Mobility On Water: Meet First Test Drives Of Daimler’s Motorboat

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Mobility On Water: Meet First Test Drives Of Daimler’s Motorboat
  • The high-speed combustion engine as a boat drive was premiered in August 1886
  • Motorboat prototypes were tested on the Neckar near Bad Cannstatt
  • In the same year, Daimler registered a patent for the motor drive for boats

Stuttgart. It didn’t have a sail, nor was it rowed by muscular strength: at first glance, the observers on the bank could not tell what was moving the boat, which cruised on the Neckar near Cannstatt so effortlessly in August 1886.

Mobility On Water: Meet First Test Drives Of Daimler’s Motorboat -Brand Spur Nigeria
Mobility On Water: Meet First Test Drives Of Daimler’s Motorboat -Brand Spur Nigeria

Perhaps an electric motor was hidden in the housing in front of the helmsman? No, the little boat had the high-speed combustion engine by Gottlieb Daimler and Wilhelm Maybach working in it. Even before the first drive of Daimler’s first car, the motor carriage, he launched this innovative drive system on water 135 years ago. It corresponded with the mobility pioneer’s vision of motorization “on water, on land and in the air”.

Innovative trio

In the summer of 1886 Daimler equipped three differently-sized boats with the small and powerful one-cylinder engine, which, because of its distinctive shape, was also known as the “grandfather clock”. They offered enough space for between two and ten people.

Mobility On Water: Meet First Test Drives Of Daimler’s Motorboat -Brand Spur Nigeria
Mobility On Water: Meet First Test Drives Of Daimler’s Motorboat -Brand Spur Nigeria

The “Neckar” was the biggest of the three, with the “Rems” in the middle and the “Schwaben” the smallest. The engine, on which Daimler and Maybach had been working since 1882 in Cannstatt and which debuted in the two-wheeled “Reitwagen” (“riding car”) in 1885, proved to be highly successful as a boat drive.

However, there were still reservations from the public over the use of the new engine in vehicles. Daimler therefore wanted to give the impression of an electric drive system. His son, Paul Daimler, reported: “In this [first] boat, which was even fitted with electrical insulators and wires during the day in order to keep the fact.

TIBCO Named A Leader In Augmented Bi By Top Independent Research Firm

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TIBCO Named A Leader In Augmented Bi By Top Independent Research Firm

TIBCO Software Inc., a global leader in enterprise data, empowers its customers to connect, unify, and confidently predict business outcomes, solving the world’s most complex data-driven challenges.

TIBCO recently announced it was named a Leader in The Forrester Wave™: Augmented BI Platforms, Q3 2021 report. The study analyses vendors’ strengths in augmented business intelligence (BI), evaluating companies through rigorous research across 25 criteria.

“The worlds of BI, analytics, data science, and data management are colliding and converging, as we innovate and adapt to rapidly changing business ecosystems,” said Michael O’Connell, chief analytics officer, TIBCO. “This position as a leader in augmented BI adds to TIBCO’s recognition by top analyst firms as a leader in analytics. We see this as confirmation of TIBCO’s hyperconverged analytics vision, where the combination of visual analytics and data science with real-time data results in smarter decisions and high-value business outcomes.”

The Forrester Wave™: Augmented BI Platforms, Q3 2021 gave TIBCO the highest possible scores in the criteria of machine learning for citizen data scientists, machine learning functionality for data scientists, natural language query, cloud connectivity and hybrid environments, and translytical low-code app development.

According to the Forrester report, “TIBCO Spotfire fuses all advanced analytics — data science, geolocation, streaming. TIBCO Spotfire packs a formidable set of advanced capabilities in a single platform – an impressive number of complex, highly interactive data visualisations (a differentiator that reference customers point out); advanced geospatial, graph, and network analytics; and about a dozen pre-packaged ML models. The product also includes Spotfire Data Streams, a highly differentiated streaming analytics capability that can be set up simply by connecting to a streaming data source, while most competing platforms require additional integration efforts to achieve the same capability.” 

