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World Bank Lists 10 Reforms For Economic Transformation In Nigeria, Says Country Has Vast Growth Potential

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The World Bank says Nigeria’s growth has been stagnant in the past decade despite its huge potential.

The bank said this in its latest report titled, ‘Nigeria country economic memorandum: charting a new course’, published on its website.

In the report, the bank said Nigeria’s potential and growth has been stagnated over the past decade.

It noted that the country needs create more jobs to rise to its potential.

“Nigeria has vast potential, but development has stagnated over the past decade,” the report reads.

“Nigeria has the potential to be a giant on the global stage. But, despite this potential, Nigeria is struggling to keep pace with the GDP growth rates and economic transformation of its peers.

“Creating better jobs is a necessary condition for accelerating poverty reduction and economic transformation. However, even if job creation were to catch up with the expansion of the labor force, Nigerian workers would not fully benefit if other socio-economic conditions remain unchanged.

“Unlocking private investment is the only way to create more and better-quality jobs in a sustainable manner.

“The hard-won income gains from the 2000s evaporated between 2011 and 2021, due to the lack of deeper structural reforms, global shocks, conflicting macroeconomic policies, and increased insecurity. But, attracting private investment requires solid macroeconomic foundations, which have weakened in recent years by unlocking private investment, which is pre-conditioned on having a stable macroeconomy.”

The global bank, therefore, said for the country to have inclusive growth, there is a need for macroeconomic and institutional enablers and investment accelerators.

“To catalyse private investment and offer more opportunities to the youth, the priority is to restore and preserve macroeconomic stability.

“While there is no silver bullet to accelerate growth, Nigeria can become a rising growth star again if it implements a comprehensive set of bold reforms in a timely manner.

“Nigeria can still chart a sustainable and inclusive growth path based on solid economic institutions with a sound macroeconomic environment that reduces regional disparities, strong human capital that will help children reach their full potential and acquire the skills needed for a modern economy, and productive firms that create more and better jobs.”

Consequently, the World Bank highlighted key reforms that Nigeria’s government can adopt for faster and more inclusive growth.

“Adopt a single and market-reflective exchange rate. Facilitate trade and boost domestic value added by removing import and foreign exchange restrictions. Increase non-oil revenues by raising value-added tax (VAT) and excise rates and strengthening tax administration.

“Eliminate the petrol subsidy by establishing a compact which also protects the poor and vulnerable. Increase access to finance by strengthening the institutional. Contain inflation by reducing the federal infrastructure for financial intermediation government’s recourse to Central Bank Nigeria (CBN) financing.

“Boost competition by embedding it into policy, enhancing enforcement, and simplifying rules to lower costs. Boost power generation by investing in infrastructure to reduce technical and commercial losses. Reduce insecurity by strengthening the rule of law facilitate transport connectivity by reducing interstate transportation costs.”

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NCC Unveils Initiative To Combat Fraud, Spam Messaging

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The Nigerian Communications Commission has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the “Application-to-Person” messaging sector.

The telecom regulator made this announcement in a statement on Friday.

The proposed framework was introduced during a virtual Stakeholders’ Forum, a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.

The draft framework, presented by the acting Head of Legal and Regulatory Services at the NCC, Mrs. Chizua Whyte, on behalf of the Executive Vice Chairman, Dr. Aminu Maida, seeks to regulate the A2P messaging space.

A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.

However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.

“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.

The regulator emphasised its commitment to fostering innovation while ensuring a secure, transparent environment for businesses, consumers, and service providers.

The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.

“This forum marks a pivotal step towards addressing these challenges,” the NCC said. “We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”

The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.

The commission’s efforts are focused on promoting a sustainable A2P messaging ecosystem that enables business innovation, enhances communication efficiency, and supports Nigeria’s socio-economic growth.

Stakeholders were encouraged to provide feedback and contribute ideas during the forum to help shape the final framework.

The NCC reiterated its commitment to creating a regulatory environment that supports innovation while safeguarding the interests of all stakeholders in the A2P messaging sector.

For further updates, the NCC urged stakeholders to remain engaged throughout the regulatory process, stressing the importance of cooperation in shaping the future of A2P messaging in Nigeria.

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JUST IN: Oil Marketers Reduce Petrol Price By 11.8% To N939.50 Per Litre

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Oil marketers sourcing “Premium Motor Spirit”, “PMS”, also known as petrol, from the Dangote Petroleum Refinery have reduced the price by 11.8 percent to N939.50 per litre, down from N1,060 per litre.

As of Thursday, December 19, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas.

However, by Friday, MRS, a leading marketer, along with others, had adjusted their prices, now selling at N939.50 per litre.

It’s worth noting that the Dangote Petroleum Refinery had earlier lowered the ex-pump price of petrol to N899.50 per litre, down from N970 per litre.

According to the refinery, this price reduction is intended to offer much-needed relief to Nigerians ahead of the holiday season.

Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, made this announcement.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on “PMS” (“petrol”). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina said.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

 

More to come…

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EFCC Allocates N18bn For Allowances, N5bn For Travels In Proposed 2025 Budget

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The Economic and Financial Crimes Commission (EFCC) has announced plans to allocate N18 billion for allowances in 2025.

This figure is part of the proposed 2025 budget currently under consideration and awaiting approval by the national assembly.

As per the appropriation bill, the EFCC’s total budget for 2025 stands at approximately N62.2 billion.

This budget includes personnel costs (N38.6 billion), overheads (N20.9 billion), and capital expenditure (N2.2 billion).

Within the allowance budget, N1.7 billion is designated for “non-regular allowances,” while “regular allowances” are set at N16.7 billion.

Other proposed expenditures for the EFCC include welfare packages (N1.4 billion), fuel and lubricants (N2 billion), financial charges (N1.2 billion), construction and provision of office buildings (N1.1 billion), and maintenance services (N2.1 billion).

The EFCC also plans to allocate N4.9 billion for “local travel and transport,” with “international travel and transport” expected to cost N1.7 billion.

The proposed budget includes N800 million for the purchase of fixed assets.

On Wednesday, President Bola Tinubu unveiled the N49.7 trillion 2025 “Budget of Restoration: Securing Peace and Rebuilding Prosperity.”

In his address to the national assembly, Tinubu stated that it was time “we rewrite Nigeria’s narrative together.”

The primary focus of next year’s budget will be the defence, infrastructure, health, and education sectors.

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