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Nigeria’s economy will take 15 years to bounce back – World Bank

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1 day ago

October 15, 2024

Nigeria’s economy will take 15 years to bounce back –World Bank

The World Bank, on Monday, delivered a sobering assessment of Nigeria’s economy, projecting that it will take about 10 to 15 years for the nation to undergo remarkable transformation.

The revelation exposes the pressing challenges ahead and calls for urgent, decisive action to steer the economy toward recovery and resilience.

Senior Vice President, World Bank Group, Indermit Gill, who spoke at the 30th Nigerian Economic Summit Group (NESG #30), emphasised that the government must do everything in its power to protect the most vulnerable citizens from hardship, as their lives and the lives of Nigeria’s 110 million children depend on it.

He said: “Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy. So, I don’t know if you’re agreeing with me or if you’re disagreeing with me. If it does that, it will transform its economy, and it will become an engine of growth in sub-Saharan Africa, helping to transform the region. It’s very difficult to do these things, but the rewards are massive. “This is the lesson from the last 40 years, as well as the experience of countries such as India, Poland, Korea, and Norway. So again, I’m going to say something unpopular, perhaps. But Nigeria’s reforms from 2003 to 2007 were exactly what was needed.

“But they were not sustained. Today’s fiscal, monetary, and exchange rate reforms are hurting everyone, especially ordinary Nigerians, who are struggling with the high prices of food and transport. “The government must do everything in its power to protect the most vulnerable citizens from hardship because their lives and the lives of Nigeria’s 110 million children depend on it. It must also stay the course of reform, as Nigeria’s long-term future and the future of these 110 million children depend on it. Now, during the coming year—and I’m almost at the end—Nigerian policymakers have to do three things.

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“The first is to prioritize non-oil growth. This requires a competitive exchange rate, which Nigeria now has. Nigeria’s real exchange rate is at its most competitive in at least 20 years,” he said.

“This is a great opportunity for the private sector. To protect the poor and maintain competitiveness, the central bank must stay focused on inflation. It should resist the lure of short-term capital inflows that might push up the Naira’s value too quickly and curb non-oil growth.

“It should rebuild foreign exchange reserves instead as a cushion against oil price volatility. Again, I think Governor Cardoso (Governor of the Central Bank of Nigeria) is doing many of these things, and he should be encouraged. The second thing is to help every vulnerable household cope with high inflation,” he said, adding that the government is rolling out a large-scale targeted temporary cash transfer programme that has already reached between 4 and 5 million households. It should quickly extend this to 10 million households and perhaps more if necessary. The World Bank also noted that the government should protect vulnerable citizens using savings from the fuel subsidy removal. Over the next few years, Gill explained, the government should also install a cost-effective safety net to protect its most vulnerable citizens, financing it with some of the savings from fuel subsidy removal and exchange rate adjustments.

“It has to make the economy more business-ready. And I think the Chairman of NESG has put out a very clear agenda of what needs to be done in this regard. “In the next 10 years, more than 12 million young Nigerians—both men and women—will enter the workforce. Generating jobs for them will greatly depend on the private sector and large-scale domestic and foreign private investment in the non-oil sector.

“Attracting such investment means boosting the national power grid, improving transportation, enhancing security, and strengthening the rules and regulations governing private enterprise. Failure in these areas would set back reform efforts across the continent, in addition to ruining the future of yet another generation.

“Nigeria’s elites—we are all elites here in this room—must unite to support these reforms. By enabling a broadly prosperous and stable Nigeria, they will be making perhaps the most valuable and the biggest request for their own children and grandchildren. “Now, the World Bank team in Nigeria is one of the best. You have here an excellent country director. “You have a top-notch team of economists, energy specialists, and operations staff. They have the expertise that is needed. Most importantly, though, especially in difficult times, they have the experience that the moment demands. Many of these experts you have here in the Abuja office are veterans of similar reforms in places like Indonesia and many other places. You should take full advantage of that.

