News
Nigeria missing as 11 African countries projects strong growth in 2024
By Francesca Hangeior
Nigeria is missing from the list of 11 African countries expected to experience strong growth in 2024.
According to the African Development Bank Group, in its latest Macroeconomic Performance and Outlook of the continent, Africa will account for 11 of the world’s 20 fastest-growing economies in 2024, but Nigeria is not expected to be one of them.
AfDB said the top 11 African countries projected to experience strong economic performance are Niger (11.2 per cent), Senegal (8.2 per cent), Libya (7.9 per cent), Rwanda (7.2 per cent), Cote d’Ivoire (6.8 per cent), Ethiopia (6.7 per cent), Benin (6.4 per cent), Djibouti (6.2 per cent), Tanzania (6.1 per cent), Togo (6 per cent), and Uganda (6 per cent).
The International Monetary Fund reduced its forecast for Nigeria and its economic growth to 3 per cent in 2024, down from a 3.1 per cent projected in October 2023. This is contained in the Washington-based institution’s World Economic Outlook update for January 2024.
Overall, the AfDB report said that the real gross domestic product growth for the continent is expected to average 3.8 per cent and 4.2 per cent in 2024 and 2025, respectively. This is higher than projected global averages of 2.9 per cent and 3.2 per cent, the report said.
The continent is expected to remain the second-fastest-growing region behind Asia.
The President of the AfDB, Akinwumi Adesina, spoke during the launch of the report on the sidelines of the 37th Ordinary Session of the Assembly of the African Union – Addis Ababa, Ethiopia.
Adesina said, “Today, as we gather here, like other regions of the world, Africa continues to face multiple crises, including rising cost of living, weakening economic growth, a tightening of global financial conditions, shortage of concessional resources, increasing effects of climate change, lingering impacts of health pandemics, conflict, and geopolitical tensions.
“The interaction of these global and regional crises with existing regional structural weaknesses threatens to halt Africa’s gradual economic recovery and is hindering socioeconomic developments.”
“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5 per cent,” he added.
Adesina further called for larger pools of financing and several policy interventions to boost Africa’s growth.
The latest report is calling for cautious optimism given the challenges posed by global and regional risks. These risks include rising geopolitical tensions, increased regional conflicts, and political instability—all of which could disrupt trade and investment flows, and perpetuate inflationary pressures.
Presenting the key findings of the report, the African Development Bank’s Chief Economist and Vice President, Prof. Kevin Urama, said, “Growth in Africa’s top-performing economies has benefited from a range of factors, including declining commodity dependence through economic diversification, increasing strategic investment in key growth sectors, and rising both public and private consumption, as well as positive developments in key export markets.
“Africa’s economic growth is projected to regain moderate strength as long as the global economy remains resilient, disinflation continues, investment in infrastructure projects remains buoyant, and progress is sustained on debt restructuring and fiscal consolidation.”
Highlighting the importance of collaboration, the Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, African Union Commission, Ambassador Albert Muchanga, said, “The future of Africa rests on economic integration. Our small economies are not competitive in the global market. A healthy internal African trade market can ensure value-added and intra-African production of manufactured goods.”
News
Community Day: ISACA put smiles on faces of senior citizens in Lagos
By Kayode Sanni-Arewa
In its continued drive to ensuring humanity service to the needy, the Information Systems Audit and Control Association (ISACA), Lagos Chapter has again extended their hands of love to elderly in Yaba, Lagos State.
A visit to the Old people’s homes in Yaba Lagos by ISACA during the annual Community Day celebration
was a resounding success as the Chapter took
time to connect with elderly residents and their caregivers, fostering an atmosphere of care and
fellowship.
The visit which is in line with ISACA’s global mission to make a tangible difference in local communities brought smiles, conversations, and meaningful Interactions to the residents of the Old People’s
Home.
The elderly were delighted by the engaging activities, thoughtful conversations, and shared
memories with the visitors. Caregivers at the home also expressed their gratitude for the chapter’s
presence and ongoing support.
Meanwhile, the chapter assured of its commitment to ensuring that its support for the elderly extends beyond a single day.
It also plans to maintain an ongoing Relationship with the Old People’s Home, providing assistance
where needed, and ensuring that the residents continue to feel valued and connected to the wider
community.
“As part of this commitment, ISACA Lagos Chapter will be exploring additional ways to engage with the
elderly throughout the year. ISACA Lagos Chapter is also calling on its members, as well as the general
public, to join in these efforts and be a part of continued outreach to this overlooked segment of the
society.”
News
PTDF shortlists 1,643 applicants for 2024/2025 in-country scholarships
The Petroleum Technology Development Fund (PTDF) has shortlisted 1,643 applicants for the In-country Scholarship Scheme for the 2024/2025 academic session.
