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African Economies To Grow At 3.4% In 2024 -World Bank
The World Bank has projected that growth will rebound in African economies from 2.6 per cent in 2023 to 3.4 per cent in 2024 and 3.8 per cent in 2025.
This is contained in a statement issued by the World Bank on its latest Africa’s Pulse Report released, yesterday.
The report said increased private consumption and declining inflation were supporting an economic rebound in Sub-Saharan Africa.
It, however, said the recovery remained fragile due to uncertain global economic conditions, growing debt service obligations, frequent natural disasters, and escalating conflict and violence.
“However, this recovery remains tenuous. While inflation is cooling across most economies, falling from a median of 7.1 to 5.1 per cent in 2024, it remains high compared to pre-COVID-19 pandemic levels.
“Additionally, while growth of public debt is slowing, more than half of African governments grapple with external liquidity problems and face unsustainable debt burdens.
“Overall, the report underscores that in spite of the projected boost in growth, the pace of economic expansion in the region remains below the growth rate of the previous decade (2000-2014).
“This is insufficient to have a significant effect on poverty reduction.
“Moreover, due to multiple factors including structural inequality, economic growth reduces poverty in Sub-Saharan Africa less than in other regions.”
The report said transformative policies were needed to address deep-rooted inequality to sustain long-term growth and effectively reduce poverty.
The statement quoted Andrew Dabalen, World Bank Chief Economist for Africa as saying:
“Per capita Gross Domestic Product (GDP) growth of one per cent is associated with a reduction in the extreme poverty rate of only about one per cent in the region, compared to 2.5 per cent on average in the rest of the world.
“In a context of constrained government budgets, faster poverty reduction will not be achieved through fiscal policy alone.
“It needs to be supported by policies that expand the productive capacity of the private sector to create more and better jobs for all segments of society.”
The report highlighted that external resources to meet gross financing needs of African governments were shrinking and those available were costlier than they were before the pandemic.
“Political instability and geopolitical tensions weigh on economic activity and may constrain access to food for an estimated 105 million people at risk of food insecurity due to conflict and climate shocks.
“African governments’ fiscal positions remain vulnerable to global economic disruptions, necessitating policy actions to build buffers to prevent or cope with future shocks.
“What’s more, inequality in Sub-Saharan Africa remains one of the highest in the world, second only to the Latin America and Caribbean region, as measured by the region’s average Gini coefficient.
It stated that access to basic services, such as schooling or healthcare, remained highly unequal in spite of recent improvements.
“Disparities also exist in access to markets and income-generating activities, irrespective of people’s skills. Taxes and poorly targeted subsidies may also have an outsized impact on the poor.”
The report called for several policy actions to foster stronger and more equitable growth.
“These include restoring macro-economic stability, promoting inter-generational mobility, supporting market access, and ensuring that fiscal policies do not overburden the poor.”
President Bola Tinubu has approved the nomination of four new members to the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement yesterday, said the appointment is to fill existing vacancies and strengthen the board’s capacity.
The statement said the approved nominees are Mr. Olusegun Omosehin of the National Insurance Commission and Engr. Wole Ogunsanya of the Petroleum Technology Association of Nigeria.
Tinubu also endorsed the nomination of Sam Onyechi, who represents the Nigerian Content Consultative Forum and Barrister Owei Oyanbo from the Ministry of Petroleum Resources.
The President encouraged the new members to leverage their expertise and dedication to enhance local content development within Nigeria’s oil and gas industry.
It added, “The nominations arose from the exit of previous institutional representatives from the Governing Council.
“The NCDMB Governing Council, established under Section 69 of the Nigerian Oil and Gas Industry Content Development Act, 2010, comprises representatives from key institutions.
“These include the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Petroleum Technology Association of Nigeria, the Council for the Regulation of Engineering in Nigeria, the Nigerian Content Consultative Forum, and the National Insurance Commission.”
The Niger Delta Development Commission (NDDC) has announced plans to construct additional hostels, rehabilitate roads, and enhance power supply in the University of Port Harcourt (UNIPORT).
