TheNewsGuru

Tag: Economic Growth

  • NNPC Targets Aggressive Growth in Domestic Gas Utilization for Balanced Economic Growth

    NNPC Targets Aggressive Growth in Domestic Gas Utilization for Balanced Economic Growth

    In keeping with the objectives of the United Nation’s 2030 Agenda for Sustainable Development and the Paris Climate Accord, the Nigerian National Petroleum Corporation (NNPC) is focusing on growing the nation’s domestic gas utilization for balanced economic growth.

    Group Managing Director of NNPC, Mallam Mele Kyari, disclosed this Tuesday at the BusinessDay Energy Series Summit which held virtually with theme: “Nigeria at 60: Harnessing Nigeria’s Energy for the Future”.

    A press release by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the GMD as restating NNPC’s commitment to the aggressive implementation of the Nigerian Gas Master Plan as a way of stimulating massive and sustainable economic development using natural gas which the nation has in abundance.

    Mallam Kyari, who spoke on the topic: “NNPC’s Perspectives on Nigeria’s Gas Sector Development,” said apart from the Corporation’s commitment to deliver key gas infrastructural projects such as the Escravos-Lagos Pipeline System II (ELPS II), the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, and Central Gas Processing Facilities (CGPFs), NNPC was working on growing domestic gas utilization to 5billion standard cubic feet of gas per day (scf/d) and developing 5gigawatts (GW) of power generation by 2022.

    “At the NNPC, we are aggressively pursuing other gas development initiatives with the aim of improving Nigeria’s economy using the appropriate fuels. In terms of Gas and Power, we are developing and integrating gas and power infrastructure networks (increase interconnectivity) as well as stimulating gas demand (power generation, feedstock and transport, etc.),” the GMD informed.

    He said NNPC was also exploring partnerships and investments in transmission to unlock evacuation and improve power distribution across the country, stressing that the Nigerian Liquefied Natural Gas (NLNG) Train 7 would be delivered by 2024.

    “We are equally collaborating among key industry players and government agencies on key sectors even as we are developing energy related policies and investment packages to attract Foreign Direct Investment (FDI),” the NNPC boss stated.

    He said the focus on the development of key areas will not only expand the Corporation’s domestic gas footprints, but also support the development of petrochemicals, fertilizer, methanol and other gas-based industries that will generate employment and facilitate balanced economic growth.

    He applauded the support of President Muhammadu Buhari and the efforts of the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva, in driving initiatives aimed at positioning natural gas for sustainable development, noting that a number of the Federal Government’s gas initiatives such as the 7 Big Wins, the National Economic Recovery and Growth Plan (ERGP 2017-2020), the National Gas Policy (2017), have helped a great deal pushing the gas development agenda

    “I would not end this discussion without emphasizing the need for proper legislation. The passage of Nigeria’s Petroleum Industry Bill (PIB) is long overdue. It is one piece of legislation that will expand economic growth via improved revenue flows from the oil and gas sector and make the industry efficient and competitive. NNPC is committed to supporting a sustainable legislation that will bring transformation to the industry, promote transparency and accountability across the value chain,” Mallam Kyari posited.

  • NCC Pledges to Promote Robust ICT Infrastructure for Economic Growth

    NCC Pledges to Promote Robust ICT Infrastructure for Economic Growth

    The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has said that the Commission will continue to promote and facilitate expansion of robust broadband/Information and Communication Technology (ICT) infrastructure across the country for the rapid development of the nation’s digital economy.

    Danbatta gave the assurance in a presentation titled “Communication Technology for Service Delivery in Health, Education, Tourism, the Creative Industry and Agriculture” delivered during the first virtual and sixth edition of Information Communications Technology and Telecommunications Conference and Exhibition (ICTEL) EXPO 2020.

    He said the Commission, not only successfully achieved but surpassed the 30 per cent broadband penetration target in 2018. Danabatta observed that through various policy initiatives, broadband penetration has further increased to 42.02 per cent as of July, 2020, noting that this has laid a solid foundation to drive the national efforts at achieving the new 70 per cent broadband penetration target set in the Nigeria National Broadband Plan (NNBP) 2020-2025.

