News
Nigeria’s average GDP growth rate remained negative since 2014 – Okonjo-Iweala
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The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has said that Nigeria’s Gross Domestic Product (GDP) growth rate on average has been steadily declining since 2014, signalling a downturn in the economic well-being of the average Nigerian.
Okonjo-Iweala, speaking at the annual General Conference of the Nigerian Bar Association (NBA) on Sunday, noted that the country’s economic fortunes experienced a reversal following the decade between 2000 and 2014, during which the average GDP growth rate was approximately 3.8%.
According to her, this steadily GDP growth outpaced the nation’s population growth, which was only around 2.6% annually.
However, the WTO Boss noted that since 2014, the situation has reversed, with GDP showing a negative growth rate of 0.9%, as the government has been unable to sustain the positive growth achieved by previous administrations.
“Many of the big problems the NBA is grappling with today has its root in Nigeria’s failure to sustain rate of economic growth and development that consistently outpaced the growth of our population.
“We have had episodes of reforms and faster economic growth that was not merely a function of the price of oil. But we have been unable to consolidate and build on them and millions of our compatriots have paid the price in terms of diminished job prospects and human well-being.
“For example, in the decade between 2000 and 2014, we had an average GDP growth rate of 3.8% well above our population growth rate of 2.6% per annum, meaning that people were on average truly improving their standard of living.
“During the following decade, average annual GDP per capita has been negative around minus 0.9% meaning people were worse off because we were not able to sustain prior positive growth momentum,” Okonjo-Iweala added.
Nigeria must sustain good economic policies
Speaking further, Okonjo-Iweala said the country needs to sustain good economic policies irrespective of the administration or political party in power in order to foster development in the country.
The former Finance Minister said policy inconsistencies have accounted for the reversal in the fortune of the nation’s economic development.
Furthermore, she advocated for a social contract between the government and the people which will go beyond the political party in power.
According to her, this social contract must be generally accepted on what economic policies should be followed regardless of who is in power.
“Maintaining good economic and social policies; maintaining policy consistency and adding more reforms on top of that will lead us along the path of good progress that we all desire,” she added.
What you should know
Nigeria’s Gross Domestic Product (GDP) growth declined to 2.98%, lower than the rate recorded in the fourth quarter of 2023 which was 3.46%, according to a report from the National Bureau of Statistics (NBS).
However, the GDP growth rate in the quarter is higher than the figure recorded in the corresponding quarter of 2023 which was 2.31%.
GDP measures the economic activities of a country.
In the past decades, Nigeria’s economic growth has been moderate as a result of low exports, a reduction in the sales of oil which accounts for about 90% of our revenue as well as other economic challenges in the country.
Meanwhile, President Bola Tinubu has continuously said he would increase Nigeria’s GDP to a $1 trillion economy, but many analysts believe such a goal may not the feasible amid growing concerns of high inflation, low employment rate as well and rising national debt.
News
Speaker Abbas Urges Alternative Education Funding, Less Reliance on Govt
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…advocate PPP, endowment at ZEDA AGM
By Gloria Ikiba
The Speaker House of Representatives, Rep. Tajudeen Abbas, has emphasised the need for diversified funding sources in Nigeria’s education sector to reduce dependence on government allocations.
He highlighted Public-Private Partnerships (PPPs) and endowment funds as viable alternatives to sustain and improve education financing.
Speaker Abbas made this call on Saturday during the 31st and 32nd Annual General Meeting of the Zaria Education Development Association (ZEDA) in Zaria, Kaduna State.
He was also honoured by constituents for his contributions to society.
As Chairman of the combined AGM, Abbas encouraged ZEDA to explore various funding opportunities to support educational development.
The Speaker stated that human capital development remains the cornerstone of our national progress, citing the examples of Japan, Singapore, Switzerland, Taiwan, Luxembourg, Ireland, and Denmark, which have achieved remarkable progress.
He said: “Diversifying funding streams is critical as well. By establishing endowment funds or engaging in public private partnerships, we can reduce our reliance on government funding. Successful models in countries such as Denmark and Ireland have demonstrated that diversified funding can drive long-term, sustainable growth in the education sector”.
“They have done so not by relying solely on natural resources but by investing heavily in education, training, and innovation. Their success is reflected in their high rankings on the Human Development Index and ease of doing business.
“Nigeria, blessed with vast natural resources, must equally prioritise the development of its people to realise its full potential”.
Speaker Tajudeen Abbas underscored Zaria’s long-standing educational legacy, tracing back to the 16th century, as a cornerstone of academic excellence and national development.
Recognized as home to Ahmadu Bello University and several other institutions, he highlighted Zaria’s vital contributions to Nigeria’s intellectual and professional landscape.
“Our collective history compels us to safeguard and expand this legacy for future generations,” said Abbas, who represents Zaria Federal Constituency. He noted that several new educational initiatives he facilitated would significantly enhance learning opportunities in Kaduna State and beyond.
Among these are a Federal College of Education, a College of Health Sciences, a National Open University of Nigeria campus, and a College of Legal Studies. “Once fully operational, these institutions will drive both educational and socio-economic progress within our community,” he stated.
