Business
Nigeria’s Forex Policy Hindering Economic Recovery – World Bank
The World Bank has said that restrictions on access to foreign exchange continues to hinder rigorous economic recovery in the country.
The World Bank, in the latest Africa Pulse report, a biannual analysis of African economies published on Wednesday in Washington DC, looked at the challenges to retaining growth in an uncertain global environment.
For Nigeria, the report applauded the strategy of the Central Bank to increase sales of foreign exchange to the interbank market, Bureau de Change as well as other segments.
“However, foreign exchange liquidity conditions remain tight and are holding back activity in the non-oil sectors. Manufacturing and service sectors remain particularly weak.
“Banking sector vulnerabilities remain elevated. Foreign exchange restrictions, policy uncertainties and weak growth have affected the soundness of the banking sector.
“Non-performing loans have increased while profitability and capital buffers have decreased,” it says.
On economic growth in sub-Saharan Africa, the report said the region was already rebounding after registering the worst decline in more than two decades in 2016.
It stated that the regional growth was projected to reach 2.6 per cent in 2017.
It said that growth was expected to rise only slightly above population growth, a pace that hampered efforts to boost employment and reduce poverty.
“For Nigeria, growth is projected to rise from 1.2 per cent in 2017 to 2.5 per cent in 2018 and 2019.
“The modest turnaround will be underpinned by a gradual rebound in oil production and an increase in fiscal spending,” it says.
According to the report, Nigeria, South Africa, and Angola, the continent’s largest economies, were already seeing a rebound from the sharp slowdown in 2016.
While Côte d’Ivoire, Ethiopia, Kenya, Mali, Rwanda, Senegal, and Tanzania are said to continue growing at above 5.4 per cent.
Overall, the report calls for urgent implementation of reforms to improve private sector growth, develop local capital markets, improve infrastructure, and strengthen domestic resource mobilisation.
Meanwhile, the World Bank Chief Economist for the Africa Region, Dr Albert Zeufack, in a video conference after the launch, said the continent was in dire need of necessary reforms to boost investment and tackle poverty.
“As countries move towards fiscal adjustment, we need to protect the right conditions for investment so that Sub-Saharan African countries achieve a more robust recovery.
“We need to implement reforms that increase the productivity of African workers and create a stable macroeconomic environment.
“Better and more productive jobs are instrumental to tackling poverty on the continent,” he said.
For Nigeria, Zeufack talked about the urgent need to reform the financial sector, tighten monetary policy to further combat inflation and create the right regulatory framework to bring in investors.
Furthermore, the World Bank Lead Economist, Mrs Punam Chuhan-Pole, said poverty rates still remained high in the region, therefore regaining the growth momentum was imperative.
“Growth needs to be more inclusive and will involve tackling the slowdown in investment and the high trade logistics that stand in the way of competitiveness.”
Business
NIGCOMSAT Seeks Policy To Harness AI Potentials
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
Business
We Have Spent N1bn On Electrification -LG Boss
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
Business
Ogoni Rejects NNPC-Sahara OML11 Deal … Wants FG’s Intervention
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.
-
Business2 days ago
Ogoni Rejects NNPC-Sahara OML11 Deal … Wants FG’s Intervention
-
Rivers2 days ago
RSG Gives Illegal Dump Sight Operators Quit Notice
-
Sports2 days ago
Bayelsa tasks athletes to surpass NSF records
-
Business2 days ago
We Have Spent N1bn On Electrification -LG Boss
-
Sports2 days ago
MASGULF FC A PLACE TO HAVE FUN, KEEP FIT – PRESIDENT
-
Rivers2 days ago
Group Berates NLNG, PH Refinery over Marginalization Of Wakrike
-
Business2 days ago
NIGCOMSAT Seeks Policy To Harness AI Potentials
-
Sports2 days ago
NOVELTY MATCH: IKWERRE LAWYERS BEAT MEDICAL PRACTITIONERS 3-0