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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.
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Kogi phone market, catches f!re property worth millions d*maged
By Mario Deepromoter
Fire has gutted a market following a fire outbreak at a GSM village around Kpata market in Lokoja the Kogi State capital.
It was gathered that the fire outbreak started in the early hours of Thursday due to a power upsurge.
It was further learnt that shop owners could not salvage anything from the fire after it got out of control.
One of the traders in the market, Muhammed Yahaya who lost his goods to the fire narrated the incident saying, “Somebody called me around 5:30 am today that the market is on fire. On getting there, many shops have already been burnt down. So we tried to look at the actual cause of the fire outbreak. From all indications so far, we were told by the people that stay within that the power voltage they brought was high.
“The neighbouring houses there said it affected their fans, light and other things. Actually, this might be the cause of the fire outbreak in the market. Millions of naira worth of goods have been destroyed. Laptops, phones and accessories got burnt. The most unfortunate thing is that most of these people just received their goods this week. It has never happened before. It is still a big shock to every one of us who owns shop in the market”.
He appealed to the Kogi State Government to intervene by assisting those who lost their goods financially and rebuilding the GSM village.
“We know we have a Governor that has a listening ear. He is a father to us. As you can see, we are Youths who are resourceful. Most of us are graduates, and we are not waiting for the Government to provide jobs for us. We created the jobs on our own.
“The properties that we have been nurturing for over 15 years got burnt within an hour. We want the government to look into it by assisting us financially and rebuilding the market. In this market, we have about 200 Youths who are engaged in this kind of business. People were hungry before this happened” he added.
Also Speaking to newsmen, the Financial Secretary, Kogi Association of Phones and Accessories Dealers, (KAPAD) Moses Felix said the incident has affected him physically, mentally and emotionally.
According to him, I was crying this morning when my shop got burnt. I couldn’t do anything. I am into laptop repairs and sales. My goods that arrived this week got burnt completely, so am starting from scratch.
“I am a married Man with kids. Where do I go from here and how can I feed my family in the midst of this economic hardship? The Government should come to our aide. We provide jobs for people. I have like three boys that are working for me who are under my payroll. Definitely, they are going back home without job,” Felix lamented
As of the time of filing this report, fire service officials were making efforts to put out the fire.
News
Sad! Popular Nollywood producerr, Shina Sanyaolu, is dead
By Mario Deepromoter
Popular Nollywood producerr, Shona Sanyaolu is dead.
The deceased was a popular film producer and director in the Yoruba genre of the Nollywood industry.
The cause and details surrounding his death remain sketchy as of the time of this report.
The President, Theatre Arts and Motion Pictures Practitioners Association of Nigeria, Bolaji Amusan, confirmed Sanyaolu’s death.
“Sleep well uncle Shina Sanyaolu,” he wrote on his Instagram page on Wednesday.
Also reacting to the development, a veteran actor, Jide Kosoko, said the deceased touched so many lives positively.
“Shina Sanyaolu was just not a remarkable man, he was a beacon of kindness and warmth to all who had the privilege of knowing him.
“His love for arts and his unwavering support for our industry were unmatched. Shina was always there for us, offering a helping hand and opening doors where there seemed to be none.
“For those of us who traveled to the UK in the 80s, he made it feel like home. Welcoming us with open arms, giving us a place to stay and even taking time off from his busy life to drive us around.
“Shina your generosity knew no bounds and your spirit touched countless lives. You were truly a rare gem. The world feels emptier without you but we take solace in knowing that your legacy lives in the hearts you have touched.”
Sanyaolu contributed to the production of ‘The Honourable’, ‘Two Wives’, and ‘Omo Olosan’.
News
Additional troops deployed in Zamfara as Turji’s ‘N30m protection levy’ deadline expires
By Mario Deepromoter
More soldiers have been deployed in Moriki town, Shinkafi Local Government Area of Zamfara State, as the deadline for payment of N30m levy imposed on the community by the notorious bandits’ leader, Bello Turji, has expired.
Turji imposed a levy of N30m on the community following the killing of over 100 cows belonging to him, allegedly by the military personnel about three weeks ago.
It was learnt that the cows were intercepted by the soldiers at Dumfawa, a village between Moriki and Shinkafi town sometime in August.
Confirming the deployment, a resident of the area, Aminu Musa, said more soldiers were deployed to the area some days ago.
“Beside the soldiers, the state government also sent more personnel of its security outfit, Community Protection Guards (CPG) to the area to complement the conventional security personnel.
“We are happy because the presence of security personnel gives us a kind of relief. The leader of the troop had assured us adequate protection of our lives.”
Another resident, Iliyasu Ali, said despite deployment of additional security personnel, there was anxiety among the residents”.
“There is panic and worries among the residents. These bandits are heartless. They could dare the military personnel and attack the community. They are carrying more sophisticated weapons than the military. So, our people are in serious panic as the deadline for the payment of levy ends today.
“Only God knows what will happen from today upward. Of course, we have not paid the levy but Turji has promised to sack this community if we fail to compensate for his missing cows,” he concluded.
Efforts to speak to the village head of Moriki, Alhaji Bashar Isma’il Ari, proved abortive as his phone was switched off when this reporter put a call to him.
On Tuesday, Chief of Defence Staff, Chris Musa, said the days of Turji are numbered, announcing that his men had launched a manhunt for the bandit.
Credit: Daily Trust
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