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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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IGP: Fainting by minors in court was scripted

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Kayode Egbetokun, inspector-general of police (IGP), says the fainting by some minors at the Abuja federal high court was “scripted”.

On Friday, the police arraigned 76 suspects – who are mostly minors – for participating in the #EndBadGovernance protest in August.

They are facing 10 counts bordering on mutiny, treason, and destruction of public property.

 

Before they could take a plea, at least four of them collapsed. The court later granted the defendants – who looked ill and malnourished – N10 million bail each.

 

In a statement, Olumuyiwa Adejobi, spokesperson of the police, quoted Egbetokun as saying that the police have worked to balance justice with compassion and ensured that each suspect’s basic rights and privileges are respected.

 

“Today, an unexpected incident in court saw six of the suspects suddenly rush out and faint, drawing media attention in a deliberate and scripted manner to draw negative attention,” he said.

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“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.

 

“While committed to upholding justice, the Nigeria Police Force remains sensitive to the rights of all individuals, including young persons. Under Nigerian law, individuals who have reached the age of criminal responsibility are answerable for their actions, regardless of their age.

 

“This principle aligns with global practices, where accountability is upheld for young individuals who commit serious offenses. As seen in other jurisdictions, including the United Kingdom, age does not exempt individuals from facing legal consequences.

 

“However, each case is approached with empathy and in accordance with human rights standards.”

 

The IGP added that the police would maintain “professionalism” throughout the legal process.

 

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Good Morning! Here Are Some Major News Headlines In The Newspapers Today: EFCC arrests Edo accountant general over huge withdrawals days to Obaseki’s handover

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1. Less than 11 days to the handing over to the Governor-elect, Sen. Monday Okpebholo, by the outgoing Governor Godwin Obaseki of Edo State, the Economic and Financial Crimes Commission (EFCC) has arrested the State Accountant General, Mr. Julius O. Anelu, and four other officials said to be signatories to the state government accounts.

 

2. There was outrage on Friday after minors detained for three months over their involvement in the #EndBadGovernance protest collapsed during their arraignment in court. At the end of the sitting, the Federal High Court in Abuja granted bail to the 76 defendants, of which 26 were between 14 and 17 years of age. Most of the suspects looked unkempt and malnourished.

 

3. President Bola Tinubu has kicked against the recommendation of the National Economic Council (NEC) to withdraw the tax reform bills generating controversy. In a statement on Friday by Bayo Onanuga, his media aide, Tinubu asked NEC to allow the process to run its full course.

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4. Oil marketers, on Friday, revealed that the price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery was between N1,015 and N1,028/litre depending on the quantity being purchased. Based on this, the dealers vowed to import the commodity and sell it below the Dangote refinery price, as well as the price being sold by the Nigerian National Petroleum Company Limited.

 

5. The Chairman of the All Progressives Congress Caretaker Committee in Rivers State, Tony Okocha, on Friday, warned critics against distorting the narrative of the crisis rocking the state, insisting that Governor Siminalayi Fubara is the investment of the Minister of the Federal Capital Territory, Nyesom Wike. Okocha disclosed this during a media parley with journalists at the party’s national secretariat in Abuja.

 

6. Edo State Police Command has detained a 16-year-old girl, Aisha Suleiman, who is accused of fatally poisoning her ex-boyfriend, identified as Emmanuel, and four other young men in Afashio community in the Etsako West Local Government Area of Edo State. The state Police Public Relations Officer, SP Moses Yamu said on Friday that police officers from the Jattu Division were quickly mobilised to the scene, intervened, and transported Suleiman safely to the station.

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7. The Chief Magistrate Court in Abuja has granted the detained social media critic, Martins Otse, popularly known as VeryDarkMan N2m bail and other stringent conditions. VeryDarkMan was arraigned on Friday at Court 1, Chief Magistrate Court, Wuse Zone 6, in the Federal Capital Territory for unauthorised use of a police uniform.

 

8. Ebonyi State Police Command announced the arrest of 177 suspects for various crimes in October 2024, including four linked to alleged organ harvesting and ritual killings. At a news conference in Abakaliki on Friday, the command’s Public Relations Officer, DSP Joshua Ukandu, disclosed the arrests, which included 162 males and 15 females. Ninety-two suspects have been charged to court, with others pending further investigation.