TIBCO Spotfire 11 delivers embedded data science workflows, opening up its use by non-developers, while Spotfire Mods assists in enabling low-code development for tailored, visual analytics applications, speeding customer innovation. More than just a BI dashboarding solution, Spotfire scales across any size enterprise, meeting simple or advanced use cases and serving the full spectrum of forward-thinking, data-driven users, including analysts, citizen data scientists, and data scientists. TIBCO continues to add innovative enhancements, including a generational set of immersive, smart, and real-time analytics capabilities. This increases business value by compressing the time from business events to analytics, insights, and action.

Opay – A $2 Billion Fintech Startup Has Become Africa’s Fastest Unicorn

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Opay – A $2 Billion Fintech Startup Has Become Africa’s Fastest Unicorn

In less than three years, OPay has gone from a curious startup known for its motorcycles in Lagos, Nigeria, to a financial services company worth $2 billion.

The latest valuation comes after it raised $400 million from a round led by SoftBank, the Japanese investment firm, with Sequoia Capital China, and five other large firms participating.

No other startup whose operations are based in Africa has raised as much in one round. Flutterwave achieved a value of $1 billion in March this year, after raising $170 million. OPay’s new valuation makes it the fastest African startup to cross $1 billion in value, even if there’s often a debate about whether it is appropriate to even define it as an African startup, because it is owned by Chinese billionaire Yahui Zhou through Opera, the software company based in Norway.

Blitzscaling on a different level

Zhou says OPay wants to be “the power that helps emerging markets reach a faster economic development.”

In Nigeria, where the company started in August 2018 and still the base for its main operations, agent banking is a recent source of growth. OPay provides individuals with a point-of-sale machine and underlying software, so they can act as banks and ATMs (except they can’t open 24/7). These agents are able to open bank accounts, receive deposits, and fulfill withdrawals.

The company says it processes $3 billion in transactions every month, and, in May 2020, reported having over 300,000 agents across the country. Apart from agent banking, payments processing for businesses is at OPay’s core; one format for this is the use of QR codes.

Venture capital has driven the company’s rapid growth. Within a six-month period in 2019, OPay raised $50 million and then $120 million, setting down an early marker for its ambition to dominate African fintech. The plan was to be a super app for peer-to-peer payments, transportation, food, asset management, and even instant messaging.

After last year’s ban on motorcycles in Lagos, and the effects of the pandemic, OPay decided to focus on payments, which it offers in Egypt as well as Nigeria.

SoftBank now has eyes for Africa

Mega rounds by African fintechs have attracted big-name investors like Jeff Bezos (whose company invested in Chipper Cash) and Tiger Global (Flutterwave). OPay has followed suit by making itself the first investment by SoftBank in Africa. SoftBank’s Vision 2 Fund has a $40 billion purse.

It opens the possibility for more African startup investments by SoftBank, though the size of this round indicates that potential startups will have to be on a fast-track growth trajectory similar to OPay’s. That could come with its own kind of pressure, and SoftBank’s adventure with WeWork remains fresh on most minds. However, SoftBank’s entry all but confirms that African fintech is mature and has the world interested if further confirmation was ever necessary.

How To Talk With Strangers Online Nicely

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How To Talk With Strangers Online Nicely

It is not easy to start an online discussion with outsiders. First of all, you have no idea who you are talking to, and you have no idea. What to say or how to start a discussion on Omegle. Some groups are acceptable at the beginning of the discussion. But it is an annoying and overwhelming task for the vast majority.

Countless things affect us when we try to connect with strangers. It is difficult to start an argument and make a big difference. The best advice for starting and continuing a discussion is to be ordinary. It’s not that hard to start a discussion and make a difference just like Camsurf. Don’t push anything to the extreme, and you’ll be fine.

Here are some tips to help you start an online discussion and make a difference.

Give them something to work with Random chat

If you are in contact with someone and don’t give them something to work with, you don’t show any interest in the discussion. In case it’s just Hello to someone, and you’re not sending anything other than “Hi,” you need to take care of your passing skills at this point.

