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The World Bank latest economic analysis for says increasing productivity will be vital to support robust growth and creation and to keep millions from falling into extreme poverty.

In its latest publication on Africa’s largest nation titled “The Nigeria Economic Update, Jumpstarting Inclusive Growth: Unlocking the Productive Potential of Nigeria’s People and Resource Endowments”, the institution listed priority to include increased policy transparency and improved access to finance.

The recommended areas where reforms can contribute to economic growth and expand the job market, such as in trade, education and the digital .

“Without robust productivity growth, the report warns that living standards will continue to deteriorate, and the number of people living in poverty will continue to rise, increasing by more than 30 million by 2030”, it said.

Marco Hernandez, World Bank Lead Economist for Nigeria, and co-author of the report said: “Nigeria’s population is expected to grow by as much as 35 million in the next decade.

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“Unless the pace of growth and job creation accelerates, the country will account for a quarter of all people living in extreme poverty worldwide.

“Creating new opportunities for this rapidly increasing labor will require a new economic model based on productivity growth.”

The update analyzes the evolution of productivity in Nigeria and identifies the policies and institutions which can help accelerate Nigeria’s economic expansion and create new job opportunities.

It further outlined four priority areas that would lay the foundation for Nigeria’s transition to a new economic model.

World Bank urged the Nigerian government to: “Ensure policy transparency and predictability, which will be critical to reduce investment risk and promote growth outside the extractive industry;

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“Enhance factor quality by investing in infrastructure, strengthening land tenure security, improving educational outcomes, liberalizing the trade regime and enhancing trade and transport facilitation to help develop value chains and facilitate the efficient reallocation of factors of production, making Nigeria more cost-competitive;

“Reduce regulatory discretion to help attract foreign and domestic investment to the non-oil sector, encourage competition, and promote formalization;

“Improve access to finance, which could enable new firms to compete with incumbents and allow more productive firms to scale up their operations.

Additionally, the report recommends building momentum for reforms, which are essential to mitigate risks and promote faster, more inclusive and sustainable growth that improves living standards and reduces poverty.

Select reform areas include: “Leverage trade integration to harness the benefits of the Africa Continental Free Trade Area;

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“Improve basic education financing to improve human capital outcomes;

“Monitor the impact of conflict on the welfare of households to protect poor and vulnerable people;

“Leverage digital technologies to diversify the economy and create jobs for young .”

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Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

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Business

BREAKING: Access Bank seeks to buy Zambian bank

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Access Bank Plc has commenced an exclusive discussion towards full acquisition of Cavmont Bank Limited, a Zambia-based financial institution.

Access Bank is seeking to consummate the acquisition through its Zambian subsidiary, Access Bank Zambia Limited.

In a regulatory filing at the Nigerian Stock Exchange (NSE), Access Bank stated that it has entered discussions to acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of Cavmont Bank.

While the discussions on the merger have reached advanced stage, Access Bank stated that there is no certainty yet on agreement or terms of the transaction, urging investors to exercise caution when dealing on its shares.

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According to the bank, the completion of the transaction is subject to formal regulatory approvals.

“Access Bank will update the market as appropriate and in accordance with its disclosure obligations,” Access Bank stated.

Access Bank had last year acquired Diamond Bank Plc in a merger that leapfrogged the first-tier commercial bank atop the retail banking segment.

The business combination with Diamond Bank nudged Access Bank’s rating as a leading Tier 1 Nigerian bank into the largest bank in Africa by number of customers, spanning three continents, 12 countries, 3,100 Automated Teller Machine (ATM), more than 33,000 Point of Sales (PoS) terminals, 27 million clients and more than 10 million mobile customers.

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Group Managing Director, Access Bank Plc, Dr Herbert Wigwe, has said the bank’s strategic plan is to become the most important bank and gateway to Africa.

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Business

Fuel Price Increase: All Filling Station Owners In Nigeria Should Take Note Of This

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Fuel Price Increase: All Filling Station Owners In Should Take Note Of Thi

Filling station owners should take note of this on what should be done concerning the price of fuel.

 

There is no doubt that the covid-19 outbreak in Nigeria has drawn the progress of various sectors of the country back. Moreover, this might lead to a change in different sectors of the , as the vice president, Yemi Osinbajo had earlier said that the challenges posed by COVID-19 pandemic to the country has presented an unusual opportunity for Nigeria to reset critical sectors of it’s .

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In sync with this, all owners of filling station in Nigeria should consider making positive changes in the price of fuel. Considering that the incomes of citizens are draining down on a daily basis as many are left with nothing to do due to the covid-19 outbreak, owners of filling station in Nigeria Should think of how to make the price of fuel favourable.

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Filling Station Owners should never think of increasing the price of fuel, rather, they should consider decreasing the price of fuel within this hard time of Covid-19 pandemic. This will go a long way to help.

Nigerian citizens will appreciate if filling station owners will consider reducing the price of fuel.

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