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Nigeria’s GDP growth rate has steadily declined since 2014 – Okonjo-Iweala

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Ngozi Okonjo-Iweala, the director-general of the World Trade Organisation (WTO), says the average growth rate of Nigeria’s gross domestic product (GDP) has been steadily declining since 2014.

This, she said, signals a downturn in the economic wellbeing of the average Nigerian.

Okonjo-Iweala spoke on Sunday at the opening ceremony of the 2024 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos.

In the first quarter of the year, Nigeria’s GDP slowed to 2.98 percent — lower than the 3.46 percent recorded in the fourth quarter (Q4) of 2023.

According to the WTO director-general, the country’s economic fortunes experienced a steady rate between the years 2000 and 2014 — during which the average GDP growth rate was approximately 3.8 percent.

However, she said since 2014, the situation has reversed, stressing that the GDP is showing a negative growth rate of 0.9 percent due to the government’s inability to sustain the positive growth achieved by previous administrations.

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“Many of the big problems the NBA is grappling with today have its root in Nigeria’s failure to sustain the rate of economic growth and development that consistently outpaced the growth of our population,” Okonjo-Iweala said.

“We have had episodes of reforms and faster economic growth that were not merely a function of the price of oil.

“But we have been unable to consolidate and build on them and millions of our compatriots have paid the price in terms of diminished job prospects and human wellbeing.

“For example, in the decade between 2000 and 2014, we have an average GDP growth rate of 3.8% well above our population growth rate of 2.6% per annum, meaning that people were on average truly improving their standard of living.

“During the following decade, average annual GDP per capita has been negative around minus 0.9% meaning people were worse off because we were not able to sustain prior positive growth momentum.”

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“Okonjo-Iweala said the country needs to sustain good economic policies irrespective of the administration or political party in power to foster development in the country.

The former finance minister said policy inconsistencies have accounted for the reversal in the fortune of the nation’s economic development.

To address the instability, the economist called for a social contract between the government and the people which will go beyond the political party in power.

According to Okonjo-Iweala, this social contract must be generally accepted on what economic policies should be followed regardless of who is in power

The WTO boss also said maintaining good economic and social policies, maintaining policy consistency, and adding more reforms on top of that would lead Nigeria along the path of good progress that everyone desires.

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‘Please, don’t put fire in Oyo’ — Makinde tells Wike

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Seyi Makinde, governor of Oyo state, has asked Nyesom Wike, minister of the federal capital territory (FCT), not to “put fire” in his state.

Wike, in August, had warned governors elected on the platform of the Peoples Democratic Party (PDP) against interfering in the affairs of the party in Rivers state.

 

Wike and Siminalayi Fubara, governor of Rivers state, have been at loggerheads over the control of the party’s political structure in the state.

 

The rift between both chieftains of the PDP has created two factions in the Rivers house of assembly, with each camp electing a speaker loyal to the minister and the governor.

 

Bala Mohammed, governor of Bauchi state and chair of the PDP Governors’ Forum, had said the party’s structure in Rivers state will be handed over to Fubara.

Displeased by Mohammed’s comment, Wike said he would “put fire” in the states controlled by governors of the PDP siding with Fubara.

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Mohammed would later reply to the FCT minister’s threat, saying he had enough water to quench Wike’s fire.

 

But speaking on Saturday at an event organised in honour of the minister by the Ijaw Peoples Congress in Port Harcourt, Makinde pleaded with Wike to spare Oyo state should he decide to make bold his threat.

“I came to identify with my brother, the celebrant of today, the honourable minister of the federal capital territory and the immediate past governor of Rivers state,” Makinde said.

 

“When I showed up yesterday, I told him I brought peace offering because he has been boasting that he will put fire in some states. I said, please, don’t put fire in Oyo state.”

‘I’M BIGGER THAN ALL OF YOU’

Addressing the crowd, Wike said he is more powerful than all the governors siding with Fubara.

“All those who are moving around saying they are supporting somebody… you know it is not correct. You know some people don’t have shame. I cannot serve your boy,” Wike said.

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“Now, they are not even waiting, they are even rushing after the boy. They are not even waiting for the boy to call them. They are now rushing to the boy. People don’t have integrity.

“Don’t ever think that they’re fighting me. They are not fighting me. I am too big. If you don’t recognise somebody bigger than you, you know you are sick. I’m far bigger— all of them put together. They cannot stand it.

 

“When people said they will put hand here (in Rivers). I told them: if you come here and put your hand, hand too will enter your place (state). Now they are crying.”

Wike claimed that the PDP lost the governorship election in Edo to the All Progressives Congress (APC) because governors of the party lacked strategy.

 

“Instead of them (governors) concentrating on how they would win election in their state, they were holding meetings elsewhere to discuss Rivers state,” he said.

