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World Bank Lowers Nigeria’s Growth Projection To 3.1%
The World Bank has lowered Nigeria’s real GDP (Gross Domestic Product) growth rate from 3.2percent to 3.1percent for 2022, amid weakening economic performance in the last six months.
In its latest Nigeria Development Update (NDU), launched in Abuja, yesterday, the bank said that the nation had to make hard choices or face a worse economic downturn, in the months and years ahead.
“The World Bank now projects that real GDP will grow by 3.1percent in 2022 and 2.9percent in 2023–24, 0.3 of a percentage point lower than the previous projections at the time of the June 2022 NDU,” it said.
According to the organisation, “Nigeria’s economic performance has weakened since the previous was published in June 2022 under the title of ‘The Continuing Urgency of Business Unusual.’
“Despite favourable global oil prices, ‘business as usual’ economic management is not delivering desired outcomes and, even if a crisis is avoided in the near-term, long-standing policy and institutional challenges are persisting and severely constraining the economy.”
It observed that the global economic environment has weakened, with economic activities in most major countries having slowed in 2022 amid high inflation and central banks shifting toward contradictory monetary policies.
“The rate of consumer price inflation,” the bank noted, “has surged and is currently one of the highest globally. The consumer price index, already increasing at a high rate, accelerated in 2022 through October, to be up 21.1percent y-o-y, a 17-year high.”
The bank noted the irony of the Nigerian economy which has failed to benefit from the high oil prices, as has been the case with other oil producing nations of the world.
It said, “External and fiscal pressures have continued to grow, despite elevated global oil prices. Oil price booms have historically supported the Nigerian economy but this has not been the case in 2021–22. The average price of crude oil increased by over 150percent from 2020 to 2022, yet Nigeria’s macroeconomic performance has weakened over this time, and its fiscal space has shrunk.
“There are two reasons why Nigeria is not benefiting from high global oil prices: First, lower oil production: As a result of high production costs, theft and insecurity, joint-venture cash-call arrears, and inadequate investment, Nigeria’s crude oil output has been falling since 2020 and has consistently been below its Organisation of the Petroleum Exporting Countries (OPEC) quota since June 2020.
“Second, the ballooning cost of the petrol subsidy: The continuation of the petrol subsidy (deducted directly from oil revenues) implies forgone fiscal revenues of 2.5–2.7percent of GDP in 2022. This, combined with the protracted decline in oil production, has resulted in the lowest levels of net oil revenues (in percent of GDP) being transferred to the government in over a decade.”
The bank warned, therefore, “If Nigeria continues with ‘business-as-usual’ policies, the country will effectively be choosing a path that will lead to people’s prospects being hindered.”
On policy choices before the Nigerian government, the bank insisted on urgent steps to restore macroeconomic stability; increasing oil and non-oil revenues; reducing inflation through a sequenced and coordinated mix of trade, monetary and fiscal policies to restore conditions for private investment and growth; removing petrol subsidy; and adopting a single, market-responsive exchange rate.
In his remarks, World Bank Lead Economist for Nigeria and co-author of the Report, Alex Sienaert, said, “Previous episodes of reform progress and high growth, such as in the 2000s, show that Nigeria’s economy can turn around quickly, and its tremendous economic potential that could be unleashed is well-known.
If Nigeria chooses to make reforms that stabilise its macro-fiscal policy settings and support investment, this would be transformative for 80million poor Nigerians, for Nigeria as a whole, and for Africa.”
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Fubara Seeks Full Resolution Of Bille Gas Leakage …Pledges Upgrade Of Community Health Centre
Rivers State Governor, Sir Siminalayi Fubara, has demanded quick and full resolution to the challenges arising from the gas leakage that occurred in Bille, Degema Local Government Area of the State.
The governor has also pledged to upgrade the Primary Healthcare Centre (PHC) in Bille with a view to addressing the health challenges confronting the community.
Fubara made the pledge on Wednesday at the Government House, Port Harcourt during an enlarged meeting of key stakeholders, comprising representatives of the Federal Government, the state government and leaders of the community.
The meeting was held to review the situation in the community and explore available opportunities to save the people from the adverse impacts of environmental pollution.
Addressing the journalists at the end of the meeting, the governor acknowledged the determination of the Federal Government and its agencies to get to the root cause of the problem in Bille and ensure that it is resolved permanently.
“The meeting is in respect of the situation in Bille. You’re aware that there is a case of gas leakage somewhere in Bille and the people have been making some requests that the government should come to their rescue to resolve the situation.
“As a state, we have gone to see the situation in the community, not alone but in conjunction with the industry operators and officials of the Federal Ministry of Petroleum Resources. What we are doing today is an enlarged meeting where all the parties are sitting together to look at the cause of the issue and the most possible way to get the problem resolved,” he said.
