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Nigeria’s Economy To Grow By 4.1% Amid Crises -AfDB
The African Development Bank (AfDB) says Nigeria and other economies of Africa is projected to grow by 4.1 per cent in 2023 and 4.3per cent in 2024.
The AfDB President, Dr Akinwumi Adesina, said this while inaugurating the African Economic Outlook (AEO) 2023 at the on-going 2023 AfDB Annual Meetings in Sharm El Sheikh.
According to him, the economies on the continent have shown remarkable resilience in spite of the multiple and dynamic shocks it faced.
“These multiple and dynamic shocks have weighed on Africa’s growth momentum, with growth in real Gross Domestic Product (GDP) estimated at 3.8per cent in 2022.
“This is down from 4.8per cent in 2021. The GDP growth in 2022 is above the global average of 3.4per cent.
“Africa has also shown remarkable resilience, evident in the projected consolidation of economic growth in the medium term.
“The outlook remains positive and stable, with a projected rebound to four per cent in 2023 and further consolidation to 4.3percent in 2024”, he said.
The AfDB boss attributed the slowed growth on the continent to the tightening global financial conditions, and supply chain disruptions exacerbated by Russia’s invasion of Ukraine, which subdued global growth.
He said growth was also impaired by the residual effects of the COVID-19 pandemic and the growing impact of climate change and extreme weather event.
Adesina said Africa had a great potential to pursue green growth and climate objectives to accelerate economic growth, given its enormous advantages.
He said the continent had some of the world’s fastest-growing economies and its real GDP growth was projected to surpass the global average in 2023 to 2024, even as headwinds persist.
He further said the continent also had an important human capital base, with its population projected to increase to 2.4billion by 2050.
“As most of the current population is young, compared with other regions’ aging population, Africa is the current and future frontier market in green growth opportunities.
“Africa hosts 25per cent of the world’s natural biodiversity and 30per cent of the world’s mineral resources, most of which will be essential for a green transition.
“Africa has a large renewable energy potential, including wind, solar, hydropower and geothermal and the world’s highest solar energy potential.
“Countries in the continent also have the greatest potential for investments in green infrastructure and technology”, Adesina explained.
The AfDB president said this was due to their low levels of development, low legacy high-emissions infrastructure, and low frequency of infrastructure and project finance default rates, estimated at 5.5per cent.
Also, the AfDB Vice President for Economic Governance and Knowledge, Prof Kelvin Urama, said the deceleration was broad-based, with 31 of the 54 African countries posting weaker growth rates in 2022 relative to 2021.
Urama said the continent, however, performed better than most world regions in 2022.
He said the continent’s resilience projected to put five of the six pre-pandemic top performing economies, Benin, Côte d’Ivoire, Ethiopia, Rwanda, and Tanzania, back in the league of the world’s 10 fastest-growing economies in 2023–24.
“Growth is projected to rebound to four per cent in 2023, and consolidate at 4.3per cent in 2024, underpinning Africa’s continued resilience to shocks.
“In spite this, climate change, elevated global inflation, and persistent fragilities in supply chains will remain on the watch-list as potential factors for possible slowdowns of growth in the continent,’’ he said.
Urama said while most African currencies weakened, others appreciated or remained stable.
According to him, countries with appreciating currencies include Angola (27.1per cent), Seychelles (15.6per cent), and Zambia (15.3per cent).
Urama said depreciation rates could ease in 2023 and 2024, but continued strengthening of the U.S. dollar would keep African currencies under pressure.
The bank’s annual meeting which began on May 22 will end today.
The theme of the 2023 Annual Meeting is “Mobilizing Private Sector Financing for Climate and Green Growth in Africa.
The meeting provides a framework for Bank Group Governors to share their experiences with galvanizing private financing domestically and internationally and harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.
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CAN President Tasks Christians On Unity
Against the backdrop of rising economic challenges and global uncertainties, the President of the Christian Association of Nigeria (CAN), Archbishop Daniel Okoh, has called for calm, unity, and responsible leadership as Christians across the country mark Palm Sunday, yesterday.
In a statement released yesterday, Okoh reflected on the significance of Palm Sunday, saying that it is a moment that symbolises peace, humility, and hope, even in times of tension and uncertainty.
He further explained that Jesus entered Jerusalem with calm resolve, not as a display of force, but with a message of peace and purpose.
The CAN President noted, “The message of the Christian observance is particularly relevant as many Nigerians grapple with economic hardship, including rising cost of living, increasing fuel prices, and escalating food costs.”
He attributed part of the economic pressure to global developments, especially geopolitical tensions involving Iran, Israel, and the United States that are already impacting energy markets and, by extension, everyday life in Nigeria.
He stressed that across the country, families are feeling the weight of these times, with transport costs rising, food prices climbing, and daily life becoming more difficult.
