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Nigeria’s Economy To Grow By 4.1% Amid Crises -AfDB

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The African Development Bank (AfDB) says Nigeria and other economies of Africa is projected to grow by 4.1 per cent in 2023 and 4.3per cent in 2024.
The AfDB President, Dr Akinwumi Adesina, said this while inaugurating the African Economic Outlook (AEO) 2023 at the on-going 2023 AfDB Annual Meetings in Sharm El Sheikh.
According to him, the economies on the continent have shown remarkable resilience in spite of the multiple and dynamic shocks it faced.
“These multiple and dynamic shocks have weighed on Africa’s growth momentum, with growth in real Gross Domestic Product (GDP) estimated at 3.8per cent in 2022.
“This is down from 4.8per cent in 2021. The GDP growth in 2022 is above the global average of 3.4per cent.
“Africa has also shown remarkable resilience, evident in the projected consolidation of economic growth in the medium term.
“The outlook remains positive and stable, with a projected rebound to four per cent in 2023 and further consolidation to 4.3percent in 2024”, he said.
The AfDB boss attributed the slowed growth on the continent to the tightening global financial conditions, and supply chain disruptions exacerbated by Russia’s invasion of Ukraine, which subdued global growth.
He said growth was also impaired by the residual effects of the COVID-19 pandemic and the growing impact of climate change and extreme weather event.
Adesina said Africa had a great potential to pursue green growth and climate objectives to accelerate economic growth, given its enormous advantages.
He said the continent had some of the world’s fastest-growing economies and its real GDP growth was projected to surpass the global average in 2023 to 2024, even as headwinds persist.
He further said the continent also had an important human capital base, with its population projected to increase to 2.4billion by 2050.
“As most of the current population is young, compared with other regions’ aging population, Africa is the current and future frontier market in green growth opportunities.
“Africa hosts 25per cent of the world’s natural biodiversity and 30per cent of the world’s mineral resources, most of which will be essential for a green transition.
“Africa has a large renewable energy potential, including wind, solar, hydropower and geothermal and the world’s highest solar energy potential.
“Countries in the continent also have the greatest potential for investments in green infrastructure and technology”, Adesina explained.
The AfDB president said this was due to their low levels of development, low legacy high-emissions infrastructure, and low frequency of infrastructure and project finance default rates, estimated at 5.5per cent.
Also, the AfDB Vice President for Economic Governance and Knowledge, Prof Kelvin Urama, said the deceleration was broad-based, with 31 of the 54 African countries posting weaker growth rates in 2022 relative to 2021.
Urama said the continent, however, performed better than most world regions in 2022.
He said the continent’s resilience projected to put five of the six pre-pandemic top performing economies, Benin, Côte d’Ivoire, Ethiopia, Rwanda, and Tanzania, back in the league of the world’s 10 fastest-growing economies in 2023–24.
“Growth is projected to rebound to four per cent in 2023, and consolidate at 4.3per cent in 2024, underpinning Africa’s continued resilience to shocks.
“In spite this, climate change, elevated global inflation, and persistent fragilities in supply chains will remain on the watch-list as potential factors for possible slowdowns of growth in the continent,’’ he said.
Urama said while most African currencies weakened, others appreciated or remained stable.
According to him, countries with appreciating currencies include Angola (27.1per cent), Seychelles (15.6per cent), and Zambia (15.3per cent).
Urama said depreciation rates could ease in 2023 and 2024, but continued strengthening of the U.S. dollar would keep African currencies under pressure.
The bank’s annual meeting which began on May 22 will end today.
The theme of the 2023 Annual Meeting is “Mobilizing Private Sector Financing for Climate and Green Growth in Africa.
The meeting provides a framework for Bank Group Governors to share their experiences with galvanizing private financing domestically and internationally and harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.

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Don’t Attend Nocturnal Meetings To Declare War On Rivers, Fubara Tells New CP

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Rivers State Governor, Sir Siminalayi Fubara, has advised the new Commissioner of Police posted to the State, Olugbenga Adepoju, to resist the temptation of attending nocturnal meetings that will make him declare war on Rivers people.

