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World Bank Lowers Nigeria’s 2023 Economic Growth Forecast To 3.2%
The World Bank has lowered its economic growth forecast for Nigeria in 2023 to 3.2per cent from 3.3per cent, citing slowdown in global growth, the war in Ukraine, including declining demand from China for commodities produced in Africa.
Citing similar conditions, the World Bank also projected that the Sub-Saharan African region will record a lower economic growth of 3.3per cent in 2022 from 4.1per cent recorded in 2021.
Consequently, the World Bank called on the governments in the Sub-Saharan African region to urgently implement measures to restore macro-economic stability and protect the poor in a context of slow growth, high inflation.
The forecasts were contained in the October edition of the World Bank’s Africa’s Pulse, a biannual analysis of the near-term regional macroeconomic outlook, and economic growth in Sub-Saharan Africa (SSA).
Highlighting the growth factors for Nigeria’s economy, the World Bank said: “The Nigerian economy is projected to slow in 2023, down to 3.2per cent (from 3.3per cent) and persist at this level the following year. Growth will be supported mainly by the rebound in private consumption prompted mostly by accommodative monetary policy as inflationary pressures subside.
“Private consumption expenditure is forecast to decrease this year and grow next year. This performance will likely continue in 2024. On the production side, growth in 2023 will be supported by industry (with the growth of 5.1per cent) with the mega-refinery project.”
On its growth forecast for the Sub-Saharan African region, the World Bank said: “Economic growth in Sub-Saharan Africa (SSA) is set to decelerate from 4.1percent in 2021 to 3.3percent in 2022, a downward revision of 0.3 percentage points since April’s Pulse forecast, mainly as a result of a slowdown in global growth, including flagging demand from China for commodities produced in Africa.”
On the factors undermining economic growth in SSA, the World Bank said: “The war in Ukraine is exacerbating already high inflation and weighing on economic activity by depressing both business investments and household consumption. As of July 2022, 29 of 33 countries in SSA with available information had inflation rates over 5percent while 17 countries had double-digit inflation.
“Elevated food prices are causing hardships with severe consequences in one of the world’s most food-insecure regions. Hunger has sharply increased in SSA in recent years driven by economic shocks, violence and conflict, and extreme weather. More than one in five people in Africa suffer from hunger and an estimated 140million people faced acute food insecurity in 2022, up from 120million people in 2021, according to the Global Report on Food Crises 2022 Mid-Year Update.
“The interconnected crises come at a time when the fiscal space required to mount effective government responses is all but gone. In many countries, public savings have been depleted by earlier programmes to counter the economic fallout of the COVID-19 pandemic, though resource-rich countries in some cases have benefited from high commodity prices and managed to improve their balance sheet.
“Debt is projected to stay elevated at 58.6percent of GDP in 2022 in SSA. African governments spent 16.5percent of their revenues servicing external debt in 2021, up from less than 5percent in 2010. Eight out of 38 IDA-eligible countries in the region are in debt distress, and 14 are at high risk of joining them. At the same time, high commercial borrowing costs make it difficult for countries to borrow on national and international markets while tightening global financial conditions are weakening currencies and increasing African countries’ external borrowing costs.”
Stressing the need for governments to improve the efficiency of existing resources and to optimize taxes in response to the above challenges, the World Bank added that, “In the agriculture and food sector, for example, governments have the opportunity to protect human capital and climate-proof food production by re-orienting their public spending away from poorly targeted subsidies toward nutrition-sensitive social protection programmes, irrigation works, and research and development are known to have high returns.
“For example, one dollar invested in agricultural research yields, on average, benefits equivalent to $10, while gains from investments in irrigation are also potentially high in SSA. Such reprioritisation maintains the level of spending in a critical sector while raising productivity, building resilience to climate change, and achieving food security for all. Creating a better environment for agribusiness and facilitating intra-regional food trade could also increase long-term food security in a region that is highly dependent on food imports.”
News
Easter: DHQ Orders Troop Alert, Confirms US Support
The Defence Headquarters has placed troops on nationwide alert ahead of the Easter celebrations, assuring Nigerians of tightened security.
The DHQ also reaffirmed that ongoing support from the United States is strengthening counter-terrorism operations, with a visible impact expected in the coming weeks.
Addressing journalists during the end-of-the-month briefing on Tuesday in Abuja, the Director, Defence Media Operations, Maj Gen Michael Onoja, assured citizens of heightened vigilance by troops during the Easter celebrations.
Onoja said the Armed Forces had already placed personnel on alert nationwide to prevent any security breach during the holiday period.
He added that similar measures were implemented during previous festive seasons, including Christmas and Eid-el-Fitr, and would be sustained.
“We know that festive seasons usually have heightened security activities. The military command gives instructions to ensure all personnel are on alert. This time will not be different,” he said.
He emphasised that security agencies would not relax despite the celebrations, noting that adversaries often attempted to exploit such periods.
“I can assure you that we will always be on alert, particularly at this period of festivities, because we know that the threats expect us to relax.
“But we are not going to relax. Everything will be okay for this Easter,” he added.
Speaking on the ongoing collaboration with the US forces, Onoja said the impact of the collaboration may not be immediately visible due to the nature of military engagements, but expressed confidence that the benefits would become evident in the coming weeks and months.
He said the U.S. support to Nigeria’s operations had been significant, particularly in the areas of intelligence sharing and training, noting that the assistance was being provided on favourable terms to strengthen ongoing counter-threat operations.
