The World Bank has announced plans to collaborate with the Nigerian government in the rollout of digital national identity cards for Nigerian citizens. Shubham Chaudhuri, the World Bank Director for Nigeria, spoke about the partnership during a dinner event organized by the Ministry of Communications and Digital Economy. Chaudhuri emphasized the potential of digital technologies to transform the country, stating that a digital national ID is a crucial starting point for this transformation.
In other news, the National Bureau of Statistics (NBS) released its Nigerian Gross Domestic Product (GDP) Report for the second quarter of 2023. According to the report, Nigeria’s GDP experienced a growth of 2.51% in real terms during Q2 2023. This growth, driven mostly by the Services sector, is a positive sign for the country’s economy. However, it fell short of the 3.54% growth recorded in the same quarter of the previous year.
The NBS also revealed that Nigeria’s unemployment rate dropped to 4.1% in the first quarter of this year. This figure is lower than the 5.3% recorded in the fourth quarter of 2022. The data, sourced from the Nigeria Labour Force Survey, indicates that a significant portion of the country’s working-age population was employed during this period.
Addressing challenges faced by the aviation sector, the spokesperson for the Airline Operators of Nigeria (AON) called for a special forex window to enable airline operators to access dollars. Obiora Okonkwo highlighted the difficulties faced by the industry in converting their naira to dollars, as the US currency is often not readily available when needed. He urged the Minister of Aviation to establish a special window with the Central Bank of Nigeria to address this issue.
In terms of revenue allocation, the Federation Account Allocation Committee (FAAC) shared a total of N966.110 billion among the three tiers of government for the month of July. This allocation consisted of distributable statutory revenue, distributable Value Added Tax (VAT) revenue, and Electronic Money Transfer Levy (EMTL) revenue. The FAAC meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reported a decline in petrol consumption in July following the removal of fuel subsidy. With a decrease of 12.96 million liters per day compared to the previous month, the report revealed that Nigerians consumed 52 million liters daily in July. This decline highlights the impact of the fuel subsidy removal on fuel consumption in the country.
In the Nigerian stock market, investors traded N29.299 billion worth of shares within five days, according to recent data. The Financial Services Industry recorded the highest volume of shares traded, followed by the Conglomerates Industry and the Consumer Goods Industry.
In the tech industry, several startups made headlines, including GEM Capital, Moove, Lumi AI, Dabchy, M-PESA, Tramatch, d.light, Traction, and Twitter (now X). These companies are making significant contributions to various sectors and are driving innovation in the country.
Overall, these developments reflect the ongoing efforts of both the public and private sectors to enhance Nigeria’s digital infrastructure, improve economic growth, and create opportunities for the country’s youth. The collaboration between the World Bank and the Nigerian government in implementing digital national identity cards will pave the way for further advancements in the digital space. With positive GDP growth, a decrease in unemployment rates, and ongoing discussions about addressing challenges faced by industries like aviation, the country is striving towards long-term economic stability and progress.
