Business and Economy
IMF Predicts Drop In Global Economic Growth In 2023-24
The International Monetary Fund (IMF) has predicts that global economic growth is projected to fall from 3.5 per cent in 2022 to 3.0 per cent in both 2023 and 2024.
This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2023: “Near-Term Resilience, Persistent Challenges” released on Tuesday. js">
The report said though the forecast for 2023 was modestly higher than predicted in the April 2023 WEO, it remained weak by historical standards.
“Compared with projections in the April 2023 WEO, growth has been upgraded by 0.2 percentage points for 2023, with no change for 2024.
“The forecast for 2023–24 remains well below the historical (2000–19) annual average of 3.8 per cent.
“It is also below the historical average across broad income groups, in overall Gross Domestic Product (GDP) as well as per capita GDP terms. ”
The report also said that advanced economies continued to drive the decline in growth from 2022 to 2023, with weaker manufacturing, as well as idiosyncratic factors, offsetting stronger services activity.
“For advanced economies, the growth slowdown projected for 2023 remained significant, from 2.7 per cent in 2022 to 1.5 per cent in 2023.
“About 93 per cent of advanced economies are projected to have lower growth in 2023, and growth in 2024 among this group of economies is projected to remain at 1.4 per cent.”
While the report said in emerging markets and developing economies, the growth outlook was broadly stable for 2023 and 2024, although with notable shifts across regions.
“For emerging market and developing economies, growth is projected to be broadly stable at 4.0 per cent in 2023 and 4.1 per cent in 2024, with modest revisions of 0.1 percentage point for 2023 and –0.1 percentage point for 2024.”
The report showed growth in Sub-Saharan Africa is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024.
It revealed that economic growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April WEO projections, reflecting security issues in the oil sector.
The report showed that economic growth in Nigeria is projected at 3.2 per cent in 2023 and decline to 3.0 in 2024.
The report said Global headline inflation was expected to fall from 8.7 per cent in 2022 to 6.8 per cent in 2023 and 5.2 per cent in 2024.
“Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward. ”
It said inflation could remain high and even rise if further shocks occur, including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy.
The report said financial sector turbulence could resume as markets adjust to further policy tightening by central banks.
“China’s recovery could slow, in part as a result of unresolved real estate problems, with negative cross-border spillovers.
“Sovereign debt distress could spread to a wider group of economies.”
It, however, said on the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient.
The report said in most economies, the policy priorities remained to achieve sustained disinflation while ensuring financial stability.
“Therefore, central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring.
“Should market strains materialise, countries should provide liquidity promptly while mitigating the possibility of moral hazard.
“They should also build fiscal buffers, with the composition of fiscal
adjustment ensuring targeted support for the most vulnerable.
The report said improvements to the supply side of the economy would facilitate fiscal consolidation and a smoother decline of inflation toward target levels.
NAN
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Business and Economy
Ododo Lauds Tinubu Over Public Finance Reforms, As Chief Ibori Commissions Kogi Audit House
From Joseph Amedu, Lokoja
Kogi State Governor, Alhaji Ahmed Usman Ododo has commended President Ahmed Bola Tinubu, for his visionary leadership and steadfast commitment to strengthening governance systems across the country through public finance reforms.
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The Governor who stated this on Tuesday during the official commissioning of the Kogi State Audit House, said the ongoing national reforms in public finance management, institutional accountability, and economic restructuring under his administration have created an enabling environment for states to execute impactful projects that strengthen transparency and improve service delivery.
“We remain fully aligned with the Renewed Hope Agenda and deeply appreciate the support extended to sub-national governments.
Governor Ododo also acknowledge and commended Chief James Onanefe Ibori, former Governor of Delta State, who he described as a respected statesman and distinguished son of Niger Delta, for presence to commission the Audit House.
Speaking further on Chief Ibori, the governor said “Your contributions to governance, leadership, and national development continue to inspire many of us, and we are deeply grateful for your solidarity with the Government and people of Kogi State on this historic day.
“I therefore use this opportunity to specially welcome our visiting dignitaries, Auditors-General from across the Federation, party leaders, members of civil society organizations, development partners, and all friends of Kogi State who have honored us with their presence today.
“Your participation underscores the national significance of this event and the shared responsibility we all bear in strengthening democratic accountability and public sector performance in Nigeria.
“As we mark this commissioning, let this facility serve not only as an administrative center, but as a symbol of our collective resolve to uphold integrity, professionalism, and transparency in the management of public resources.
“It should also stand as a model and inspiration to other states to invest deliberately in institutional frameworks that support effective oversight and responsible governance.
“In conclusion, I reaffirm the commitment of my administration to building systems that protect public interest, strengthen public institutions, and promote inclusive development. The Kogi State Audit House represents a major step in that direction.
“It is therefore my honor and privilege, with gratitude to Almighty God and in recognition of his distinguished service to our nation, to invite His Excellency, Chief James Onanefe Ibori, former Governor of Delta State, to kindly perform the official commissioning of the Kogi State Audit House. The governor said.
While commissioning the edifice, Chief Ibori commended the the Kogi State Governor, Alhaji Ahmed Usman Ododo for his effort in promoting accountability and transparency in governance through institutional support.
He called on the people of the state to continue to support the programmes and vision of the Governor Ododo administration, saying that this will enhance all round development of the state.
“Let me commend Governor Ododo for his effort in promoting accountability and transparency in governance. I therefore called on all citizens of the state to continue to give their support to the administration, which will enhance all round development of the state.
