Nigeria and other West African countries are expected to see their growth rates rise from 3.6% in 2023 to 4.2% in 2024 and 4.4% in 2025. This projection was shared by Kevin Urama, the Vice-President and Chief Economist of the African Development Bank (AfDB), during the African Economic Outlook 2024 event on Thursday.

The announcement was made at the bank’s 2024 Annual Meetings in Nairobi, Kenya. The event’s theme was “Driving Africa’s Transformation: The Reform of the Global Financial Architecture.”

Urama highlighted that West Africa’s growth is set to increase, moving from an estimated 3.6% in 2023 to 4.2% in 2024, and further solidifying at 4.4% in 2025. This marks a 0.3 percentage point increase over the January Macro Economic Outlook (MEO) projections, driven by stronger growth in major economies like Côte d’Ivoire, Ghana, Nigeria, and Senegal.

He emphasized that African economies have shown resilience despite multiple challenges, with average growth expected to stabilize at 4.0% in 2024-2025, up from 3.1% in 2023. The average real Gross Domestic Product (GDP) growth slowed from 4.1% in 2022 to 3.1% in 2023, primarily due to high food and energy prices stemming from Russia’s invasion of Ukraine.

Dikko Radda: Insecurity would be difficult to address without alleviating poverty
Other contributing factors include climate change, extreme weather affecting agriculture and power generation, and political instability in some countries. However, real GDP growth is projected to rise to 3.7% in 2024 and 4.3% in 2025, surpassing the 4.1% recorded in 2022.

Urama noted that the growth rebound will be driven by East Africa, with an increase of 3.4 percentage points, and Southern and West Africa, each rising by 0.6 percentage points. In 2024, 40 countries are expected to show higher growth than in 2023, with 17 economies projected to grow by more than 5%, potentially increasing to 25 by 2025. Africa is set to retain its position as the second fastest-growing region after Asia in 2024-2025, with GDP growth exceeding the global average of 3.2% in 2024.

For oil-exporting countries, average growth is expected to decline from 3.7% in 2023 to 3.5% in 2024, but it may rise to 4% in 2025. This slowdown in 2024 is due to lower oil production targets set by OPEC and issues such as the vandalism of an oil pipeline in South Sudan and uncertainties surrounding Angola’s oil exports after leaving OPEC.

In contrast, growth in non-oil resource-intensive economies is projected to improve significantly from 0.3% in 2023 to 2.7% in 2024, and stabilize at 3.3% in 2025. This sharp increase is mainly due to a rebound in China’s demand for metals and minerals, driven by expansions in smart grids and construction activities.

The Presidential Committee on Fiscal Policy and Tax Reforms has asked the federal government to adopt an exchange rate of ₦800 per dollar for customs import duty.

The chairman of the committee, Taiwo Oyedele, spoke on Thursday while engaging journalists on the activities of the tax panel in Lagos.

 

While presenting some of the committee’s recommendations, the tax expert expressed concern over the import duty rate, which constantly changes due to the volatility of the foreign exchange (FX) market.

This, Oyedele said, does not allow for adequate planning by businesses.

 

He said, “When we did the budget, we said naira to dollar will be ₦800, now it is 1,000 something. People need to plan.

“So now, we’re saying dear government can you please sign an order that says for the purpose of paying import duty, we shall use ₦800… for the rest of the year till December.

“So, we have proposed ₦800.”

 

The import duty rate in recent times has witnessed incessant adjustments by The Nigerian Customs Service (NCS).

On May 27, the customs adjusted the FX rate for tariffs and duties to 1,480 per dollar.

Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

 
 

On May 16, Muda Yusuf, the director-general of the Centre for the Promotion of Private Enterprise (CPPE), said the customs should set a quarterly exchange rate between 800/$ and 1000/$ for import duties assessment.

The Nigerian National Petroleum Company Limited (NNPCL) has disclosed its plans to roll out six more Compressed Natural Gas (CNG) plants.