“But the one thing that struck me about our team here, as I prepared for this visit, the most important thing that I learned about them is that they have great affection and admiration for everyday Nigerians. The Nigerian government and the people can count on their support 24/7, and this team will get all the support they ask for from the entire World Bank group,” he noted.

Nigeria’s economy will take 15 years to bounce back –World Bank

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Tinubu demands justice in Libya maltreatment of Super Eagles

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Edo: Group urges PDP to stop propaganda, accept election results

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Senate demands apology from Libya over Super Eagles’ maltreatment

Published

29 mins ago

October 16, 2024

Trends Admin

Senate demands apology from Libya over Super Eagles’ maltreatment

The Nigerian Senate has called on the Libyan government to issue a formal apology to Nigeria following the ill-treatment of the Super Eagles, the senior male football team, during their visit to Libya.

The issue arose after Libya’s 1-0 loss to Nigeria in Uyo, Akwa Ibom State, on Friday. Both teams were scheduled for a rematch in Benina for their fourth Group D encounter in the 2025 AFCON qualifiers.

On Sunday, the Super Eagles departed for Libya, but the Nigerian Football Federation (NFF) reported that the team’s flight, which was an hour away from Benghazi, was unexpectedly diverted to Al Abraq, a city more than two hours from their intended destination.

Upon landing, the Super Eagles were left stranded, with no transportation or assistance provided by the Libyan Football Federation.

As a result, the Nigerian team was stranded at the airport for over 12 hours, prompting them to threaten to pull out of the AFCON qualifier against Libya. The incident sparked outrage among football fans and officials alike.

During Tuesday’s plenary, Senator Sulaiman Abdulrahman Kawu Sumaila (Kano South), Chairman of the Senate Committee on Sports, raised a motion condemning Libya’s actions.

He criticized the Libyan authorities for failing to adhere to international sports best practices, stressing that such treatment was unacceptable.

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The Senate urged the Libyan government to apologize for the disrespect shown to Nigeria’s national team, emphasizing the need for fair treatment and respect in international sports relations.

The Deputy President of the Senate, Barau I. Jibrin, who presided over the session said, “The essence of sports is to promote unity and competition and enhance brotherhood among the countries on the continent. The way our players were treated is terrible and condemnable.

“Fortunately, you (Kawu) have come through a personal explanation, and this is what we intended it to do because we don’t want a diplomatic row. So, we call on the ambassador and whoever is concerned and the authorities to come out and apologise for what they have done to our national team.”

Earlier in a statement by his Special Adviser on Media and Publicity, Hon Eseme Eyiboh, the Senate President, Godswill Akpabio demanded a thorough investigation into the matter.

Akpabio said, “We demand a thorough investigation from the Disciplinary Committee of the Confederation of African Football (CAF) and appropriate sanctions to be meted out against those involved.

“It is also imperative that the Libyan authorities take immediate action to investigate this incident and ensure that those responsible are held accountable to prevent future occurrences.”

Senate demands apology from Libya over Super Eagles’ maltreatment

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Soludo rejects LG autonomy, signs bill to deduct from council allocations

Published

50 mins ago

October 16, 2024

Trends Admin

Anambra State Governor, Prof. Chukwuma Soludo

Soludo rejects LG autonomy, signs bill to deduct from council allocations

Anambra State Governor, Prof. Chukwuma Soludo, has expressed concerns over granting full autonomy to Nigeria’s 774 local government areas, warning that it could lead to “humongous chaos” and hinder sustainable development.

Speaking at the Governor’s Lodge in Amawbia, Awka, on Tuesday after signing the “Anambra Local Government Administration Law 2024,” Soludo argued that absolute autonomy for local governments is impractical.

He highlighted the potential challenges that such a move would pose, suggesting it could create disorder rather than foster development.

The law, which was passed by the State House of Assembly last Thursday, provides a framework for local government administration within Anambra.

