NEWS
WB Identifies Decelerators of Nigeria’s Economy
The World Bank (WB) has fingered borrowing costs, lower energy prices, slow growth in oil production and subdued oil-sector activity as factors that weaken the Nigerian economy.
This was contained in the WB’s latest Global Economic Prospects made public on Tuesday.
The report opined that Nigeria’s growth weakened to 3.1 percent in 2022 and predicted a further slowing down to 2.9 percent in 2023.
This anomalies, according the Washington-based bank are traceable to but not limited to low oil output, insecurity, petrol subsidies, forex scarcity.
It stated, “Growth in Nigeria – the region’s largest economy – weakened to 3.1 per cent in 2022, a 0.3percentage point downgrade from the June projection.
“Oil output dropped to 1 million barrels per day, down by over 40 per cent compared to its 2019 level, reflecting technical problems, insecurity, rising production costs, theft, lack of payment discipline in joint ventures, and persistent underinvestment, partly because of the diversion of oil revenues to petrol subsidies, estimated at over 2 per cent of GDP in 2022 (NEITI 2022; World Bank 2022t).
“A strong recovery in non-oil sectors moderated in the second half of the year as floods and surging consumer prices (annual inflation surpassed 21 per cent for the first time in 17 years) disrupted activity and depressed consumer demand.
“Persistent fuel and foreign exchange shortages, with the naira depreciating by over 30 per cent last year in the parallel market, further dampened economic activity.”
In addition, the WB pointed out that the poor economic growth of 2.9 per cent in 2023, would be barely above population growth, which it cast around 2.5 per cent in previous reports.
“In Nigeria, growth is projected to decelerate to 2.9 percent in 2023 and remain at that pace in 2024 – barely above population growth.
“A growth momentum in the non-oil sector is likely to be restrained by continued weakness in the oil sector. Existing production and security challenges, and a moderation in oil prices are expected to hinder a recovery in oil output.
“Policy uncertainty, sustained high inflation, and rising incidence of violence are anticipated to temper growth.
“Growth in agriculture is expected to soften because of the damage from last year’s floods.
“The fiscal position is expected to remain weak because of high borrowing costs, lower energy prices, a sluggish growth of oil production, and a subdued activity in the non-oil sectors,” the report added.
NEWS
Oyebanji Breaks Silence After Crushing Victory, Makes Fresh Promise to Ekiti People
Ekiti State Governor, Biodun Oyebanji, has reacted to his landslide re-election victory, describing the outcome as a strong endorsement from the people and promising to deepen development across the state.
Oyebanji made the remarks shortly after the Independent National Electoral Commission (INEC) declared him winner of Saturday’s governorship election.
The governor said the result reflected a clear message from Ekiti voters, who he noted had chosen continuity, stability, and progress.
ALSO READ: Oyebanji Wins Ekiti Guber Election in Landslide Victory
“The voice of the people has reverberated from every part of our great state, and the message is clear,” Oyebanji said.
“I am deeply humbled by the scale of this victory. Securing a clean sweep across all 16 local government areas and 85 per cent of the popular vote is a humbling vote of confidence from Ekiti Kete.
“From our urban centres to our most remote communities, you have spoken with one thunderous voice for continuous development, stability and a future of endless opportunities,” he added.
He further pledged that his renewed mandate would be used to ensure that governance reaches every household in Ekiti State.
“This mandate means that our work must touch every household even deeper. There are no winners or losers today; there is only one united Ekiti determined to continue its journey of upward mobility.
“I pledge to honour this immense trust by continuing to lead with humility, dedication and fairness,” the governor stated.
According to the INEC Returning Officer, Prof. Adenike Oladiji, Oyebanji was declared winner after polling 319,224 votes, winning across all 16 local government areas of the state.
The Peoples Democratic Party (PDP) candidate, Oluwole Oluyede, scored 40,543 votes, while the African Democratic Congress (ADC) candidate, Dare Bejide, polled 12,872 votes.
INEC also reported that 384,940 voters were accredited, with 375,777 valid votes and 6,332 rejected ballots, bringing the total votes cast to 382,109.
The election was largely peaceful, though it was marked by reports of technical challenges and allegations of irregularities in some areas.