These proposed CNG stations, with 5.2mmscfd capacity each, will be located in selected locations across the country to ease access to bulk CNG.

overlay-clever

This was disclosed on Thursday by the Group Chief Executive Officer of NNPC, Mele Kyari, at the commissioning of the company’s 5.2MMscf CNG plant in Ilasamaja, Lagos State.

He said that the national oil firm has taken a Final Investment Decision (FID) with Axxela Limited to deliver the projects.

Based on figure from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as of January, the nation’s natural gas reserves stood at 209.26 Trillion Cubic Feet (TCF).

Speaking on the country’s enormous gas reserves, Kyari said: “We’re a gas country with associated oil. But we haven’t taken advantage of this gas for a very long period of time.”

He noted that NNPC’s investments in gas are not just market-driven, but also as mandated by the Petroleum Industry Act (PIA) to drive domestic utilisation of gas.

The NNPC boss asserted that in the last year, there have been vigorous activities by the government to ensure that gas becomes an engine room for economic growth and development in the country.

“We’re building massive infrastructure in-country to ensure that gas reaches every corner of our country, but more than anything bring the volume that we require for the economic growth that this country truly deserves,” he said.

“NNPC will continue to deliver more strategic projects for the benefit of our country. We shall utilise our gas resources for industrialisation, power generation and economic prosperity for all.”

He highlighted the significant role the Obiafu-Obrinkon-Oben (OB3), Ajaokuta-Kaduna-Kano (AKK) and Escravos Lagos Pipeline Systems (ELPS) gas pipelines will play in deepening domestic utilisation of gas in-country.

“I’ll like to inform you that many of these backbone infrastructure projects – the OB3, the AKK and also the expansion of ELPS – will automatically connect our gas sources, encourage gas producers to see the opportunity to grow gas into our pipeline networks,” Kyari said.

He expressed optimism that CNG will soon become the fuel of choice for many motorists in Nigeria.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, who commissioned the plant, said the occasion, under the theme “From Gas to Prosperity: CNG for All”, represents a critical turning point in the development of affordable, sustainable, and secure energy sources in the country.

 

The minister described 2024 as a historic year for Nigerians, stressing that through his courageous decision to eliminate fuel subsidies and promote the acceptability and broader use of LPG, President Bola Tinubu has brought about several fresh beginnings in the lives of Nigerians.

“Although the elimination of the Premium Motor Spirit (PMS) subsidy has brought difficulties, it has also given us a once-in-a-lifetime chance to invent and adopt more economical, efficient, and sustainable energy alternatives,” he stated.

Highlighting the gains of CNG, Ekpo said the use of CNG as a transport fuel is a mature technology used globally as it is the cleanest burning fuel in terms of Nitro-oxide and soot emissions.

Also speaking at the event, Lagos State Governor, Babajide Sanwo-Olu said the establishment of the CNG plant aligns with the vision of his government.

He disclosed that the state plans to deploy 2,500 conversion kits and over 2,000 new CNG buses, which will commence operations before the end of the year.

The Ogun State Governor, Dapo Abiodun, reiterated the state’s commitment to deepening domestic utilisation.

Represented by the State Commissioner of Environment, Ola Oresanya, the governor said the state is supporting capacity building in CNG conversion to ensure sustainability and promote economic development within the state and beyond.

Earlier in his goodwill message, the Chief Executive of the Presidential CNG Initiative, Michael Oluwagbemi, described the plant commissioning as a testament to Tinubu’s commitment to providing sustainable energy solutions for Nigerians.

Giving his vote of thanks, the CEO of Axxela, Bolaji Osunsanya appreciated all the stakeholders, particularly the NNPC for its consistent vision towards the delivery of the plant, adding that his company’s many years of preparation have now met a golden opportunity to deliver cleaner, cheaper energy to Nigerians.

The Ilasamaja CNG plant was built by NNPC in partnership with Transit Gas Nigeria Limited (TGNL), a subsidiary of Axxela.

The CNG station can serve vehicles and also supply gas to industries and other companies. The facility utilises state-of-the-art 95MScf/hour compressors and has dispensing points for filling of gas-powered vehicles, utilising CNG as a primary or alternate fuel.

