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African Leaders Commit To Implementing Macro-Economic Output Report

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African leaders have pledged to take immediate action to integrate recommendations from the newly released Africa’s Macro-Economic Performance and Outlook report into their national development plans.
The leaders made the pledge at the on-going 36th African Union (AU) Summit in Addis Ababa.
In a statement issued on African Development Bank’s (AfDB) website, they spoke during presentation of the bank’s Macroeconomic Performance and Outlook Report.
Zambian President, Hakainde Hichilema, said the study, conducted by the AfDB group, provided an impetus for the continent’s leaders to forge ahead with needed reforms.
Hichelema, represented by his Minister of Finance and National Planning, Dr Situmbeko Musokotwane, described the report as a significant milestone in the quest for evidence-based knowledge.
According to him, the report will inform policymaking for a more prosperous and sustainable future for Africa.
“The findings of this important report, therefore, provide us with a set of concrete policies that we must urgently implement to sustain the recovery and build resilience in Zambia and on the continent.
“Although, Zambia was not spared from global shocks, the country’s economy has shown resilience,” he said.
Hichelema acknowledged the impact of Zambia’s heavy debt burden on the country’s fiscal stability.
He said his administration had inaugurated reforms that would spur economic growth to 4.0 per cent in 2023 and 4.3 per cent in 2024.
The Tide source reports that the AfDB group released the inaugural Africa’s Macroeconomic Performance and Outlook report on January 19.
It has since attracted significant interest among decision-makers in Africa and globally.
The bi-annual report offers policymakers, global investors, researchers, and other development partners up-to-date, evidence-based assessments of the continent’s recent macroeconomic performance.
It also provides a short-to-medium-term outlook.
The AU Commission Chairperson, Moussa Mahamat, said the report would be presented to heads of state at the African Union Summit to help steer national planning.
“Knowledge is power. The report, to be published twice a year, is a wealth of knowledge with deep insight into what is going on in Africa in the macroeconomic sphere.
“It identifies challenges and opportunities for the good of our continent.
“If governments, the private sector, and other stakeholders adopt the report, they will be better placed to make informed decisions.
“The report calls for timely structural reforms to enhance government-enabled private-sector industrialisation in key areas,” Mahamat said.
Nigeria’s Minister of Finance, Budget, and National Planning Zainab Ahmed said the issues in the report also affected Nigeria.

Ahmed said, “We have steered the country toward pre COVID-19 era, but we still face some challenges.

“We have been asking for a liquidity facility as part of the SDRs (Special Drawing Rights) to act as a cushion for us. We have also asked multilateral development banks to give us longer-term financing.

“Nigeria has shown a lot of resilience. We just need that support to enable us to take the full potential.”

AfDB President, Dr Akinwumi Adesina observed that although African economies had shown impressive resilience, global support was needed to help the continent navigate financial burdens and its security challenges.

“In spite the slowdown occasioned by multiple shocks, Africa demonstrated continued resilience in all but one country.

“And maintained a positive growth rate in 2022 with stable outlook in 2023 and 2024. African economies are indeed resilient,” Adesina said.

He called for strong and collective support to Africa to help the continent navigate the challenges it faced, especially debt burden and debt vulnerabilities.

The bank president said, “Africa cannot run up the steep hill carrying a bag of debt on its back.

“The channeling of the additional 100 billion dollars of Special Drawing Rights will make a huge difference.

“We must join hands to harness the enormous opportunities in Africa. There is no doubt that we will make good progress.  However, we must work fast, be inclusive, and be competitive.”

Also speaking, Assistant Minister of Finance for Policies and Economic Affairs of Egypt, Dr Mohammed Ibrahim, said the report was helpful.

Ibrahim said it would enable African policymakers and researchers as a timely databank of sound and evidence-based projects for development and planning.

In a presentation, the Director, Centre for Sustainable Development, Columbia University, Prof. Jeffrey Sachs, said that Africa had the capacity to achieve seven to 10 per cent yearly growth.

Sachs observed that Africa could take advantage of its population to grow a robust single market, citing examples like China and India.

“Building a single market will enable Africa to position among the three largest global marketplaces.

“The continent has the greatest growth potential. And I urge African leaders to build vital regional infrastructure and close the infrastructure gaps over the following decades,” he said.