Rather, the Governor urged him to put the general interest of the people of the State above other considerations so that he can work to ensure that peace prevailed and there is stability.

Governor Fubara gave the advice when he received CP Olugbenga Adepoju, the 47th Commissioner of Police, Rivers State Command, on courtesy visit, at Government House in Port Harcourt, last Friday.

The Governor said: “You are not a new person in our State. You’ve been here, more especially, in charge of Operations. It then means if I start to talk about my story, it’ll connect with your activities in Operations. But I am not going to talk about my story.

“But the good thing here is, you said something that I want to really anchor on. Your duty, as it stands now, is to work with the government, work with other sister agencies to maintain law and order, protect lives and property of the people of Rivers State.

“Be apolitical, as you just read in your address. Don’t go to nocturnal meetings in people’s houses, and in the morning, you come and declare war on Rivers people. That is the only advice I will give to you.”

Governor Fubara charged the CP, who is already conversant with the Rivers State terrain and its associated security challenges, to draw up a holistic plan on how to tackle the twin problem of cultism among the youths and kidnapping incidences in boundary communities.

Governor Fubara said his administration is not failing on its responsibilities to security agencies to sufficiently address those issues and save Rivers people, adding, “But the primary duty of this team, these particular challenges are rested on the police. So, please, take this one as my own assignment (to you).

“While you are carrying out the larger assignment that your people from headquarters will send you, also make sure that you look for every way possible to reduce issues of cultism because it is affecting our secondary schools, it is affecting our primary schools with students growing to become monsters, which is also leading to other issues like kidnapping and others.

“It starts from somewhere. So, we must also get to the root and reduce it. I know we cannot totally eliminate it, but, somehow, let us look for a way to reduce it.”

Governor Fubara said the former CP to the State had succeeded because he maintained healthy synergy with the State Government, and assured that the same level of support will be provided to the new CP, if he adheres to the tenets of professionalism, stressing, “On our part as a Government, we will continue to support you to make sure you succeed. Your success here will mean more elevation for you. If you have a very bad record here, whether you like it or not, it will one day in the course of your profession, affect your growth.”

In his address, Rivers State Commissioner of Police, CP Olugbenga Adepoju, expressed profound gratitude for the opportunity given to him to serve the resilient and vibrant people of Rivers State as the 47th Commissioner of Police.

CP Adepoju said he is fully aware of the complex security challenges in the State, and is determined to do everything professionally to confront them with innovation.

He said, “We will strengthen our intelligence gathering capabilities, enhance our rapid response mechanism, and most importantly, foster deeper trust and collaboration with the community we serve. Our Command will remain firmly apolitical, standing as a neutral and impartial institution, dedicated solely to upholding law and order. This commitment is vital to maintaining the trust and confidence of the people we protect.”

CP Adepoju also said: “While we will engage constructively with political leaders and key stakeholders to secure necessary resources and support, our engagement will always be conducted with professionalism and integrity”.

Meanwhile, Governor Siminalayi Fubara, and the State Commissioner of Police, Olugbenga Adepoju, have decorated two officers in Government House with their new ranks of Deputy Superintendent of Police (DSP).

They include the Personal Security Officer to the Governor, Anthony Peter, who was recently promoted from Assistant Superintendent of Police (ASP 1) to Deputy Superintendent of Police (DSP); and Provost Marshal, Government House, John Wakama, who was also promoted from Assistant Superintendent of Police (ASP 1) to Deputy Superintendent of Police (DSP).

Both the Governor and the Commissioner of Police were assisted at the short event by the wives of the newly promoted officers.

The decoration ceremony was performed shortly after the courtesy visit to the Governor by the State Commissioner of Police at the Government House, Port Harcourt, last Friday.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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TUC Rejects VAT Hike, Urges Pro-people Tax Reforms

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The Trade Union Congress of Nigeria has opposed the proposed increase in the Value Added Tax rate, as outlined in the Federal Government’s Tax Reform Bills, warning that the move could worsen the economic hardship faced by Nigerians.