It would deliver CNG at 250 bar into specialised tube trailers for onward delivery to customers beyond the pipeline gas areas, approximately within a 250km radius of the Facility. With an average tank capacity of 40SCM for Autogas cars and 250SCM for Buses/Trucks, the 150,000SCM capacity plant can fill about 3,700 cars or 600 trucks/buses daily.

Nigeria has adopted gas as its transition fuel and is committed to achieving carbon neutrality by 2060. NNPC Limited is at the vanguard of powering Nigeria’s greener future

The partnership with TGNL is not the first aimed at deepening domestic utilisation of gas. In August last year, the national oil firm entered into a strategic partnership with NIPCO Gas Limited to deploy CNG stations across the country. Under the partnership, 35 CNG stations will be set up in Lagos and other parts of the country.

Pioneer National Chairman of the ruling All Progressives Congress, Chief Bisi Akande, on Thursday, assured that Nigeria is safe under President Bola Tinubu despite the hard times being faced by Nigerians.

The former Osun State Governor, noted that despite the pre and post-elections 2023 prophecy, Tinubu’s presidency was ushered in and that Nigeria has continued to wax stronger and stronger as one and indivisible entity under President Bola Tinubu.

He said under the Tinubu Presidency, Nigeria would continue to be more peaceful, more developed, more progressive and more prosperous.

Akande, who chaired a One-Day Lecture organised by Arewa Think Tank to celebrate one year achievements of the administration of President Tinubu, in Kaduna, urged Nigerians to shun any divisive tendencies that would disrupt the entity called Nigeria.

The event which has as its theme: ‘Our Diversity, Our strength,’ was attended by governors Uba Sani of Kaduna State and his Benue counterpart, Rev. Hyacinth Alia as well as some prominent northerners.

Akande noted that despite the prophecies either for or against the president, he was so convinced that Nigeria would forever continue to be sustained as a more peaceful, more developed, more progressive and more prosperous under President Tinubu and beyond.

 

He added that the tension and threats generated in the country by the opposition with the view to deny Bola Ahmed Tinubu of Presidential victory in the 2023 Presidential election was not surprising because even before independence never wanted a united country.

“Since 1953, when a motion for Independence was first moved in Parliament by Chief Tony Enahoro, our polity has been moving from tensions of one threat to another that Nigeria must not be allowed to continue as one and united country,” he said.
“I was the pioneer national chairman of the All Progressives Congress (APC) – the great political party that produced the President, Bola Ahmed Tinubu whose one year administrative anniversary was being officially celebrated since over a week up to yesterday”.

“I am therefore particularly convinced that Nigeria will forever continue to be sustained as a more peaceful, more developed, more progressive and a more prosperous country under President Bola Ahmed Tinubu and beyond.

“Irrespective of our differences in religion, ethnicity and social status, as we gather here today to review matters of progress or otherwise on infrastructure, education, health, agriculture and every possible parameter of social engineering, I urge all of us to be thinking about how to sustain a united, peaceful and prosperous Nigeria. May our collective and individual aspirations within a better and most respectable Nigeria be divinely realised.”

In his remarks, the Chief Host and governor of Kaduna State, Uba Sani, also harped on the unity of Nigerians, saying that with unity of purpose, Nigeria and Nigerians would achieve the desired peace and progress.

 

He added that it was only when Nigerians come together as one that “there will be peace.”

He continued that President Bola Tinubu meant well for the country despite the current hardship occasioned by the removal of subsidy on oil and other policies of the current administration.

Going down memory lane, the governor said President Tinubu was one of those that fought for the enthronement of the current democracy.

He said the president was one of the financiers of the pro-democracy movement at the period Nigerians wanted the military to leave for democracy to thrive.

Sani, therefore, urged Nigerians to support the President despite the hardship because he (Tinubu) holds Nigerians and Nigeria high.

On his part, Governor Hyacinth Alia, who was guest lecturer at the event, stressed the need for Nigeria unity, saying that, “our religion should not be a dividing factor to us.”

 

Speaking on the theme: ‘Our Diversity, Our Strength,’ Alia
added that Nigeria as a country must not fail as its failure would negatively affect the entire Africa, as a continent.

