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IMF Hinges Nigeria’s 3.1% Economic Growth Outlook On Stronger Reforms
The International Monetary Fund (IMF), says achieving Nigeria’s projected 3.1 per cent economic growth outlook for 2024 is dependent on implementation of stronger reforms.
Dr Christian Ebeke, IMF Resident Representative, said this at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2024 with the theme: “Invest Nigeria”, in Lagos, yesterday.
Ebeke said that for the country to grow slightly from the 2.9 per cent rate of 2023, further reforms on governance and business regulations were needed.
He said that such reforms would transform its growth momentum into something more durable.
He, however, said that the country had recorded progress in its credit market, as well as financial and external sectors.
“Insecurity, tight financial conditions, multiple taxes, insufficient power and corruption are foremost constraints identified by businesses.
“What comforts the IMF is that these issues can be addressed by the Nigerian government, and they are currently being addressed through reforms by the Federal Government.
“And we are encouraged by the fact that these issues can be reversed,” he said.
He said that Nigeria should close the structural gaps like India, by reducing governance and business regulation bottlenecks by 25 per cent.
According to him, if that is done, the Gross Domestic Product (GDP) output can be lifted by 6.4 per cent in the next three years.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, said that Nigeria’s strategic location and abundant resources presented vast investment opportunities, particularly in the marine and blue economy sector.
Oyetola said that in spite of existing challenges, government was committed to creating an enabling environment to foster economic growth to attract significant investments.
He highlighted some of government’s incentives designed to drive investment in the marine and blue economy sector to include tax exemptions for businesses operating in free trade zones, and infrastructural support.
He added that government had provided new export opportunities for the marine sector under the Guided Trade Initiative (GTI) of the African Continental Free Trade Area (AfCFTA), the Cabotage Vessel Financing Fund (CVFF) among others.
“Our commitment to the marine and blue economy is demonstrated through ongoing port rehabilitation and modernisation projects.
“To boost investment, the Nigerian government has introduced a wide range of incentives, including tax reliefs, trade zone benefits, infrastructure development, and financial support.
“I encourage the business community and investors to take advantage of such incentives to contribute to Nigeria’s economic development and be part of Africa’s promising future,” he said.
Gov. Babajide Sanwo-Olu of Lagos state, said that the state, being Africa’s economic hub, offered a conducive business environment, a strategic location, vast market, and pool of energetic talents.
Sanwo-Olu said that his administration had implemented and continued to implement policies and initiatives to attract investments, create opportunities, and drive growth.
He said that one key area of focus for the state was infrastructure development.
He said that the state was upgrading and expanding transportation and logistics networks, telecommunications, healthcare, education and digital ecosystem infrastructure.
According to him, the projected growth will not happen without a solid foundation of infrastructure that is able to keep ahead of our rapidly-growing population.
“As one of Africa’s startup capitals, we are specially keen to invest in digital infrastructure to power the innovative ideas of our people.
“Agriculture and food security are also priorities, in line with a national focus on these areas.
“Lagos may be the state with the smallest landmass in Nigeria.
“But I can boldly say that our land disadvantage is more than offset by the boldness with which we are embracing the boundless opportunities in processing, value-addition and logistics.
“This is why we are building Africa’s largest food logistics hub, here in Lagos,” he said.
The governor said that when completed, the hub would be able to hold enough food to supply Lagos for 90 days in the event of shortages.
He said that it would serve millions of farmers, traders and other players in the agricultural value chain.
“In addition, we are developing our tourism and entertainment sector with various investments in hospitality, leisure, and cultural infrastructure, to showcase the best of Lagos and Nigeria.
“We will continue to roll out incentives for investors.
“From tax breaks and waivers, to streamline regulatory processes, and a judicial system that is competent, efficient and guarantees the sanctity of contracts and property rights,” he said.
Mr Gabriel Idahosa, President, LCCI, said that the conference was pivotal to Nigeria’s journey towards stabilising the economy and driving sustainable economic growth and development.
Idahosa said that the event was a unique opportunity to explore new avenues for investment, foster innovative partnerships, and chart a course toward a more prosperous future for Nigeria and the African continent.
He said that Nigeria, blessed with vast resources and an entrepreneurial spirit, was home to the largest economy in Africa, a burgeoning middle class, and a youthful population eager to contribute to the global economy.
“To fully harness the nation’s potentials, there must be an enabling environment to support business growth, encourage innovation, and ensure that local and international investors remained confident of their investments.
“We have noticed government’s commitment to making Nigeria a preferred destination for global investors.
“We are actively engaging with the government in implementing policies that promote ease of doing business, improve infrastructure, and enhance security, “ he said.
“We also see the government embarking on bold reforms in various sectors, including agriculture, energy, foreign exchange markets, and technology, to further diversify our economy and reduce our reliance on oil.
“We urge the government to create a policy and regulatory environment to attract foreign investments into building factories in Nigeria to manufacture the many products we import today,” he said.
Meanwhile, Ambassadors to countries such as Belgium, Germany, Israel, Bulgaria, India, Ireland, Kenya and Bangladesh, affirmed their commitments to deepening partnerships with Nigeria across several sectors of its economy in mutually beneficial ways.
The Rivers State Chief judge, Justice Simeon Chibuzor Amadi has granted pardon to six inmates standing awaiting trial at the Port Harcourt maximum correctional center.
The six lucky inmates granted pardon on Tuesday by the state Chief Judge included Nwekeala Chizoba, Samuel Emmanuel, Aniete Kelvin, Ebube Fubara and Goddey Okpara who were on awaiting trial as murder suspects and have all spent between 10 years to seven years in the custody without a proper information filed against them in the court.
