News
SAD Report; World Bank warns over unrest in Nig, Kenya, others, says 464m sub-Saharan Africans live in abject poverty
The World Bank has revised its economic growth forecast for the Sub-Saharan Africa (SSA) downward to 3% for this year, a drop from the initial 3.4% projection made in April.
This change is largely attributed to the devastating impact of Sudan’s escalating civil war on its economy.
The region’s growth has been slowing down, with the three largest economies – Nigeria, South Africa, and Angola – experiencing a significant slowdown, averaging only 1.8% growth last year.
This downturn is a concern, especially considering the region’s history. For instance, in 2020, Sub-Saharan Africa’s output contracted by 2.4% due to the COVID-19 pandemic, marking the first economic contraction in a generation and the deepest recession since the 1960s.
The World Bank’s latest report, Africa Pulse published on Monday, highlights these challenges and provides valuable insights into the region’s economic prospects.
It’s essential for policymakers and stakeholders to address these issues to foster sustainable growth and development in Sub-Saharan Africa.
“The downgrade is partly explained by the collapse of economic activity in Sudan caused by the armed conflict, which has destroyed physical and human capital as well as state capacity, with adverse impacts on food security and greater forced displacement,” the World Bank stated.
According to the report, Sudan’s economy is projected to decline by 15.1% in 2024 before recovering slightly the next year with 1.3% growth. The northeast African country has been embroiled in a violent conflict since April 2023, with UN estimates putting the death toll in the thousands. Around 11 million people have been displaced.
Ahead of the report’s release, the World Bank’s chief economist for Africa told reporters on Friday that without the Sudanese conflict, regional growth in 2024 would have been 3.5% higher and in line with the initial April estimate.
“So that’s how much this is knocking off the regional growth rate,” Andrew Dabalen said, adding that “Sudan, the economy, has basically completely disappeared.”
Regardless, the Washington-based lender expects economic growth in 1.24 billion-strong SSA to accelerate to 4% in 2025 and 2026. This will be driven by an expected boost in private consumption and investment, owing to lower interest rates as the region’s inflation rate falls to 4.8% this year from 7.1% in 2023.
The institution also expressed concern about the region’s per capita growth, claiming that it has not been sufficient to reduce extreme poverty. It stated that SSA’s real income per capital in 2024 is about 2% lower than it was in 2019 before the COVID-19 pandemic.
“The number of poor people increased from 448 million in 2022 to 464 million in 2024,” it stated.
“The high cost of living, corruption, and, more broadly, weak governance have triggered protests and palpable anger among the youth in Kenya, Nigeria, and Uganda – unrest that could spread throughout the region,” the World Bank warned.
News
Impeachment Plot: Akpabio Cautions Nigerians To Disregard Media Report
By Gloria Ikibah
The President of the Senate, Senator Godswill Akpabio, has admonished Nigerians to disregard stories of his planned impeachment, even as he described it as an illusion.
Naijablitznews.com recalled that an online publication, (Name withheld on Wednesday, published a story titled “DSS Takes Over National Assembly Amid Impeachment Speculations Against Senate President Akpabio”, which has since been republished by other media outlets.
The Special Adviser on Media and Publicity to the President of Senate, Hon. Eseme Eyiboh in a statement on Wednesday said the report was a figment of the reporters imagination.
He said: “Distinguished Senator Godswill Akpabio, President of the Senate of the Federal Republic of Nigeria, wishes to state without equivocation that the speculation and misinformation circulating about an alleged impeachment plot against him is the handiwork of fifth columnists who are perpetual merchants of misinformation and purveyors of mischief.
“As a Head of one of the Arms of government, the President of the Senate categorically denies these baseless claims and reaffirms his commitment to transformational leadership of the Senate particularly and effectively collaborates with the other arms of government. There is no crack in the Upper Chamber and no Senator or Caucus is plotting any impeachment against the President of the Senate. Every Senator is focused on raising the bar of Legislative Agenda and Nation building.
“The allegations are nothing but a desperate attempt to create division and discord among the esteemed senators. It’s unfortunate that some individuals would resort to spreading falsehoods to promote the invidious reins of their blackmail enterprise.
“Senator Godswill Akpabio remains focused on the implementation of the 10th Senate’s Legislative Agenda and working tirelessly to address the pressing National issues of growth and prosperity.
“The Senate President will not be distracted by these unfounded rumours and wants to assure the public that his commitment to Nigeria’s progress remains unwavering.
“We therefore urge the public to disregard these baseless claims and instead focus on the meaningful work being done by the Senate to improve the lives of all Nigerians”.
News
BREAKING! FG delegation in meeting with NLC, TUC
By Kayode Sanni-Arewa
The Federal government delegation is currently meeting with the leaders of organised labour at the Presidential Villa in Abuja.
The meeting is centred on the state of the nation, especially the petrol pricing system.
The meeting is taking place at the Secretary to the Office of the Government of the Federation, SGF, George Akume.
At the meeting are Mallam Nuhu Ribadu, the National Security Adviser, NSA; Nkeiruka Onyejeocha, the Labour Minister; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Others are the Information Minister, Petroleum Minister, State Minister of Gas, and representatives of the Nigerian National Petroleum Corporation, NNPC, Limited.
News
Reps Ask FG To Reverse Petrol Pump Price Hike, Cooking Gas Price
-
Opinion14 hours ago
NCC, Starlink tariff feud rattles telecom industry
-
News15 hours ago
Rivers Assembly Boots Fubara’s Key Allies, Declares Seats Vacant Over 152-Day Absence
-
Politics14 hours ago
PDP Govs Broker Truce, Instruct All Members to Revert to Status Quo
-
News12 hours ago
Reps Condemn Inhumane Treatment Of Super Eagles In Libya, Call For Investigation
-
News15 hours ago
PDP Governors Shoot Down Rebellion, Pledge United Front
-
News9 hours ago
Ugochinyere in hot soup, faces recall as Constituents insist he’s pursuing only personal matters
-
Metro9 hours ago
SAD! Many Reportedly k!lled, Hospitalised As Petrol Tanker Explodes
-
News15 hours ago
Peter Obi Abandons Convoy, Intervenes As Police, Lorry Drivers Clash On Kogi Highway