“We should not take our diversity for granted, our diversity should be our power, strength and unifying force that hold us together as one people.

“Diversity should not be a source of conflicts and tension, it should rather build a more robust and prosperous Nigeria. If Nigeria fails as a nation, the entire countries in Africa will fail.

“Tinubu has brought hope of unity irrespective of our differences in religion, ethnicity and social status, and he stepped up progress or otherwise on infrastructure, education, health, agriculture and every possible parameter of social engineering,” he said.

Earlier, in his opening remarks, the Chief Convener Arewa Think Tank, Muhammad Yakubu informed, said the aimed the one-day lecture, was strengthen and encourage the ‘Renewed Hope Agenda’ of the President which had several brilliant layers linked to foreign investment drive, energising the health sector, making education affordable for the poor and underserved, delivering good governance amidst debt burden, among others.

Abia State Governor, Dr. Alex Otti, has stated that his administration does not intend to engage in unnecessary confrontation with those promoting the May 30 sit-at-home in honour of those killed during the Nigerian civil war.

The governor made this known in a statement on Thursday through his Special Adviser on Media and Publicity, Ferdinand Ekeoma, affirming the people’s right to mourn their dead.

 

The Governor disclosed that the government is working with schools to ensure that students currently sitting for the West African Examination Council (WAEC) exams are not adversely affected.
He said,
“The government is in touch with all the affected schools to ensure that WAEC exams are not disrupted.

“We are working on managing the situation without unnecessary confrontation with those advocating for the sit-at-home to honor their deceased loved ones. They have every right to mourn, considering the history of the war. This is not a matter of politicizing.

“The war was a tragic period, and remembering the genocidal events is an emotional experience.

 

“We do not wish to confront those observing this moment of remembrance. Instead, we are handling the situation with wisdom and diplomacy, engaging with all involved parties.

 

“While we are taking certain measures that we prefer to keep private, our main goal is to ensure students can take their exams peacefully.

“Rest assured, we are implementing measures to maintain peace in Abia State.”

Recall that the Indigenous People of Biafra (IPOB) had on Tuesday reiterated that 30th May is crucial and respected for Igbo people and residents of the South-East to honour those who died during the Civil War between 6 July 1967 and 15 January 1970.

According to statement by its media and publicity secretary, Emma Powerful, on Tuesday, IPOB said, “wish to remind every person resident in Biafra territory that 30th May 2024 sit-at-home in commemoration of Biafra Heroes Day is sacrosanct and we obliged everyone to abide to this order, its only one day.

“As long as Biafra Land is concerned, IPOB remains a very important state actor on the issues concerning Biafra. The remembrance of all those who fought for Biafra freedom and sovereignty remains imperative, and no government or security agency has any authority to harass any innocent person during that event. We are urging all state governors in Biafra Land to ensure the safety of persons and properties on that day.”a

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that the Kaduna Refinery was not calibrated to process Nigeria’s crude oil.

Lokpobiri made the shocking revelation on Wednesday when he featured in a Channels TV programme to speak on President Bola Tinubu’s first year in office.

“What I said was that Nigeria had always imported crude based on the peculiarities of the refineries. And that is why I was giving example of the Kaduna Refinery. We were importing crude oil from Venezuela.

“Nigeria’s crude is one of the lightest crude in the world. It is one of the sweetest crude in the world. Some refineries are not calibrated for that.

“That was why the Kaduna Refinery was one that was meant to refine very thick crude oil. So, they were importing from Venezuela. So, it is not happening for the first time,” Lokpobiri said.

…orders Amaewhule, 24 other to stop parading as speaker, lawmakers



A Rivers State High Court sitting in Port Harcourt has declared the seats of the 25 lawmakers, who defected from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC, vacant pending the determination of a suit before it.

People Talk: We don't know what's going on,' Nigerians lament over fuel scarcity0:00 / 1:07
The court, however, ordered the Rt. Hon. Martin Amaewhule, to stop parading as the Speaker of the Rivers State House of Assembly and bared the 24 lawmakers, who are all Anti-Siminalayi Fubara, the governor of the state, from posing as lawmakers in the state.


