUST
Friday, May 27, 2011
Business
Agric, other.s drive ,economy in Ql. *Govt borrowing stifles credit to private sector By Idris Ahmed
AGRICULTURE, services, wholesale and retail trade drove the economy in the fIrst quarter of the year, the Central Bank of Nigeria
(CBN) has said. During the period, the non-oil sector grew by 8.46 per cent while the oil sector output growth was estimated at 2.90 percent. Provisional data from
the National Bureau of Statistics (NBS) indicated that real gross domestic product (GDP) was projected to grow by 7.43 per cent in the fIrst quarter. The Monetary Policy
Committee (MPC) of the CBN said on Tuesday that the outlook for 2011 is generaliy good and this is underpinned by the favourable conditions for increased agriculturall'ro-
ulate the economy will help in sustaining the economy. The Committee observed that government borrowing is crowding-out
duction, encouraging oUJcomes of the banking sector reforms. ' It also said that measures to channel credit to the r eal economy as well as other initiatives by governments to stiJn-
private sector credit.
"The huge growth in credit to government against the backdrop of continuing decline in private sector credit clearty indicates that government borrowing is crowding-out private sector credit;' it said. Banks in their bid to rebuild their balance sheets have become increaSingly risk-averse and have preferred to channel their funds into the relatively risk-free
QUEENS SCIENCE ACADEMY, KANO STRIVE FOR EXCELLENCE TALATAR JIDO, YARGAYA MAIDUGURI ROAD TEL: 0806 977 2289; 07063888622, 08022678111 http:/ / www.qsanigeria.net. E- mail: qsakano@yahoo.co.ull
governemnt sector.
Provisional data showed that the growth in broad money during the fIrst four montlls of the year was 3.24 per cent, or 9.72 per cent when annualised. Aggregate credit contin路
ued to decline largely as a result of reduction in credit to the core private sector
and to state local govern-
Our Vision: PRODUCE WORLD CLASS Lt:ADERS
to
ments.
The MPC urged that efforts should be sustained to de-risk the real economy through appropriate reform
'.
Our mission:
measures.
To develop the capacity of our students and mould theircharac\er so as to prepare them forthe world oftomqrrow . .
,Gazprom quits in Namibian gas project plan
'[!/Ie are committed to ella6ul1B gins to acfiielJe academic Sllccess, 4e1Je[op a strollg sense ofselfesteem alldjoster a{ijefollg elltfiusias11ljor {eamillg. 'We pro1;'we all academicallY cfialkllgillg environment ill 'Wfiicfi a{{ Ollr stzufellts are encouraged to strive jor eJ(!elkllce. Q$JI provides acarillg jn'ellJf0, ellvironment tvlieretfie needs illdividua{{earners are recognized. WHAt W~ OFFER:
THE long-delayed Kudu development in Namibia just took another hit as the company that. was 路seen as the force needed to push it forward, Russia's Gazprom, bailed out on the project. The Kudu gas fIeld has an estimated 2 Tcfofgas and was seen as a way of saving the country's extremely beleaguered power generation capacity. The exit of the Russian fIrm came with little fan fare, with Mines and Energy Minister Isak Katali recently
I
First class teaching and support staff; Physics, chemistry and Biology laboratories equipped with the most recent equipment. ICT laboratories with internet access and a computer for each student l!'lpressive dormitories for maximum of 8 students with air-conditioning and private bathrooms Very good and well equipped sick bay staffed by resident nurses and a consultant doctor on call Etectricity guaranteed for 24 hours by OlJr own generator plant Portable drinking water from our own boreholes All round security with security wires and CCTV cameras Serene environment for the all-found development of the girl child
confirming Gazprom's exit
AOMISlllON FOR 2011/2012 AcADEMIC SESSION Application forms are now on sale for N 5,00'0.00 at the following places: Queens ~cience Academy, Kano Premier International School, Wuse II Abuja. Or request to download from your e-mail address eN~N[jE ~XAMS
_
DATE: Saturday, 4TH June, 2011 at: Queens Science Academy, Kana By: 9:00am PROMPT Premier International School, Abuja 10:00 am PROMPT
I
with Namibia's New Era. Katali said "Last week, we received a letter saying they are not interested because the project did not pass tlleir high-level approval;' Katali said. Gazprom's exit is just one of many setbacks the project has had since ti,e Kudu fIetd was discovered in the early 1970s, although some progress was made in recent years on the project. Tullow Oil joined ti,e project when it acquired Energy Africa and was eager to get the baUroiling 011 the project as far back as 2004.