The World Bank forecasts that growth in Nigeria’s economy will resume this year at 1.1 per cent, which is weaker than previous projections, edging up to 1.8 per cent in 2022.
It stated this in a new report, titled, “Global Economic Prospects” released on Tuesday.
It however warned that Nigeria’s economy would face severe challenges this year as a result of dampened low oil prices, falling public investment due to weak government revenues, constrained private investment due to firm failures and subdued foreign investor confidence.
The Bretton Woods Institution projected that the global economy would expand by four per cent in 2021 on the back of an initial COVID-19 vaccine roll-out becoming widespread throughout the year.
Growth in sub-Saharan Africa is expected to rebound only moderately to 2.7 per cent this year— 0.4 percentage point weaker than previously projected — before firming to 3.3 per cent in 2022.
It stated, “Private consumption prospects will be weighed down by lost incomes and higher precautionary saving among non-poor households, as well as lower remittances and the depletion of savings among poor and unemployed households amid inadequate social safety nets,” the report said.
“The pandemic caused an estimated 6.1 per cent fall in per capita income last year and is expected to lead to a further 0.2 per cent decline in 2021, before firming somewhat in 2022.
“The resultant decline in per capita income is expected to set average living standards back by a decade or more in a quarter of sub-Saharan African economies, with even more severe setbacks in Nigeria and South Africa — home to one-quarter of the region’s population.
“In all, this reversal is projected to push tens of million more people in the region into extreme poverty cumulatively in 2020 and 2021.”
The report said a high debt burden would likely limit the ability of many sub-saharan countries to fund post-COVID reforms.
It however noted that pandemic could create a momentum to implement major reforms such as removing inefficient fuel subsidies, liberalising the telecommunication sector and promoting competition in the energy sector.
NADDC excited as Coscharis showcases upgraded Ford Edge
The latest edition of the Ford Edge was one of the new vehicles that dazzled and got considerable attention of visitors to the recently concluded Abuja motor fair including representative of the National Automotive Design and Development Council, NADDC, Dr Noah Omisanya.
After inspecting the Coscharis-Ford pavilion, Omisanya said, “I am thrilled by what I have seen here. However, I must state here that the NADDC will be more thrilled to have this (Ford Edge) and other fascinating automobiles assembled here in Nigeria.
“We are willing to support any automobile firm, including Coscharis Motors in the value adding venture of assembling vehicles locally in Nigeria.”
The Ford Edge was one of the major show stoppers at the event displayed at the 2021 Abuja International Motor Fair, which took place at the International Conference Centre in Abuja recently.
The upgraded Ford Edge was among other Ford variants displayed at the fair by Coscharis Motors.
Speaking during the presentation of the Edge to the audience at the fair, Abiona Babarinde, General Manager, Marketing & Corporate Communications at Coscharis Group said, “We are delighted to showcase the upgraded Ford Edge with all its innovative and fascinating features such as a 2.0 litre Ecoboost petrol engine, an 8-speed automatic transmission, dual zone climate control, intelligent access and push start button among others.
“The wait is over and our customers can now begin to enjoy this exquisite masterpiece called the Ford Edge.”
Babarinde also hinted on the steps taken by Coscharis Motors to ensure the ease of acquisition of Ford brand of vehicles.
He said, “Coscharis has made Ford vehicles more affordable with the introduction of our vehicle finance scheme. The scheme is offered with the support of our sister company, Coscharis Mobility and other credible financial institutions, including Polaris Bank and Sterling Bank, whereby prospective customers can, make an initial payment of as low as 10% of the price of any of the Ford vehicles of their choice, and drive home their dream vehicle while the balance is spread over a period of as much as 60 months.”
Other Ford variants at the fair were entry level sedan, Figo and mini SUV EcoSport.
Also lined up on display were Escape, Everest, Explorer, Ranger and the super sport car, Mustang which stood out the Coscharis – Ford brand throughout the duration of the auto fair.
Inside and out, Ford has added new features to the EDGE to deliver an even more sophisticated, modern driving experience.
Modern sophistication is what defines the EDGE. Athletic new front and rear styling reaches its ultimate expression – an exhilarating 250 horsepower of performance-enhanced pleasure. There are plenty of smart new features as well. Starting with Ford Co-Pilot360™, a suite of standard driver-assist technologies designed to help you confidently navigate your world.