Fubara described the outcome of the meeting as successful, stressing that more action would be taken in the next couple of weeks to ensure that the issue is fully resolved.
The Minister of State, Petroleum Resources (Gas), Hon Ekperikpe Ekpo, who led the Federal Government’s delegation to the meeting, expressed appreciation to the governor for his warm hospitality and efforts to address the challenge in Bille community.
Ekpo explained that contrary to the perception in certain quarters, the Federal Government has not been silent over the “gas seepage” but has been working tirelessly towards finding a sustainable solution.
The minister explained that as soon as the incident was reported, the Federal Government deployed experts to the area to understudy the cause of the problem.
According to him, it was difficult at first to understand the cause of the problem since there were no oil or gas infrastructure within the vicinity of the incident, hence the need to conduct a more detailed investigation.
“The investigation is still going but we decided to do a follow-up visit to the area to talk to the people of Bille Community that we need collaboration on their part so that we would be able to arrive at a lasting solution.
“The safety of the people is paramount. We can understand their anxiety, the worry and the danger that this thing poses within the area, but the Federal Government is committed to finding a lasting solution to the problem. The primary responsibility of government is to take care of the welfare and security of the people and that is exactly why we are here to go and see things for ourselves,” he said.
The Chief Executive Officer (CEO), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, also explained that as the regulatory agency at the centre of the issue, no effort will be spared in the task of resolving the issue.
Eyesan pledged that the NUPRC and operators in the industry were prepared to address the requests of the impacted people in terms of the provision of potable water and fire trucks to the community.
The Public Relations Officer, Council of Chiefs, Bille Kingdom, Chief Rena Dappa, had during the meeting, presented the challenges facing the community and pleaded for government’s support to save the lives and livelihoods of the people.
News
Tinubu Unveils Training Programme For 5,000 Metre Installers
President Bola Tinubu has announced the launch of a training programme for 5,000 young Nigerians as meter installers and technicians under the Presidential Metering Initiative.
The President stated that the scheme is aimed at creating jobs, closing the country’s metering gap and improving electricity supply.
The President disclosed this in a statement on his verified X handle yesterday, describing the initiative, tagged “The Power Force,” as part of his administration’s Renewed Hope Agenda to expand employment opportunities for young people.
According to Tinubu, the programme will equip participants with practical technical skills and connect them to employment opportunities in Nigeria’s power sector.
“Through the Presidential Metering Initiative (PMI), which I established to close Nigeria’s metering gap, end estimated billing, protect consumers and strengthen the electricity market, we are opening a new pathway for 5,000 young Nigerians to be trained as meter installers and technicians under The Power Force. This programme is about jobs, skills and dignity,” he said.
Tinubu said the training would be open to eligible Nigerians who have completed their secondary school education, with a dedicated quota reserved for members of the National Youth Service Corps.
He noted that expanding electricity metering was critical to improving service delivery and promoting transparency in the power sector.
“When homes and businesses are properly metered, Nigerians can pay for what they actually use. When electricity distribution companies collect revenues more transparently and fairly, they are better able to reduce losses, maintain infrastructure, expand connections and invest in better service.
“This is how we build a power sector that is fairer to consumers, stronger for investors and better able to deliver reliable electricity to the Nigerian people,” the President said.
Tinubu said he had directed the Presidential Metering Initiative to work with the Federal Ministry of Youth Development, the National Power Training Institute of Nigeria, and other relevant stakeholders to commence the programme within the next 30 days.
He encouraged qualified young Nigerians to apply, saying the initiative would provide them with marketable skills while supporting efforts to eliminate estimated billing and improve electricity access nationwide.
“I encourage eligible young Nigerians to apply. Join The Power Force. Learn a skill. Earn with dignity. Help us end estimated billing and be part of the work to light up Nigeria,” he added.
News
Xenophobia: Third Evacuation Flight From S’Africa Arrives Today -FG
The Federal Government has announced that the third evacuation flight for Nigerians voluntarily returning from South Africa will arrive Lagos today having departed Johannesburg at midnight yesterday with 271 returnees on board.
The Ministry of Foreign Affairs disclosed this in a statement issued yesterday by its spokesperson, Mr Kimiebi Imomotimi Ebienfa.
According to the ministry, the Air Peace-operated flight is expected to arrive at the Murtala Muhammed International Airport, Lagos, at about 5:30 a.m. on Friday, July 3, 2026.
It said the evacuation is part of the Federal Government’s ongoing efforts to facilitate the voluntary return of Nigerians from South Africa.
“The third evacuation flight operated by Air Peace will depart Johannesburg today by 12 midnight with 271 returnees. The estimated time of arrival in Lagos is 5:30 a.m. on Friday, July 3, 2026,” the statement read.
The latest batch of returnees follows earlier evacuation flights that brought hundreds of Nigerians back to the country under the Federal Government’s voluntary repatriation programme.
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