Business
World Bank Predicts 15-Year Recovery for Nigeria’s Economy
The World Bank issued a stark forecast on Nigeria’s economic recovery, stating it could take between 10 to 15 years for the country to achieve significant transformation. This assessment highlights the urgent challenges the nation faces and the need for decisive action to foster economic resilience.
At the 30th Nigerian Economic Summit Group (NESG #30), Indermit Gill, Senior Vice President of the World Bank Group, emphasized the importance of government initiatives to protect vulnerable citizens, particularly the nation’s 110 million children. He stated, “Nigeria must commit to a long-term reform path to transform its economy into an engine of growth for sub-Saharan Africa.”
Gill noted that while past reforms from 2003 to 2007 were beneficial, they were not sustained, leading to current fiscal and monetary hardships that disproportionately affect ordinary Nigerians. He urged policymakers to focus on three key areas:
1. Prioritize Non-Oil Growth: A competitive exchange rate is crucial. Gill highlighted that Nigeria’s real exchange rate is now at its most competitive in 20 years, presenting a significant opportunity for the private sector.
2. Support Vulnerable Households: The government is implementing a targeted cash transfer program, currently reaching 4 to 5 million households, which should be expanded to 10 million. Savings from the removal of fuel subsidies should be utilized to establish a cost-effective safety net for the most vulnerable.
3. Enhance Business Readiness: To create jobs for the 12 million young Nigerians expected to enter the workforce in the next decade, the focus must be on improving infrastructure, security, and regulations to attract domestic and foreign investment.
Gill concluded by calling on Nigeria’s elite to unite in support of these reforms, emphasizing that a stable and prosperous Nigeria benefits everyone, including future generations. He also reassured that the World Bank team in Nigeria stands ready to provide support and expertise as needed.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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