Connect with us

Business

World Bank predicts Nigeria’s economic growth to resume at 1.1%

Published

on

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.

Business

NMDPRA seals 16 gas plants, arrests five suspects in Edo

Published

on

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has sealed 16 illegal gas facilities in Edo State.

Some filling stations were also sealed over an alleged breach of rules and regulations.
The agency arrested five suspects during the exercise.
The agency’s state comptroller, Ebi Ogionwo, said the clampdown was to curb the activities of illegal and unlicensed oil and gas operators in the state.
He alleged that some misguided operators were setting up oil and gas facilities in areas not suitable for the business and without necessary approval from the agency.
Ogionwo said, “It is an offence for anyone to site such facilities without due approval from the NMDPRA. The agency is out to bring sanity to the operations of midstream and downstream petroleum business in the state.”

He further warned investors against taking laws into their hands by setting up gas and petroleum facilities in areas not approved by the agency.

Ogionwo said five suspects arrested during the exercise would be charged to court.

“There are laws, guidelines and regulations that people must follow before setting up oil and gas facilities. So, the purpose of the operations is also to check the level of compliance by those who have set up these facilities in the state and take necessary actions that are required,” he said.

Ogionwo added that the illegal operations of oil and gas facilities compromised the safety of lives, property, environment as well as deprived both the state and Federal Governments of the revenue that should accrue to them through taxes and other sources.

Continue Reading

Auto

Lagos suspends RTEAN activities, sets up caretaker committee

Published

on

The Lagos State Government has suspended all activities of Road Transport Employers Association of Nigeria (RTEAN) in the state.

Special Adviser to the Governor on Transportation, Sola Giwa, who announced the suspension, said the action became imperative following some pockets of violence recorded in Ojo and Lagos Island on Wednesday.

Already, he said a 35-man caretaker committee had been constituted to take over activities of the union.

The caretaker committee is headed by Sulaiman Adeshina Raji, with Bamgbose Oluseyi as deputy chairman and members are Sunday Aransiola, Sulaiman Onabanjo, Azeez Abdulrahman, Isiaka Seriki, Victor Ifemenam, Kareem Babatunde, Amusan Abdulrahman, Teslim Adeshina, Sulaiman Surajudeen and Fatai Rauf.

Others are Sunday Banjo, Segun Omole, Thomas Akinkayode, Taiwo Lasisi, Gbenga Kashimawo, Samson Ajala, Taiwo Daodu, Sule Aliu, Ahmed Musa and Oladipupo Ibrahim. Adewale Adeniyi, Olatunji Durojaiye, Wasiu Olanrewaju, Taofeek Onileola, Yusuf Afolabi, Bode Ogungbade, Alh. A.A. Ussaini, Saliu Usman, Saheed Badru, Kolawole Yusuf, Kayode Thomas, Idowu Oyewole and Salami Babatunde Ope, are to also join them.

Giwa reiterated that suspension became necessary to prevent further acts of violence in the state, stressing that men of the Lagos State Police Command would be deployed in different parts of the state to enforce the action and ensure safety of lives and property.

He said the state government met with some representatives of the RTEAN on Wednesday, following a protest by some members of the union demanding the removal of their national president, adding the government had assured them of a thorough investigation into the allegations levelled against the union’s president with a promise to resolving all lingering issues.

Continue Reading

Auto

Ade.Ojo hails Mandilas GM @60, says Toyota family proud of you

Published

on

Celebrant GM Mandilas, Kemi Koyejo; Chairman of Toyota Nigeria, Chief Michael Ade.Ojo, and his wife, Taiwo Ade.Ojo, at Kemi's 60th birthday in Lagos

The Founder of Toyota Nigeria Limited, TNL, Chief Michael Ade Ojo, has described the General Manager of Mandilas Motors, Ms. Kemi Koyejo as a performer, who takes her job very seriously.

Chief Ade Ojo, who spoke at the MUSON Centre, Lagos during the 60th birthday ceremony of Koyejo as the chairman of the occasion, showered encomiums on the GM for her contributions towards driving Toyota brand sale and development in Nigeria.

He said, “Olukemi is a performer, a wonderful lady, who takes her job very seriously. She is “Lady Toyota”. She never misbehaves and I want to pray that God should continue to bless you the more.”

Chief Ade Ojo, who recalled that Kemi’s father was his senior in high school, expressed no surprise at  Kemi’s sterling performance and behaviour, given her family background.

“The Toyota family in Nigeria is very proud of you and God will continue to be with you,” he prayed.

The 84-year-old business mogul attended the event with his wife, and senior management staff of Toyota Nigeria Limited including the Managing Director, Mr. Kunle Ade Ojo.

Reiterating Chief Ade Ojo’s commendation on the Mandilas General Manager, the Managing Director of Toyota, Mr. Kunle Adeojo, also said that the Mandilas General Manager is very hard-working and has brought many ideas that have led to the growth of the Toyota brand in Nigeria.

He also used the occasion to announce that the Nigerian Institution of Mechanical Engineers has conferred on him a Fellow of the institute.

A trained engineer, Mr. Kunle Ade Ojo, has been at the helm of affairs at TNL and has taken the company to greater heights despite the challenges in the Nigeria’s auto sector.

-Vanguard

Continue Reading

Trending