As the saying goes, “The initial feeling is the last impression,” and assuming that your initial line is acceptable and fascinating, the other person will also be willing to continue the conversation with you. At the same time, if your opening is simple Hey or goodbye, you should probably ignore anyone who reacts to you. You can also make a live video cam on Chatiw.

Actively participate and be present in the conversation

Moment you are discussing with someone, at this point, you are constantly making sure that you are effectively involved and present in the discussion. So, The moment you act dynamic and are watching the discussion, the other person will also try to do the same, which will be relevant to the discussion.

The moment you make the other person feel that you are interested in the discussion and what they have to say, they will also try to make a big difference. Anyway, assuming you show no interest, the discussion will end at some point.

How To Talk With Strangers Online Nicely-Brand Spur Nigeria
How To Talk With Strangers Online Nicely-Brand Spur Nigeria

Make them feel important

Asking questions is one of the most prominent approaches that have a significant influence on a discussion. When you ask the other person about them, you make them feel like you want to think about them. People love to talk about themselves, and when you ask them questions and get information about their character, what they like and what they don’t like, etc., you make them feel significant, which is likely to have a big impact on them—the discussion.

Remember that when talking to the most bizarre, never brag about yourself or have a whole discussion about yourself; give them a scene to argue about you.

Talk about yourself on Omegle

The moment you give the other person a discussion about yourself. At this point, feel free to argue about yourself on the basis that many people make the mistake of getting information about everything and having the whole discussion about it without revealing anything. The vast majority don’t care when you ask them everything and reveal nothing about yourself.

When researching a topic or asking a question. So, feel free to talk about yourself and educate the other person about yourself. Remember that balance is a form of discussion. In case you start to rule the discussion, the other person probably doesn’t like it.

Try not to force to make conversation

If you are chatting with someone online at different stages of the line. such as Omegle, CooMeet, Chatiw, etc., and you feel like you are not intrigued and not trying to drive. Then this is not the best thing to do. If you are trying to make the discussion fascinating. But the other person offers you a stalemate proclamation or one-word answer. The other person is not eager to talk to you. You are in an ideal position to talk to another person because you are making an honest effort to make a big difference in the discussion. Still, it seems like the other person is not intrigued, and then let us go instead of throwing out all your vibes or limiting you.

Act naturally and be original

The only thing nobody likes is a hotshot and a trap. If you are chatting with someone online and not behaving exceptionally, trying to be a hot shooter. And having fun, no one will love you. Act constantly naturally and be unique. Try not to try to be someone you are not. Keep showing your true self to others.

Brandspur’s Founder, Bolaji Esan Laid To Rest In Ibadan

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Brandspur’s Founder, Bolaji Esan Laid To Rest In Ibadan

Bolaji Esan, the CEO of Brand Spur Nigeria was laid to rest today in the City of Ibadan. He died in Lagos after a brief illness and he is survived by his wife, daughter, parents, and siblings.

Bolaji Esan being energetic, playful and a promising person was loved by both family, colleagues, and friends.

A grieving friend said, “Bolaji Esan was described as a great and calm person whose death came as a shocker to many of his friends and associates”.

The Pastor during the burial mentioned that ” Life is pleasant, death is peaceful. He has just being transited to another life” Hence, the need to give all praise to God despite the situation.

Another at the burial said, “I couldn’t hold my tears for he was so helpful anytime you called on him and may his soul rest in perfect peace”.

Members of the Brandspur team are also still grieving the loss of a thoroughbred entrepreneur and his impact would forever be in our hearts.

They say life is rich when it is impactful; your impact shone through whenever you were around your family, friends, and associates. Sleep well friend, brother, colleague, leader; Adieu Bolaji Esan!

Crypto Exchange Bybit Backs Esports Heavyweight Virtus.pro

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Crypto Exchange Bybit Backs Esports Heavyweight Virtus.pro

Bybit, a crypto exchange growing in popularity and recognition, is rapidly expanding its esports portfolio. It brings onboard a new partner, Virtus.pro (“VP”), one of the most influential and time-tested professional gaming clubs in the CIS region, with a global reach.

