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IMF Hinges Nigeria’s 3.1% Economic Growth Outlook On Stronger Reforms
The International Monetary Fund (IMF), says achieving Nigeria’s projected 3.1 per cent economic growth outlook for 2024 is dependent on implementation of stronger reforms.
Dr Christian Ebeke, IMF Resident Representative, said this at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2024 with the theme: “Invest Nigeria”, in Lagos, yesterday.
Ebeke said that for the country to grow slightly from the 2.9 per cent rate of 2023, further reforms on governance and business regulations were needed.
He said that such reforms would transform its growth momentum into something more durable.
He, however, said that the country had recorded progress in its credit market, as well as financial and external sectors.
“Insecurity, tight financial conditions, multiple taxes, insufficient power and corruption are foremost constraints identified by businesses.
“What comforts the IMF is that these issues can be addressed by the Nigerian government, and they are currently being addressed through reforms by the Federal Government.
“And we are encouraged by the fact that these issues can be reversed,” he said.
He said that Nigeria should close the structural gaps like India, by reducing governance and business regulation bottlenecks by 25 per cent.
According to him, if that is done, the Gross Domestic Product (GDP) output can be lifted by 6.4 per cent in the next three years.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, said that Nigeria’s strategic location and abundant resources presented vast investment opportunities, particularly in the marine and blue economy sector.
Oyetola said that in spite of existing challenges, government was committed to creating an enabling environment to foster economic growth to attract significant investments.
He highlighted some of government’s incentives designed to drive investment in the marine and blue economy sector to include tax exemptions for businesses operating in free trade zones, and infrastructural support.
He added that government had provided new export opportunities for the marine sector under the Guided Trade Initiative (GTI) of the African Continental Free Trade Area (AfCFTA), the Cabotage Vessel Financing Fund (CVFF) among others.
“Our commitment to the marine and blue economy is demonstrated through ongoing port rehabilitation and modernisation projects.
“To boost investment, the Nigerian government has introduced a wide range of incentives, including tax reliefs, trade zone benefits, infrastructure development, and financial support.
“I encourage the business community and investors to take advantage of such incentives to contribute to Nigeria’s economic development and be part of Africa’s promising future,” he said.
Gov. Babajide Sanwo-Olu of Lagos state, said that the state, being Africa’s economic hub, offered a conducive business environment, a strategic location, vast market, and pool of energetic talents.
Sanwo-Olu said that his administration had implemented and continued to implement policies and initiatives to attract investments, create opportunities, and drive growth.
He said that one key area of focus for the state was infrastructure development.
He said that the state was upgrading and expanding transportation and logistics networks, telecommunications, healthcare, education and digital ecosystem infrastructure.
According to him, the projected growth will not happen without a solid foundation of infrastructure that is able to keep ahead of our rapidly-growing population.
“As one of Africa’s startup capitals, we are specially keen to invest in digital infrastructure to power the innovative ideas of our people.
“Agriculture and food security are also priorities, in line with a national focus on these areas.
“Lagos may be the state with the smallest landmass in Nigeria.
“But I can boldly say that our land disadvantage is more than offset by the boldness with which we are embracing the boundless opportunities in processing, value-addition and logistics.
“This is why we are building Africa’s largest food logistics hub, here in Lagos,” he said.
The governor said that when completed, the hub would be able to hold enough food to supply Lagos for 90 days in the event of shortages.
He said that it would serve millions of farmers, traders and other players in the agricultural value chain.
“In addition, we are developing our tourism and entertainment sector with various investments in hospitality, leisure, and cultural infrastructure, to showcase the best of Lagos and Nigeria.
“We will continue to roll out incentives for investors.
“From tax breaks and waivers, to streamline regulatory processes, and a judicial system that is competent, efficient and guarantees the sanctity of contracts and property rights,” he said.
Mr Gabriel Idahosa, President, LCCI, said that the conference was pivotal to Nigeria’s journey towards stabilising the economy and driving sustainable economic growth and development.
Idahosa said that the event was a unique opportunity to explore new avenues for investment, foster innovative partnerships, and chart a course toward a more prosperous future for Nigeria and the African continent.
He said that Nigeria, blessed with vast resources and an entrepreneurial spirit, was home to the largest economy in Africa, a burgeoning middle class, and a youthful population eager to contribute to the global economy.
“To fully harness the nation’s potentials, there must be an enabling environment to support business growth, encourage innovation, and ensure that local and international investors remained confident of their investments.
“We have noticed government’s commitment to making Nigeria a preferred destination for global investors.
“We are actively engaging with the government in implementing policies that promote ease of doing business, improve infrastructure, and enhance security, “ he said.
“We also see the government embarking on bold reforms in various sectors, including agriculture, energy, foreign exchange markets, and technology, to further diversify our economy and reduce our reliance on oil.
“We urge the government to create a policy and regulatory environment to attract foreign investments into building factories in Nigeria to manufacture the many products we import today,” he said.
Meanwhile, Ambassadors to countries such as Belgium, Germany, Israel, Bulgaria, India, Ireland, Kenya and Bangladesh, affirmed their commitments to deepening partnerships with Nigeria across several sectors of its economy in mutually beneficial ways.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.