News

Nigeria’s average GDP growth rate remained negative since 2014 – Okonjo-Iweala

Published

4 months ago

August 27, 2024

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

Gunmen abduct Nigerian Professor, Demand N10m Ransom

Published

7 hours ago

January 4, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Gunmen suspected to be kidnappers have abducted Professor John Ebeh, a senior lecturer in the Department of Philosophy at Prince Abubakar Audu University (PAAU), Anyigba, Kogi State.

The assailants are reportedly demanding a N10 million ransom for his release.

Eyewitness accounts revealed that the attackers invaded the professor’s residence in Agbeji, a suburb of Anyigba, in Dekina Local Government Area, at about 7 p.m. on Thursday.

According to a neighbor who identified himself as Akpai, “The hoodlums operated in a commando manner. It was swift. We noticed a car trailing him furiously; we took it as one of his friends or colleagues, not until we started hearing gunshots around his gate.”

A family source disclosed that the professor was abducted just as he was about to enter his compound.

“Professor Ebeh was almost at the gate of his house at Agbeji, on his way from the town when the incident happened.

“He had even given out a signal to his people to open the gate of his house when some people emerged suddenly from their hideout and started shooting sporadically.

“Amidst the confusion, someone drove in furiously and blocked his car.

“Some masked people alighted from the vehicle and whisked him away at gunpoint.

“His abductors called the family on Friday night, demanding N10 million,” the source recounted.

University officials have yet to issue an official statement regarding the incident.

However, one of Professor Ebeh’s colleagues expressed shock at the development, saying, “The kidnapping (of the professor) came to us as a shock. I have just visited his family to sympathize with them.”

News

Sad: Ondo SSG Is Dead

Published

7 hours ago

January 4, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Secretary to the Ondo State Government, Tayo Oluwatuyi, on Saturday died in an auto crash.

The SSG died in the crash which occurred while he was traveling from Akure, Ondo State capital, to Ibadan in Oyo State.

Confirming the incident, Ondo State Commissioner for Information, Wale Akinlosotu, stated that Oluwatuyi was hospitalised before he gave up the ghost.

“Hon. Oluwatuyi was a dedicated public servant whose unwavering commitment to administrative coordination, policy advisory, and implementation had a significant impact on Ondo State.

“Further details regarding memorial arrangements will be shared as they become available,” he added.

News

Mohamed Salah confirms this season as his last season at Liverpool

Published

7 hours ago

January 4, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Liverpool’s talisman, Mohamed Salah Hamed Mahrous Ghaly, popularly known as Mohamed Salah, has confirmed that the 2024–2025 football season will be his last season donning the shirts of Liverpool.

In an interview with Sky Sports, Mo Salah revealed that he is eager to win this year’s English Premier League title for the Reds to sign off his eight-year stay with the Merseyside based club.

Salah reflected on Liverpool’s previous Premier League triumph in the 2019-2020 season, noting that they were unable to celebrate it as they had hoped. Salah stated that he is determined to help the team win the title this year and celebrate in a manner worthy of their remarkable achievement.

He reflected on Liverpool’s previous Premier League triumph, noting that they were unable to celebrate it as they had hoped. Salah stated that he is determined to help the team win the title this year and celebrate in a manner worthy of their remarkable achievement.

“It’s probably because we didn’t celebrate the one we won in the way we wanted and also, coming back here too, it’s my last year in the club so you want to do something special for the city.

“We waited for that title for 30 years or so. So, to win it and it was the pandemic at that time, we didn’t really have time to celebrate it in the right way. It’s not a nice thing to do, so hopefully we can do it this year.”

“I really want to win the Premier League this season as it’s my last year at the club. I want to give something special to the City.” He said.

Mohamed Salah’s contract with Liverpool is set to expire at the end of the current season. He explained that although his agent, Ramy Abbas, and Liverpool are yet to reach any conclusive decision regarding a contract renewal, he remains focused and is not distracted by the off-field uncertainty.

“We are far away from any progress so we just need to wait and see.

“The thing in my head is ‘OK, if it’s my last six months, or last year, what do you want to see in the future? Do you want to look back and say I was concerned about the contract or I was stressed’ or do you just want to say ‘OK, I had an unbelievable season’.

“That’s in my head now. All the time now. If I feel that kind of distraction, I remind myself ‘You want to look back and you had an unbelievable season’. So that’s what I want to do.” He explained.

He has been in electric form this term, scoring 17 goals in 18 league games, while also registering 13 assists. He has won 9 trophies with Liverpool which includes 1 EPL title, 1 FA Cup, 2 EFL Cups, 1 FA Community Shield, 1 UEFA Champions League title, 1 UEFA Super Cup and 1 FIFA Club World Cup.

Source: Elvisanokyenews.com