Founded in 2003, VP is the most prestigious pro league in its native Russia, dominating the country’s most popular game DOTA 2 with 25.6 million viewing hours in 2020. VP teams’ achievements in nearly two decades have been rewarded an awe-inspiring $16m in prize money globally.

Bybit is having its own “Grand Slam” moment in building esports clout. The crypto exchange branched out to the competitive gaming community in 2021 and has struck four high-profile esports partnership deals to date.

The outfits captivate global audiences with the most coveted divisions and athletes in this genre, winning international tournaments and championships in virtually every popular video game on the planet. As of Aug. 25, Bybit’s esports portfolio cover three out of the top five teams in the CS:GO World Ranking according to HLTV.org.

With the latest addition of VP, the sponsorships will get the Bybit name across to a combined global fanbase of over 28.7 million.

Winners Take All: Esports Teams and Crypto Traders to Divide $7.5m Prize Pool

The announcement makes official Bybit status as VP’s NFT Partner and exclusive Official Cryptocurrency Platform Partner of VP, backing VP’s formidable DOTA 2 and CS:GO teams.

Apart from logo displays on branded platforms and team jerseys, the partnership spans across a diversity of engagements and activations, with a focus on impact-driven community initiatives — including social causes and inclusive financial education, NFT developments, and player participation in the crypto trading competition of the year.

VP’s esports sensations will be competing with traders worldwide in Bybit’s flagship crypto trading event, the World Series of Trading (WSOT) 2021. Each team in Bybit’s esports family is presenting their best players in the trading competition, leading cohorts towards victory for a lion’s share in the record prize pool of $7.5m this year.

With the advancements in software, hardware and mobile technologies, and accelerated by societal changes brought upon us by the ongoing global pandemic in every corner of the globe, esports is on an unstoppable course to challenge competitive sports and entertainment as we know it.

“The coming of age of esports is testament to technology’s ability to touch our lives, redefine entertainment and inspire our imagination in only a few decades. Crypto and its underlying technologies tell a similar tale — the potential of digital assets has transformed our thinking of value and wealth. We are witnessing only the beginning of profound changes for generations to come,” Ben Zhou, co-founder and CEO of Bybit, explained his fascination with esports.

“Esports is now as much a spectator sport as it’s a participation sport, and WSOT will also be such an occasion for crypto lovers everywhere. We want to build an arena where anyone who believes in crypto and enjoys trading can achieve their personal best,” said Zhou.

VP will be curating content on crypto and financial education across the club’s channels during the three-year partnership, expanding the intersection between the esports and the crypto communities.

“Both digital financial assets and esports are relatively new industries. Despite their fast growth and the fact that everyone is talking about it, a lot of people may still find it complicated and not easy to understand. That is where our goals with Bybit are aligned: we are constantly improving and trying to make what we do best as simple as possible to understand for the audience. We are delighted to have Bybit joining esports with their large-scale projects and proud to be their partners in Russia!” said Sergey Glamazda, CEO of VP.

PMI Virtual Africa Conference 2021 To Hold September

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PMI Virtual Africa Conference 2021 To Hold September

Now in its sixth year, Project Management Institute’s (PMI) Virtual Africa Conference on 4 September will provide learning and networking opportunities for ‘Africans to learn from Africans’. 

With PMOE (Project Management-Oriented Employment) opportunities in Sub-Saharan Africa predicted to grow at 40% from 2019 to 2030* and the largest globally, PMI Africa Conference is open to Pan-African and global audiences keen to learn how changemakers and project professionals from across the continent are seizing this significant growth opportunity.

“As a virtual event, this year’s Africa Conference on 4 September is an incredible opportunity for learning and professional development – open to all changemakers in Africa and around the world. The theme of this year’s conference – ‘Africa: An Ecosystem of Changemakers’ – could, therefore, not be more relevant.