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“The absolute autonomy to the 774 local government areas in the country is an impossibility,” Soludo said. “In fact, it is a recipe for humongous chaos. The attendant challenges before the issue of local government autonomy are such that would certainly deepen the fate of the system and spell doom for the expected beneficiaries of the process if not well planned.”

Soludo explained that the new laws are consequential to the Supreme Court judgment and not intended to undermine it.

“The new laws by Anambra House of Assembly are therefore consequential to give operational life to the Supreme Court judgment and not to undermine it,” Soludo stated. “If the State House of Assembly abdicates this constitutional duty, the Local Government will then have no law on the use and management of its finance.”

Newstrends reports that the bill requires local government areas (LGAs) to remit a portion of their federal allocations into a consolidated account controlled by the state.

Section 13(1) of the bill stipulates that the state shall maintain a “State Joint Local Government Account” into which all federal allocations to LGAs must be deposited. Section 14(3) of it mandates that each LGA must remit a state-determined percentage to the consolidated account within two working days of receiving their allocations.

Meanwhile, Section 14(4) outlines that if the state receives the LGA’s allocation on their behalf, it must deduct the specified percentage before disbursing the remaining funds to the LGA.

Soludo rejects LG autonomy, signs bill to deduct from council allocations

(PoliticsNigeria)

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Ahead Ondo poll, PDP demands removal of INEC commissioner

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1 hour ago

October 16, 2024

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Ondo State Resident Electoral Commissioner (REC), Oluwatoyin Babalola.

Ahead Ondo poll, PDP demands removal of INEC commissioner

The Peoples Democratic Party (PDP) on Tuesday expressed lack of confidence in the Resident Electoral Commissioner (REC) in Ondo state, Oluwatoyin Babalola.

The governor of Oyo state, Seyi Makinde, therefore called on the national chairman of the Independent National Electoral Commission (INEC), Prof. Yakubu Mahmoud, to remove the commissioner ahead of the governorship election slated for November 16 in the state.

Makinde made the call while addressing a crowd of party supporters in Akure during the official flag-off ceremony of the 2024 Ondo state PDP governorship election campaign.

The Oyo state governor, who is also the PDP south-west leader, said the removal of the REC would prevent what happened during the last gubernatorial election in Edo state and ensure a free, fair and credible election in Ondo.

He warned that the opposition party would not fold its arms and allow a repeat of the drama that characterised the Edo election in Ondo.

Makinde asked Mahmoud to deploy another REC that will be fair and allow a level playing field in order to safeguard the integrity of the electoral process.

He said: “This message is for the INEC national chairman, Prof. Yakubu Mahmoud. You must remove the REC in Ondo state, Mrs Oluwatoyin Babalola.

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“The last governorship election in Edo state was a fraud and we don’t want that in Ondo state. The current REC is from Ondo state. We don’t want her to conduct this election. We will not condone injustice.

“What they did in Edo will not succeed in Ondo. We will protest until she is removed. Bring another REC that will be fair, that will allow a level playing field. We as PDP aren’t afraid of any contest. Remove her or else, we will continue to protest.”

Also, the PDP governorship candidate, Agboola Ajayi, asked for the deployment of Babalola from the state, saying the REC would not be fair if allowed to conduct the poll.

“Ondo REC must be redeployed. She was born here. Her parents live here. She can never be fair in this election. We don’t want her in Ondo state. Babalola must leave,” Ajayi said.

Agboola promised to diligently implement his 7-key agenda for the state which includes infrastructure, agriculture and health development.

The Chairman, Ondo National Campaign Council, Governor Ademola Adeleke of Osun state, described the PDP candidate, Ajayi, as a tested hand.

The PDP National Chairman, Umar Damagun, said: “We don’t want what happened in Edo state in Ondo state.

“We want free, fair and credible elections in Ondo state. Our governorship candidate, Agboola Ajayi, is a well tested candidate that can deliver dividends of democracy for the good people of Ondo state.”