The Federal Government had proposed a phased VAT hike from the current 7.5% to 10%, 12.5%, and ultimately 15%, a move the TUC described as ill-timed and detrimental to the welfare of citizens already grappling with inflation, unemployment, and a soaring cost of living.

Speaking during a press briefing in Abuja, yesterday, following the union’s National Executive Council meeting held on November 26, 2024, TUC President Festus Osifo said maintaining the VAT rate at 7.5 per cent was crucial to safeguarding Nigerians from additional financial pressure.

“Allowing the Value Added Tax rate to remain at 7.5 per cent is in the best interest of the nation. Increasing it now would impose an additional burden on households and businesses already struggling with economic challenges,” Osifo said.

He added, “With inflation, unemployment, and the cost of living on the rise, higher taxes could stifle economic growth and erode consumer purchasing power.”

The TUC called for a review of the tax exemption threshold, urging the government to raise it from N800,000 to N2.5 million per annum to ease the financial strain on low-income earners.

“This measure would increase disposable income, stimulate economic activity, and provide relief to struggling Nigerians,” Osifo explained.

He said, “The threshold for tax exemptions should be increased to N2,500,000 per annum. This adjustment would offer much-needed relief to low-income earners, enabling them to cope with the current economic challenges.”

The TUC also expressed reservations about the proposed transfer of royalty collection from the Nigerian Upstream Petroleum Regulatory Commission to the Nigeria Revenue Service (NRS), citing risks of revenue losses and inefficiencies.

“Royalty determination and reconciliation require specialised technical expertise in oil and gas operations, which the NUPRC possesses but the NRS lacks. This shift could result in inaccurate assessments, enforcement challenges, and reduced investor confidence,” Osifo warned.

The union commended the government’s decision to retain the Tertiary Education Trust Fund and the National Agency for Science and Engineering Infrastructure, describing their roles as pivotal to the country’s education and technological advancement.

“These institutions have significantly contributed to improving tertiary education and fostering homegrown technologies. Their continued existence is vital for sustained progress in education, technology, and national development,” Osifo said.

Osifo called on the Federal Government to adopt tax policies that prioritise the welfare of citizens and promote equitable economic growth.

“As discussions on the Tax Reform Bill continue, it is our hope that the focus will remain on fostering economic growth and improving living conditions for all Nigerians,” he said.

The TUC reaffirmed its commitment to advocating for policies that enhance the well-being of Nigerians, emphasising that proactive and citizen-centred reforms reflect true leadership.

 

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Fubara Inaugurates Road Project To Celebrate Jackrich On Birthday 

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Rivers State Governor, Sir Siminalayi Fubara, has noted with delight the initiative, love and courage shown by High Chief Sobomabo Jackrich in contributing to improved road infrastructure in his community.

Governor Fubara made the commendation when he visited the country home of Amb Sobomabo Jackrich to celebrate with him on his birthday, and used the occasion to inaugurate a road project executed by the celebrant in Usokun Town in Degema Local Government Area.

Amb Sobomabo Jackrich, also known as Egberepapa, is a prominent Niger Delta leader and National Chairman of Simplicity Movement.

Governor Fubara said the road project, solely funded and completed by the celebrant, shows how committed he is to making life better for residents in his community.

The Governor said: “Let me on behalf of the guests that are here to celebrate with our brother, not really an official engagement, but on a personal note, also share a wonderful moment with our people.

“Our celebrant is not just celebrating his birthday, but he is also giving back to the society. So, I join him and all well-meaning people that believe in his course to commission this project that he has embarked on in his own accord for the betterment of his people.

“I want to say that with what I am seeing here, there may be a few things that we can also do to make this project more meaningful to the people in terms of streetlights. On our own, we are going to support him to complete it.”

Governor Fubara, who also joined the celebrant to cut the birthday cake, prayed for strength and longevity for the celebrant.

 

 

 

 

 

 

 

 

 

 

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