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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 National Coordinator of Embedded Ai -EU Erasmus Project in Nigeria, Prof. Bourdillon Omijeh, has commended the Nigeria Employers’ Consultative Association (NECA) and the Rivers State Government for their strategic partnership in organizing the Job Fair 2026.
The Job Fair with theme: “Addressing Youth Employability for Prosperity,” took place at Obi International Conference Center, Port Harcourt, last week.
Speaking as Special Guest, Professor Omijeh stated that result-oriented human capital development and trainings focused on relevant skills is the most effective solution to reducing the high rate of graduate unemployment in Rivers State.
He noted that Nigeria is firmly in the era of the Fourth Industrial Revolution (4IR), driven by technologies such as Artificial Intelligence, Robotics, Machine Learning, Big Data Analytics, Internet of Things, Virtual and Augmented Reality, and 5G.
According to him, these emerging technologies offer enormous employment and entrepreneurial opportunities across critical sectors, including agriculture, power, Telecommunication, oil and gas, healthcare, and security.
He emphasized the growing shift from job seeking to job creation, explaining that youths equipped with 4IR skills can become innovators, solution providers, and founders of startups and new industries.
Professor Omijeh further stated that Nigeria is richly endowed with talented youths capable of competing globally when properly empowered with the right skills, support, and enabling environment.
He called for sustained collaboration between government, the private sector, and educational institutions to build a future-ready workforce and drive inclusive economic growth in Rivers State.
To the over 4000 teeming youths present, Professor Omijeh said, according to Bill Gate, that “Being born poor is not a fault, but remaining poor in a world of opportunity and skills is a responsibility that must be consciously addressed.
“Don’t allow your current circumstances define your destiny. There’s a seed of greatness in you. Sieze any and every opportunity to develop yourself and acquire the requisite skills.
He passionately urged the Rivers State Government to intentionally invest and fund result-oriented training programmes through the strategic Ministry of Employment Generation and Economic Empowerment and Ministry of Youth Development to increase employability and reduce the rate of graduate unemployment in Rivers State.
He thanked the Governor of Rivers State, Sir Siminalayi Fubara, and the Honorable Commissioner for Employment Generation and Economic Empowerment, Dr. Chisom K. Gbali, for this laudable initiative with NECA.
Professor Bourdillon Omijeh is the National Coordinator of the Embedded Artificial Intelligence (EAI) -EU Erasmus Project in Nigeria; Immediate Past Director of Centre for Information and Telecommunication Engineering Uniport, NCC-Chair Occupant on ICT Uniport; TensorFlow four (4) times award winner on Capacity building on Ai & ML -(2021-2024), CEO-Bourdillon Omijeh Foundation.
As a Professional Mentor, he has facilitated the training of thousands of youths on 4IR- Skills with relevant certifications and evidential engagements.
Follow Prof Bourdillon Omijeh on LinkedIn.
Rivers State Governor, Siminalayi Fubara, has urged youths in the state to take advantage of the vast opportunities available to become employers of labour and contribute meaningfully to growth and development.
Fubara said global trends increasingly favour entrepreneurship and innovation, stressing that youths in Rivers State must not be left behind in harnessing such opportunities.
Represented by the Secretary to the State Government, Dr Benibo Anabraba, the governor stated this while declaring open the 2026 Job Fair organised by the Rivers State Government in partnership with the Nigeria Employers’ Consultative Association in Port Harcourt, yesterday.
Speaking on the theme, “Addressing Youth Employability for Prosperity,” the governor acknowledged the responsibility of government to create jobs for its teeming youth population but noted that it was unrealistic to absorb all job seekers into the civil service.
“As a government, we recognise our duty to provide employment opportunities for our teeming youths. However, we also understand that not all youths can be accommodated within the civil service.
“This underscores the need to encourage entrepreneurship across diverse sectors and to partner with other stakeholders, including the youths themselves, so they can transition from being job seekers to employers of labour,” he said.
Fubara further urged participants to continually sharpen their skills and explore opportunities within their immediate environment and the global space through digital platforms.
He reaffirmed his administration’s commitment to sustaining peace and providing an enabling environment for youths to develop their potential and thrive.
In a goodwill message, the Commissioner for Employment Generation and Economic Empowerment, Dr Chisom Gbali, said the job fair was designed to equip youths with contemporary skills, innovation and mentorship needed to transform them from unemployable to resourceful individuals.
Gbali disclosed that the ministry had rolled out various training and capacity-building programmes in areas such as ICT and artificial intelligence, oil and gas, maritime, and the blue economy.
Delivering the keynote address, the Head of the Department of Human Resources Management, Rivers State University, Dr Chris Biriowu, advised participants to remain informed about evolving sources of employability.
He said the labour market was dynamic and shaped by industry-specific demands, technological advancement, management practices and other emerging factors.
Rivers State Deputy Governor, Professor Ngozi Odu, has poured accolades on late Amayanabo of Opobo, HRM Dandeson Douglas Jaja V, saying his footprints went beyond the State.
Speaking during a condolence visit to the wife of the late king, Prof. Odu said the late monarch contributed meaningfully beyond the shores of Rivers State.
“He contributed not only to Opobo, not only to Rivers State, but to Nigeria as a nation. We all know the various positions he held until his passing. For us as a Commission, we are really going to miss him greatly, especially at this time when his guidance was most needed,” she stressed.
She described the late king as a distinguished traditional ruler whose life and service contributed immensely to the development of Rivers State and Nigeria at large.
The deputy governor, who also serves as Chairman of the Rivers State Boundary Commission, noted that until his demise, King Jaja was an Ex-Officio member of the Commission, representing Rivers South East Senatorial District.
According to her, the late monarch actively participated in several meetings of the Commission and played an important advisory role.
“He actually participated with us in a couple of meetings. It was with great shock that we received the news of his passing. We saw daddy as someone who was very strong, healthy and athletic,” Prof. Odu said.
Prof. Odu explained that the Commission relied heavily on the wisdom of traditional rulers like the late monarch to ensure that its responsibilities were carried out properly and conscientiously.
She assured the family of the Commission’s continued support, saying they will remain close to the family throughout the burial arrangements and beyond.
Addressing the widow, Queen Prudence Dandeson Douglas Jaja, Prof. Odu said the visit was to commiserate with her and encourage her during the period of mourning.
“Please accept our condolences. Please be strong and put your hope in God. The God who watches over widows will never abandon you,” the deputy governor prayed.
“We cannot question God. What has happened has happened. All we can do is to pull ourselves together. That is why we are here to pray that the Holy Spirit will strengthen you, that God will turn your sadness into joy and clothe you with a garment of beauty,” she added.
Responding, Queen Jaja described her late husband as a gentle, humble man who was deeply committed to the progress of Rivers State, and Nigeria at large.
She expressed gratitude to the deputy governor and other members of the Boundary Commission for identifying with the family in their moment of grief.
“We are praying that his soul will rest in perfect peace. I thank you very much for coming to console me at this trying moment. Seeing you here has given me comfort. God bless each and every one of you,” she said.
She also offered prayers for the delegation, wishing them a long life and good health.
Highlight of the visit was the presentation Letter of Condolence from the Rivers State Boundary Commission to Queen Jaja.
Kevin Nengia
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