    Represented by the Director, Consumer Affairs Bureau, NCC, Efosa Idehen, Danbatta said in line with this commitment, the Commission has commenced the review of the framework for engaging infrastructure companies to cascade fibre optic deployment to the hinterlands of Nigeria to ensure pervasive access to broadband services in the country.

    He stated that with the support of the Federal Government, through the Federal Ministry of Communications and Digital Economy, NCC is resolving the perennial problem of high cost of Right of Way (RoW) with the support of the Nigerian Governors Forum (NGF) to hasten ICT infrastructure that will enable socio-economic activities across various sectors.

    According to him, as the world is becoming increasingly digitised; there will be no sector or facet of human life where ICT will not be required for optimal service delivery and improved conditions of living for the citizens.

    With regard to the health sector, Danbatta said ICT is playing a very important role in the manner health services are now delivered, adding that the new Internet speed and low latency of 5G technology are expected to further enhance the possibilities of telemedicine and remote surgery.

    Similarly, the EVC said the educational sector has also greatly soared on the wings of ICT, as there has been a surge in online learning in many institutions around the globe due to the raging COVID-19 pandemic, while illustrating the symbiotic relationship between ICT and educational sectors.

    Danbatta said “the relationship between ICT and the educational sector has been mutually beneficial. He assured the stakeholders that the advent of Artificial Intelligence (AI) is expected to enhance the capabilities of the educational sector even further.”

    According to him, the agricultural sector has also benefitted from ICT, as several agro-based apps have been designed to ensure that stakeholders in the sector are able to provide and improve on essential agro-services. These developments have helped to boost food production and security, just as a lot of digitisation is also holding sway in the creative industry, enhancing its growth thereby enabling job creation and greater contribution to the Gross Domestic product (GDP).

  • Fashola wants construction experts to conflict resolution for economic growth

    The Minister of Power, Works and Housing, Mr Bababtunde Fashola, has advised construction experts to tailor international laws that suit Nigeria’s needs to reduce conflicts in project execution for economic growth.

    Fashola gave the advice at a regional workshop organised by the Lagos Chamber of Commerce International Arbitration Centre (LACIAC) on Friday.

    The programme was put together in collaboration with the Association of Consulting Engineering in Nigeria (ACEN) and some law and construction firms.

    It had the theme“Dispute Management in Africa Infrastructure Projects’’.

    Fashola noted that costs and risk management were important factors that must be taken into account when undertaking projects.

    He said that most Federal Government projects adhered to the International Federation of Consulting Engineers (FIDIC) principles.

    The minister noted the need to ensure that the FIDIC researches were adapted to local construction needs and policies.

    Citing various countries as examples, the minister explained that Nigeria had a land tenure system with ancestral lands or shrines where people were prohibited from building on.

    He said the Mambila Power project suffered some setbacks because of several conflicts that led to litigations.

    “If we apply international processes, there must be some room to reflect on international diversity and way we do things without necessarily being sub-optimal.

    “Our land tenure processes, for example, are not exactly the same as that of Europe.

    “So, if you bring contracting rules based on land tenure processes of another jurisdiction, it may be sensible to want to adapt them here if you really want to use infrastructure to create growth and wealth,” he said.

    The minister said that lawyers sometimes made some project agreement ambiguous and so difficult to understand, adding that adaptation of laws to suit local requirements was important.

    He said that the Mambila Power Project would provide huge employment and investment opportunities for the quarries, haulages companies, banks and other stakeholders in the construction value chain.

    According to him, 18 million tonnes of stones and 42,000 tonnes of steel were some of the materials needed for the Mambila Power project which was a huge opportunity for job creation and local businesses.

    “If you own a quarry now, you are sitting on a gold mine, especially if it is near Taraba State. That is the tomorrow I see; that is work; that is prosperity and the driver is infrastructure,” he said.

    He said Mambila project would be guided by FIDIC rules, adding that guidelines for procurement process of the project had begun.

    Fashola reeled out statistics of cement, stones and other inputs needed for the construction of the second Niger Bridge that would boost revenue in the construction value chain.

    He said that 644,000 tons of aggregates, four million cubic meters of sand; 68,000 tonnes of cement and about 21,000 tonnes of reinforcement materials were needed for the construction of the bridge.

    “This is the way to create prosperity; this is the way to get manufacturing back; this is the road to employment and this is the commitment of the government in which I serve,” he said.

