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World Bank warns Nigeria’s poor growth to affect W’Africa’s economy

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Multilateral body, the World Bank, has warned that Nigeria’s lower-than-average growth might affect the economic performance of the West African sub-region.

A recent study from the Washington-based lender on the economic outlook of West and Central Africa stated that economic growth in the area would rise from 3.2% in 2023 to 3.7% in 2024 and then even faster to 4.2% in 2025–2026.

“In AFW, economic activity is set to increase from 3.2 per cent in 2023 to 3.7 per cent in 2024 and further accelerate to 4.2 per cent in 2025–2026. The subregion’s performance will be held back by the lower-than-average growth in Nigeria. Excluding this country, the AFW sub-region is projected to grow by 4.4 per cent in 2024 and 5 per cent in 2025–2026.” it noted.

The study also said that the West African Economic and Monetary Union’s economies would grow by 5.9% in 2024 and by 6.2% in 2025. This was because Benin, Côte d’Ivoire, Niger, and Senegal were all doing considerably well economically.

A report from the World Bank said that Nigeria’s economy would grow by 3.3% in 2024 and by 3.6% in 2025–2026. This is because macroeconomic and fiscal changes are starting to show results. It said that the oil market should become stable with prices going down a little and production going back up.

“A more stable macroeconomic environment, as the reforms’ initial shock dissipates, will lead to sustained but still slow growth of the non-oil economy. The oil sector is expected to stabilise with a recovery in production and slightly lower prices.

“Structural reforms will be needed to foster higher growth. Average inflation will remain elevated at 24.8 per cent in 2024, although it is expected to ease gradually to 15.1 per cent by 2026 on the back of monetary policy tightening and exchange rate stabilisation.”

In the world, Sub-Saharan Africa has the highest rate of extreme poverty, the most unequal distribution of wealth, and the slowest link between growth and poverty reduction. It said, “In 2019, 700 million people lived in extreme poverty, and 60% of them were in Sub-Saharan Africa.”

In 2022, Nigeria’s National Bureau of Statistics said that 133 million people, or 63% of the population, were multidimensionally poor because they did not have access to health care, schooling, or decent living standards. They were also unemployed and had experienced shocks.

Musings From Abroad

Russia vetoes Sudan conflict Security Council move

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A draft resolution from the UN Security Council urging Sudan’s warring parties to immediately end hostilities and guarantee the delivery of humanitarian supplies was vetoed by Russia on Monday.

China and every other member of the 15-member council supported the British-Serra Leonean-drafted motion.

In a decision described as “mean, nasty, and cynical” by British Foreign Secretary, David Lammy, Russia was the only member to vote against, sending a message to the warring parties that they may act without consequence.

The world’s greatest relocation crisis began in April 2023 when the Sudanese army and the paramilitary Rapid Support Forces engaged in a power battle ahead of a scheduled transfer to civilian administration.

The conflict’s participants were urged by the draft resolution to “immediately cease hostilities and engage, in good faith, in dialogue to agree steps to de-escalate the conflict to urgently agree a national ceasefire.”

In addition, it urged them to hold talks to reach agreements on humanitarian pauses and arrangements, guarantee the safe movement of people, and provide sufficient humanitarian relief, among other things.

The United Kingdom was accused by Russia of trying to interfere in Sudanese affairs.

“We agree with all Security Council colleagues that the conflict in Sudan requires a swift resolution. It is also clear that the only way to achieve this is for the warring parties to agree to a ceasefire,” Deputy Russian U.N. Ambassador Dmitry Polyanskiy told the meeting.

He claimed Lammy’s critique was an “excellent demonstration of British neo-colonialism” and accused those who supported the proposed resolution of using “double standards” by allowing Israel to continue violating international humanitarian law in Gaza.

“One country stood in the way of the council speaking with one voice. One country is the blocker. One country is the enemy of peace. This Russian veto is a disgrace, and it shows to the world yet again, Russia’s true colours,” Lammy told the meeting.

“I ask the Russian representative, in all conscience – sitting there on his phone – how many more Sudanese have to be killed? How many more women have to be raped? How many more children have to go without food before Russia will act?”

Nearly 25 million people, or half of Sudan’s population, require help, according to the U.N., since 11 million people have abandoned their homes and starvation has spread to displacement camps. Of those, almost 3 million have departed for other nations.

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Musings From Abroad

UK wants Security Council vote on Sudan resolution

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According to the British foreign ministry, Britain will look to other members of the UN Security Council on Monday to support its call that the warring parties in Sudan halt their fighting and let in humanitarian supplies.

A vote on a draft resolution offered by the UK and Sierra Leone that also demands for the protection of civilians is scheduled to be chaired by British Foreign Minister David Lammy, as London holds the council’s rotating presidency.

British Foreign Minister, David Lammy, is set to chair a vote on a draft resolution proposed by the UK and Sierra Leone that also calls for the protection of civilians, as London holds the council’s rotating presidency.

The British foreign ministry said that Britain will look to other members of the UN Security Council on Monday to support its call for the warring parties in Sudan to cease their fighting and allow humanitarian supplies.

He was supposed to declare that Britain “will keep standing with Ukraine until reality dawns in Moscow” in reference to the conflict in Ukraine.

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