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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 Reiterates Commitment To Strengthen Security Cooperation With U.S.
The Federal Government has reiterated its commitment to strengthen security cooperation with the United States (U.S.) in protecting lives and property, and restoring security across the country.
This followed a plenary session of the Nigeria – United States Joint Working Group to address the Country of Particular Concern (CPC) designation of Nigeria, held at the Office of the National Security Adviser (ONSA).
This is contained in a statement issued by Malam Rabiu, Special Assistant on Media to the Minister of Information and National Orientation in Abuja, yesterday.
In the statement, the Minister of Information and National Orientation, Alhaji Mohammed Idris, said that the engagement was part of sustained efforts to strengthen Nigeria’s security partnerships and deliver tangible results for citizens.
“This is the third high-level engagement with senior U.S. officials since November 2025. It shows that our partnership is active, serious, and focused on outcomes that matter to Nigerians.
“This bilateral partnership reflects not only our shared commitment to religious freedom and civilian protection, but also a mature strategic relationship grounded in trust, candour, and shared responsibility.
“Cooperation between Nigeria and the U.S. has led to real operational gains.
“Our military and security agencies are working closely with U.S. partners through intelligence sharing and operational coordination.”
According to the minister, it also strengthened ongoing operations, including Operation Hadin Kai in the North East and Operation Fasan Yamma.
He added that the U.S. had committed to the timely delivery of outstanding military equipment, including drones, helicopters, platforms, spare parts, and support systems procured over the past five years.
“We want Nigerians to know that this partnership is working. These efforts are not abstract. They are yielding results, and they will continue to do so”.
On domestic security measures, the Minister recalled that President Bola Tinubu had formally declared national security emergencies in vulnerable and high-risk areas.
He also authorised intensified joint operations, and directed the sustained deployment of security forces to priority locations.
“Nigeria is acting decisively. Security agencies have clear instructions to protect communities and respond swiftly to threats.
“The Federal Government is strengthening early-warning systems and developing a national database to provide accurate and verifiable figures on deaths and casualties linked to violence.
“This will give us a single, trusted source of data to guide decisions, improve accountability, and sharpen our security response. Justice remains a key pillar of the government’s security strategy.
“The Ministry of Justice, the DSS, and the Nigeria Police Force are actively investigating and prosecuting terrorism cases. Violence will not only be met with force, but with justice and accountability,” the minister added.
He urged Nigerians to remain patient and supportive as the security reforms continue.
“Our responsibility is to keep Nigerians informed and reassured. The work being done today is to ensure a safer country tomorrow,” the minister said.
News
NLNG Urges Journalists To Embrace AI For Development
Media practitioners have been urged to adopt modern editing and artificial intelligence tools to inform, educate and inspire society through impactful storytelling for national development.
Ms Sophia Horsfall, General Manager, External Relations and Sustainable Development at NLNG Ltd., made the call in a statement issued yesterday.
The statement followed a three-day workshop for journalists held in Abuja and organised by Journalism Clinic.
The 32 journalists from various media organisations participated in the workshop titled: ‘NLNGChangeYourStory’.
The training focused on modern video-editing techniques and the application of artificial intelligence tools in newsroom operations.
It provided insights into the rapidly evolving role of artificial intelligence and digital communication in contemporary journalism.
Horsfall said modern tools could enable real-time reporting, expand audiences beyond borders and foster meaningful engagement across platforms.
“Journalism is a calling that informs, educates and influences society,” she said.
She encouraged participants to apply the knowledge gained to amplify their professional impact.
Horsfall urged journalists to express optimism reflecting NLNG’s vision of being globally competitive while improving lives sustainably.
She highlighted NLNG’s media support initiatives, including the NLNG Prize for Energy Reporting at the Diamond Awards for Media Excellence.
Also speaking, Ms Anne-Marie Palmer-Ikuku, NLNG’s Manager, Corporate Communications and Public Affairs, said the company deliberately invested in raising media standards.
She said the workshop addressed newsroom pressures such as speed, verification, audience trust and relevance.
“Our support strengthens a resilient media ecosystem that produces accurate journalism capable of shaping public understanding and national progress,” she said.
A Digital Communication Specialist, Mr Dan Mason, who facilitated the workshop, said Artificial Intelligence would not necessarily cause job losses.
He said AI would instead lead to significant job changes globally.
Mason explained that unlike the internet, which disrupted information distribution, AI directly affects content creation.
“It will lead to job changes without a shadow of doubt,” he said.
He added that when properly harnessed, AI could support journalism with greater efficiency and productivity.
Mason said: “When journalism remains ethically in control, AI can be a great force for good.
“I believe we should use AI positively to make our jobs better.”
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Tinubu Tasks New FCC Leadership On Equity
President Bola Tinubu has charged the newly inaugurated chairman and commissioners of the Federal Character Commission (FCC) to uphold equity, diligence and patriotism in national appointments.
The president gave the charge after administering the oath of office on the FCC leadership at the State House, Abuja.
Tinubu described the commission as central to Nigeria’s unity and stability, urging its leadership to reflect the country’s diversity and complexity in all actions.
He stressed that the FCC’s core mandate is to promote equity in public service appointments and ensure that every section of the country feels a sense of belonging.
“What you represent here today is the conscience of our nation.
” What you are being assigned to do is to promote and stabilise the conscience of this country,” the president said.
He urged the commissioners to be fair, diligent, committed and patriotic in carrying out their responsibilities to the nation.
Tinubu affirmed that Nigeria has the human resources, capacity and divine endowment needed to build a strong and prosperous nation.
He challenged the commissioners to see their appointment as a call to service rather than personal privilege.
“We have the human resources, the ability, the capacity and the endowment from God to build our country,” he said.
The president urged them to constantly reflect on their individual contributions to national development, unity and stability.
Borrowing from former U.S. President John F. Kennedy, Tinubu urged the commissioners to focus on what they can do for Nigeria.
He said: “What can you do for this country to make it greater now that you have been inaugurated?”
Tinubu said the success of the FCC in promoting inclusiveness and fairness rests squarely on the conduct of its leadership.
Speaking on behalf of the commission, its chairman, Hon. Ayo Omidiran, assured Nigerians that equity and inclusiveness would guide the FCC’s operations.
She expressed confidence that by the end of the current administration, every Nigerian would feel a sense of ownership of the country.
According to Omidiran, Nigeria is endowed with abundant resources and opportunities that must be equitably distributed across all regions.
“The Federal Character Commission was formed by patriotic Nigerians who believed that every good thing must go round the entire federation,” she said.
She pledged that the commission would leverage on Nigeria’s diversity as a source of strength while promoting balanced representation in public institutions.
The FCC chairman gave an assurance that the commission would operate under the guidance of the president to strengthen national unity and public confidence.
“At the end of this tenure, every Nigerian will own Nigeria,” Omidiran said.
She expressed optimism that the commission would fulfill its mandate through commitment and dedication.
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