Business
Experts Warn Nigeria Over Imminent Global Recession
Economic and financial experts have warned that Nigeria could face serious economic consequences if the global economy contracts into a recession, as predicted by the World Bank.
President of the World Bank Group, David Malpass told a United States business event recently that it was difficult to “see how we could avoid a recession.”
His comments are the latest warning over the rising risk that the world economy may be set to contract with the protraction of the ongoing Russia-Ukraine war.
“As we look at the global GDP… it’s hard right now to see how we avoid a recession.
“The idea of energy prices doubling is enough to trigger a recession by itself,” he said.
Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2 per cent.
Malpass also said that many European countries were still too dependent on Russia for oil and gas.
That’s even as Western nations push ahead with plans to reduce their dependence on Russian energy.
He also told a virtual event organised by the US Chamber of Commerce that moves by Russia to cut gas supplies could cause a “substantial slowdown” in the region.
He said higher energy prices were already weighing on Germany, which is the biggest economy in Europe and the fourth largest in the world.
Developing countries are also being affected by shortages of fertiliser, food and energy, Mr Malpass said.
Also speaking in an interview with newsmen, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said a global recession would have a catastrophic effect on Nigeria’s economy.
Yusuf said Nigeria was already dealing with challenging economic problems which would be further compounded by a contraction of the global economy.
“The impact of a global recession will obviously be very adverse. That means that the challenges that we are facing currently will get even worse because already, we are dealing with a lot of issues around inflation.
“We are dealing with a lot of problems around foreign exchange and macroeconomic issues generally, which are things that are driven by external factors.
“So, if you have a global recession, then we may see some effects on some of these things that may make those variables much more difficult.
“We have so many issues which are internal to us. So, when you combine those internal issues with these external variables or factors, you can imagine the impact it will have not just on the economy but on the lives of the citizens, on investments and so many other things. It’s not going to be palatable at all”, he said.
According to him, the war between Russia and Ukraine will continue to have far reaching consequences due to interests from foreign countries that have caused a ripple effect across the global economic space.
On the other hand, a professor of Economics at the Olabisi Onabanjo University, Prof Sheriffdeen Tella, said a global recession, particularly one driven by the energy crisis resulting from the Russia-Ukraine war, would spotlight Nigeria’s continuous inability to meet its global crude oil supply quota, as pegged by the Organisation of the Petroleum Exporting Countries.
He noted that a global recession, if prolonged over an extended period of time, could have serious consequences on the Nigerian economy.
“Actually, it is supposed to have a positive impact, but it didn’t have because we have no oil to sell. We are not producing to meet demand. What is meant by the global recession is that most of Europe depend on gas and oil from Russia. Since it is not forthcoming, the cost of things there has risen.
“So, consumers are likely going to demand less. When that happens, it also has many effects on developing countries. It is what we call the contingent effect.
“When you have a global recession. It affects consumption in those countries” he said.
The Nigerian Shippers Council (NSC) says it has registered 160 Port stakeholders into its Regulated Port Service Provider and Users platform since the initiative began in 2023.
Executive Secretary, NSC, Mr Pius Akutah, made the disclosure on the sideline of a sensitisation programme by the commission for port operators in Lagos, with the theme, “Regulated Port Service Provider and Users”.
Represented by the Director, Consumer Affairs, Chief Cajetan Agu, Akutah emphasised the significance of the programme for stakeholders.
He said the sensitisation programme was the second edition after its commencement during the last quarter of 2023.
The Secretary said the 160 registered port operators consist of agencies, terminal operators, shipping companies, individual port users as well as service providers.
“We invited the ports stakeholders for enlightening them on the processes for online registration of Regulated Port Service Provider and Users.
“We have demonstrated to them how to register and how to make payment and we were able to present before them the various categories of the registration.
“The rate of payment is also in the registration. The payment of each group depends on the operation. A shipper pays N30,000, terminal operators and shipping companies pay N300,000, truckers also pay N30,000, while some pay N50,000 and N100,000.
“The Council was able to intimate them on the benefits, because port users benefit more as we help to interface on reducing port charges from time to time”, Akutah said.
He said that there was a need to continue to work with port operators to stop delays and eliminate high costs to make the port efficient.
Also speaking, the Deputy Director, Stakeholders, Service, NSC, Mr Celestine Akujobi, said “the sensitisation exercise was important for the council to enable us bring all the port stakeholders together”.
According to him, this is to avoid challenges during the implementation of the council’s responsibilities.
“By the time we introduce sanctions on defaulters, no operators will complain that he or she is not aware of the registration.
“I’m happy with the turnout of this sensitisation. This shows that the operators are well informed of the statutory friction of the council as the port regulator.
“The final implementation will commence as soon as we discover that all the operators have keyed into the portal.
“We are engaging other ports across the country and we’re hopeful that before the last quater of 2024, the council will implement sanctions on defaulting operators”, Akujobi said.
Earlier, Vice Chairman, National Association of Government Approved Freight Forwards (NAGAFF), Dr Ifeanyi Emoh, said port challenges were enormous, adding that they originated from some of the government agencies.