Fashola: FG constructing 44 road projects with Sukuk funds
Babatunde Fashola, minister of works and housing, says 44 road projects are currently funded under the Sukuk programme.
Fashola said this on Monday at the inauguration and handing over of Phase I and II of Vandeikya-Ogbudu Cattle Ranch road in Tsua, Vandiekya LGA of Benue.
Sukuk is an Islamic liquidity management instrument used by many governments and corporations to finance big projects.
Since the establishment of the initiative in Nigeria in September 2017, the Debt Management Office (DMO) has issued three Sovereign Sukuk — 2017, 2018, and 2020.
Earlier this month, DMO said it would issue another N250 billion Sukuk to finance road projects.
Fashola said that the completed road would positively impact the lives of the host communities, commuters, and the general public.
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“These projects represent major investment in road transport infrastructure, which is a commitment of the Buhari administration as a driver for economic growth and prosperity,” NAN quoted him as saying.
“They are visible and incontrovertible assets in proof of what Nigeria’s resources are invested in from a combination of our earned resources and borrowings.
“This occasion affords another opportunity to acknowledge the impact of the Sukuk funding in the completion of Azare — Potiskum, Shuwarin — Potiskum, and Sokoto-Tambuwal-Kontagora Roads.”
According to the minister, other handing over formalities that will follow the formalities in Kebbi and Vandeikya LGA would be in Section II covering 142.2km dualisation between Shuwarin and Azare, connecting Jigawa and Bauchi states.
Others include Section III covering 106.3km dualisation between Azare and Potiskum connecting Bauchi and Yobe States, Nnewe-Uduma-Uburu road covering 26.27km with 14 km spur to Ishiagu, connecting Enugu and Ebonyi states.
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On his part, Babangida Hussaini, permanent secretary, federal ministry of works and housing, said the road was awarded to China Civil Engineering Construction Corporation (CCECC) Nigeria Limited at the cost of N6.6 billion.
Hussani, who was represented by Rugba Emengo, highways director, north-central, said the first phase of the contract was awarded in 2012 while the second phase was awarded in 2015.
In his remarks, George Gao of CCECC assured that the road was built according to the ministry’s approved standard.
Gao said that the road, which took over seven years to build, would last for more than 30 years.
He added that the road had a pedestrian way and other related facilities such as the installation of signaling and safety systems.
NAJA ignites Nigerian auto industry, holds awards tomorrow
Auto industry players and other stakeholders have shifted their attention to the 2021 auto industry awards that will hold tomorrow Wednesday, December 1 in Lagos.
Nigeria Auto Journalists Association (NAJA) has said all is set for this year’s edition of the annual event, adding that virtually all categories of the automobile industry will be covered by the organising committee.
Chairman/founder of Elizade Group and brain behind Toyota Nigeria Limited, Michael Ade.Ojo, is expected to be honoured as the ‘Pillar Of Nigeria’ Auto industry’.
Special guests of the day are Jelani Aliyu, Director-General of the National Automotive Design & Development Council (NADDC) and Boboye Oyeyemi, Corps Marshal of the Federal Road Safety Corps (FRSC).
New entrants for this year’s awards are Jet Systems listed in the electric bus promoter of the year category; OMAA mentioned in the gas-powered vehicle promoter of the year category, among others.
The two brands are coming at a time when Nigeria is focusing and encouraging the shift from fossil fuel to electric and gas respectively to prospective vehicle buyers.
Geely Coolray, marketed by Mikano International Limited is also in contention for the best designed vehicle of the year.
According to the organisers of the event headed by chairman of the award committee, Theodore Opara, the Car-of-The-Year (COTY) category will be contested by Toyota Corolla, Hyundai Creta and Kia Rio.
The Suzuki brand, which is being marketed by CFAO, is listed on the strongest comeback brand category, while PAN has been nominated for the most resilient auto company of the year.
Nigeria’s indigenous automaker, Innoson Vehicle Manufacturing Co, is captured in auto manufacturer of the year (local content) because of its immense contribution in the development of the local auto industry and other ancillary allied automotive component makers.
A major highlight of the event is the launch of the 2021 Nigeria Auto Journal.
Chairman of the Nigeria’s Auto Journalists Association, Mike Ochonma, said all vehicles nominated in the various categories represent exceptional value and designs.
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