He stated that Nigerians are primarily concerned with survival and stability, appealing to leaders at all levels to be mindful of the tone and impact of their words and actions.
According to him, when life feels uncertain, people need reassurance, they need stability and the confidence that those in authority understand their struggles. He stressed that the lessons of Palm Sunday should guide leadership, as true leadership is defined not by force or rhetoric, but by empathy, restraint, and a commitment to the common good.
He stressed that it is a time for decisions that ease burdens, calm anxieties, and bring people together, and called on the Church and Nigerians of all faiths to embrace their responsibility in promoting peace and unity.
He said Palm Sunday serves as a reminder of a time when people from diverse backgrounds came together in shared hope and purpose, pointing out that the same spirit is needed now to stand for peace, strengthen unity, and support one another, especially in a season that could easily tilt towards tension.
Okoh encouraged young Nigerians and those most affected by the current economic realities not to lose hope, acknowledging that while the challenges are real, they are not insurmountable.
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Acting Provost Dismisses Alleged Missing Equipment Claims At Rivers Health College
The Acting Provost of the Rivers State College of Health Science and Management Technology, Dr. (Mrs.) Peace Chigozirim Amadi has refuted claims circulating in the media suggesting that laboratory equipment went missing from the college.
In a recent statement, Dr. Amadi described the reports—particularly those attributed to certain publications—as false and misleading. She emphasized that all laboratory equipment at the college remain intact.
“I am here to set the record straight. No laboratory equipment disappeared from my college. Nothing is missing,” Dr. Amadi said, challenging anyone with contrary claims to provide evidence, including the names of the equipment and their supposed locations.
She further noted that the college recently underwent an accreditation exercise, during which significant investments were made in laboratory equipment. According to Dr. Amadi, these items are fully accounted for, and the college maintains a robust security system to protect its assets.
“Everything is intact. Nothing disappeared. The information being circulated is false and should be discarded,” she reiterated.
Beyond addressing the allegations, Dr. Amadi also called on media practitioners to exercise professionalism and verify stories before publication. “I want to plead with journalists to always verify their stories. Junk journalism does not help anyone. No matter the information you receive, it is important to hear the other side before publishing,” she said.
While social media posts have occasionally raised concerns about various issues in the region’s health education sector, including extortion and examination malpractice at related institutions, there is no independent evidence from credible news sources confirming that equipment went missing from Rivers State College of Health Science and Management Technology.
The college, a public tertiary institution based in Port Harcourt, Rivers State, is accredited to offer a variety of health-related programs, including Nursing, Midwifery, Laboratory Technology, and Environmental Health. It has consistently emphasised integrity, safety, and transparency in its operations.
Dr. Amadi’s statement seeks to reassure the public, students, and stakeholders that the college remains secure, well-managed, and free from the alleged equipment losses, while urging journalists to prioritise accuracy in reporting.
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Hausa Leader Lauds Fubara For Sustaining Peace, Security In Rivers
The Chairman of the Arewa Traditional Council of Chiefs in Rivers State, Alhaji Hussaini Isa Madaki, has commended Governor Siminalayi Fubara of Rivers State for his efforts in sustaining peace and security of lives and property across the state.
Madaki, who is also the Sarkin Hausawa in Rivers State, described the governor as a leader who has embraced the Hausa community as part of the larger family in the state.
Speaking with journalists at his office in Port Harcourt during the 2026 Eid al-Fitr celebration, Madaki noted that Governor Fubara has demonstrated fairness and inclusiveness by not segregating any ethnic group, particularly the Hausa community.
He added that the governor’s peaceful disposition has positioned Rivers State as one of the most accommodating and peaceful states in the country.
Madaki further assured that the Hausa community would continue to give maximum support to the Fubara-led administration until the end of its tenure.
He also urged members of the community to remain peaceful and law-abiding as they go about their lawful activities.
On community development, Madaki disclosed that district and ward heads have been appointed and crowned across Hausa settlements in the State to ensure proper coordination and profiling of residents. According to him, the initiative is aimed at strengthening security, enhancing identification, and improving crisis management at the grassroots level.
He explained that the move became necessary due to recurring security concerns, including disturbances allegedly caused by some scavengers and cart pushers.
Madaki called on the newly appointed leaders to promote inclusiveness, harmony, and peaceful coexistence in the discharge of their responsibilities.
Those appointed include Alhaji Abubakar as Port Harcourt City District Head; Alhaji Buba Usman (Eleme axis); Malam Adamu (Eagle Island); Alhaji Tanlasuki (Gborokiri Yam Zone); Abdullahi (Rumukwurushi); Adamu Suleiman (Aboloma); and Useni Umaru (D-Line).
He appealed to Governor Fubara to formally recognise the efforts of the Hausa leadership structure in the State and extend further support in the spirit of inclusivity and unity.
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