    He urged the workshop to fashion out ways to tackle contracting rules to create jobs, economic opportunities and remove conflicts that might end up in courts to increase costs of projects as well as cause delays.

    Mr Charles Akindayomi, the President, Association of Consulting Engineering in Nigeria (ACEN), said the programme was aimed at nipping in the bud some of the construction related problems.

    Akindayomi said it was better to avoid conflicts from the beginning.

    He said that Nigeria was a member of FIDIC and that there were several well researched publications local engineers could use as reference materials to avoid conflicts.

    “Avoiding risks is much more cheaper than arbitration,’’ he said.

    He said this was the first time lawyers and engineers were coming together to proffer solutions to the several problems in the construction industry in the nation.

    He said that cost, risk management and adjudication issues were all captured by FIDIC to ensure less litigations.

    Mr Tunde Fagbohunlu, Chairman, Board of Directors of LACIAC, said that African countries had problems in the management of infrastructure disputes, hence, the workshop to develop capacity.

    Mr Ayodeji Karim, Managing Director of Costain West Africa Plc, while delivering his lecture said that it was important to authenticate ownership of land to be built upon as well as resolve community issues on any piece of land for project.

    “Finance is important and as a contractor you must know the capability of your clients before going to site,” he said.

    Other speakers highlighted the importance of Alternative Dispute Resolutions as well as adaptation of technology through computer programming to avoid disputes that might slow down construction and make projects more expensive.

    The workshop was the first Regional Training on dispute management in Africa construction industry.

  • Manufacturing is key to economic growth, development- Dangote

    Executive Director of the Dangote Group, Hajiya Halima Aliko-Dangote has urged millennials in Nigeria and across Africa to diversify from service-oriented enterprises to manufacturing and agriculture in a bid to fast-track the development of the continent and better life for its nationals.

    Halima Dangote said that the economic realities around the world have shown that the way to go is agriculture and that the youths must take the lead more when most African countries are still grappling with low economic growth.

    Addressing the 58th Conference of the Nigerian Bar Association (NBA) in Abuja yesterday, Hajiya Halima Dangote said African countries have groped in the dark for too long and it is high time the millennials stand up to be counted as the future of the continent.

    In her paper titled “Roles of Millennials in Transition and Institution Building”, the Dangote Group Director explained that the youths have the potentials to turn around the fortune of the African continent. She stated that “Millennials are young ones born between 1980 and the mid-2000s, who account for 27% of the global population (about 2 billion people) and Sub-Saharan Africa alone is home to 13% of the entire millennial population, ranking second to Asia.

    According to her, “available statistics have also revealed that by 2025, 75% of the global workforce will be millennials, large enough to influence consumer spending patterns; change consumer business models and impact the global economy. Most members of this generation are at the beginning of their careers and so will be an important engine for economic growth in the decades to come.”

    Amid intermittent applause from the lawyers, Hajiya Halima Dangote stated that the theme of the conference which is “Transition, Transformation, and Sustainable Institutions” could not have come at a better time than now and therefore lauded the Association for coming up with a subject that Nigeria and Africa needed to discuss.

    She congratulated the outgoing President of the NBA, Mr. A. B. Mahmoud OON, the incoming President, Mr. Paul Usoro SAN, and “all my learned friends here for successfully continuing with the vision handed down by the fathers and founders of the Association.”

    The Executive Director also urged millennials and other relevant stakeholders to exercise restraint in the face common desperation for wealth by their contemporaries adding that, “Success in entrepreneurship takes time, dedication and hard work. There is a need to disabuse our mind from the concept of overnight success. Industrialisation requires patience and perseverance.”

    She also spoke extensively on the successes recorded by the Dangote Group, founded by her father Aliko Dangote, in creating numerous jobs and establishing value-adding industries and contemporary businesses through importation, manufacturing and backward integration to generate and highlight local content for overall development.

    While noting that the achievement by the group did not come easy, Hajiya Halima Dangote said “the Millennials should see these opportunities and diversify from service-oriented enterprises to manufacturing enterprises. Manufacturing has the capacity to create numerous jobs, develop an economy, sustain jobs and open other linkages.”

