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Economic Growth to Decline to 3.7% in Sub-saharan Africa in 2022-W’Bank
The World Bank says economic growth in Sub-Saharan Africa (SSA) is expected to decline to 3.7 per cent in 2022 as against 4.2 per cent recorded in 2021.
This is according to the World Bank’s latest Global Economic Prospect Regional Outlook on Sub-Saharan Africa Report released on Tuesday.
According to the report, following a rebound of 4.
“This has led to a reduction in food affordability and real incomes, especially in low-income countries (LICs).”
The report showed that growth in the three largest SSA economies, Angola, Nigeria, and South Africa, was an estimated 3.8 per cent in 2021 supported by the 4.9 per cent rebound in South Africa.
“Growth momentum carried on in Angola and Nigeria, where high oil prices, the stabilisation of oil production, and recovery in non-resource sectors supported activity in the first half of this year.
“Nevertheless, persistently high domestic inflation, power cuts, and shortages of food and fuel have been weighing on recoveries.”
The report said that in some countries, debt distress, policy uncertainty, social unrest, and violence still hampered recoveries, especially in fragile and conflict-affected LICs.
The report said that surging food and fuel import bills could also reverse recent progress in poverty alleviation across the region.
According go the report, especially in countries where vulnerable populations are large, such as Nigeria and dependence on imported food was high.
The report said the risks to the outlook in the region were mostly to the downside.
It said a prolonged disruption to global trade in cereals and fertilizer due to the war in Ukraine would significantly worsen affordability and availability of staple foods across the region.
“In addition, insecurity and violence pose a threat to the outlook, especially in LICs, while rapid increases in living costs risk escalating social unrest.
“A faster-than-expected slowdown of the global economy, which could be triggered by the accelerated policy tightening in advanced economies and the global resurgence of the COVID-19, would hurt many SSA commodity exporters.
“Finally, persistent domestic inflation could speed up monetary policy tightening, escalating stagflation risks across the region.” (NAN)
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Tinubu Forgave Northern Govs Who Opposed Him in 2023, Says Shettima
Vice President Kashim Shettima has said President Bola Tinubu demonstrated political maturity by forgiving northern governors who opposed his presidential bid in the 2023 election, urging politicians in Kwara State to similarly reconcile after their contests.
Shettima stated this on Wednesday in Ilorin while speaking at the turbaning of the Kwara State Governor, AbdulRahman AbdulRazaq, as the Sardauna of Ilorin Emirate by the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari.
The Vice President, who spoke against the backdrop of political activities ahead of the 2027 elections, urged politicians to regard political contests as temporary and avoid allowing disagreements arising from them to become permanent divisions.
He said, “I call on all of us to unite in this political season and play politics without bitterness. The truth that sets us free is also the truth that people don’t want to hear.”
Shettima recalled the opposition Tinubu faced during the 2023 presidential contest, saying the eventual winner had continued with his campaign despite limited support among governors in the northern region.
“You all know that we have 19 states in the North. Out of these, only six actually believed and supported Tinubu, but Tinubu refused to be deterred. He was able to cross the road,” he said.
According to the Vice President, the political atmosphere at the time was further complicated by the belief among some northern political actors that former President Muhammadu Buhari did not support Tinubu’s ambition.
He recalled the slogan, “Baba bayan sunshi,” which he explained was used to suggest that Buhari did not want Tinubu to succeed him as President.
Despite the opposition, Shettima said Tinubu remained focused on his ambition and subsequently won the presidential election, adding that the President later extended a hand of fellowship to those who had worked against him.
“After the 2023 election, President Tinubu hugged and forgave all other northern governors that did not support him. That is a mark of a good leader,” the VP said.
Shettima therefore urged politicians in Kwara, particularly those involved in the current contest for political offices, to learn from the President’s approach by putting their differences aside after the conclusion of their respective contests.
His appeal comes amid disagreements within the Kwara State chapter of the All Progressives Congress following the party’s governorship primary, with some aggrieved aspirants and their supporters forming a group known as the G-15.
The Vice President also reminded politicians that political power was temporary and should therefore be exercised with humility, responsibility and a sense of service.
“As public office holders, we spend more of our lives outside public offices than we do in public offices. Let us embrace each other, let us have the courage to serve with humility,” Shettima said.
He added that political office was not necessarily a reflection of superior pedigree, intellect or ability, but an opportunity entrusted to individuals by God and the electorate.
“We are in power not because of our pedigree, intellect, ability or physical build, but by destiny. What brings us together supersedes what separates us,” he stated.
Shettima also praised Tinubu’s handling of the economic challenges inherited by his administration, saying the President chose to confront the situation rather than spend his time blaming the previous government.
He said the administration inherited an economy facing severe challenges, but its economic team had continued working to stabilise the situation.
“The economic team forged ahead to turn the economy around; today, Nigeria is better for it,” the Vice President said.
