Business

South Africa Rebased Economy, Falls $62.29bn Below Nigeria’s GDP

South Africa’ rebased economy, falls $62.29bn below Nigeria’s GDP

Nigeria’s economy remains the largest in Africa after South Africa rebased its economy to include new sectors that sprang out in recent years within the country.

The country recalculated its economic growth in the last nine years, which showed that South Africa’s gross domestic product (GDP) grew by 9.6 percent between 2011 to 2020.

During the period within 2014 and 2020, the Statistics South Africa (SSA) said in its report that the economy grew by 11 percent. The rebase pushed the country’s GDP value to $370 billion.

This is $62.29 billion below Nigeria’s GDP of $432.29 billion, according to data from the National Bureau of Statistics (NBS) and the World Bank.

The rebase by South Africa comes at a period Nigeria’s economy grew by 5.01 percent in the second quarter of 2021. Nigeria had conducted it’s own rebasing in 2014, which edged the country’s GDP ahead of SA.

Rebasing of the economy is done every five years, but when Nigeria last did it, the country calculated from 1999 to 2013. Note that rebasing of the economy enables the adoption of new economic realities, which includes inflation and new sectors.

In the case of Nigeria, the country added the growth of the Nollywood industry and the telecommunications industry. Ripples Nigeria had reported that the Federal Government plans to conduct another rebase exercise, which will cover 2015 to 2018/2019.

Note that the new rebase of South Africa, put their economy in third place, below Egypt and Nigeria respectively.

Business

Dangote Refinery reduces petrol price to N825 per litre

Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, also known as petrol to N825 per litre from N835 per litre as competition continues in the domestic market.

Recall that last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre.

The latest adjustment is targeted at giving customers more value, as well as consolidating its leadership position in the domestic market.

Business

NIMC hikes NIN service fees, increases date of birth correction to N28,574

Federal Govt Launches NIN Diaspora Enrolment Centre In UAE

The National Identity Management Commission (NIMC) has announced a revised price list for National Identification Number (NIN) issuance and other related services.

On May 1, the NIMC announced a review of the pricing structure for all its services.

In its report on Saturday, the commission said the cost of correcting the date of birth on a NIMC slip has increased to N28,574, reflecting a 74.87 percent rise from the previous fee of N16,340.

According to the new price list, modifying other details such as name or address now costs N2,000 per transaction, up by 31.41 percent from the earlier fee of N1,522.

While initial NIN enrolment and issuance of slips remain free, NIMC said the reissuance of lost or damaged NIN slips now costs N600, an increase from N500.

Premium enrollment services offered at licensed lounges, visa centres, and pre-booked VIP services now cost N20,000, and VIP reissuance of NIN slips is priced at N3,500.

Additionally, the commission said the fee for retrieving a NIN via USSD services has risen to N50 from N20.

For Nigerians in the diaspora, NIMC said adult enrollment at regular service points in African countries now costs $50, enrollment for children is $30, and reissuance of NIN slips abroad is priced at $6.

According to NIMC, in African countries, the commission said correcting a date of birth now costs $55, and modifying other fields costs $10.

In non-African countries, the commission said name corrections are priced at $60, while other changes cost $20.

In its executive summary of the revised price list, NIMC explained that the adjustments considered the current inflation rate of 32.70 percent, saying most services were increased by at least 20 percent, with certain exceptions based on the nature of the service.

Business

NCAA sanctions Kenya Airways over passenger complaints

The Nigeria Civil Aviation Authority (NCAA) has sanctioned Kenya Airways for several consumer-related violations involving three passengers, including one Gloria Omisore.

This is contained in a statement on Friday by Michael Achimugu, Director of Public Affairs and Consumer Protection.

Achimugu stated the NCAA issued a sanction letter on Wednesday to Kenya Airways regarding the passengers’ complaints

“The infractions include failure to provide care, lack of transparency in carriage terms, poor communication with the Authority, and mishandling refunds and baggage.

“In accordance with the NCAA Regulations 2023, Kenya Airways must pay fines and compensate each affected passenger with 1,000 special drawing rights.

“The airline has seven days to comply. Failure to do so will result in more severe penalties,” Achimugu said