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Chinese economic growth among slowest in decades

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By Francesca Hangeior.

 

China recorded one of its slowest rates of economic growth in decades last year, data showed Friday, as leaders nervously eye a potential trade standoff with incoming US president Donald Trump.

Beijing has in recent months announced its most aggressive support measures in years in a bid to reignite an economy that has suffered on multiple fronts, including a prolonged property market debt crisis and sluggish consumer spending.

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But, the economy grew five per cent last year, official data from Beijing’s National Bureau of Statistics showed Friday, slightly above the 4.9 per cent forecast in an AFP survey of analysts.

Still, the figure was lower than the 5.2 per cent recorded in 2023.

The growth took place in the face of a “complicated and severe environment with increasing external pressures and internal difficulties”, the NBS said.

The economy was still facing “difficulties and challenges”, officials admitted.

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Retail sales, a key gauge of consumer sentiment, rose 3.5 per cent — a major slump from the 7.2 per cent growth seen in 2023 — though industrial output increased 5.8 per cent, from 4.6 per cent the previous year.

However, the 5.4 per cent jump in economic growth seen in the final four months far outpaced the five per cent forecast in a Bloomberg survey and was much better than the same period in 2023.

The data provided “mixed messages”, Zhiwei Zhang, president of Pinpoint Asset Management, said.

Beijing’s recent policy shift had “helped the economy to stabilise in (the fourth quarter), but it requires large and persistent policy stimulus to boost economic momentum and sustain the recovery”, he said.

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Zichun Huang, China economist at Capital Economics, said she expected growth to “continue accelerating in the coming months”.

“The government’s property support measures seem to be providing some relief, with the pace of house price falls slowing and new home sales showing some recovery,” she said.

The GDP growth rate is the lowest recorded by China since 1990, excluding the financially tumultuous years of the Covid-19 pandemic.

And the analysts surveyed by AFP estimated growth could fall to just 4.4 per cent in 2025, and even drop below four per cent the following year.

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China has so far failed to rebound from the pandemic, with domestic spending mired in a slump and indebted local governments dragging on growth.

In a rare bright spot, official data showed earlier this week that exports reached a historic high last year.

But gathering storm clouds over the country’s massive trade surplus mean Beijing may not be able to count on overseas shipments to boost an otherwise lacklustre economy.

Trump, who will begin his second term next week, has promised to unleash heavy sanctions on China.

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“We still expect growth to slow for 2025 as a whole, with Trump likely to follow through on his tariff threats soon and persistent structural imbalances still weighing on the economy,” Huang said.

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Police declare Ex-President Jonathan’s aide , Reno Omokri wanted

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By Kayode Sanni-Arewa

Reno Omokri, a former Special Assistant to former President Goodluck Jonathan on New Media, has been declared wanted by the Nigeria Police Force (NPF).

His offence: he allegedly defamed Pastor Paul Enenche.

The NPF secured an order from the Chief Magistrate Court of the Federal Capital Territory (FCT), Wuse Zone 6, Abuja to remand him in prison custody along with a former Dunamis Church Pastor, Abraham Daniel, and two others, Enenche Peter and Alexander Enenche.

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The court, presided over by Chief Emmanuel A. Iyanna, issued the remand warrant through an ex-parte motion filed by the Inspector General of Police (IGP), Kayode Egbetokun, on January 13, 2025.

Granting the ex-parte application filed by Francis Gabriel, Esq on behalf of the Police Chief, in Motion No: ME/07/2025 between the Inspector General of Police as Applicant and Daniel Abraham, Enenche Idoga Alexander, Oboyinlo Enenche Peter and Reno Omokri as 1st to 4th Respondents, the Chief Magistrate directed the Police to produce the respondents on return Court date on January 30.

Iyanna held: “Upon hearing the application and submissions of learned Francis Gabriel and upon careful consideration of the averments, the annextures and issues as raised in the submissions of the applicant, the application is hereby granted as prayed.

“It is hereby ordered as follows: An Order of this Honourable Court for remand warrant of the Respondents (i) MR. DANIEL ABRAHAM (ii) MR. ENENCHE IDOGA ALEXANDER (iii) OBOYINLO ENENCHE PETER and (iv) MR. RENO OMOKRI in the custody of the Nigeria Correctional Service, pending investigation, arraignment/prosecution.

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“It is, hereby, ordered that the Respondents be arraigned before a Court of competent jurisdiction after the conclusion of the said investigation.

“On the return date, the Respondents should be produced.

“The matter is adjourned to 30th Day of January, 2025.”

The remand warrant was predicated on a petition to the IGP by Patrick O. Okolo, SAN against Mr Reno Omokri, Gistlover Blog, Aunty Adul, Peter Obonyiro, Kelechi TV and their agents and co-conspirators for alleged defamation of Pastor Paul Enenche.

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Reps Urges Clear Labeling of GMO Products, Demand More Research

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By Gloria Ikibah

The House of Representatives has called on the National Biotechnology Development Agency (NABDA) to ensure the clear labeling of all Genetically Modified Organism (GMO) products in accordance with global standards.

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This House Committee on Science and Technology gave the resolution during a budget defense session, with the Director General, Prof. Abdullahi Mustapha on Thursday in Abuja.

The committee cited the widespread of GMO use in the United States, particularly in maize.

However, committee member Rep. Awaji-Inombek Abiante emphasised the need for transparent labeling, highlighting that Nigerians should have the choice to make informed decisions about the food they consume. He questioned the adequacy of research on GMO products, particularly Tela Maize, before their adaptation in the country.

In addition, Prof. Mustapha presented NABDA’s proposed budget of N5.3 billion for the 2025 fiscal year, which includes N834.4 million for overhead costs and N14.5 million for personnel costs.

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Naijablitznews.com reports that the agency employs around 4,000 staff across its 39 centers nationwide. Other agencies, including the Trypanosomiasis Research Institute, PRODA, NBTI, and NOTAP, also submitted their budgets to the committee.

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NASS Pledges to Increase 2025 Budget for Veterinary Institute and Related Agencies

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By Gloria Ikibah

The National Assembly Joint Committee on Livestock has committed to revise the proposed 2025 budget to provide more support to the Veterinary Institute of Nigeria, recognizing its crucial role in producing vaccines to prevent disease outbreaks nationwide.

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The Chairman, Senate Committee on Livestock, Senator Musa Mustapha, gave the assurance during the institute’s 2025 budget defense session held in Abuja.

Senator Mustapha expressed the committee’s willingness to assist the institute in securing additional resources for vaccine production. Also the Chairman House Committee on Livestock, Rep. Wale Raji, who emphasised the importance of the institute to the Livestock Ministry, urged it to detail the requirements for scaling up vaccine production.

During the session, it was noted that the institute’s 2024 budget allocation was largely spent on diesel for machinery, as its storage facilities require high voltage power.

The committee advised the institute to improve public awareness of its work.

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Director General of the institute, Dr. Maryann Muhammad, raised concerns over the N900 million proposed budget, calling it insufficient given the scale of its operations, including the production of over 40 million vaccine doses in response to disease outbreaks.

Other institutions, including the Federal Colleges of Animal Health and Production Technology in Mubi, Ibadan, and Zaria, also presented their 2025 budget proposals. The Mubi College highlighted its financial difficulties, citing a budget of over N2.7 billion but less than N1 million in revenue for 2024. Despite this, the committee acknowledged that the college is not expected to generate revenue but rather remit a portion of its expenditures.

The committee expressed concerns over the practical training focus of these institutions, stressing the need for students to develop entrepreneurial skills to contribute to the country’s economic growth.

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