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Nigeria’s Economy To Grow By 2.5% In 2018 – World Bank |The Republican News

 

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The World Bank forecasts that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade.

According to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.8 per cent in 2019 and 2020.

The World Bank forecast that global economic growth will go up to 3.1 per cent in the year 2018.

According to the Bank, growth in Sub-Saharan Africa is projected to continue to rise to 3.2 per cent in 2018 and to 3.5 per cent in 2019, on the back of firming commodity prices and gradually strengthening domestic demand.

However, the report showed that growth would remain below pre-crisis averages, partly reflecting a struggle in larger economies to boost private investment.

“South Africa is forecast to tick up to 1.1 per cent growth in 2018 from 0.8 per cent in 2017. The recovery is expected to solidify, as improving business sentiment supports a modest rise in investment.

“However, policy uncertainty was likely to remain and could slow needed structural reforms.

“Nigeria is anticipated to accelerate to a 2.5 per cent rate this year from one per cent growth in the year just ended. An upward revision to Nigeria’s forecast is based on expectation that oil production will continue to recover and that reforms will lift non-oil sector growth.

“Growth in Angola is expected to increase to 1.6 per cent in 2018, as a successful political transition improves the possibility of reforms that ameliorate the business environment,” it stated.

According to the report, Côte d’Ivoire is forecast to expand by 7.2 per cent in 2018, Senegal by 6.9 per cent; Ethiopia by 8.2 per cent, Tanzania by 6.8 per cent, and Kenya by 5.5 per cent as inflation eases.

The World Bank said that the regional outlook for Sub-Saharan Africa was subject to external and domestic risks. It showed that any unexpected activity in the United States and Euro Zone could have a negative impact on the region.

Also, an abrupt slowdown in China could generate adverse spillovers to the region through lower-than-expected commodity prices.

“On the domestic front, excessive external borrowing without forward-looking budget management could worsen debt dynamics and hurt growth in many countries.

“A steeper-than-anticipated tightening of global financing conditions could also lead to a reversal in capital flows to the region. Protracted political and policy uncertainty could further hurt confidence and deter investment in some countries.

“Rising government debt levels highlight the importance of fiscal adjustment to contain fiscal deficits and maintain financial stability.

“Structural policies including education, health, labour market, governance, and business climate reforms could help bolster potential growth,’’ it stated.

The World Bank called on policy makers around the world to focus on human investments to increase their countries’ productivity, and move closer to the goals of ending extreme poverty and boosting shared prosperity.  (NAN)

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What Buhari Told World Bank Chief, Kim Yong – Oshiomhole |The Republican News

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Former Edo State Governor, Adam Oshiomhole

FORMER Edo State Governor Adams Oshiomhole said yesterday President Muhammadu Buhari only asked for assistance on humanitarian crisis during a session with World Bank President Dr. Kim Jong.
He said it was regrettable that a patriotic request made by the President and borne out of altruistic motivation was now being politicised.
He said the idea of trying to read sectional meaning to Buhari’s patriotic request was grossly unfortunate.
Oshiomhole, who made the clarifications in a statement in Abuja, said Buhari remains a statesman.
The statement said: “It is a matter of fact that I was present at the meeting of President Muhammadu Buhari with the World Bank President Dr. Kim Jong on July 21, 2015 at the Blair House, Washington DC.
“It is rather unfortunate that a patriotic request made by Mr. President and borne out of altruistic motivation is now being twisted, manipulated and politicised to suit certain political end.
“Mr. President made the request against the backdrop of the devastation of the Northeast zone and the need for international organisations to rise in support of the efforts of the Nigeria government in arresting the humanitarian crisis in that part of the country.
“The inhuman conditions of the Internally Displaced Persons were also discussed and Mr. President urged the World Bank to look into the best possible ways to address the crisis before it got out of hand.
“In Edo State at that period, the government I headed was also buffeted with the challenge of dealing with internally displaced persons who came to settle in the outskirt of Benin City without the knowledge of the state government.
“It took my personal intervention and the cooperation of Mr. President before we could offer our logistic assistance to make their location habitable to avert any humanitarian crisis.
“For those who are familiar with the devastation of the North-East, where over 20,000 persons have reportedly been killed with over two million internally displaced persons, it smacks of political notoriety for any rational mind to question the request of Mr. President.”
The ex-governor urged Nigerians to stop playing politics with the session between the President and the World Bank chief.
The statement added: “President Buhari remains a statesman, who is not only patriotic and altruistic in his intentions, but one whose actions speak volume for our unity of purpose.
“We should see the country as one indivisible entity driven by common objectives and goals.”