 

9. Suspected bandits have abducted 20 passengers along the link road between the Mariga and Kontagora local government areas of Niger State. The passengers were travelling along the road when bandits, who had mounted a blockade, forced them into a nearby forest.

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10. Justice Deinde Dipeolu of the Federal High Court sitting in Lagos has ordered the final forfeiture of the sum of $2.045m, seven choice landed properties and share certificates linked to the former Governor of the Central Bank of Nigeria, Godwin Emefiele. Justice Dipeolu also yesterday, ordered the permanent forfeiture of the monies and the two share certificates of Queensdorf Global Fund Limited Trust.

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Atiku, Obi knock FG over ‘inhumane treatment’ of minors arraigned for #EndBadGovernance protests

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Atiku Abubakar and Peter Obi, presidential candidates of the Peoples Democratic Party (PDP) and Labour Party (LP) in 2023, have condemned the “inhumane treatment” of minors arraigned for allegedly participating in the #EndBadGovernance protest.

BACKGROUND
Between August 1 and 10, a protest against tagged #EndBadGovernance was held nationwide.

The protesters demanded a reduction in the cost of governance, the return of petrol subsidy regime, food security, and fiscal discipline, among others.

The protest turned violent in some parts of the country while hoodlums used the opportunity to loot and vandalise public and private properties.

After the protests, the police announced the arrest of alleged perpetrators of the violence and looting in some states.

On Friday, some of those arrested for taking part in the protest, most of whom are children, were brought before a federal high court in Abuja.

At the commencement of the proceedings, four of the alleged protesters were hurriedly rushed out of the courtroom after they collapsed.

The court later granted N10 million bail to 72 defendants and removed four sick children’s names from the charge, while the remaining defendants pleaded not guilty.

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ATIKU: MINORS NOT SPARED BY ‘T-PAIN’S WICKEDNESS

Reacting to the incident on his X page on Friday, Abubakar berated the federal government for arraigning the minors.

The former vice-president noted that section 11 of the Child’s Rights Act guarantees the dignity of the child.

“A disturbing video of malnourished children being arraigned before a federal high court on the orders of the Bola Tinubu-led federal government has been brought to my notice,” Abubakar wrote.

“The horrible scene reminiscent of a Nazi concentration camp once again reflects the low premium the current government places on the lives of the vulnerable, especially children.”

Abubakar said the children prosecuted for their alleged role in the #EndBadGovernance protests have been subjected to dehumanising conditions for three months, adding that their delayed arraignment implies prolonged detention under unacceptable circumstances.

He said it is “reprehensible for a man who fought for democracy to demonise protesters,” adding that children have the right to peaceful protest as guaranteed by the Constitution and the Child Rights Act.

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“A nation can be assessed by the way it treats its most vulnerable citizens. It is saddening that even underage children are not spared from the wickedness of T Pain,” he said.

“The disturbing condition under which the alleged accused children were brought to court projects the very justification for their participation in the protest in the first place.

In October, Abubakar described Tinubu as ‘T-pain’. T-pain is the stage name of Faheem Najm, a singer in the United States.

‘T-pain’ in Nigeria’s social media space is coined from ‘Tinubu’ and ‘pain’ — and has been deployed as the president’s moniker due to the pervasive economic hardship.

OBI CALLS FOR PROBE
On his part, Obi asked for a thorough investigation into the treatment of the minors.

“I just watched the disturbing and condemnable scenes captured in a circulating video, showing 124 protesters—among them minors—appearing in court today as part of efforts to secure the enforcement of their fundamental rights,” Obi wrote on his X page on Friday.

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“The footage reveals minors, some so weak that they could barely stand, others fainting from sheer exhaustion and lack of nourishment.

“These children appeared visibly malnourished and starved—a condition that should alarm the conscience of every citizen in our nation.”

Obi said the suspects, including minors, were poorly handled while in federal custody, adding that protesting “bad governance is their constitutional right in a democratic dispensation”.

The former governor of Anambra noted that many of those serving in the current administration fought for good governance while in opposition.

Obi commended the presiding judge’s decision to halt the trial, which he noted prevented Nigeria from further embarrassment as a democratic nation.

“I would like to call on relevant authorities, especially the minister of justice and the attorney general of the federation, the police, and the DSS, as well as the National Human Rights Commission, to thoroughly investigate such inhuman treatment of minors to avert such incidents in the future,” he added.

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