The director urged governments to lead a revolution to bring about affordable access to health care and education.

Sachs called for greater financing for the continent to place it on sustainable growth, observing that the AfDB was critical to meeting the continent’s financial needs.

“The African Union needs to become a permanent of the G-21,” he said.

Acting Chief Economist and Vice President of AfDB, Prof. Kevin Urama, highlighted the importance of Africa’s Macroeconomic Performance and Outlook 2023.

Urama said, “as we gather here today, global macroeconomic conditions have become increasingly uncertain due to multiple overlapping shocks that make policymaking and investment decisions very challenging.

“Countries need regular diagnostics and focused policy actions to address these recurring and overlapping shocks.”

The professor affirmed that Africa remained the place to invest in spite suffering global shocks.

According to the report, African economies, following two years of global shocks, will overcome various domestic and global shocks and return to a path of economic recovery, stability, and growth.

It said lingering effects of COVID-19 pandemic, the ravages of accelerating climate change, and impact of rising geo-political conflicts and tension slowed Africa’s growth to an average of 3.8 per cent in 2022.

It further said to sustain growth, Africa’s economies would require comprehensive information and insights to navigate a labyrinth of intertwined global risks, the report said.

The source reports that the bank will release the report in the first and third quarters of each year to complement its flagship Annual African Economic Outlook.

The AfDB is the first institution to release a macroeconomic outlook for Africa for 2023.

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Niger Delta

Publisher Hails Diri On Security, Peace

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The Publisher and Editor-In-Chief of a Yenagoa-based tabloid, Niger Delta Herald, Mr. Francis Dufugha, has commended the Bayelsa State Governor, Senator Douye Diri, for the relative peace in the State.
Dufugha, however, expressed resentment over what he described as stringent measures against assessing the State’s Students Loan Scheme, especially for the common citizens.
He made the observations while briefing journalists at the Earliest Ikoli Press Centre, Ekeki, in Yenagoa, the State capital.
“I commend the Governor for the relative peace in the state owing to his approach to the security of lives and properties in the State.
“For now, the police in Bayelsa State is using drones to monitor red flag areas that can cause security breaches and that has really encouraged the peace in the State.
“The security situation has improved and we commend the government for that. We cannot deny the fact that there is relative peace in the State”, he said.
On the State’s students loan, the publisher accused the scheme of having elitist posture due to its accessibility process.
He argued that it would be difficult for the ordinary Bayelsan to provide a Level-17 civil servant as guarantor to be able to benefit from the scheme, describing it as a systemic denial of the less privileged.
He noted that the loan was supposed to be a succour to indigent Bayelsa parents and students who could not assess education easily, noting that such persons should not be made to face cumbersome situations before assessing the financial instrument.
On road infrastructure, the Niger Delta Herald Publisher and Editor-in-chief praised the Diri’s administration on the work done on the three senatorial district roads and tasked the government to do more.
Dufugha, who described Bayelsa State as a wealthy State, asserted that the oil rich state needed to see more developmental strides comparative to its current financial status.
“Bayelsa is not a poor state in terms of public revenue. We’re an oil producing state. We receive federal allocations. We receive derivation revenue. We have access to enormous public resources.
“We receive interventions. Yet, after all these years, the ordinary citizen is still asking, what exactly are we getting for our money? Where are the industries? Where are the jobs? Where are the functional health institutions? Where is the agricultural transformation? Where is the human capital development? Where is the economic diversification?,” he argued.
He enjoined the government to redouble effort in the education and health subsectors, adding that it would pay the state a lot if there were centres for the treatment of critical health cases such as cancer and others in order to save lives and avoid capital flight.
The Publisher urged the Senator Diri-led government and the public not to misunderstand his message as hatred or personal issues with the Governor, but see it as a constitutional and professional duty to hold government accountable.