Justice Amadi during a special gaol delivery exercise last Tuesday at the Port Harcourt Maximum Correctional Centre opined that the special gaol delivery was part of activities lined up to commomerate the 2024/2025 legal year in the State and restated the commitment of the state judiciary in decongesting the correctional centre and ensuring that those inmates who are not supposed to be there are removed from the custody.
The state chief judge stressed the need for all stakeholders to work together to build a society that supports rehabilitation and gives a second chance to anyone or group of people who have fallen short of the expectation of the law and have been punished accordingly.
He stressed that the National Judicial Council(NJC) encourages judges to pay more attention to criminal matters to enable them to decongests the correctional facilities, noting that since his assumption into office, his administration has been able to reduce the number of inmates in Nigerian Correctional Centres and the Port Harcourt Correctional Centre in particular, to less than 2,000 as against the over 4,000 inmates previously in the faculty.
According to him, “as they release the deserving inmates, they affirm their commitment to justice, compassion and rule of law but that they must not forget the fundamental principles of justice delivery system which is truth and fairness, integrity and equality before the law.”
I encourage you all the released inmates to return to your families and become better citizens. You must not engage in action that will return you all back to prison. Let me say that while the judges show empathy to you all, it does not absolved individuals from being held accountable for actions against individuals, corporate organisations and state which the law frowns at, ”he stated
The Chief Judge thereafter stood down the exercise to enable the DPP to intervene to case files following the fact that majority of the persons listed to benefit from the exercise are facing murder charges and adjourned to a date that will come before December.
Earlier in his goodwill message, the outgoing state Comptroller of Nigerian Correctional Centre, Port Harcourt, Felix Lawrence, who was recently promoted to the rank of Assistant Controller General, commended the state judiciary led by Chief Judge, Justice Simeon Chibuzor Amadi for their continuous effort aimed at ensuring justice and decongesting the facilities.
Other activities lined up for the event included special church service at St Paul’s Cathedral , Anglican Communion, Rebisi Port Harcourt, inspection of guard of honour by the state Chief Judge mounted by officers of the Nigerian police and a special court session held at the ceremonial court hall.
By: AkujobiAmadi
The Director General of Rivers State Bureau on Public Procurement (RBoPP), Dr. Ine Briggs, has explained that the Sir Siminalayi Fubara administration plans to enforce transparency in governance through public procurement.
Speaking at a one-day Public Procurement Enlightenment workshop organised in collaboration with the State Local Government Service Commission for newly elected chairmen, vice chairmen, secretaries and leaders of legislative assemblies, Dr. Briggs said it is key for grassroot development.
She stated that the Sir. Fubara administration plans to reduce wastage and at same time infuse efficiency in public expenditure.
The RSoPP DG said the local government political office holders remain key drivers in the new vision hence the workshop is to arm them with knowledge on how to execute projects in tandem with needs of the people.
“ Your role in the prudent management of public resources is, therefore, not just administrative it’s the cornerstone of delivering the dividends of democracy. Every procurement decision you make must reflect a commitment to fairness, transparency and accountability” Dr. Briggs submitted.
One of the key goals of the administration she further reminded the participants was to use their offices to foster economic growth through public procurement.
She warned that the law establishing the agency empowers it to penalise defaulters, but that what is more important is voluntary compliance to the laws.
In addition to that, she said urged the local government council leaders that champion the practice and implementation of public procurement law.
On his part, Acting Chairman of Local Government Service Commission, Pastor GoodLife Ben Iduoku averred that the aim of the workshop is to arm key stakeholders in the local government system to generate new ideas, innovation and strategies in tandem with government policies and programmes.
The workshop dealt on various topics on procurement planning, methods, Understanding Bid Process, including types of Construction Contracts and law.
Some participants were awarded excellence and meritorious awards as part of the programme.
By: Kevin Nengia
The 19th anniversary of the National Association of Proprietors of Private Schools (NAPPS), Rivers State Chapter, recently ended in Port Harcourt in grand style, with participants from various schools including proprietors, the academia, civil society groups and top government functionaries charting the way forward for educational improvement.
The 19th NAPPS anniversary christened, ‘Innovation and Adaptation: Transforming Challenges Into Opportunities’ was held at Casoni Hotels, Port Harcourt.
In his remarks, the Chairman of the Rivers State Chapter of the association, Dr. Jaja Adafe Sunday expressed gratitude to the members and executives for their untiring efforts towards the achievements of the body.
He sought the intervention of government on the lingering crisis on the economy as it is affecting the running of schools.
He decried high cost of things including fuel and raw materials which has adversely affected the running of schools and payment of teachers.
Dr. Sunday hinted that the current economic situation in the nation is biting hard on the operations of schools, saying inflation, removal of fuel subsidy, fuel scarcity, poor electricity supply, tariffs and lack of government grants are some of the challenges faced by schools, and urged the members to brace up to the challenges, as it is the panacea to building a brighter future.
Guest speakers from the health sector and the academia thrilled the gathering on the essence of basic education which they said is the key to national development.
Former Dean of the Ignatius Ajuru University of Education, Professor Azuru and the Chief Medical Director of Meridian Hospitals, Dr. Odo Iyke were some notable guest speakers who delivered lectures at the occasion.
Some distinguished proprietors also got special recognitions and awards.
The 19th anniversary cake was cut by the Rivers State NAPPS Chairman with representatives of the state government assisting.
