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Nigeria’s average GDP growth rate remained negative since 2014 – Okonjo-Iweala
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
Nigerian Man Nabbed For Stabbing Fellow National To Death In France
A 27-year-old Nigerian man, identified only as Popori, has been arrested in Grenoble, France, for allegedly stabbing a fellow citizen, Monday, to death.
It was gathered that the incident occurred on the evening of Friday, November 22, when a fight broke out between two men during an altercation in a grocery store in Grenoble, Isère, France.
DayFR reports that, according to Grenoble Prosecutor Eric Vaillant, who confirmed information from Dauphiné Libéré, the incident occurred around 8:30pm.
The two men were inside an exotic grocery store when an argument broke out, quickly escalating into a violent altercation.
One of the individuals suddenly stabbed the other in the chest, for reasons still unclear.
Emergency services arrived on the scene but were unable to revive the victim.
On Saturday, the Grenoble public prosecutor announced that a 27-year-old Nigerian man had been taken into police custody at 12:30pm as part of an investigation initiated by the local judicial police service.
News
Longest serving monarch dies at 111
Alhaji Muhammadu Inuwa, the longest serving traditional ruler in Bauchi State, is dead.
Inuwa, the village Head of Beli (Sarkin Beli) in Shira Local Government Area of Bauchi, passed away at the Federal Medical Center Azare, Katagum Local Government Area of the state.
The monarch who was 111-year-old spent 91 years on the throne.
Chief Imam of Beli, Liman Musa Abubakar, confirmed the death of monarch which he described as a great loss to the entire people of Northern Nigeria.
During one of the interviews with Daily Trust in his lifetime, the late monarch had said, “Their grandfather was appointed as village head of Beli. He spent 12 years on the throne. He died and our father was appointed the village head. He spent 17 years. After that, I was appointed to the throne when I was 19 years old. This means that by my calculation, I was born around 19 12 or 1913. I was appointed to the throne around 1933 by the Emir of Katagum, AbdulQadir.”
The monarch lived and worked with four different first class Emirs of Katagum.
“We lived with the Emir of Katagum Abdulqadir who appointed me for 12 years before he left the throne and died six months later. Emir Umaru Faruqu was appointed. We spent 35 years with him.
When he died, his son, Muhammadu Kabiru was appointed. We spent 38 years with Emir Kabiru before he died, Again, after Muhammadu Kabiru, the present Emir of Katagum, Umaru Faruq II, was appointed. We lived with him for Six years.
Late Inuwa had said, “I am almost 91 years old on the throne. Alhamdulillahi, we live in peace with the people. And I gave birth to 11 people. Some of them died, but there are seven of them alive – four men and three women.
Many people interviewed said he was a peaceful ruler who [had] listening ears and worked for the peace of the land.”
News
Katsina gov presents N682bn 2025 budget to State Assembly
Governor Dikko Radda of Katsina State on Monday presented the State’s 2025 Budget Proposal to the state House of Assembly.
This is the second full year budget the governor is presenting to the House, which is in the sum of N682,244,449,513.87, covering Recurrent Revenue and Expenditure.
The Budget’s Recurrent Expenditure stands at the sum of N157,967,755,024.36 representing 23.15% while, Capital Expenditure stands at N524,274,694,489.51 representing 76.85%.
The Governor in his speech, announced that, the total of this budget when compared with that of the 2024, has an increase of N200,535,619,501.61, representing 40% increase.
The Governor, at the beginning of his speech, assured the House that his administration has achieved many of its goals and is on course to meet and exceed its targets.
He insisted that his administration has successfully reversed the tide of insecurity which severely threatened the peaceful co-existence of people in the State.
“Many of our local governments have been restored to normalcy while pushing the bandits to the fringes of the forests and, Insha-Allah, to the end of their existence.
“We have expended a lot of resources in fighting insecurity, and we shall continue to do all we can to protect lives and livelihoods in our dear state. I thank the Honourable Members for your support and dedication to ultimate victory,” he said.
The Governor while ranking MDAs by allocations, revealed that the Economic Sector got N302,246,140,569.76 representing 44.3%, followed by the Education Sector with 95,995,873,044.70 representing 14%.
In the same vein, the Ministry of Agriculture and Livestock Development got 81,840,275,739.70 representing 12% while the Ministry of Rural and Social Development got 58,728,146,293.72 representing 9%.
Other sectors such as the Ministry of Water Resources, 53,832,219,322.46 representing 8%, Ministry of Environment, 49,835,521,799.25 representing 7%, Ministry of Health, 43,881,752,172.75 representing 6%, Ministry of Internal Security and Home Affairs 18,938,508,746.95 representing 3%, Ministry of Works, Housing and Transport 9,684,806,758.56 representing 10%.
Other sectors he said are in the sum of 230,759,902,908.71 representing 31% of the total proposed budget
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