By: Ariwera Ibibo-Howells, Yenagoa

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Niger Delta

Bayelsa Recommits To Fight Against Graft

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The Bayelsa State Government has stated its stance on zero tolerance for corruption in governance and cautioned residents against writing frivolous petitions to anti-graft agencies.
Deputy Governor of the State, Dr. Peter Akpe, stated this rexently when he received the Resident Anti-Corruption Commissioner of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in ernment House, Yenagoa.

charge of Bayelsa and Rivers States, during a courtesy visit to Government House, Yenagoa.
Akpe said the general perception of those in politics has always been that of corruption, but noted that the position of the Douye Diri-led Prosperity Administration is non-tolerance for corruption.
Akpe, who frowned at the habit of writing unfounded petitions against individuals and groups, said the heap of petition files from Bayelsa State at the ICPC was several times higher than that from any other state in the country.
He reminded residents that writing unjustifiable petitions to anti-graft agencies is not only a bad culture, but also attracts jail penalty, and assured the ICPC of the state government’s support to improve public enlightenment.
“Our government is a government that believes in zero tolerance for corruption; that is why we are always open to interact with you and other anti-graft agencies.
“Usually, there is this issue of negative perception of politics and politicians. But it is not true that every politician is corrupt. We have a good number of people in politics that are not corrupt, and we believe that a good percentage of them are in this government.
“The issue of petitions at the ICPC: What we observed was that the heap of files from Bayelsa were 10 times higher than the ones from even Lagos, and 15 more times than the ones from Sokoto and other states.
“That is quite disturbing. More so, most of those petitions were ion, our people should also know that such frivolous petitions can land them in jail”, he saidfrivolous.

From a personal experience, I can tell you that most of the petitions are extremely frivolous. While we will never tolerate corruption, our people should also know that such frivolous petitions can land them in jail”, he said.
Earlier in her remarks, the ICPC Resident Anti-Corruption Commissioner in charge of Rivers and Bayelsa States, Dr. Ekere Usiere, highlighted the statutory mandate of the ICPC, stressing that its mission was to carry out sensitisation on the ills of corruption in the Nigerian society.

Usiere, who expressed concern at the volume of petitions currently before the ICPC emanating from communities in Bayelsa over the management of the PIA funds, expressed the commission’s desire to partner the Bayelsa State Ministry of Information to carry out sensitisation programmes.
The ICPC Resident Anti-Corruption Commissioner was accompanied on the visit by Assistant Chief Superintendent, Mr. Evans Peters; Principal Superintendent, Mr. Emmanuel Akpor; Assistant Superintendent, Mrs. Tamaraudoubra Ebebi; and the Administrative Officer, Mr. Frank Yileaziba.

By: Ariwera Ibibo-Howells, Yenagoa

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Niger Delta

NDDC Urges Staff To Secure Retirement Future Through Pension Planning

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The Niger Delta Development Commission (NDDC) has urged its staff to take retirement planning seriously by maximising pension schemes and other financial instruments that can guarantee financial security after their years of active service.
The Director of Administration and Human Resources, Sir Kelechi Nwelue, gave the advice during a commission-wide staff interactive session with Pension Fund Administrators (PFAs) and insurance companies at the NDDC headquarters in Port Harcourt, Rivers State.
In a statement signed and issued by Seledi Thompson-Wakama
Director, Corporate Affairs, Nwelue said the programme, approved by the Managing Director of the commission, Dr. Samuel Ogbuku, was organised to sensitise staff on pension schemes and provide them with the knowledge required to make informed decisions about their retirement savings.
He particularly urged newly recruited employees to acquaint themselves with the operations and responsibilities of various PFAs before choosing an administrator to manage their pension contributions.
According to him, pension contributions deducted from employees’ salaries, alongside employers’ contributions, constitute long-term savings designed to provide financial support after retirement.
He urged staff to carefully assess the information provided by the participating pension administrators and choose the option best suited to their long-term financial interests.
Nwelue stressed that employees were at liberty to select their preferred pension administrator, noting that the interactive session provided an opportunity for the various companies to explain their products, services and benefits.
Also speaking, a Director in the Directorate of Administration and Human Resources, Mr. James Fole, said the programme was aimed at deepening employees’ understanding of pension, insurance and other financial instruments that could improve their financial wellbeing during and after active service.
Fole warned that inadequate preparation for retirement could expose employees to financial hardship in their post-service years.
He said: “That is not what the Managing Director, Executive Management and the entire management want for our staff. We want to see a situation where retirees enjoy a reasonable level of comfort, knowing that the Commission has contributed to their future.”
He added that equipping employees with appropriate financial knowledge while they were still in active service remained critical to achieving a financially secure retirement.
Several pension and insurance companies participated in the interactive session.

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