Emoh urged the council to look into regulating other government agencies, so that there could be a window through which they can collect port charges collectively instead of indiscriminately.
By: Chinedu Wosu
Chivita| Hollandia (CHI Limited) leading fruit juice and value-added dairy manufacturer in Nigeria has rewarded its long standing distributors at the recently held 2024 Distributor Conference. The event with the theme, “Break Boundaries Exceed Expectations” served as a platform to recognise and reward the exceptional contribution of the distributors and wholesalers who play a critical role in Chivita|Hollandia (CHI Limited) success and business goals for the year.
The Distributor Conference was held in two sessions. While the morning session featured keynote addresses, industry insights and brand immersion experience, the evening session was a cultural display of elegance and funfair that culminated in the award presentation and recognition of the contribution the trade partners made to the company in the 2023 year under review.
A key highlight of the event was the award ceremony which acknowledged outstanding trade partners in various regions across the country. The awards recognized commitment, dedication, and outstanding performance in areas of sales growth, brand promotion, and market expansion.
Eelco Weber, Managing Director, Chivita|Hollandia (CHI Limited), stated that the company’s success story is incomplete without the strong partnerships it has built with trade partners. “Today, we celebrate not only the achievements, but the collaborative spirit that has made our growth possible” he said.
Bola Arotiowa, Chief Commercial Officer, Chivita|Hollandia (CHI Limited), in his statement revealed that, the event which was first of its kind will continue to be an annual meeting to enable the company work more closely with its distributors, share insights and action points, help the trade partners familiarize themselves with the company’s goals and objectives for each year, and serve as a driver for mutual success.
“Our distributors are the backbone of Chivita|Hollandia (CHI Limited). Their relentless efforts in distributing our products, promoting our brands, and expanding our reach across the nation is truly commendable. As the bridge between us and our valued consumers, it is very important to reward their hard work and dedication for being an essential part of the Chivita|Hollandia (CHI Limited) family. Together, we will continue to deliver great products to our conusmers which in turn will deliver value to them”, Mr. Arotiowa added.
Speaking at the conference, HajiyaBilikisuSaida, Chief Executive Officer of Smabirm Nigeria Limited, who won the Outstanding Distributor of the Year in North 1 region, and got a reward of two million Naira worth of Chivita|Hollandia (CHI Limited) products expressed delight at the company’s recognition, and stated that the awards served as a way to inspire distributors to do more and put in more effort, which in turn would help both the distributors and the company to grow.
Other outstanding performance distributors of the year rewarded with a two million Naira worth of Chivita|Hollandia (CHI Limited) stock include, Sunny Chuks Limited for East 1 region, MRS FA & Sons Limited for East 2 region, Hussakas Ventures for North 2 region, Rookee 1388 Ventures for Lagos 1 region, Pik N Pil Ventures for Lagos 2 region, FaithJoe Event Management Limited for West 1 region, and Progress Family Nigeria Enterprise for West 2 region.
The annual Distributors Conference aims to strengthen the bond between Chivita|Hollandia (CHI Limited) and its trade partners. This collaborative approach fosters mutual growth and ensures the continued success of the brands in the Nigerian market.
A global leader in insurance and asset management, AXA Mansard, has supported three female-owned MSMEs with business grants totaling 1.4 million to boost their operations.
This, the company said, is part of its commitment to women and the Medium, Small, and Medium-scale Enterprise (MSME) sector in the country.
The three businesses were successful at the International Women’s Day Pitch Competition, organised in partnership with SME 100 Africa in Lagos.
According to the Head of Marketing, AXA Mansard, Olusesan Ogunyooye, the competition, which is aimed at supporting female entrepreneurs in Nigeria, “is another way AXA is demonstrating its commitment to the causes of women and stimulating the MSME sector in Nigeria”.
The business pitch competition received numerous entries from women across different sectors, but after a rigorous selection process, shortlisted participants were selected to participate in the competition.
Ogunyooye said “the programme provided a unique opportunity for women from various works and socio-economic classes to showcase their innovative ideas and solutions in sectors such as food, tech, fashion, and fragrance, creating an atmosphere filled with excitement, enthusiasm, and a strong sense of community”.
He stressed the importance of investing in women, saying it is not just the right thing to do, but also aligns with AXA’s purpose of acting for human progress.
He explained that AXA believes the future of women should not be at risk, hence investing in their economic empowerment is a crucial part
-
News4 days ago
Nigerians Decry New Subscription Rates For DSTV, Gotv
-
Politics4 days ago
APC Stakeholders Storm Secretariat, Demand Ganduje’s Resignation
-
Sports4 days ago
NFF President Backs Falcons To Shine At Olympics
-
News1 day agoTinubu Mourns Victims Of Tanker Inferno In Rivers
-
Maritime1 day agoSierra Leone Assures Support For MOWCA’s Safety Navigation
-
News4 days ago
Fubara Recommits To Good Governance …Urges ANAN To Sustain Excellence Insists State’s Safe For Business
-
Nation4 days ago
APC Urges Gov Aiyedatiwa To Run Inclusive Govt
-
Business1 day ago
Boat Mishap: CILT Advocates Safety Culture On Waterways …Claims 300 Nigerians In 2023