Hon. Justice Charles Wali gave the order in Suit No PHC/1512/CS/2024, brought by Rt. Hon. Victor Oko Jumbo, Speaker, Rivers State House Of Assembly, Hon. Sokari Goodboy Sokari and Hon. Orubienimigha Adolphus Timothy, on the crises rocking the legislative arm of the state.

Defendants in the cases are Hon.martin Chike Amaewhule, Hon. Dumle Maol Hon. Major Jack, Hon. Franklin Uchenna Nwabochi, Hon.christopher Kagbang Ofiks, Hon. Azeru Opara, Hon. Enemi Alabo George, Hon.Granville Tekenari Wellington, Hon. Ngbar Bernard, Hon. John Dominic Iderima.

Others are: Hon.queen Uwuma Tony Williams, Hon.loolo Isaiah Opuende, Hon.abbey Peter, Hon. Igwe-obey Aforji, Hon. Justina Emeji, Hon. Ignatius Onwuka, Hon.chimezie Nwankwo, Hon. Lemchi Prince Nyeche, Hon. Barile Nwakoh, Hon. Emilia Lucky Amadi, Hon. Nkemjika Ezekwe, Hon. Davids Arnold Okobiriari, Hon. Nwankwo Sylvanus Hon. Gerald Oforji, and Wami Solomon.

The Rivers State Governor, Sir Siminalayi Fubara, and the Honourable Chief Judge Of Rivers State, Simeon Amadi, are the second set of defendants in the suit.

Wali in the Interlocutory Order, ordered that the lawmakers, who are Pro-Nyesom Wike, the Minister of Federal Capital Territory, from parading as lawmakers to the determination of the substantive case.

The order read, “An Order of Interlocutory Injunction is granted restraining the 1” to 25th Defendants from parading land holding out themselves as members of the Rivers State House of Assembly and/or meeting/sitting at the Auditorium of the House of Assembly Quarters located at Aba Road;

“…Port Harcourt or at any other place whatsoever to purport to carry out the legislative business of the Rivers State House of Assembly, their legislative seats having been declared vacant pending the hearing and determination of the substantive suit.

“An Order of Interlocutory Injunction is hereby made restraining the 26th to 28th Defendants from dealing with, interfacing, accepting any resolutions, bills and/or howsoever interacting with the 1at to 25th Descendants in their purported capacities as members of the Rivers State House of Assembly their legislative seats having been declared vacant with effect from 13th December,2023 pending the hearing and determination of the substantive suit.

“That this case is adjourned to 1st July, 2024 for Mention.”

…says application portal for students of state institutions opens in 3 weeks 

…asks state institutions to submit their students’ data

 

 

The Nigerian Education Loan Fund, NELFUND said it has received over 60,000 applications from students of federal government institutions since it launched the students loan application portal.

However, NELFUND revealed that 30,000 applications have been successfully processed.

NELFUND also said so far, 90 percent of federal universities have submitted their students’ data to its dashboard, adding that 10 percent of federal institutions were yet to submit theirs.

Besides, the students loan agency declared that its portal for submission of data from state owned tertiary education begins in three weeks time.

To this end, it appealed to state institutions to begin submission of data of their students for onward processing.

 

Minister of works, David Umahi has given an update concerning the Lagos-Calabar Coastal Highway project.
 
Umahi said the Federal Government has paid a total of N2.7 billion compensation to those affected by ongoing demolitions that has to do with the Lagos-Calabar Coastal Highway project.
 
 
Umahi also disclosed that the project has not been cancelled as alleged in some quarters.
 
The minister stated this on Wednesday while briefing newsmen at his residence in Abakiliki.
 
He maintained that by Monday next week, another N7.13 billon, being the second phase of compensation, would be paid to those whose properties were affected..
 
Umahi said, “There are actually two challenges; the Ugwuaja community were saying we were going through the coast and it is their ancestral home. But that was not the issue.
 
“We were having so many cables, MTN and African Post and it came from the ocean and birth at the ocean shore.
 
“What I was hearing people saying is that we hit that thing and we stopped. Some even said the project is cancelled. There is nothing like that.
 
