Economy
World Bank Raises Nigeria, Other African Countries’ Growth Forecast: Inflation Drop
World Bank Raises Nigeria, Other African Countries’ Growth Forecast: Inflation Drop
World Bank raises Nigeria, other African countries’ growth forecast: Inflation Drop. The World Bank has said that Nigeria and other sub-Saharan African economies are expected to grow by a faster 3.8% this year on the back of stable prices that have spurred easing by policymakers. The development followed the Central Bank of Nigeria’s easing of interest rates from 27.5 per cent to 27 per cent last month.
The WB upgraded growth forecasts for Ethiopia, Nigeria, and the Ivory Coast – all major economies in the region. It said real incomes are also growing at a faster rate this year and into the next two years. “While this marks a gradual recovery from a decade of successive shocks, the rebound has yet to gain strong momentum,” it said in the report.
The upgrade from 3.5% in April was driven by stabilising foreign exchange and inflation rates in countries like Ethiopia, giving room for interest rate cuts, the bank said in its biannual Africa Pulse report, according to Reuters. Growth will accelerate to an annual average of 4.4% in the next two years, the bank said, slightly up from an initial forecast of 4.3%.
Growth prospects for 30 economies out of the 47 that make up the region, as defined by the bank, were revised upwards, the report found. “These favourable conditions are fuelling a recovery in private consumption and investment,” the bank said in the report. However, fiscal consolidation efforts could curb the pace of recovery in some economies, the report warned.
“The median inflation is less than 4%. Moreover, most of the currencies that were cratering relative to the U.S. dollar have now recovered and are stable,” Andrew Dabalen, chief economist for Africa at the World Bank, told a news briefing.
The regional economic outlook, however, faces risks from trade uncertainty sparked by the policies of U.S. President Donald Trump, high debt burdens, and the need to create jobs for millions of young people coming into the job market.
“Trade challenges remain very high. We don’t know how this is going to be resolved because there are lots of negotiations going on,” Dabalen said, citing the expiry of AGOA, a key trade agreement between the United States and African nations. The World Bank urged governments to focus on the creation of good jobs by improving the general business environment, and nurturing small and mid-sized firms.
World Bank Raises Nigeria
“These jobs have to be jobs that provide a living wage and secure lives,” Dabalen said, adding that three-quarters of the jobs created in the region’s economies are in the informal sector.
Lack of employment opportunities and other grievances have led to youth-led protests in Kenya, Nigeria, and Madagascar since last year, showing the scale of the challenge for policymakers. “The consequences of not solving these problems are hard to contemplate.
They will be very disruptive, and I think we’re beginning to see the signs of it,” Dabalen said.
Economy
ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku
ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku
ADC is Nigeria’s only reliable political party, others brought insecurity, hunger, says Atiku. Former Vice-President Atiku Abubukar says the African Democratic Congress (ADC) is the only reliable political party in the country, noting that others have brought insecurity, hunger, poverty and unemployment.
Speaking in Jalingo, the capital of Taraba state, during the official opening of the ADC state secretariat, Abubakar said the party is ready for a 2027 victory but urged Nigerians to unite to rescue the nation.
He also asked Taraba residents to take part in the ongoing continuous voter registration exercise, adding that their participation is crucial to reversing Nigeria’s worsening hardship.
“I am in Taraba to inaugurate our new party office of the ADC, and I want you to hold the party with integrity,” Channels Television quoted Atiku as saying.
“Do not allow anybody to deceive you with any other party, because we have tasted other political parties, and they brought nothing but insecurity, hunger, poverty and unemployment. “The youths and women should know that we are doing this for them to have a better future, and I am holding on to their promise. “ADC will win Taraba state and win Nigeria as the only reliable political party.”
ADC Is Nigeria’s Only Reliable Political Party
Abubakar, who formally joined the ADC on Monday—17 months before the 2027 general election—said his experience across political platforms convinced him that the All Progressives Congress (APC), the Peoples Democratic Party (PDP) and other parties lack the capacity to rescue the country.
He resigned from the PDP on July 16, citing “irreconcilable differences” within the opposition party as his reason for leaving.
Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development
Akwa Ibom governor pledges commitment to tourism, blue economy development… commends Editi Effiong for projecting State’s tourism potentials
As part of his effort to encourage tourism and enhance the State’s blue economy, Akwa Ibom State Governor, Pastor Umo Eno, has reiterated his administration’s commitment to encourage and reward young professionals who are willing to collaborate with his administration in promoting the positive image of the State through the ARISE Agenda.
The Governor made this known while fielding questions from Government House correspondents shortly after embarking on inspection of a locale of a movie, “The Black Book 2” (Old Scores), at Ishiet Beach/Market in Uruan Local Government Area.
He commended the movie Producer and Director, Mr. Editi Effiong, for his talent, vision, inspiration, and creative ability to project the tourism potentials and boost the economy of the State.
Governor Eno charged young Akwa Ibomites to shun divisive tendencies, be inspired, and emulate the creative effort of successful Akwa Ibom sons and daughters by joining hands to develop the tourism and blue economy of the State.
“The impression is amazing, seeing that we have one of our own trying to pull the world down here.
“I would love to thank and encourage him, and to let our young people see that Akwa Ibom has what it takes to drag the world’s attention.
“It depends on what you see. Someone can see this place and write one story about a swamp that has been abandoned and make all the noise. Another person sees this place and makes a great movie out of it that will market this place to the world and is able to attract the attention because of the work he has done here,” he said.
The State Chief Executive pledged his encouragement, support, and collaboration with Editi and other young Akwa Ibomites to enable them rise to the zenith of their calling.
“We are going to work with him. Editi is a young man I have known very well. This is one thing I say to our people in the diaspora, let’s partner. Come back home, whatever you see out there, bring it back here, and let’s work together.
“I think that is the story, and I am really impressed. If you know the number of people that have visited this State in the course of this film, the talents, and the caliber of artists that have been here, then this young man deserves an award and our support,” he added.
Ibom Deep SeaPort
On his part, the movie Producer and Director, Effiong, appreciated Governor Eno for his visionary leadership and passion for tourism development.
He expressed gratitude to the Governor for creating a hospitable and tourism friendly ecosystem to enhance talent exploration through the provision of good road network and quality modern facilities which distinguished the State as one of the most treasured locations in the country.
EFCC Releases Ex-AGF Malami After Hours Of Interrogation
EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.
The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.
Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.
“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”
EFCC Releases Ex-AGF Malami After Hours Of Interrogation
The EFCC had summoned Mr Malami through a letter dated November 24, and signed by Sunday Ofen-Imu on behalf of its chairman, Ola Olukoyede.
The EFCC did not disclose the specific allegations for which Mr Malami was invited.
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