African Economy is resilient, Nigeria must do more for development

The report of the African Development Bank on the growth of the Economy on the African continent has been described as a confirmation of the resilience of the Economy of the African Continent despite obvious challenges.

Kenneth Erikume, a partner at PriceWaterHouse Coopers, disclosed this while speaking to TVC News Business Nigeria programme with Tolulope Ogunjobi on Monday afternoon.

Mr Erikume said the African Economy has always been resilient and has shown growth even when Other Economies are struggling like it is in Europe, parts of the Americas and China.

He added that Europe will continue to struggle with Gas prices and Cost of Energy because of the lingering Russia-Ukraine war which is expected to impact on growth within the region.

He disclosed that the International Monetary Fund has also clarified its position on the report about the outlook for the Global Economy in 2023 to say that it did not predict a recession for the World Economy but a much lower growth than anticipated.

He said the disruption to supply chain, the issues also affecting Other regions like inflation will not stop Africa from growing in 2023.

Going further, he said dividing Africa into regions shows the tendencies that will power Economic growth shows that East Africa with its diversified Economy of Commodities, Tourism, Agriculture and Others will show moderate growth with no significant slow down in Economic Development and Growth.

He disclosed that in West Africa with Nigeria as the powerhouse will begin to see the benefits of steps taken by Government for the increase in production which will trickle down to 2023.

He said when the government begins to get things right in the oil and gas sector, things will begin to come together for Nigeria in terms of the Economy.

He disclosed that GDP Growth and Growth in Africa cannot be looked at in isolation adding that the United States will continue to manage inflation which will ensure that the Dollar remains Strong with implications for Africa’s development.

He described the issue of the debt profile of the countries on the African continent especially for those who depend on importation will make it difficult for many more to grow.

He said a lot more still needs to be done for Economic Development to actually be a reality on the African continent.

On what the growth rate could be to engender inclusive growth, he said the growth rate projected for 2023 is about 4 percent at its peak which according to him is running lower than population growth and will mean that the GDP Per capital for each citizen will drop which means more people will drop into poverty.

He disclosed that population growth must be lower than Economic Growth for Nigerians to feel any impact from the expected growth for the year 2023.

NOA, CBN Takes Awareness Campaign To Zamfara Markets, Motor Park,on New Naira Notes

In Zamfara, the National Orientation Agency in collaboration with the Central Bank of Nigeria has taken its awareness Campaign on the redesigned Naira notes and dateline for the old currency to cease circulation to Markets and Motor Parks

The National Orientation Agency says it has deployed two thousand Persons to rural communities across the State to sensitize locals on the new currency notes

The Nigeria’s Apex Bank insists the 31st January dateline stands, and there is no plan to extend as it has been circulated

With barely eleven days to the dateline for the old currency notes to cease circulation as directed by the Central Bank of Nigeria, the National Orientation Agency is taking an awareness Campaign to motor parks, markets and some major roads in Gusau, the capital of Zamfara State

The sensitization Campaign is in collaboration with the Central Bank of Nigeria, Gusau Branch

The National Orientation Agency says it has deployed two thousand Persons to rural communities across the 14 LGA’s to create awareness on the redesigned Naira notes and deadline for the cessation in circulation of the old naira notes

Mr. Aminu Ibrahim also denied stories making the round that the dateline for circulation of the old naira notes has been extended

The NOA says rejecting the old currency notes before the end of the dateline is a punishable offence

The old currency that will cease being legal tender by January 31st Includes the N1,000, N500 and N200 notes

But, this Zamfara based meat Seller insists that the federal government should extend the dateline by five months for the people in rural areas

Though the old notes are expected to be out of circulation by January 31st, there is a scarcity of the new notes in circulation as banks keep dispensing old notes to their customers across the country