    She noted that millennials are leaders in transition and are evolving. To her, “With smartphones and connections, the Millennials can exert much influence and swing the outcome of a situation. This confers on them great role and responsibility in shaping the outcome of policies and politics in a nation”.

    “Economic sentiments have turned sharply since 2015. The general consensus across sub-Saharan Africa’s two largest economies is that lack of employment opportunities poses a very big problem amongst other key societal issues identified through the Sustainable Development Goals (SDGs).

    “Despite these concerns, there is considerable optimism about the future, and millennials are increasingly getting more active in influencing and energising public opinion through social networks and creating mass movements. They are also actively leveraging digital fluencies to improve public sector accountability; address global societal problems and drive civil society engagement. “, she stated.

    According to her, “Dangote Industries Limited is one of Nigeria’s foremost conglomerates with interests in cement, sugar, salt, flour, pasta, noodles, poly products, real estate, agriculture, logistics, telecommunications, steel, oil and gas, and beverages among others. The Group has over 15,000 direct employees. It provides indirect employment to tens of thousands of others who are engaged in activities relating to our businesses. Dangote Cement now has presence in 18 African countries (Nigeria, Ghana, Ethiopia, Tanzania, Cote d’Ivoire, Senegal, Cameroon, Liberia, South Africa, Kenya, Zambia, Sierra Leone, Congo, Zimbabwe, South Sudan, Chad, Mali and Niger).”

    Speaking at a breakout session of the Conference, the Chief Executive of DAX Consult, Adaku Ufere Awoonor said millennials are the most educated and assertive age group that are currently creating wealth globally pointing out that young people around the world are now influencing outcomes of political activities, while others have risen to position of power and are making meaningful contributions to their societies.

    ” Millennials are entrepreneurs. If they can’t find job, they create one. They are doers and comfortable using digital media for promoting their causes,” she added.

    Another Panelist speaker, Nasir Yammama, who is the CEO of Vordent AgriTech said millennials are extremely innovative, even in the face of limited resources, and challenges posed by social and political environments. He said his company is involved in creating technology that will support the agricultural sector. “We are also working on a craft, we called it “witchcraft” to help solve problems and create jobs, using technology,” he added.

    In the same vein, the Managing Director of Mojec Holdings, Chantelle Oluwabumi Abdul said in spite being a young person, her company controls about 80 percent of metering in the power sector in West Africa.

    She said young people should look into creating ideas and as well execute the ideas promptly.

    “I believe in the Nigerian dream. I believe in africa. Young people now look at creating real wealth in billions and not millions again,” she added.

    The sheer size of this demography which is already about half the size of world population and the democratisation of information using technology is a warning sign to future politicians and the future of politics.

    “The Nigerian and African Millennials in this context although largely preoccupied with start-ups, business activities and professional success are also intensely politically and socially active through the social media”, Hajiya Halima Dangote added.

    “They are thereby gradually influencing the course and content of politics and the flavour of social and political life, and social activism through the broad reach, power and immediacy of the social media. They will eventually have to enter the political arena as potential political and business leaders formed in the digital age.

    “To do this, Nigerian and African Millennials must deliberately ground their transformation efforts for national and continental advancement in a deep understanding, respectful and non-abusive appreciation of their cultural heritage”, she added.

    Hajiya Halima Dangote also stressed the growing need for strong institutions to manage these developments and transitions, as Africa develops. To her, the continent must transit from having strong persons to strong institutions, strong institutions with effective executive capacity needed for sustainable development.

  • Nigerian needs maritime data bank for economic growth – NIMASA DG

    …Says Maritime Sector contribution to GDP deserves recognition

    …Nigerian waters no longer conducive for substandard vessels

    The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that the Agency is pushing for a single data window system of all activities in the Nigerian maritime sector in such a way that data required will be available on a single platform, as a maritime databank to help engender the nation’s rapid economic growth.

    The DG who stated this in Lagos today at an interactive session with the media also noted that the Nigerian maritime sector which currently provides over 100,000 direct jobs with multiplier effects of over two million jobs, deserves adequate mention in the statistics released monthly by the National Bureau of Statistics (NBS).