PMI Virtual Africa Conference 2021 To Hold September

Changemakers are the many people who need project-based skills and insights to get work done, tackle their challenges, secure career opportunities and realize their ambitions to improve livelihoods”. Said George Asamani, Business Development Lead, PMI Sub-Saharan Africa.

Changemakers and Project Professionals will hear perspectives from thought leaders and practitioners on opportunities across the continent and the skills that will continue growing in demand for project professionals. For example, findings from PMI’s 2021 Talent Gap Report (https://bit.ly/2XPWCzf) has revealed that the global economy needs 25 million new project professionals by 2030 to help organisations turn their biggest ideas into reality. And in Sub-Saharan Africa, the potential for economic expansion in the long term is very encouraging.

Building on the success of last year’s conference which attracted more than 2,000 delegates, this year’s PMI Africa Conference on 4 September is expected to attract more changemakers and project professionals than ever. Qualifying press are invited to learn more about the conference and get the inside track during a virtual media briefing on 2 September.

The population of Africa has grown rapidly over the past century, making it the second most populated continent, with around 1.37bn people and a growth rate of more than 2.5% per year. This makes the continent fertile ground for new projects and investments.

The conference will provide hands-on, practical information and insights from keynote and session speakers selected for their expertise and passion.

  • Included in the programme will be Desmond Ovbiagele, award-winning Nigerian film director and producer of The Milkmaid Movie, who will share insights on leading projects in the world of cinema.
  • Renowned professor and organizational theorist Eddie Obeng will conclude the conference with a closing keynote on ‘Leading together to Successful Change’, highlighting how practitioners can harness the opportunities of our changing, complex, and ambiguous world through interdependent innovation and project delivery.
  • Africa’s young population will inevitably reshape the world of project management. For this reason, we have included a dedicated track focusing on youth enablement. One of the speakers for the youth track will be Aya Chebbi, the first African Union Youth Envoy, and she will speak on Intergenerational Co-Leadership for Africa’s transformation.

Participation in the conference will open opportunities for delegates to learn about the latest best practices, the challenges facing professionals and strategies being put in place to meet Africa’s demanding environment. Networking opportunities and the chance to interact with speakers will add significant value for delegates attending this year’s virtual conference.

With the continent emerging slowly from the shadow of a global pandemic, it’s time to raise greater awareness about the project management profession. The skills and knowledge that can be brought to bear to transform organizations and help them exceed customer expectations have never been more important than now. Africa is one of the youngest, fastest-growing regions globally, holding enormous opportunities for project professionals and changemakers.

By attending the 2021 Virtual Africa Conference, delegates will benefit from a 50% discount on their PMI membership. To learn more about PMI Virtual Africa Conference 2021 and register, Click HERE or reach out to pmiafrica@pmi.org.

Findings from PMI’s 2021 Talent Gap Report have revealed that the global economy needs 25 million new project professionals by 2030 to help organizations turn their most enormous ideas into reality.

In Sub-Saharan Africa, the potential for economic expansion in the long term is encouraging. And the projected rate of PMOE (Project Management-Oriented Employment) opportunities ramping up at 40% growth from 2019 to 2030 – the largest globally.

Publicis Groupe Overtakes WPP In Market Capitalization

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Publicis Groupe Overtakes WPP In Market Capitalization

Publicis Groupe, one of the oldest and largest marketing and communications companies in the world by revenue, and parent company to West Africa’s largest marketing communications group, Insight Redefini, has now overtaken WPP, in the market capitalization, for the first time.

Commenting on Publicis Groupe’s big win to advertising publication, Brand Equity, advertising legend, Martin Sorrell, said, “Over the last 4 years, WPP’s market value has fallen by about 4 billion pounds. The market has spoken. They are often described as being the largest advertising services company. I don’t think that is the case. I think Publicis has actually managed to beat WPP from a market capitalization point of view, certainly, for the first time, a few days ago.”

Publicise Group owns a 25 per cent stake in Insight Redefini, West Africa’s largest integrated marketing network. The partnership has strengthened the value provided to clients, ensuring deployment of global best practices, in creatives and advisory, for brands. The group’s recent win of global accounts, Burger King and Wahed, in Nigeria, in addition to its already vast portfolio of brands, are a testament of the benefits of the strategic partnership.