Shettima described Tinubu as a decent leader who had confidence in those working with him, adding that he was pleased to serve as the President’s deputy.
The Vice President also commended the Emir of Ilorin for honouring AbdulRazaq with the Sardauna title, saying the governor’s father had left an enduring legacy in the Ilorin Emirate and beyond.
He said the conferment of the title would further strengthen the relationship between the governor’s family and the emirate while urging AbdulRazaq to continue contributing to the development of Kwara State.
Earlier, the Vice President inaugurated the state’s Revenue House on Ahmadu Bello Way, Ilorin, as well as the garment factory in the state capital.
BUSINESS
TCN Announces Annual Maintenance at Ajaokuta Transmission Substation
The Transmission Company of Nigeria (TCN) has announced an annual preventive maintenance of its 330/132 Kilo Volt (kV) at Ajaokuta Transmission Substation.
It said that the maintenance was scheduled to take place on Tuesday from 9am to 4pm.
The management of the company announced this on its X handle in Abuja on Tuesday.
According to TCN, the exercise will enable its crew to carry out preventive maintenance on the 162 MegaVolt Ampree (MVA), 330/132kV power transformer, associated switchgear and ancillary equipment in the substation.
It said that the Abuja Electricity Distribution Company (AEDC) would be unable to off-take electricity to its customers in Ekirin, Omuo, Ibillo, Akoko, Ogala, Ikare, Magongo, Okene Town, Ayere, Kabba and environs during the period.
”Similarly, Benin Electricity Distribution Company (BEDC) will be unable to off-take electricity to its customers in Okpella Town, BUA Cement Company, West African Fertiliser Company, Dibeks Milling Company, and Edestein Company.
”Other areas to be affected include the Freedom Group Company, Ososo, Uluoke, Iyora, Apana, Okpekpe, Arigidi, Ikare Town, Lampese, Igara, Oka and environs,” it said.
The company said that power supply would be restored to the affected areas upon completion of the exercise.
It also apologised for the inconvenience the planned maintenance would cause affected electricity customers, and appreciated their understanding and cooperation.(NAN)
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Nigeria Begins Local Production of Dual-active Mosquito Nets, Targets 10m Annually
Nigeria has commenced local production of next-generation dual-active ingredient insecticide-treated mosquito nets to strengthen malaria prevention and domestic manufacturing.
The Ministry of Health and Social Welfare said this in a statement on its official X handle recently.
According to the statement, the facility, Health Textiles Nigeria FZE, wholly owned by Vestergaard Sàrl, is the first in Nigeria to manufacture dual-active ingredient insecticide-treated nets.
It said that the facility would produce PermaNet® Dual, a mosquito net designed to address the growing challenge of insecticide resistance and prequalified by the World Health Organization (WHO) in 2023.
At full scale, the facility is expected to produce about 10 million nets annually and create more than 600 jobs, the statement said.
It said about 80 employees had already been recruited and were undergoing training in manufacturing excellence, product quality, occupational health and safety and regulatory compliance.
The Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, said the development aligned with the Nigeria Health Sector Renewal Investment Initiative (NHSRII).
Pate said the initiative focused on unlocking the healthcare value chain through investment, local production and stronger domestic capacity.
“This investment demonstrates what is possible when government policy, private-sector investment and technology transfer come together to unlock Nigeria’s healthcare value chain.
“The commencement of local production also strengthens our capacity to produce essential health products and supports a more resilient health system,” Pate added.
He commended Vestergaard for investing in local manufacturing, describing the commencement of production as an important step in malaria prevention.
The statement said that the establishment of Health Textiles Nigeria followed a 2024 Memorandum of Understanding between Vestergaard and the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC).
The agreement was aimed at strengthening local production capacity for essential health products, according to the statement.
The National Coordinator of PVAC, Dr Abdu Mukhtar, said the development demonstrated how investment, technology transfer and government policy could translate into productive capacity and skills development.
He said the training of Nigerian professionals and commencement of production represented the type of outcome the initiative sought to replicate across other healthcare value-chain segments.
Vestergaard Chief Executive Officer, Amar Ali, said the company was pleased to commence production in Nigeria and appreciated the Federal Government’s support.
He said the facility combined Vestergaard’s manufacturing expertise with Nigerian talent to produce dual-active insecticide-treated nets locally.
The development comes as Nigeria continues to bear a substantial share of the global malaria burden, the statement said.
According to the statement, WHO estimates that malaria caused 282 million cases and 610,000 deaths globally in 2024.
It said the African Region accounted for the overwhelming majority of malaria cases and deaths recorded globally during the period.
The statement said that Health Textiles Nigeria was expected to fulfil its first commercial orders in the coming months, expanding Nigeria’s capacity to produce the malaria prevention commodity locally.
Also, domestic production must be supported by strong quality assurance, regulatory oversight and safety standards.
It said the federal government would continue supporting strategic investments, technology transfer and skills development to strengthen Nigeria’s healthcare value chain.(NAN)