Speaking earlier, the Auditor General of Local Government, Alhaji Yakubu Adabenege, noted that the commissioning of the Audit House was a dream come through.
Speaking further he said “Someone may ask why the audit house at this time. I have to tell the story for your record and for history. What you are seeing here today is beyond an ordinary building, it’s God’s own project, it is a dream come true.
“From this Audit House, we promise to put our body and soul to support your administration to achieve all its set goals. We shall follow every kobo, every resource deployed to its final intended destination, for you to leave many more lasting legacies for our dear Kogi State. He stressed
In his remarks, the Commissioner for Housing and Urban development, Hon. Taiye Abanika, noted that the Audit House stands as further proof of the Governor’s promise to support critical institutions with the needed infrastructures to enable them perform their responsibilities effectively.
He said It also reflects the governor’s firm belief that accountability and good governance can function effectively, if they are properly equipped and empowered.
“I sincerely appreciate the Governor for his trust in us and for his consistent support in the execution of this and all other projects across the state.
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Business and Economy
Nupe Natives Of Lokoja Flags Off Cooperative Union To Facilitate Development
From Joseph Amedu, Lokoja
Nupe Natives of Lokoja, has flagged off its CAMPDAVID MULTIPURPOSE COOPERATIVE UNION LIMITED registered with the Kogi State government, aimed at facilitating the development of the community of the native Nupe of Lokoja and her entire residents.
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Twelve other Cooperative Societies are registered to operate under the umbrella union which was launched in Lokoja over the weekend.
The Etsu Lokoja and Chairman, Lokoja Native Traditional Council, His Royal Highness, Emmanuel Akamisoko Dauda Shelika – Nyamkpa IV, performed the flag off ceremony during the first General Meeting of Nupe Natives of Lokoja in 2026, organized to showcase their culture and had interactions on how to attract development to their community.
The Royal Father in his speech, said that the Cooperative Union and its other sub-societies would no doubt facilitate people’s zeal to embark on self-help development that would impact on their living standards.
According to the traditional ruler “The newly registered cooperative societies would serve as veritable tools with which our people could utilize to generate funds to enable them embark on self-help projects such as drilling of motorized boreholes for portable water supply, rural electrification and health clinics amongst others.
“The need to complement government’s efforts in the provision of basic infrastructure for improved living conditions of citizens cannot be over emphasized, hence our desire as a people to do the needful”
The Etsu Lokoja used the occasion to call on the younger generation of the community to embrace skills acquisition of vocational enterprises such tailoring, welding, fabrication, carpentry, plumbing, hair dressing and farming among others for self-reliance.
He also disclosed his community’s planned programmes for this new year to include; facilitating of Summer Studies, Medical Outreaches for the less privileged, cultural and political summits.
He commended Governor Ahmed Usman Ododo of Kogi state for his passion to carry everybody along in his development programmes irrespective of political, ethnic and religious differences.
He reiterated the loyalty of his people to the present administration in Kogi state and assured that the tempo would be sustained.
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Business and Economy
Kogi To Domesticate New Nigeria’s Tax Act, 2025
From Joseph Amedu, Lokoja
The Kogi State Government has expressed readiness to domesticate the new Nigeria’s Tax Act 2025 for implementation by the State Internal Revenue Service (KGIRS).
The Special Adviser to Governor Ahmed Usman Ododo on Internal Revenue Generation, Nasir Rahman Ichanyi gave the hint while speaking at the second tranche of the critical stakeholders engagement on better understanding of the key provisions in the new tax law organised by the Kogi State Internal Revenue Service in Lokoja on Wednesday.
Ichanyi said that participants for the sensitization engagement were drawn from ministries, departments and agencies in view of their advantage position as technocrats that would play vital role in full implementation of the new tax law as from January, 2026.
He said that the sensitization programme is aimed at strengthening tax administration and promoting voluntary compliance to the new law.
The Special Adviser commended Governr Usman Ahmed Ododo for his visionary leadership and steadfast support in ensuring the effective domestication and implementation of progressive federal fiscal policies.
“His Excellency’s commitment to good governance and economic reforms continues to enhance fiscal discipline and sustainable development in the state”
He also praised the management and staff of KGIRS for their professionalism, dedication, and proactive engagement with stakeholders.
” This sensitization exercise reflects their resolve to ensure clarity, transparency, and inclusiveness in the implementation of the new tax framework.
“The 2025 Tax Acts, that will be domesticated by Kogi State, is distinguished by its simplicity, clarity, and taxpayer-friendly provisions
” It harmonizes tax obligations, removes incidences of multiple taxation, and provides clear guidelines that make compliance easier for taxpayers. The law also embraces technology-driven processes that improve efficiency, reduce human interference, and promote accountability.
“Furthermore, the domesticated tax Acts will offers significant benefits to taxpayers by reducing compliance costs, ensuring fairness and equity, and fostering a more predictable and business-friendly tax environment. Ultimately, it strengthens the trust between government and taxpayers and ensures that revenues generated translate into improved public services and infrastructural development across the state.
” I urge all MDAs and stakeholders to support the effective implementation of the 2025 Tax Acts that will be domesticated in Kogi State and to serve as ambassadors of compliance within their respective institutions. Together, we can build a robust and sustainable revenue system that will drive inclusive growth and development for Kogi State.
Earlier in his welcome address, the Executive Chairman of the Kogi State Internal Revenue Service, Alhaji Sule Salihu Enehe urged citizens to embrace the new Nigeria’s Tax Act in view of its enormous benefits.
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