Publicis Groupe Overtakes WPP In Market Capitalization

We expect to see this translated further in Insight Redefini, strengthening the group’s stake in the Nigerian integrated marketing communications industry and expanding across the region.

Reacting to the announcement of Publicis’ achievement, Olatunde Samuel-Ipaye, Group General Manager, Strategy and Corporate Planning, Insight Redefini, highlighted the implications for the Insight Redefini group. He said, “For over 40 years, we have driven business transformation across the entire value chain, from Nigeria to the whole of West Africa.

Our partnership with Publicis Groupe has placed us strategically at the heart of globally integrated marketing services. We draw on global resources for the benefit of our client’s brands and deliver the edge to succeed in a digital-first world.

This is a win for us all. We are even more confident of our teams’ capabilities to conquer unchartered territories, as we remain the indispensable partner for our client’s business success..”

This eliminates any doubt about the agency’s reputation in delivering optimum solutions for brands in Africa and strengthens Insight Redefini’s position as the industry leader steering the marketing communications industry towards more human-centered solutions.

Paralex Logistics Limited Introduces Tech-Driven Legal Support Services

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Paralex Logistics Limited Introduces Tech-Driven Legal Support Services

… Unveil Mobile App Platform, Offers Cutting-edge Services

Paralex Logistics Limited, an information, and communication technology (ICT) managed logistics company, is set to launch its mobile app platform which encompasses its service portfolio to businesses and individuals across the country and beyond for optimal satisfaction and gains.

The web base is already launched while the app introduction is slated for the 7th of September, 2021.

The company which will deploy its services in Lagos, Port Harcourt, Abuja, and Kano in the first rollout, leverages modern technology as a Paralegal and a logistics service platform, with a broad range of services which include Litigation, Logistics, Legal assistance, Bail bond, Virtual court, Webinar, and Cloud storage.

The mobile app on-the-go offers end-users access to legal services from accredited lawyers and law firms, communication services; a trusted link to regulatory services, public sector contacts, and other institutional and private entities.

Paralex Logistics Limited Introduces Tech-Driven Legal Support Services-Brand Spur Nigeria
Paralex Logistics Limited Introduces Tech-Driven Legal Support Services-Brand Spur Nigeria

Essentially, Paralex Logistics is set to reduce the stress associated with legal practice and related logistics issues.

Its cloud services enable end-users to work on documents from different devices picking up from where they left off, thus providing the best satisfaction, improved business productivity as well as other economic and social benefits.

With a team of skilled and dedicated personnel, Paralex Logistics ensures that individuals and corporate organizations have access to legal assistance, to get value for their money and enhance access to logistics of legal processes through the use of leading-edge ICT solutions for exceptional services in the industry it operates.

Its unique features for logistics delivery include package security, real-time online tracking of parcel movement till the last mile by both sender and receiver, delivery alerts to the sender by email report and SMS, cashless and robustly secured payment system with debit/credit card, bank transfer or wallet, etc.

It has free and subscribed users which come with added services. Also, there is a 10 % discount for all subscribed users on all logistics orders. The on-the-go mobile app is due for launch soon, while information about its services can be accessed on the company’s website, www.paralexlogistics.com; on Instagram: Paralex logistics limited and Facebook: Paralex logistics limited

The company’s litigation service on the mobile app provides a link for users to consult, engage and retain lawyers and law firms to handle their lawsuits across various jurisdictions and court hierarchy; while its logistic services involve pickup and delivery of legal documents, monitoring, and tracking of official approval requests, submissions and renewal of official documents regarding legal obligations.

Through its legal assistance, Paralex Logistics mobile app has the authorization to be an out-source service platform for rendering non-core in-house facilities for law firms; while its bail bond offering involves the provision of surety for persons undergoing investigation that may lead to a criminal trial or those in a criminal trial. This is enabled because it is licensed by the High Courts in Lagos and Abuja, to render such services, depending on the complexity of the case.