According to him, “You are aware that they are bringing intelligence and training support to us, which we need. They are giving that to us on very favourable terms. There are lots of things I cannot say because of confidentiality.”
He added that the intelligence being provided included information on the location of threats and hostile elements, stressing that Nigerian troops would act accordingly.
“All we can say is that these things take time. There is a gestation period when we are conducting military operations.
“You will not see it immediately, but in the next few months or weeks, you will feel the difference in the impact of the assistance that the U.S. is providing,” Onoja stated.
On February 16, 2026, DHQ confirmed the arrival of approximately 100 US military personnel and equipment at Bauchi Airfield.
According to the military high command, the personnel, who are not combat troops, were in Nigeria strictly for technical assistance, training, and advisory roles in counter-terrorism efforts.
However, insecurity has continued to surge in several parts of the country since their deployment, raising concerns about the effectiveness of the collaboration.
News
RSG Pledges Support For Youth Initiative …As Youth Dev Advocate Seeks Policies On Transformational Leadership
The Rivers State Ministry of Youth Development has restated the State Government’s commitment towards supporting initiative that will empower youth socially and economically in the State.
Permanent Secretary, Rivers State Ministry of Youth Development, Mrs Ruhoma Kejeh, stated this during the launching of a book titled: ‘A-Z Nuggets of Goal Setting: Discover Winning Ways To Set And Achieve Goals Like a Pro’, in Port Harcourt.
Kejeh said the State Government was committed towards supporting initiative that will empower youth socially and economically in the state.
The Permanent Secretary, represented by the Head of Department, Youth Education and Counseling, Rivers State Ministry of Youth Development, Mrs. Veronica Oborolor, described the book as a practical guide that will serve as a source of inspiration for youths.
According to her, the book is not only timely and commendable, but comes at a time when many youths face uncertainty in life.
In his remarks, the author of the book and a youth development advocate in Rivers State, Mr. Ibeleogute Emmanuel Ibodeng, called for policies that will promote transformational leadership in the country.
He said transformational leadership comes when the right policies are in place, and described the book as his contribution to human capacity development in Nigeria.
“This is my book launch. This will serve as my own contribution to human capacity building in this country,” he said.
Ibodeng added that the book will serve as a coaching template and model for emerging leaders, readers and passionate nation builders to coach themselves into excellence and patriotic citizens.
According to him, reading the book and imbibing its message has the capacity to make one a nation builder as it is tailored towards mind transformation and community development.
“My major target is to see that the leaders who come after this set will have their minds tuned after transformational leadership, and not just the kind of leadership we are used to today,” he said.
Also speaking, the guest speaker, Mrs. Uche Etiaba, said rather than relying on false hope and partisan politics, Nigerian youths should set clear goals and work out ways of achieving them.
Etiaba also described the book as a masterpiece, adding that vision without structure is like a mere dream.
She, however, blamed systemic failure as Nigeria’s major problem, arguing that the nation is experiencing high youth unemployment because the nation’s education system does not align with the job market.
According to her, there must be an alignment across all levels of our national life.
The event attracted people across all works of life.
John Bibor
News
Police Foil Kidnap Attempt, Recover Rifles In Rivers
The Rivers State Commissioner of Police, Olugbenga Adepoju, has reaffirmed the commitment of the Nigeria Police Force to safeguarding lives and property, following a major breakthrough in the fight against kidnapping in the State.
Adepoju said this in a statement by the command’s Police Public Relations Officer, CSP Grace Iringe-Koko which was made available to the Press in Port Harcourt, on Tuesday.
The police boss, in the statement, noted that the recent operation underscores the resolve of the command to intensify intelligence-driven policing and dismantle criminal networks operating within the State.
“Operatives of the Rivers State Police Command recorded the success after foiling an attempted abduction in Port Harcourt, leading to the arrest of a suspected gang member and recovery of arms and ammunition”, it said.
The incident, according to the statement, occurred in the early hours of March 20 when a 35-year-old resident, Fadi Nasser, raised the alarm over an invasion of his residence along Orogbum Crescent, Woji Road, in the Government Reserved Area of the state capital.
According to Police sources, the armed assailants attempted to abduct the victim and opened fire during the attack, creating panic in the neighbourhood.
“The victim, however, managed to escape unhurt, an outcome described by security operatives as both fortunate and instrumental in enabling a swift response by the police”, it said.
Investigations gained momentum after a mobile phone suspected to belong to one of the attackers was recovered at the scene, providing a critical lead for operatives.
Acting on the intelligence, officers of the Special Weapons and Tactics (SWAT) unit based in Aluu deployed technical resources to track the device, which led to the arrest of one Joseph Abibo, identified as a member of the gang.
During interrogation, the suspect, the statement revealed, reportedly confessed and provided useful information that guided operatives to the gang’s hideout within the State.
Police sources also disclosed that upon arrival at the location, the operatives came under heavy gunfire from other members of the gang, prompting a fierce exchange.
The Police team, however, overpowered the criminals, forcing several of them to flee, with about six suspects escaping into a nearby river with gunshot wounds.
The police revealed that a search of the hideout led to the recovery of two AK-47 rifles, four magazines and 108 rounds of live ammunition, while efforts are ongoing to apprehend the fleeing suspects and recover more weapons.
King Onunwor
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