Latest news with #economicreform
Zawya
a day ago
- Business
- Zawya
AfDB projects Nigeria's GDP growth to moderate to 3.2% in 2025
The African Development Bank (AfDB) has projected Nigeria's real Gross Domestic Product (GDP) growth to moderate to 3.2 percent in 2025 and 3.1 percent in 2026, down from 3.4 percent in 2024, largely due to persistent structural bottlenecks and heightened global uncertainty. The AfDB urged Nigeria to adopt a more strategic and coordinated approach to capital mobilisation as the country advances its economic reform agenda. This is contained in the recently launched 2025 Nigeria Country Focus Report (CFR), titled 'Making Nigeria's Capital Work Better for Its Development'. The report highlights the urgent need to improve how Nigeria mobilises, manages, and invests all forms of capital: fiscal, financial, human, natural, and business capital to accelerate structural transformation and foster inclusive growth. The launch comes amid Nigeria's bold economic reforms, including the removal of fuel subsidies, unification of exchange rates, and tax reforms. These measures reflect the government's commitment to long-term macroeconomic stability and self-reliant development. 'Despite this momentum, the report projects that real GDP growth will moderate to 3.2 percent in 2025 and 3.1 percent in 2026, down from 3.4 percent in 2024, largely due to persistent structural bottlenecks and heightened global uncertainty,' the AfDB said. In his opening remarks, Dr Abdul Kamara, Director General for Nigeria at the African Development Bank, emphasised the significance of this moment for the country's development agenda. He said, 'This report is both timely and practical. Nigeria is demonstrating bold leadership through difficult but necessary reforms. Its capital is more than financial; it includes human, natural, and institutional assets. What this report shows is the need for integrated strategies that make every form of capital work together to drive inclusive and sustainable transformation.' Prominent among the report's findings is the urgent need to enhance domestic resource mobilisation to close Nigeria's annual development financing gap of USD 31.5 billion. While tax reforms and non-oil revenue expansion are beginning to yield results, the informal sector remains large, tax compliance low, and the tax-to-GDP ratio among the lowest in the region. Mr Olufemi Olarinde, Head of Fiscal and Tax Reforms Implementation Division at the Federal Inland Revenue Service (FIRS), officially launched the report on behalf of the Federal Government, noting its relevance to Nigeria's current fiscal trajectory. He said, 'We appreciate the efforts of the African Development Bank in contributing to this important report, which reflects our ongoing work in fiscal and tax reforms. It accurately captures both the strides we are making and the challenges we face as we strengthen Nigeria's public finance system.' To meet development goals, the CFR recommends broadening the tax base, improving compliance, reducing tax expenditures, and investing in the institutional capacity of revenue-generating agencies, while ensuring public spending is both efficient and impactful. The report also highlights governance constraints as key obstacles to effective capital mobilisation; fragmented oversight, overlapping mandates, and limited institutional coordination continue to undermine public trust and investment confidence. In this context, Dr Jacob Oduor, Lead Economist for West Africa at the African Development Bank, emphasised that policy tools like market-based exchange rate systems can support Nigeria's economic resilience but only when backed by credible institutions and disciplined macroeconomic management. Reinforcing this, Peter Engbo Rasmussen, Country Economist for Nigeria, noted: 'Nigeria's commitment to fiscal reform is crucial to building a resilient economy. The CFR reveals that strengthening non-oil revenue and improving public financial management will not only reduce reliance on volatile oil markets but also provide the fiscal space needed to invest in people and infrastructure.' Beyond fiscal policy, the CFR aligns with private-sector perspectives. Dr Joseph Ogebe, Head of Research and Development at the Nigeria Economic Summit Group (NESG), echoed the report's attention to inflationary pressure and the role of productivity. He said, 'The CFR's findings resonate with our position at NESG. Price stability remains a pressing concern, with inflation disproportionately affecting micro and medium-sized businesses. We continue to advocate for a productivity-led deflation strategy and recommend a growth-with-depth approach that prioritises sustainable economic expansion over reliance on borrowing.' The 2025 Nigeria Country Focus Report is part of the Bank's annual analytical series that mirrors the African Economic Outlook at the country level. These reports offer localised, evidence-based analysis tailored to national priorities and are designed to support reform implementation, policy dialogue, and development planning across the Bank's Regional Member Countries. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Amir given economy minister's duties, to overhaul 13th Malaysia Plan
Senator Amir Hamzah Azizan was appointed as finance minister II in December 2023. (Bernama pic) PETALING JAYA : The Cabinet has agreed for finance minister II Amir Hamzah Azizan to take on the duties and functions of the economy portfolio, effective immediately. In a statement, chief secretary Shamsul Azri Abu Bakar said this was decided by the Cabinet on Wednesday. 'His main duty will be to amend and overhaul the contents of the 13th Malaysia Plan, which will be tabled in Parliament on July 31, with additional information submitted by the ministries as well as the views and comments given by the Cabinet,' he said. Amir, a senator, was appointed as finance minister II in December 2023. The economy minister's post became vacant with the resignation of Pandan MP Rafizi Ramli, who stepped down after losing his post as PKR deputy president. Rafizi said he had completed the 13th Malaysia Plan before his resignation, describing it as his final responsibility as economy minister. He said the document was drafted to place greater emphasis on comprehensive reforms, including several involving the education ministry. Following his resignation, the Small and Medium Enterprises Association of Malaysia (Samenta) urged Putrajaya to ensure continuity in economic policies and commitment to long-term reforms. Samenta chairman William Ng said the 13th Malaysia Plan in particular must not be seen as the vision of a single minister but a national blueprint born out of broad consultations and urgent necessity. Ng also warned that Malaysia risked missing out on yet another economic cycle if key reforms outlined in the plan were not retained and fully implemented. In a separate statement, Amir thanked Prime Minister Anwar Ibrahim for entrusting him with the responsibility of the economy ministry's duties in the interim. He said he had received 'a lot of feedback' from his Cabinet colleagues on the 13th Malaysia Plan which necessitated an overhaul of the document. 'This is to best showcase the policies that the Madani government is prioritising while continuing the momentum of our economic reform agenda,' he said.