However, Abbas stressed the need to tackle obstacles hindering educational growth, particularly at the primary and secondary levels, and noted challenges such as out-of-school children, support for learners with special needs, and overall education quality as urgent issues requiring attention.
He said: “I commend the proactive measures by Governor Uba Sani’s administration in Kaduna State. The efforts have notably reduced the number of out-of-school children through the construction of over 62 new secondary schools, thereby addressing critical infrastructure deficits.
“Looking ahead, it is imperative that ZEDA continuously evolves to meet emerging challenges. Successful models, such as the United Kingdom Education Development Trust and Singapore’s Agency for Science, Technology and Research, have shown the benefits of embracing digital innovation.
“ZEDA should integrate technology in order to transform how we monitor educational outcomes, facilitate virtual training for teachers, and expand access to learning resources. By doing so, we can connect stakeholders, streamline processes, and enhance transparency.”
In the House of Representatives, the Speaker pointed out that the Legislative Agenda is aligned with these priorities.
He said: “We remain committed to advancing universal basic education, enhancing secondary and technical education, and integrating innovative reforms that address both current and future challenges.”
Speaker Abbas hailed the Grand Patron of ZEDA , His Royal Highness, the Emir of Zazzau, Malam Ahmed Nuhu Bamalli, CFR, LLD, for his “fatherly guidance and unwavering commitment have been a beacon for ZEDA.”
Later, Emir Bamalli thanked the Speaker and other prominent indigenes of Zaria for their developmental strides in the ancient city. The monarch emphasised the importance of ZEDA to Zaria, while seeking more support from stakeholders.
By Gloria Ikiba
The Speaker House of Representatives, Rep. Tajudeen Abbas, has emphasised the need for diversified funding sources in Nigeria’s education sector to reduce dependence on government allocations.
He highlighted Public-Private Partnerships (PPPs) and endowment funds as viable alternatives to sustain and improve education financing.
Speaker Abbas made this call on Saturday during the 31st and 32nd Annual General Meeting of the Zaria Education Development Association (ZEDA) in Zaria, Kaduna State.
He was also honoured by constituents for his contributions to society.
As Chairman of the combined AGM, Abbas encouraged ZEDA to explore various funding opportunities to support educational development.
The Speaker stated that human capital development remains the cornerstone of our national progress, citing the examples of Japan, Singapore, Switzerland, Taiwan, Luxembourg, Ireland, and Denmark, which have achieved remarkable progress.
Speaker Tajudeen Abbas underscored Zaria’s long-standing educational legacy, tracing back to the 16th century, as a cornerstone of academic excellence and national development.
Recognized as home to Ahmadu Bello University and several other institutions, he highlighted Zaria’s vital contributions to Nigeria’s intellectual and professional landscape.
“Our collective history compels us to safeguard and expand this legacy for future generations,” said Abbas, who represents Zaria Federal Constituency. He noted that several new educational initiatives he facilitated would significantly enhance learning opportunities in Kaduna State and beyond.
Among these are a Federal College of Education, a College of Health Sciences, a National Open University of Nigeria campus, and a College of Legal Studies. “Once fully operational, these institutions will drive both educational and socio-economic progress within our community,” he stated.
However, Abbas stressed the need to tackle obstacles hindering educational growth, particularly at the primary and secondary levels, and noted challenges such as out-of-school children, support for learners with special needs, and overall education quality as urgent issues requiring attention.
News
Speaker Abbas Hails Governor Bago @51
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News
Betara Celebrates Governor Bago @51
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…commend his leadership qualities, contribution to national development
By Gloria Ikibah
The Chairman House of Representatives’ Committee onthe Federal Capital Territory (FCT), Rep. Muktar Betara has congratulated Governor of Niger State, Mohammed Bago on his 51st birthday.
Rep. Betara who represents Biu/Bayo/Shani/Kwaya Kusar Federal Constituency of Borno State, in a congratulatory message admitted Governor Bago’s relentless advocacy for Nigerites as well as the meaningful contributions to legislative processes that shaped national development while serving as Member of the House of Representatives.
Thrilled by the leadership qualities of Governor Bago, he applauded various unprecedented developmental projects initiated since his assumption of office in 2023.
He said: “Your Excellency, on this special occasion of your 51st birthday, I extend my heartfelt congratulations and best wishes to you.
“This milestone is a testament to a life dedicated to public service, leadership, and unwavering commitment to the progress of Niger State and Nigeria at large.
“As the Governor of Niger State, your visionary leadership has continued to inspire hope and transformation across various sectors.
“Your dedication to infrastructural development, education, healthcare, and especially, agriculture, and security has significantly improved the lives of the people, reinforcing your reputation as a leader who prioritises the welfare of his people.
“Your efforts in fostering economic growth and good governance have set a solid foundation for sustainable development in the state.
“Before assuming office as Governor, your impactful tenure as a Member of the House of Representatives was marked by your relentless advocacy for your constituents and meaningful contributions to legislative processes that shaped national development.
“As you celebrate this new chapter of your life, may you continue to be blessed with wisdom, strength, and good health to steer Niger State toward greater heights. Happy birthday !”
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