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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.”
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FG Honours 12 Teachers, Reaffirms Commitment To Education Reform
The Federal Government has honoured 12 teachers from across the country with national awards, reaffirming its commitment to strengthening the education sector through improved welfare, incentives, and professional development for teachers.
The awards were presented yesterday at the Nigeria Teachers’ Summit 2026, held in Abuja, where the Minister of Education, Dr Tunji Alausa, stated that the government would sustain reforms aimed at empowering teachers and restoring dignity to the profession.
Alausa explained that the selection process was transparent and merit-based, with three teachers nominated from each of the 36 states and the Federal Capital Territory at both the basic and senior secondary school levels.
From the pool of nominees, 12 teachers; six from basic education and six from senior secondary education, emerged as national award recipients.
Each of the 12 awardees received a cheque of N25m.
The Overall Best Teacher of the Year, Solanke Taiwo from the South-West category, received an additional N25m, bringing his total prize to N50m.
In addition to the cash prize, Taiwo is to receive a brand new car from the Governor of Borno State, Babagana Zulum, as well as a fully furnished two-bedroom flat from the Ogun State Governor, Dapo Abiodun.
Also, the Governor of Kebbi State, Nasir Idris, pledged to give each of the award winners an additional N5 million.
The minister described the awardees as exemplifying professionalism, integrity, innovation and dedication to learners, noting that they represent the best of the teaching profession in the country.
“This is more than a reward. It is a national signal that teaching is a noble, respected, and valued profession in Nigeria,” he said.
Speaking at the summit themed ‘Empowering Teachers, Strengthening the System: A National Agenda for Education Transformation and Sustainability,’ the minister said the recognition of the teachers reflected the FG’s broader education reform agenda under Tinubu’s Renewed Hope Agenda.
“Teachers are the foundation of education, and education is the foundation of national development. No nation can rise above the quality of its teachers.
“No reform, no matter how well designed, can succeed unless teachers are empowered, motivated, supported, and respected,” Alausa said.
He pledged that the government would continue to invest in teachers through structured training, improved career pathways and fair rewards, noting that education remained central to national development.
Under the Renewed Hope Agenda, he said, “sustainable development, economic growth, innovation, and social cohesion depend on a strong and responsive education system and that system depends on teachers.”
As part of this commitment, the minister announced the launch of EduRevamp, a nationally coordinated Continuous Professional Development programme designed to modernise teacher training and improve classroom outcomes.
While the programme is open to teachers in both public and private schools, Alausa said performance-based incentives would be reserved for public school teachers who complete certified training.
“Professional growth must never be restricted. Every teacher deserves access to quality training, modern tools, and updated skills,” he said, adding that incentives would be tied to measurable performance.
He also highlighted complementary initiatives, including the Ignite digital platform to reduce teacher workload, the Diaspora Bridge programme to strengthen STEMM education, and the provision of 60,000 tablets for teachers with zero-data access to approved training platforms.
The minister further announced reforms to the Teachers Registration Council of Nigeria’s digital platform, the expansion of Communities of Practice, and progress on the Accelerated Teacher Training Programme aimed at fast-tracking professionalisation for in-service teachers.
To provide long-term stability, he said the government had introduced a National Teacher Policy to guide teacher development, welfare and professional standards nationwide.
Addressing the award recipients and other educators at the summit, Alausa described the government’s message as “professional growth, dignity in service, and renewed hope,” urging stakeholders to focus on tangible outcomes in classrooms across the country.
In her welcoming remarks, the Minister of State for Education, Professor Suwaiba Ahmad, underscored the central role of teachers in Nigeria’s education reform agenda.
Ahmad said the gathering was both timely and strategic, noting that the quality of any education system is inseparable from the quality, motivation and empowerment of its teachers.
She explained that the theme aligns directly with Nigeria’s current education priorities.
According to her, investing in teachers is the bedrock of sustainable reform and national development.
“Empowering teachers is not an isolated intervention; it is the foundation upon which sustainable education reform is built.
“When teachers are supported, trained, motivated, and valued, the entire system is strengthened, learning outcomes improved, equity expands, and national development is accelerated,” she said.
Describing the summit as a strategic national platform, Ahmad said it was designed to unite key stakeholders to address challenges in the education sector and advance practical reforms.
She noted that the forum brings together teachers, policymakers, education leaders, regulators, unions, development partners and private sector actors to strengthen teaching and learning outcomes nationwide.
In his goodwill message, the National President of the Nigeria Union of Teachers, Audi Amba, described the summit as a historic milestone in the recognition of teachers’ roles in national development.
Nigeria’s education sector has continued to grapple with longstanding challenges, particularly around teacher welfare, access to regular professional development, classroom capacity and infrastructure.
These issues have raised concerns among stakeholders about the quality of teaching and learning in many public schools. At the same time, industrial actions by education unions in recent years have further highlighted the pressures facing educators nationwide.
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We Draw Our Confidence From God -Fubara
The Rivers State Government has declared that it draws its confidence from the assurance that God is more than sufficient to guide its leaders, strengthen its institutions, and sustain its communities in peace and progress.
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?Rivers State Governor, Sir Siminalayi Fubara, made this declaration during the 2026 Holy Ghost Rally organised by the Redeemed Christian Church of God (RCCG) at the Adokiye Amiesimaka Stadium, Port Harcourt, on Sunday.
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?Speaking through his deputy, Prof. Ngozi Odu, the governor stated that “with the Almighty God on our side, our challenges are surmountable and our future remains hopeful,” noting that the theme of this year’s rally, “The All-Sufficient God,” is both timely and reassuring.
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This was contained in a statement from the office of the Deputy Governor, signed by the Head of Press, ?Owupele Benebo.
?According to Fubara, the theme serves as a powerful reminder that in a world filled with uncertainty, God remains our unfailing source, sufficient in wisdom, strength, provision, and grace.
He stressed that when human ability reaches its limit, God’s sufficiency prevails.
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?The governor commended the Redeemed Christian Church of God for its consistent spiritual impact and unwavering prayers for Rivers State and the nation, expressing appreciation for the Church’s contributions to promoting moral values, unity, and faith in God.
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?In his sermon, drawn from Genesis 17:1, the General Overseer of the RCCG, Pastor Enoch Adeboye, described the Almighty God, whose name is above every other name, as all-sufficient and capable of meeting every human need.
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?He noted that the God who created all things also has the power to repair and restore them.
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?Adeboye explained that while human effort, including medical intervention, may reach its limits, there comes a point where only God steps in to turn situations around, bringing hope where none seemed possible.
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?In his address, the Pastor in charge of the Rivers Family of the RCCG, Pastor Adesoji Oni, stated that the Port Harcourt Holy Ghost Rally, which began in 2015 and has now become an annual event, has been a tremendous blessing to the people of the State.
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Adesoji noted that the rally has drawn thousands of souls to God while impacting lives spiritually and physically.
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?He further disclosed that the Church has gone beyond preaching the gospel to actively engage in impactful initiatives through its Christian Social Responsibility programmes.
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?These include skills acquisition centres, maternity centres across the State, a rehabilitation centre for persons battling substance abuse, and an Innovative Mind Hub.
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