    “We are pushing for a single data window system in the maritime sector, whereby NIMASA, the Nigerian Ports Authority (NPA), Nigerian Shippers’ Council (NSC), Nigerian Customs Service (NCS) and other relevant government agencies in the sector will share a common platform for data on all vessels calling at our ports and the activities. This will make it easy for the National Bureau of Statistics to capture the contributions of the maritime sector and the GDP of the country to enable those who make use of the figures to grow the economy achieve better results,” he said.

    Speaking on the survey and inspection of vessels calling at Nigerian ports, he said that the fast intervention vessels the agency leased last year have led to an increase in Port, Flag and Coastal State control inspections, which he noted has increased by over 10.3, 33.3 and 27 per cent respectively in 2018 than the same period in the previous year. This is just as the Agency has taken drastic action to ensure that substandard vessels do not ply and endanger our waters.

    “Nigeria is no longer conducive for substandard vessels, because they know that we are more vigilant and by this we are ensuring the protection of our environment. We are strict on enforcement of standards and the international fleet feels more comfortable with our maritime terrain”, the DG said.

    Commenting on the issue of placing beneficiaries of the Agency’s Nigerian Seafarers Development Programme (NSDP) onboard ocean going vessels for their mandatory sea-time training, he disclosed that currently a total number of 289 cadets have commenced their training in Egypt and the United Kingdom on NIMASA full sponsorship. He also used the opportunity to assure all beneficiaries of the scheme that the Agency will ensure they all complete their mandatory sea-time training in due course.

    He pointed out further that the Agency is working with the IMO as technical partners to improve the quality of graduates from the Maritime Academy of Nigeria (MAN) Oron; this is to ensure that graduates from MAN, Oron and other maritime institutions are employable.

    Dr. Dakuku also said that the Agency is working with a shipping firm in the United Arab Emirates UAE to give 100 Nigerian Seafarers sea time training spread over 10 years.

    In the area of security on the nation’s territorial waters, the NIMASA DG said that the Agency is addressing it through the NIMASA total spectrum maritime security strategy, which includes investment on intelligence and partnership with the Nigerian Navy, building of Nigeria’s response capabilities with the use of Fast Intervention Vessels and the review of our laws, especially the anti-piracy bill which will give the Agency the legal backing to prosecute issues relating to piracy on our waters.

    He also hinted that the Agency has been able to plug all loopholes through the automation of its processes, as there is no more room for human interface, thereby curbing any form of corrupt practices. This, he said has also assisted the Agency to contribute substantially to the Consolidated Revenue Fund (CRF) of the Federal Government.

    While noting that ratings on transparency and accountability by the Presidential Enabling Business Environment Council (PEBEC), shows NIMASA has improved tremendously, Dr Dakuku said that the target is to be amongst the first three government agencies in the next rating.

    Also speaking on the recently reviewed 2018-2019 maritime forecast, Dr. Dakuku noted that the projected 1.8 to 2.5 per cent growth in the sector can only take place when all avenues or windows are explored to grow the industry.

  • NIMASA, IMO technical cooperation critical to Nigeria’s economic growth – Peterside

    The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that Nigeria will continue to seek continued technical cooperation and support from the International Maritime Organization (IMO) in order to build up sustainable capacity to be a globally competitive maritime nation contributing to economic development.

    The NIMASA DG who made this assertion during a special interview he granted at the ongoing 120th Council meeting of the IMO in London, noted that technical cooperation will help build up knowledge and the necessary skills to position Nigeria as a maritime nation that operates in line with global best practices.

    “The technical cooperation and support being sought from the IMO is in line with NIMASA’s Medium Term Strategy plan, which is intended to help drive maritime growth in the country. The technical cooperation has become a necessity that deserves urgent attention due to the knowledge gaps, changing technology, new regulations that have come into force and experience from incidents around the world”, he stated.

    Speaking further, he noted that the Agency’s area of interest for seeking technical cooperation includes; domestication and ratification of IMO legal instruments, environmental stewardship and safety issues.

    He also added that the cooperation is not only for NIMASA, but for all other maritime regulators and stakeholders in the country since synergy is needed to make the country a leading maritime nation, which is the overarching goal.

    Dr. Peterside also hinted that the IMO Secretariat has approved a number of technical cooperation to be implemented in Nigeria from September till next year; including sending some experts to work in the country. He expressed the willingness and determination of the Agency to ensure that Nigeria is given its rightful place in the comity of maritime nations.