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Deliberate Twisting Of President Buhari’s Commendable Interface With World Bank – Femi Adesina |RN

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President Buhari with World Bank President, Jim Yong Kim

Those who specialize in a deliberate twisting of information have wailed and raged endlessly on the news item credited to the World Bank Group President, Jim Yong Kim, who disclosed in Washington DC, United States of America, that President Muhammadu Buhari had requested a concentration of the Bank’s intervention efforts in the northern part of Nigeria, particularly in the North-east.

The ignorant and mischievous people, who twist everything for their vile purposes, are making it seem that it was a calculated attempt to give the North an unfair advantage over other parts of Nigeria.

The truth of the matter is that President Buhari, right from his first week in office in June 2015, had reached out to the G-7 in Germany that Nigeria needed help to rebuild the North-east, which had been terribly devastated by the insurgency. He said the country would prefer help in terms of the rebuilding of infrastructure, rather than cash donation, which may end up being misappropriated. In concert with Governors of the region, a comprehensive list of needed repairs was sent to the G-7 leaders.

Also, during a trip to Washington in 2015, and many other engagements that followed, President Buhari sought the help of the World Bank in rebuilding the beleaguered North-east, which was then being wrested from the stranglehold of a pernicious insurgency. It was something always done in the open, and which reflected the President’s concern for the region.

Related: Buhari Asked Us To Focus On Northern Nigeria – World Bank |The Republican News

Those ululating over the disclosure by the President of the World Bank should be a bit reflective, and consider the ravages that the North-east has suffered since 2009 when the Boko Haram insurgency started. Schools, hospitals, homes, entire villages, towns, cities, bridges, and other public utilities have been blown up, laid waste, and lives terminated in excess of 20,000, while widows and orphans littered the landscape. The humanitarian crisis was of monumental proportions.

President Buhari simply did what a caring leader should do. He took the battle to the insurgents, broke their backs, and then sought for help to rebuild so that the people could have their lives back. Should that then elicit the negative commentary that has trailed the disclosure from the World Bank? Not at all, except insidious minds.

President Buhari has a pan-Nigerian mandate, and he will discharge his duties and responsibilities in like manner. Any part of the country that requires special attention would receive it, irrespective of primordial affinities, which narrow-minded people have not been able to live above. This President will always work in the best interest of all parts of the country at all times. Let ethnic warriors sheathe their swords.

FEMI ADESINA
Special Adviser to the President
(Media and Publicity)
October 13, 2017

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Buhari Asked Us To Focus On Northern Nigeria – World Bank |The Republican News

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President of the World Bank, Jim Yong Kim

The President of the World Bank Group, Jim Yong Kim, said on Thursday that the bank had concentrated on the northern region of Nigeria in line with President Muhammadu Buhari’s request.
Kim and the Managing Director, International Monetary Fund, Christine Lagarde, who spoke at separate press conferences in Washington DC, United States, also advised Buhari to invest in things that would enhance economic growth.
Kim said, “You know, in my very first meeting with President Buhari he said specifically that he would like us to shift our focus to the northern region of Nigeria and we’ve done that. Now, it has been very difficult. The work there has been very difficult.
“I think Nigeria, of course, has suffered from the dropping oil prices. I think things are just now getting better. But the conversation we need to have with Nigeria, I think, is in many ways related to the theme that I brought to the table just this past week, which is the investment in human capital. The percentage of the Gross Domestic Product that Nigeria spends on healthcare is less than one percent.”
He added, “Despite that, there is so much turbulence in the northern part of the country, and there is the hit that was taken from the drop in the oil prices. Nigeria has to think ahead and invest in its people. Investing in the things that will allow Nigeria to be a thriving, rapidly growing economy in the future is what the country has to focus on right now.”
Kim also said, “Focusing on the northern part of Nigeria, we hope that as commodity prices stabilise and oil prices come back up, the economy will grow a bit more. But very, very much important is the need to focus on what the drivers of growth in the future will be.”
According to the World Bank boss, the bank will invest in human capital in other parts of Africa in order to prepare the continent for the next phase of growth.
Lagarde, in her remarks, said Sub-Saharan African countries, including Nigeria, had posted suboptimal growth in recent times.
The growth figures, she said, were far too small considering the huge demographic potential of Nigeria and other countries in the region.
As a result, she said the IMF would be engaging ministers of finance and central bank governors from the region attending the annual World Bank and IMF meetings on how they could boost and stabilise economic growth.
Lagarde said, “The Sub-Saharan Africa is one region of the world where growth is suboptimal. Those countries grow at an average growth of 2.5 percent. That is too low for the demographic expansion of the region.”
The IMF managing director said emerging and developing economies must invest more in their economies through infrastructural spending, strengthening safety nets, allowing women more access to the labour market and carrying structural reforms. (Punch)

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