NDDC’s Managing Director, Dr Samuel Ogbuku, disclosed this during a visit to the commission’s headquarters in Port Harcourt, yesterday by a delegation from the UNIPORT’s Governing Council.
Ogbuku stated that the NDDC had committed to upgrading facilities at UNIPORT as part of efforts to foster partnership with educational institutions across the Niger Delta.
According to him, the implementation of additional projects at the university forms part of a broader strategy to improve education standards in the region.
“Aside from the construction of new hostel blocks and installation of a 300 KVA solar inverter system, the NDDC will also facilitate more projects in the university.
“The commission will also deploy its engineers to assess the condition of UNIPORT’s roads and hostels for potential rehabilitation,” he said.
Ogbuku noted that upon completion, the projects would add to various initiatives previously undertaken by the commission at the university.
“These and other projects reflect our commitment to actualising President Bola Tinubu’s Renewed Hope Agenda in the Niger Delta region,” he added.
He reaffirmed the NDDC’s dedication to fostering development and strengthening partnerships across the region.
Earlier, Sen. Mao Ohuanbunwa, Chairman of UNIPORT’s Governing Council, who led the delegation commended the current leadership of the NDDC for its achievements in accelerating development in the Niger Delta.
He highlighted the university’s infrastructural challenges, noting that it lacked adequate facilities to accommodate its growing student population, and appealed for the NDDC’s support in addressing the shortfall.
“Currently, UNIPORT has a total student population of about 50,000, while its hostel accommodation capacity can only cater for 5,000 students.
“We therefore urge the NDDC to assist in the construction of additional hostels, improve transportation facilities, and facilitate the acquisition of gas turbines to enhance power supply for our students,” Ohuanbunwa pleaded.
The Vice Chancellor of UNIPORT, Prof. Owunari Georgewill, commended NDDC for its impactful projects across the Niger Delta and extended an invitation to the commission to participate in the institution’s forthcoming 50th anniversary celebrations.
The Senate has rejected a motion to rename the Independent National Electoral Commission (INEC) headquarters after the former chairman of the defunct National Electoral Commission, late Prof Humphrey Nwosu.
Nwosu presided over the June 12, 1993, presidential election, which was truncated by the former military President, General Ibrahim Babangida (rtd).
The election which was won by the late business mogul, Chief MKO Abiola, was adjudged to be the freest and fairest in the electoral history of Nigeria.
The motion to rename INEC after Nwosu was re-sponsored by Senator Enyinnaya Abaribe yesterday after lawmakers threw it out last Wednesday.
Abaribe called for posthumous national honours to be conferred on Nwosu in recognition of his role in Nigeria’s democratic evolution.
However, the proposal sparked a heated debate once again, with lawmakers deeply divided over Nwosu’s legacy.
Senator Osita Ngwu acknowledged that Nwosu operated under a military regime, which restricted his ability to announce the results.
He argued that “there was no way he would have announced the results with a gun to his head. That doesn’t change the fact that some of us see him as a hero.”
Senator Austin Akobundu, however, described it as most uncharitable for lawmakers to dismiss Nwosu’s contributions, insisting that he deserved a place in Nigeria’s hall of honour.
On the other hand, several senators like Senator Jimoh Ibrahim dismissed the idea outright, questioning why the Senate should honour someone who failed to announce the results insisting that “nothing should be named after him”.
Senator Cyril Fasuyi argued that history does not reward efforts, but only results.
“As long as he did not announce the result, whether under duress or not, I am against naming INEC headquarters after him,” he submitted.
Also, Senator Sunday Karimi criticised Nwosu for lacking the courage to speak out, while Senator Afolabi Salisu warned that immortalising him would undermine the memory of MKO Abiola, the widely accepted winner of the June 12, 1993, annulled election.
“Any attempt to do anything beyond a one-minute silence is to rubbish Abiola’s legacy,” he tendered.
After intense deliberation, most senators rejected the motion through a voice vote.
They, however, agreed to honour him with a one-minute silence and extend condolences to his family, effectively dismissing the other prayers to immortalise Nwosu.
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