    The Council is the Executive Organ of IMO and is responsible, under the Assembly, for supervising the work of the Organization amongst other responsibilities.

    It may be recalled that the Dr. Dakuku Peterside led Management of NIMASA has made continuous collaboration a hallmark, which has seen to the feats achieved in the Nigeria maritime sector since the inception of this administration.

  • We’ll sustain Nigeria’s economic growth – Emefiele, Adeosun

    The Minister of Finance, Mrs. Kemi Adeosun, and the Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Sunday stated that the country’s positive growth outlook would be sustained.

    Adeosun and Emefiele gave the assurance at a joint press briefing at the end of the 2018 International Monetary Fund and World Bank’s Spring Meetings in Washington DC, United States.

    The minister, who noted that the present growth outlook contrasted with that of 2015, stated that inflation rate was slowing down, while the foreign reserves were rising.

    Expressing optimism on the Federal Government’s sustenance of the growth trajectory, she, however, called for vigilance and focus for the country not to fall back into recession.

    Adeosun was quoted as saying in a statement by her Media Adviser, Oluyinka Akintunde, “We are confident that if we diligently implement our economic plan, we will grow the economy. We have room to grow, but other countries do not have rooms to grow.

    “By 2019, the growth will be far more robust than the present level in 2018. We are, therefore, very optimistic of sustaining Nigeria’s economic growth. We are going to use this opportunity to grow our fiscal buffers by aggressively growing our revenue base.

    “The administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.”

    Emefiele, on his part, also reiterated Nigeria’s positive growth outlook, noting that a growth of 2.5 per cent had been projected by the IMF and the World Bank for the country.

    He disclosed that the country’s foreign reserves had risen to $47.93bn.

    “There is a need to save for the rainy day and also continue to grow the foreign reserves. If we had enough reserves, we wouldn’t have suffered the recession shocks,” he explained.

    The governor gave an assurance that concerted efforts were being made to realise the 80 per cent target for financial inclusion by 2020.

    On state-owned enterprises such as the Nigerian National Petroleum Corporation, Adeosun stated that the government would continue to efficiently and effectively manage their costs and plug leakages.

    “We must make sure that every money that is earned comes in. We will drive the process of improving governance,” the minister added.

    On the nation’s domestic debt, she noted that the Federal Government would not aggressively grow borrowing.

    “We are refinancing our inherited debt portfolio from short-term Treasury Bills to longer-tenured debt, which has resulted in huge savings and reduction in the cost of funds for the government,” Adeosun added.

    She explained that the Voluntary Assets and Income Declaration Scheme deadline was extended by three months till June 30, 2018 due to appeals from taxpayers for more time to regularise their tax status.

    The minister stated that the President Muhammadu Buhari administration had raised the taxpayers’ base from 13 million in 2015 to 17 million presently.

    The minister confirmed the recovery of the sum of $322,515,931.83 Abacha funds from the Swiss Government, which had been deposited in a special account in the CBN.

    The fund, according to her, has been earmarked for the National Social Safety Nets programme of the Federal Government.

    “The objective of the National Social Safety Nets project for Nigeria is to provide access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system,” Adeosun stated.

     

  • Maritime Sector has capacity to catalyze economic growth – NIMASA DG

    …Bags Award of Excellent Leadership in Public Service

     

    The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has stated that the Nigerian maritime sector has the capacity to catalyze economic growth and also gave the assurance that the Agency will not rest on its oars until it realizes its dream of building a robust maritime sector that will substantially contribute to the Gross Domestic Product (GDP) of the nation’s economy.

    The DG who gave this assurance in Lagos when the City People Media Group bestowed on him, the “Award of Excellent Leadership in Public Service”, at its 21st award ceremony noted that the award is an indication that the efforts of the Agency in actualizing its mandates of repositioning the sector has not gone unnoticed.

    In his words, “This award means a whole lot because it shows that Nigerians acknowledge the efforts that we are making to ensure a cleaner ocean for safe and secure shipping. Also, this will spur us to keep doing our best so as to have a robust maritime sector capable of catalyzing and impacting the growth and development of the economy”.