NEWS
‘We Won’t Negotiate With Bandits’ — Gov Lawal Declares Hardline Stand in Zamfara
Governor Dauda Lawal of Zamfara State has restated his administration’s firm rejection of negotiations or peace agreements with armed bandits, insisting that only sustained military action can address insecurity in the state.
The governor made this known during an interview with the BBC Hausa Service, where he emphasized that his government remains committed to a force-based approach to tackling banditry.
Lawal warned against any attempt by individuals or groups to negotiate or enter truce agreements with bandits, stressing that such actions are not recognized or approved by the state government.
SEE MORE: Terrorists on the Run as Troops Destroy Camp, Rescue Kidnap Victims in Zamfara
“Seeking a truce with bandits is not my opinion and never will be,” he said.
He further clarified that those engaging in such arrangements are acting independently and do not represent the government in any capacity.
The governor also dismissed reports of alleged peace deals in parts of Zamfara State, stating that his administration was not involved in or aware of any such agreements.
Reaffirming his position, Lawal said, “The government is stronger than any bandit group,” expressing confidence that ongoing security operations will eventually restore lasting peace.
He noted that coordinated efforts by security agencies were already yielding results in some communities previously affected by violence.
According to him, past attempts at negotiation had failed and in some cases worsened insecurity by emboldening criminal groups.
The governor urged residents to remain patient and continue supporting security agencies, assuring them that the fight against banditry would not be relaxed until lasting peace is achieved.
He maintained that only decisive military action, not dialogue, will bring an end to banditry in the state.
NEWS
Lagos Cracks Down on Roadside Waste Dumping, Enlists Transport Unions for Enforcement
The Lagos State Government has intensified efforts to tackle indiscriminate waste disposal across the state by partnering with transport unions to strengthen environmental enforcement.
The initiative brings members of the National Union of Road Transport Workers (NURTW) and the Road Transport Employees Association of Nigeria (RTEAN) into the state’s sanitation monitoring framework to help curb illegal dumping of refuse on roadsides and medians.
SEE ALSO: ‘Support Tinubu, Reject Fear&’ — Sanwo-Olu Tells Nigerians
The move was announced on Saturday during a joint briefing held at the Ministry of Transportation, Alausa, Ikeja, where government officials outlined new measures aimed at improving environmental compliance.
The Commissioner for Transportation, Oluwaseun Osiyemi, said the partnership would empower selected transport workers to assist in identifying and reporting individuals who dispose of waste illegally on highways and public spaces.
He said the rising trend of roadside dumping had become a serious environmental and public health concern, stressing that the government would no longer tolerate such practices.
According to him, members of parks and garages across Lagos would now serve as additional eyes for enforcement agencies in monitoring offenders.
“We have observed the indiscriminate dumping of refuse on the roadside, and that is why we invited the transport union workers because they have branches across roads in Lagos State,” Osiyemi said.
“We want members of parks and garages across the state to serve as our eyes in monitoring those who dump refuse on the expressway indiscriminately and arrest them.”
He warned that anyone caught violating environmental regulations would be prosecuted according to existing laws.
The Managing Director of the Lagos Waste Management Authority (LAWMA), Muyiwa Gbadegesin, also condemned the growing level of waste dumping on public roads, describing it as unacceptable.
He urged transport operators to discourage offenders within their parks and garages, adding that cooperation was crucial to achieving a cleaner Lagos.
“We must read a riot act to ourselves and, from today, there must be no waste dumped on any road,” he said.
“We want you to send anyone carrying waste back home and not allow them to dump refuse close to your garages.”
Gbadegesin further assured residents that LAWMA would intensify waste collection and evacuation efforts across the state.
The Special Adviser to Governor Babajide Sanwo-Olu on Transportation, Sola Giwa, said routine inspections would be carried out in motor parks, with sanctions imposed on facilities found violating sanitation rules.
Also speaking, Deputy Chief of Staff, Sam Egube, urged transport unions to act as whistleblowers in support of the government’s renewed sanitation drive.
The initiative follows Governor Sanwo-Olu’s directive ordering the immediate evacuation of refuse across Lagos amid growing public concern over waste accumulation in several areas.
Authorities say the renewed campaign is aimed at improving sanitation, preventing flooding, and safeguarding public health in Africa’s most populous city.