“I am a fellow of the Nigeria Society of Engineers. What we did was not to follow the new proposed alignment, not to follow the gazetted alignment. We went totally out and that was on kilometre 20 and it now bypassed everything and went further away from the ocean shore from the gazzeted plan and it will cost me more money.
 
“But the entire community of Ugwuaja were singing praises of President Bola Tinubu and then the entire cable was saved. We would not even want to place the road by the side of the cable because it will generate heat and noise which will affect the quality of the cable.
 
“So, the cable is totally saved and not even close to it. It occurred at about kilometre 22 and started to realign at kilometre 20 and then we came back to our coast at kilometre 25. As we are talking, the demolition of shanties and some infrastructure is ongoing. We paid compensation of about N2.7 billion.
 
“Between now and maybe Monday, we will pay another compensation of about N7.13 billion. We are paying compensation not that everybody deserve it, but because it is also a way of helping people.
 
“When people build against the law, Mr President is not the type that will punish people. The welfare of the people is what he signed first. So, it is also a way of helping even though we don’t encourage people to build against the law.
 
“The project is of course moving. In fact, the section one has started in three sections-three sections and the section two, which has just been approved, has also started. What people do not know is that as the road is moving, it is being connected to existing or completed road.
 
“So, section one is 47.47 kilometres and we are moving very fast to see that by 29th of May, we would have finished that one, then we commission it with toll gate and then the combination of return on investment from the toll that will come and a lot of will come up on the shore line and then the government will also make money from it. So, it will work.
 
“I beg our people, especially people of the Southeast. Let us go into investigative journalism. You know my status in the society. Who is Landmark? What investment does he have there that all these noise is being made? Go to the Total Estate and find out. There are two Obas within that zone.”

 

'Nigeria has lost a gem to the cold hands of death'

The nation was, in the early hours of Sunday, 26th May 2024, awoke to the sad news of the demise of DIG Larmorde, who was undergoing medical treatment in faraway Egypt. The news of his demise was shocking to the generality of Nigerians who knew him in much the same way as it evoked a deep sense of loss for those who had the good fortune of working and interacting closely with this dutiful, unassuming and gentlemanly Officer of the Nigerian Police Force.

My first encounter with DIG Lamorde was in 2007, when I was representing a high-profile political figure from the south-south geopolitical zone of the country. He was courteous and pleasant and treated my client with dignity. Our parts were to cross again in November 2011 when President Goodluck Ebele Jonathan, GCFR, appointed him as the Ag. Chairman of the Economic and Financial Crimes Commission (EFCC) while I was serving as the Honourable Attorney General of the Federation and Minister of Justice.  

In all my interactions with him and his official capacity as chairman of the EFCC, I found Ibrahim Lamorde to be passionate and dutiful in the discharge of his duties. Under him, the EFCC’s operations were professional, cases were painstakingly investigated, and the rights of persons under investigation were duly respected as they were treated with respect and the dignity they deserved. Mr Ibrahim Lamorde would, in his characteristic candour, proffer opinion based on facts before him and independently discharge his duties in accordance with the dictates of his conscience and the best traditions of reputable investigating authorities.

DIG Ibrahim Lamorde (Rtd)

Despite his rank and exalted position, Ibrahim Lamorde was never carried away with the allure of power. He was humble yet firm in his convictions. I recall vividly his discussions with me regarding his modus operandi as a top cop and Chairman of the EFCC. He stated, “Public Officers must hold themselves accountable to their superiors, the society and most importantly, God.” This was the barometer against which all his official actions and conduct were measured. He often reiterated his resolve not to pander to the wishes of people in authority, as he felt bound to do right at all times and circumstances. Given my experiences with those who have held the office of EFCC Chairman before and after him, I am moved to state boldly that he was a rare gem.

As we mourn his passing to the great beyond, I am convinced that his good works will speak for him before his creator. May Allah console his family and grant him Ajannah Firduarsi.

Adieu to a Gentleman, Officer, and Patriot.

Signed

Mr. Mohammed Bello Adoke, CFR, SAN