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“Who is the loser? This is a warning to others. Don’t touch Rivers state. It is a special state to God.”

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Alleged ₦3.1bn fraud: How I delivered $15.8m cash to Suswan in his residence — Witness

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Abubakar Umar, the Sixth Prosecution Witness in the trial of former governor of Benue State, Gabriel Suswam has narrated before the Federal High Court, Maitama, Abuja presided over by Justice Peter Lifu, how in 2014, he converted the sum of ₦3.1bn wired to him by Suswam as governor, and delivered its equivalent of $15.8m in cash to him at his Maitama, Abuja residence.

 

This was revealed in a statement by Head, Media & Publicity, the Economic and Financial Crimes Commission, Dele Oyewale on Saturday.

 

Suswan, alongside his then Commissioner of Finance, Omodachi Okolobia facing 11-count amended charges of money laundering to the tune of ₦3.1bn, being part of the proceeds from the sales of the state government’s shares held on its behalf by the Benue Investment and Property Company Limited, sold through Elixir Securities Limited and Elixir Investment Partners Limited.

 

During the court’s proceedings, the witness, a bureau de change operator and CEO of Fanffash Resources, who has been testifying on the matter since 2018, first, before Justice A.R Mohammed and later Justice Okon Abang, disclosed that the total sum of Suswan, alongside his then Commissioner of Finance, Omodachi Okolobia are facing 11-count amended charges of money laundering to the tune of ₦3.1bn was transferred to him by Suswam, through a proxy in tranches with the first tranche of ₦413m hitting his account on August 8, 2014 and the remaining, coming in subsequently to sum up to ₦3.1bn.

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Umar, while being led in evidence by prosecution counsel, Rotimi Jacobs, SAN, affirmed that the proxy who did the naira transfers to him was a woman.

 

According to the witness, he had to change a total sum of ₦3.1bn to dollars, which he said amounted to $15.8 million at the rate of ₦197 to a dollar and delivered it to Suswam in his Maitama, Abuja residence.

 

“One day in 2014, when I was in the office, the former governor of Benue State asked me to meet him in his house in Maitama, Abuja. I went and met him in the house together with one fair woman. He asked me to give the woman my account number. I gave the woman my Zenith Bank account number. The woman said she’ll send money into that account.

 

“On the 8th of August 2014, N413 million was transferred to my account. Based on this, I called the former governor and he told me to change the money to dollars and I asked him to give me time to do that. Three days after I bought the dollar equivalent, I called the former governor and informed him that the money was ready. He now asked me to take the money to his house in Maitama, near Jumat Mosque. I now told him that he should inform the security at the gate that I was coming, if not they’ll not allow me access into the gate. I took a cab to the house, and after I arrived at the house, I knocked at the gate and they opened. I told them my name. They opened the first and second gates and I sat in the waiting room where he came and met me. I now brought out the money which we both confirmed to be the equivalent of the N413 million. The exchange rate then was N197”, he said.

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Testifying further, he said, “On the 12th of September 2014, N637 million was transferred to my account. After N637million was transferred to my account, after like 40 minutes N363 million was also transferred into my account. On 13th October 2014, N630, 008,50, (Six Hundred and Thirty Million, Eight Thousand and Fifty Naira) was also transferred to my account. On 17th October 2014 1,0068,000 (One Billion, Sixty-eight Million) was transferred to my account. It is the woman that was directed by the former governor to do the transfers. The total money transferred to my account was N3 billion”.

 

The witness who stated that he was neither arrested by the EFCC for giving any testimony in favor of the defendant, nor threatened by the Commission to give evidence against the defendant, further disclosed that he did not have receipts for the transactions, so also no record book for them, stating that he buys dollars from his fellow retailers and only records based on discretion.

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Justice Lifu adjourned the matter till October 4,2024, for continuation of trial.

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17 killed in mass shooting in South Africa

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Seventeen people have been killed in a mass shooting in a remote South African town.

According to the BBC, the police said two homesteads in the town of Lusikisiki in the Eastern Cape, were targeted.

At least 12 women and one man were said to have been killed in one location, with three women and one man murdered in a second location.

An 18th victim is in critical condition in hospital.

The police said a manhunt for the perpetrators is under way.

Senzo Mchunu, the police minister, is expected to provide an update and visit the area where the attack occurred.

South African media report that the victims were preparing to attend a traditional mourning ceremony for a mother and daughter who were murdered a year ago.

They were packing goods and presents, including furniture, for the event when the attacked occurred on Friday night.

“The gunmen came and shot randomly, killing everyone. Women and children were also killed in the bloody shooting,“ the reports read.

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“This has left the community terrified.”

Officials are yet to determine the motive or make any arrests.

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