    Speaking further, the DG disclosed that in the past two years, the Agency for the first time has been able to put over 250 cadets onboard ocean going vessel to do sea time training, making our graduates employable and have also been able to make substantial contribution to the Consolidated Revenue Fund (CRF)even as a regulatory Agency. He also added that NIMASA also went a step further to release the maritime industry forecast, which will serve as a compass to investors for the year 2018 and 2019. “Today, the whole country appreciates the fact that we are making a difference In the Maritime space, we are not only contributing to the economic development of the country, we are not only creating employment for our people we are giving people opportunities they will remember for a life time”. Dr. Peterside said.

    While expressing gratitude to Stakeholders in the industry for their continuous collaboration and support to the Agency, which has helped the Agency achieve this feat, he called on them for more support and assured them of better days ahead.

    The NIMASA DG also applauded the leadership role that the Minister of Transportation, Rt. Hon. Rotimi Amaechi has provided for the sector, noting that this has put the Agency on its toes in order to meet up with international best practices thereby putting Nigeria on the pedestal of global competitiveness with its counterparts.

    Some of the recipients of the Award include the Minister of Transportation, Rt. Hon. Rotimi Amaechi, Senator Shehu Sani, The Oloni of Eti-Oni, Osun State, Oba Dokun Thompson amongst others.

  • Nigeria’s economic growth will rise by 2.5 per cent in 2018 – World Bank

    The World Bank on Tuesday predicted that the country’s economic growth will raise 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 released 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.

  • Lagos experienced steady economic growth while Nigeria was in recession – Ambode

    …urges Lagosians to brace up for more milestone development in 2018

    Governor Akinwunmi Ambode of Lagos State has said the state experienced stable economic growth while the nation slipped into recession last year.

    The governor attributed this to the prayers offered by the state to God at the beginning of every year since the inception of his administration Grace of God

    Ambode also assured residents that the state will experience more development milestones in 2018.

    The governor spoke on Sunday at the 2018 annual thanksgiving service at the Lagos House in Ikeja, the capital.

    At the service, with the theme: Ceaseless Praise, Ambode noted that despite several economic and security challenges in some parts of the country, Lagos had continued to experience peace and prosperity.

    He attributed the steady progress to divine intervention and the grace of God.

    The governor hoped that the state would record more landmark achievements this year.

    Ambode said: “Since the inception of this administration, we have been calling on God at the beginning of each year and our prayers have been prophetic as He always granted our desires beyond our expectations. At a time when the nation was in recession, our state was experiencing economic growth, and while there was insecurity in other places, Lagos remains calm and peaceful. This is not as a result of what the government has done but by the special grace of God. And all we need to do is continue to give Him praise and thanksgiving and He will continue to bless and provide for us as Lagosians and a state.

    “In this New Year, we submit to Him again. I am confident that irrespective of whatever is happening elsewhere, our state and all our people will continue to excel in peace, good health, prosperity, love and joy. God will continue to shower His blessings on us as a state and our families, and homes will experience new and wonderful milestones by His grace.”

    According to him, the annual thanksgiving presents an opportunity to commit the state to God by acknowledging His supreme power.

    Ambode said: “It is my prayer that as we come to His gates and courts with thanksgiving and with praises today, He will release His blessings upon us, guide and direct our path and lead us through the year successfully.”

    The governor expressed appreciation to the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, and his wife, Pastor Folu, as well as other religious leaders for their prayers and support for the state since inception of his administration.

    He said: “I offer my sincere gratitude to all our religious leaders for your presence and continued support for the peace and progress of Nigeria and Lagos in particular. God bless you all.”

    Pastor Adeboye urged Nigerians to draw closer to God.

    The cleric assured them that when they do so, they will continue to enjoy special favour and blessings from God.

    Other dignitaries at the service include the governor’s wife, Bolanle; first civilian Governor, Alhaji Lateef Jakande; his wife, Abimbola and Chief Judge of Lagos, Justice Opeyemi Oke.

    Others are: Chief Rasak Okoya, Prof Pat Utomi, Police Commissioner Imohimi Edgal, Senator Ganiyu Solomon, Pastor Paul Adefarasin, Pastor Matthew Ashimolowo, Pastor Ituah Ighodola, Rev Adebola Ademowo and Bishop Mike Okonkwo.