The fund’s Head of In-country Scholarship Scheme (ISS), Mr. Surajo Abdullahi, announced this yesterday in Abuja during a physical interview of shortlisted candidates for MSc and Ph.D programmes under the scheme.
Abdullahi said 387 candidates had been screened at the Abuja centre while the exercise is holding simultaneously at designated centres across the six geopolitical zones in the country.
The scholarship, fully funded by the PTDF, is mainly for oil and gas courses, such as geology, chemical and mechanical engineering, geosciences, environmental, biochemistry, management and computing.
Abdullahi said the scheme was part of PTDF’s mandates to develop capacity and competencies in the oil and gas industry through its human and institutional capacity development.
“This is a part of human development where we give Nigerian candidates the opportunity to study in the area of oil and gas to close gaps in the industry.
“So, we normally sponsor them to study in the oil and gas-related courses so that we can fill up the gap. We have also widened our scope in different forms of energy and renewables,” he said.
News
BDC operator sues EFCC for N1.2b over alleged illegal detention
A Bureau De Change (BDC) operator, Suleiman Babangida Sani, has sued the Economic and Financial Crimes Commission (EFCC) for alleged arrest, torture, and illegal detention without trial.
The applicant, through his lawyer, Edwin Anikwem (SAN), is praying for an order mandating the EFCC to pay him N200 million as general damages, and N1 billion as exemplary damages for flagrant violation of his fundamental rights.
The applicant is also asking the court for an order compelling the EFCC to tender an unreserved public apology for the infringement on his fundamental rights.
In a 33-paragraph affidavit sworn to by Olalekan Joseph Bayode, the deponent stated that the applicant had been at the EFCC detention centre at Okotie Eboh Street in Ikoyi, Lagos, since June 1 when he was arrested.
Anikwem averred that the applicant had been carrying on his business since 1993 as a BDC operator.
The deponent said the EFCC invited the applicant through a telephone call on June 1 to report to their office at 15A, Awolowo Road in Ikoyi, Lagos, adding that as a responsible and law-abiding citizen, he complied with the invitation.
According to the deponent, upon arrival, the applicant was asked about certain transactions concerning his BDC business, which he provided.
Anikwem averred that the officers informed him that the answers he provided were unsatisfactory and thus prevented him from leaving their office, thereby arresting and detaining him.
The lawyer said the applicant was not given any information about the nature of the offence he was arrested and detained for.
He added: “The applicant has not been charged with any criminal offence nor has he been informed of what his offence is since his arrest and detention on the 1st of June, 2024.
“Because of the poor sanitary condition of the cell, the applicant developed an extremely painful abscess on his fingertips while he was in detention.”
Anikwem averred that the applicant was not treated for the ailment despite complaining officially to be taken to the hospital, and as a result of the said untreated painful abscess on the fingertips, the applicant developed high blood pressure.
“When the applicant complained to officers of the EFCC about his health condition, he was ignored as there was no medical facility to cater for his deteriorating health.
“As a result of the applicant’s arrest and detention without trial, the applicant’s business has been closed for more than 150 days, leading to substantial financial loss in the business.
“The applicant is the sole breadwinner of his family which comprises a housewife, eight children, and an ailing aged mother of 105 years.
“As a result of the applicant’s arrest and detention, the applicant’s children have been out of school due to their inability to pay their school fees and other incidental expenses.
“As a result of the applicant’s arrest and continued detention, the applicant’s mother has resorted to praying for death as she does not want to be the one to bury her son.”
Anikwem averred that it would be in the interest of justice for the application to be urgently and expeditiously determined as the applicant has been languishing in detention.
The applicant is praying for a declaration that the continued detention of the applicant by the EFCC without charging him to court flagrantly violates his fundamental rights to life, respect for the dignity of his person, liberty and movement as guaranteed by Sections 33, 34, 35 and 41 of the 1999 Constitution and Article 6 of the African Charter on Human and People’s Rights (Ratification and Enforcement) Act, Cap A9 Laws of the Federation of Nigeria, 2004 and is therefore unconstitutional, unlawful, illegal, null and void.
He prayed for: “An order enforcing the Applicant’s fundamental rights by ordering his release from unlawful detention currently imposed on him by the Respondents.
“An order compelling the respondents to tender an unreserved public apology to the applicant for the infringement on his fundamental rights.
“An order mandating the respondents to pay to the applicant general damages of N200,000,000.00 (two hundred million Naira) only for harassment, torture, arrest and unlawful detention of the applicant’s person without trial.
“An order mandating the respondents to pay to the applicant the sum of N1,000,000,000.00 (One billion Naira) only as exemplary damages for the flagrant violation of his fundamental rights to wit: unlawful arrest and detention without trial.
“And such further order or orders as this honourable court may deem fit to make in the circumstances.”
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