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Nigeria’s Economy To Grow By 4.1% Amid Crises -AfDB

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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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Rivers Govt Hails Anglican Church’s Role In Peace, Development

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The Rivers State Government has commended the Church of Nigeria (Anglican Communion) for its outstanding contributions to the development of Rivers State, particularly in the areas of peacebuilding, education, healthcare, and moral development.
Governor of Rivers State, Siminalayi Fubara, stated that the Church has remained a dependable partner in promoting peace, unity, justice, moral discipline, and social harmony across society.
The Governor, who was represented by the Secretary to the State Government, Dr. Dagogo Wokoma, made the remarks during the thanksgiving service marking the 30th Anniversary and First Session of the 11th Synod of the Diocese of Niger Delta North, held at St. Peter’s Anglican Church on Sunday.
Governor Fubara described the Synod’s theme, “Kingdom Advancement: The Priority of Every Believer,” as timely and relevant, considering the prevailing realities in society.
According to him, the Church continues to play a vital role in shaping societal values and inspiring hope among citizens.
“The Church remains a vital partner in promoting peace, unity, justice, and moral discipline. Its role in shaping values and inspiring hope cannot be overemphasized,” he stated.
The Governor further acknowledged the Anglican Communion’s contributions in education, healthcare delivery, youth empowerment, humanitarian services, and spiritual guidance across communities in Rivers State.
“The Rivers State Government appreciates the invaluable contributions of the Anglican Communion in education, healthcare, youth development, humanitarian support, and spiritual guidance. Your impact across communities in Rivers State continues to strengthen families and promote peaceful coexistence among our people,” he added.
Governor Fubara reaffirmed his administration’s commitment to building a peaceful, united, and prosperous Rivers State where all citizens can thrive irrespective of religion, ethnicity, or social background.
He also urged the Synod to continue praying for sustainable development and progress in Rivers State and Nigeria at large.
Earlier in his sermon, the Guest Minister, Joseph Olushola, spoke on the topic, “Kingdom Investment and Internal Rewards,” urging Christians to remain faithful stewards of God’s blessings and committed to advancing God’s kingdom through service and generosity.
The cleric emphasized that believers are custodians of the virtues and resources entrusted to them by God, stressing that divine rewards are based on faithfulness and impact rather than material possessions.

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Shell, MAN Back Rivers’ Drive For Expanded Gas Supply To Industries

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The Shell Nigeria Gas Limited, in partnership with the Manufacturers Association of Nigeria (MAN), has reaffirmed support for efforts to expand gas distribution infrastructure in Rivers State as part of initiatives aimed at improving access to affordable, cleaner and more reliable energy for industries across the South-South region.
The commitment was highlighted during the SNG–MAN Business Forum held in Port Harcourt, where stakeholders from the industrial and public sectors examined the role of natural gas in driving industrialisation, boosting local production and strengthening energy security.
Speaking at the forum on behalf of the Managing Director of Shell Nigeria Gas Limited, the company’s Head of Gas Distribution, Mr. Chukwuka Amos Ejesi, described natural gas as a critical component of Nigeria’s energy mix and a key driver of sustainable industrial growth.
According to him, Nigeria’s gas development agenda has reached a stage where policy direction must be matched with practical implementation capable of addressing the energy challenges confronting manufacturers.
He noted that pipeline gas offers industries a cleaner, more dependable and cost-effective energy alternative capable of supporting uninterrupted operations, reducing emissions and improving production efficiency.
“Gas is the backbone of manufacturing, and we are encouraged by the growing recognition among stakeholders of the need for cleaner and more reliable energy solutions,” he said.
Ejesi stressed the need for sustained collaboration among energy providers, government institutions and industrial stakeholders to maximise the country’s gas resources for economic development.
He added that improved gas infrastructure would strengthen manufacturing value chains, enhance productivity and promote more competitive industrial operations across Rivers State and the wider South-South region.
Participants at the forum also emphasised the importance of expanding energy infrastructure as a pathway to unlocking industrial capacity, reducing operating costs and promoting sustainable industrial development.
Representing Governor Siminalayi Fubara, the Director-General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside, reaffirmed the state government’s commitment to partnering with private sector investors to revitalise industrial activities in the state.
He identified key projects targeted under the initiative to include the revival of the Ahoada Industrial Park, the New Port City project and the proposed Bonny Industrial Park, all aimed at stimulating economic growth and expanding industrial opportunities along the Bonny corridor.
According to the governor, the long-term vision is to position Rivers State as a leading manufacturing hub in Southern Nigeria through strategic public-private partnerships.
Governor Fubara also commended Shell Nigeria Gas and MAN for sustaining engagements geared towards improving industrial energy access, noting that gas infrastructure development remains central to the state’s economic recovery plans.
He further observed that the gas sector presents enormous opportunities for economic growth, especially as global energy systems continue to shift towards cleaner energy sources.
The governor called on stakeholders to work collectively towards developing a practical and sustainable gas framework capable of supporting the state’s industrial and energy development objectives.

By; Kevin Nengia

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Odu Charges Newlyweds To Build Marriage On Love

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Rivers State Deputy Governor, Prof. Ngozi Nma Odu, has charged newlywed couples to build their marriages on the virtues of love and submission as taught in the Word of God.
Prof. Odu gave the charge at the wedding ceremony of Amblessed Favour Sunny-Cookey and Samson Jesuganji at Lifegate Power Ministries, Dominion Cathedral, in Port Harcourt on Saturday, 16th May 2026.
The Deputy Governor congratulated the couple on beginning a new phase of life together and prayed for God’s blessings upon their union, noting that the couple had been raised by godly parents and encouraged them to uphold the Christian values instilled in them.
Referring to the sermon delivered during the ceremony, Prof. Odu emphasized that the principles of love and submission remain fundamental to a successful marriage.
According to her, genuine love reflects the nature of God, stressing that love should remain the foundation of the couple’s relationship as they journey through life together.
Prof. Odu further prayed for enduring peace, happiness, and progress in the home, expressing confidence that the marriage would continue to flourish under God’s guidance.
The Deputy Governor also commended the families of the couple for their support and upbringing, while urging the newlyweds to always remember the significance of the day and the commitment they had made before God and witnesses.
In his sermon at the wedding, the Founder and Presiding Pastor of Salvation Ministries, Pastor David Ibiyeomie, stated that marriage did not originate from Western culture, traditions, or human ideas, but from God, whom he described as the “manufacturer” of marriage.
According to the cleric, couples seeking lasting and peaceful homes must rely on biblical principles rather than societal trends or assumptions.
He explained that many marital crises and rising divorce rates stem from ignorance and failure to apply scriptural teachings in family life.
Drawing from the biblical parable of building a house on a rock, Pastor Ibiyeomie said the Word of God remains the only solid foundation capable of sustaining marriages through challenges and difficult times.
He noted that marriage naturally comes with unexpected realities and pressures, stressing that religious ceremonies or cultural practices alone are not enough to sustain a home without proper understanding of God’s instructions.
The pastor further warned that ignorance of scripture remains one of the greatest weapons against believers, urging Christians to study and practice the Word of God rather than merely attending church services.
It would be recalled that the bride is the daughter of Pastor Sunny Cookey the Founder and Presiding Pastor of Lifegate Ministries. The Ceremony had lots of Ministers in attendance which includes Apostle Zilly Aggrey, Pastor George Izunwa, and Bishop Winston Iwo

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