It provides virtual court service as it has been tailored to the Nigerian Court System, while its webinar offering allows a smooth flow of meetings and conferences from across the globe.

In addition, the company’s services allow easy storage of huge data which can be sourced from any location.

Nigeria’s GDP Grows By 5.01% In Q2 2021- NBS

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Nigeria’s GDP Grows By 5.01% In Q2 2021- NBS

Nigeria’s Gross Domestic Product (GDP), grew by 5.01 per cent (Year-on-Year) in real terms in the Second Quarter of 2021 (Q2, 2021), marking three consecutive quarters of growth since the recession in 2020

The National Bureau of Statistics (NBS) said this on Thursday in its Q2, 2021 GDP report published on its website.

According to it, the growth rate is higher than the -6.10 per cent growth rate recorded in Q2 2020 and the 0.51 per cent recorded in Q1 2021 year on year.

It said this indicated the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions.

The NBS said that the steady recovery observed since the end of 2020, with the gradual return of commercial activity and the local and international travel accounted for the significant increase in growth performance relative to Q2 2020 when nationwide restrictions took effect.

“Year to date, real GDP grew 2.70 per cent in 2021 compared to -2.18 per cent for the first half of 2020.

“Nevertheless, quarter on quarter, real GDP grew at -0.79 per cent in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter due largely to seasonality.”

The report said that in the quarter under review, aggregate GDP stood at N39.12 trillion in nominal terms, higher than Q2 2020 with aggregate GDP of N34.023 trillion.

This, it said, indicated a year-on-year nominal growth rate of 14.99 per cent.

It also said that the nominal GDP growth rate in Q2 2021 was higher than the -2.80 per cent growth recorded in Q2 2020 when economic activities slowed sharply at the outset of the pandemic.

The report said that the Q2 2021 nominal growth rate was also higher than 12.25 per cent growth recorded in Q1 2021.

The NBS classified the Nigerian economy into the oil and non-oil sectors.

For the oil sector, it said that average daily oil production stood at 1.61 million barrels per day (mbpd) in Q2 2021, which was -0.19 mbpd lower than the average daily production of 1.81 mbpd recorded in the same period of 2020 and -0.10 mbpd lower than the 1.72 mbpd recorded in Q1 2021.

“Real growth of the oil sector was -12.65 per cent (year-on-year) in Q2 2021 indicating a decrease of -6.02 per cent points relative to the growth rate recorded in the corresponding quarter of 2020.

“Growth decreased by -10.44 per cent points when compared to Q1 2021 which was -2.21 per cent.

“For the first half of 2021, real GDP was recorded at -7.13 per cent, compared to -0.80 per cent for the first half of 2020, the performance reflecting lower oil output.”

It, however, said that quarter-on-quarter, the oil sector recorded a growth rate of -20.35 per cent in Q2 2021.

According to the NBS, the sector contributed 7.42 per cent to total real GDP in Q2 2021, down from figures recorded in the corresponding period of 2020 and down compared to the preceding quarter, where it contributed 8.93 per cent and 9.25 per cent respectively.

For the non-oil sector, there was growth by 6.74 per cent in real terms during the period under review as growth rate was higher by 12.80 per cent compared to the rate recorded in the same quarter of 2020 and 5.95 per cent higher than the first quarter of 2021.

During the quarter, the sector was driven mainly by growth in trade, information and communication (Telecommunication), transportation (road transport), electricity, agriculture (crop production) and manufacturing (food, beverage and tobacco).

This, it said, reflected the easing of movement, business and economic activity across the country relative to the same period in 2020.

“In real terms, the non-oil sector contributed 92.58 per cent to the nation’s GDP in Q2 2021, higher from shares recorded in Q2 2020 which was 91.07 per cent and Q1 2021 recorded as 90.75 per cent”, it said.

The bureau explained that Quarterly National Accounts (QNA) were an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.

They provide a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).

In providing a reasonable level of detailed information of the economy, QNA allows the government to regularly access, analyse and monitor economic developments.

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