Reforms
Lagos chamber projects positive economic recovery by Q2
The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021. Mrs Toki Mabogunje, President, LCCI, addressing journalists at the first edition of the chamber’s quarterly news conference, said the projection was subject to the absence of major economic shocks. Mabogunje, however, said that the projected recovery was expected to be subdued within the region of one per cent. “Projections by the World Bank and the International Monetary Fund put Nigeria’s annual average growth for year 2021 at 1.1 per cent and 1.5 per cent, respectively. “Expectation of slow growth momentum reflects the lingering effects of the pandemic on the Nigerian economy and prospects of stricter containment measures considering th...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
Nigerian National Assembly spends billions of naira on constitution review
The perennial constitution amendment exercise by the National Assembly is characterised by proposals that keep resurfacing despite gulping billions of naira yearly, an analysis has shown. The federal parliament had from the 5th to the current 9th National Assembly made several attempts to amend some provisions of the 1999 Constitution to no avail. At every session, the parliament officially spends N1 billion shared equally between the Senate and the House of Representatives. There are reports that the lawmakers spend more than what is appropriated for the exercise. While some amendments were successful, several others suffered serial failures but kept appearing in new proposals. Considering the huge spending, lawyers and civil society groups have pointed out that no significant amendments ...
Thousands protest in Sudan in call for faster reform
Thousands of Sudanese protesters took to the streets of the capital Khartoum and its twin city Omdurman on Saturday, demanding an acceleration of reforms on the second anniversary of the start of an uprising that ousted Omar al-Bashir. The veteran leader was deposed by the military in April 2019 after months of mass protests against poor economic conditions and Bashir’s autocratic, three-decade rule. Many Sudanese are unhappy with what they see as the slow or even negligible pace of change under the transitional government that has struggled to fix an economy in crisis. The government was formed under a three-year power sharing agreement between the military and civilian groups which is meant to lead to fair presidential and parliamentary elections. Sudan’s state TV aired footage of thousa...
AIBA approves new constitution in bid to regain IOC recognition
International Boxing Association (AIBA) has taken a step towards repairing a much-maligned governance structure that has been frequently criticised by the International Olympic Committee (IOC) after it approved an updated constitution at its virtual Congress. Under the new constitution, AIBA has installed term limits, rebranded the Executive Committee to the Board of Directors and reduced the number of members on the ruling body from 32 to 22. AIBA is hopeful the renewed document will appease the IOC, which last year suspended it as the Olympic governing body for the sport and stripped it of any involvement in the boxing tournament at the Tokyo 2020 Olympic Games because of concerns over its governance, finances and refereeing and judging. The Inquiry Committee, led by IOC Executive Board ...
Lagos governor inaugurates new LG service commission members
Lagos State Governor, Mr. Babajide Sanwo-Olu has charged chairman and members of the Local Government Service Commission to ensure that councils in Lagos have what it takes to provide satisfactory and effective public service at the grassroots level. He also charged them to see to a revamped local government service dedicated to accountability, efficient service delivery, grassroots transformation and rural socio-economic development. Speaking at the swearing in of the newly appointed Chairman and members of the Lagos State Local Government Service Commission, held at Lagos House, Ikeja on Monday, Sanwo-Olu said his administration is committed to ensuring that the electorate feel government’s impact in all the 20 local government councils and 37 Local Council Development Areas (LCDA) in th...
Kuwaiti opposition make gains in first parliamentary vote under new emir
Opposition candidates made gains in a parliamentary vote in Kuwait in which two thirds of MPs lost their seats and no women were elected, a result which analysts said could hamper government reform efforts to address a severe liquidity crunch. Emir Sheikh Nawaf al-Ahmad al-Sabah, who took the reins in September following the death of his brother, had raised hopes of a detente between the ruling family and their critics in the perpetually deadlocked and fractious parliament. The final count carried on state media on Sunday showed that 31 new lawmakers had been elected to the 50-seat assembly, which is unusually outspoken for the highly authoritarian Gulf region. None of the 29 female candidates who stood in the election were successful. There was no official figure for turnout but local med...
Nigerian governors to meet with President Buhari to address security challenges
Governors of the thirty six states under the aegis of the Nigeria Governors Forum, NGF have resolved to meet with President Muhammadu Buhari to address the security challenges with continued cases of armed banditry, terrorism and kidnapping across the country. The governors are meeting with President Buhari especially to discuss last week’s gruesome beheading of about 43 Farmers in Zarbamari near Maiduguri, Borno State by Boko Haram Insurgents while they were working in their farmland without any form of resistance. The decision was part of the resolutions reached at the end of the 22nd NGF teleconference meeting. In a Communique signed by the NGF Chairman and Ekiti State governor, Dr. Kayode Fayemi, said, ” Members of the forum resolved to meet with Mr. President as soon as possible to ad...
Senator Omo-Agege: Why National Assembly cannot produce new constitution for Nigeria
Deputy President of Senate Ovie Omo-Agege has declared that the National Assembly has no power to replace the current constitution with new one. Omo-Agege’s Special Adviser on Media and Publicity, Mr Yomi Odunuga, in a statement on Wednesday said the deputy senate president made the remark when he hosted members of the Alliance of Nigerian Patriots led by Amb. Umunna Orjiako. Omo-Agege, who is Chairman, Senate Ad hoc Committee on Constitution Review, said the National Assembly had no powers to replace the current constitution, but could only amend it. He cited advanced democracies, such as the U.S., where Nigeria’s presidential system of government was modelled after and sections 8 and 9 of the 1999 Constitution as amended to buttress his argument. The lawmaker said what was only obtainabl...
United Nations, Ethiopia reach aid pact for war-hit Tigray
Ethiopia and the United Nations reached an agreement on Wednesday to channel desperately needed humanitarian aid to a northern region where a month of war has killed, wounded and uprooted large numbers of people. The pact, announced by U.N. officials, will allow aid workers access to government-controlled areas of Tigray, where federal troops have been battling the Tigray People’s Liberation Front (TPLF) and captured the regional capital. The war is believed to have killed thousands, sent 45,000 refugees into Sudan, displaced many more within Tigray, and worsened suffering in a region where 600,000 people were already dependent on food aid even before the flare-up from Nov. 4. Aid agencies had sounded the alarm about a growing humanitarian crisis and been pressing for access, after hundred...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Poland puts into effect new restrictions on abortion
Poland’s government put into effect on Wednesday a constitutional court decision banning terminations of pregnancies with foetal defects, as conservative policies increasingly take root in one of Europe’s most devout Catholic countries. The Oct. 22 ruling had led to weeks of massive protests, forcing the nationalist Law and Justice (PiS) government to delay its implementation. Small protests gathered late on Wednesday following an announcement PiS would take the official step to enforce the decision imminently, and abortion rights activists announced more would take place on Thursday. Abortion has emerged as one of the most divisive issues since PiS took power in 2015, promising poorer, older and less educated Poles a return to a traditional society mixed with generous welfare policies. Th...