The Guardian
a day ago
- Politics
- The Guardian
Ex-world leaders call for ‘powerful shift' as they warn of extreme inequality
The world is facing a looming crisis of inequality that could see the first trillionaires emerge while nearly half of humanity still languishes in poverty, a group of 40 former presidents and prime ministers warns. In a letter seen by the Guardian, the group – which includes the ex-British prime minister Gordon Brown – issues a joint appeal to current world leaders for a 'new economic coalition of the willing' to address the escalating threats of inequality, poverty and environmental breakdown. The former leaders also condemn 'narrow unilateralism' and the 'outdated' 1944 economic model while urging comprehensive debt relief, international tax cooperation, and reform of institutions such as the International Monetary Fund. The letter was organised by Club de Madrid, the world's biggest forum of democratic former heads of state and government, with support from Oxfam and the People's Medicines Alliance. Its signatories include Brown; Helen Clark of New Zealand; Jose Luis Rodríguez Zapatero of Spain; Carlos Alvarado Quesada of Costa Rica; Aminata Touré of Senegal; Sanna Marin of Finland; and Nobel peace prize winners José Ramos-Horta, the current president of Timor-Leste, and Óscar Arias, former president of Costa Rica. Their rare intervention comes in a moment of profound global uncertainty with democracies backsliding, the rules-based order in retreat and violence on the rise. Policy analyst Fiona Hill has argued that a third world war is in effect already under way. Donald Trump has continued to challenge the post-war consensus, withdrawn the US from the Paris climate accord and, with help from the tech entrepreneur Elon Musk, shuttered the development agency USAID. Musk is poised to become the world's first trillionaire by 2027, according to one report. 'Volatility orders our world today,' the letter states. 'Inequality spirals across nations. Trillionaires could emerge this decade, while near half of humanity lives in poverty. 3.3 billion people live in countries that spend more on interest to pay sovereign debt than on education or health. 'Climate breakdown outpaces green transitions. Across too many places, children are being buried under states' belligerence as any sense of a rules-based order is violently displaced by a power-based one. The multilateralism to solve global problems that grew out of two World Wars is in disarray. Global problems that need global solutions and cannot be solved by nation states on their own remain unaddressed.' The world is falling short in multilateral cooperation and the financing of global development aid, the former leaders warn, leading to more poverty, ill health, illiteracy and environmental problems. In what some observers may interpret as a swipe at Trump, who has attacked organisations such as Nato, the United Nations and World Health Organization, the letter states: 'Alone, any one country – and its people – is left vulnerable when another chooses narrow unilateralism above all else. We need international cooperation, revamped for our era.' Sign up to Headlines US Get the most important US headlines and highlights emailed direct to you every morning after newsletter promotion Despite the grim assessment, the former leaders express optimism that 'a powerful shift is possible' and advocate for 'a new economic coalition of the willing of countries to cooperate – to combat extreme inequality, end poverty and meet human rights. One that is founded upon values of solidarity and sovereignty.' They assert: 'Trillions of dollars exist for financing development – but too much public money is captured by private power.' Condemning the 'hemorrhaging cuts by rich nations', they argue for a restoration of development aid and global minimum taxes on the profits of multinationals. The group of 40 former presidents and prime ministers identify the Fourth International Conference on Financing for Development in Seville, Spain, G20 in South Africa and Cop30 in Brazil as major opportunities to advance their agenda.
The Guardian
2 days ago
- Politics
- The Guardian
Ex-world leaders call for ‘powerful shift' as they warn of extreme inequality
The world is facing a looming crisis of inequality that could see the first trillionaires emerge while nearly half of humanity still languishes in poverty, a group of 40 former presidents and prime ministers warns. In a letter seen by the Guardian, the group – which includes ex-British prime minister Gordon Brown – issues a joint appeal to current world leaders for a 'new economic coalition of the willing' to address the escalating threats of inequality, poverty and environmental breakdown. The former leaders also condemn 'narrow unilateralism' and the 'outdated' 1944 economic model while urging comprehensive debt relief, international tax cooperation, and reform of institutions such as the International Monetary Fund. The letter was organised by Club de Madrid, the world's biggest forum of democratic former heads of state and government, with support from Oxfam and the People's Medicines Alliance. Its signatories include Brown; Helen Clark of New Zealand; Jose Luis Rodríguez Zapatero of Spain; Carlos Alvarado Quesada of Costa Rica; Aminata Touré of Senegal; Sanna Marin of Finland; and Nobel peace prize winners José Ramos-Horta, the current president of Timor-Leste, and Óscar Arias, former president of Costa Rica. Their rare intervention comes in a moment of profound global uncertainty with democracies backsliding, the rules-based order in retreat and violence the rise. Policy analyst Fiona Hill has argued that a third world war is in effect already under way. Donald Trump has continued to challenge the post-war consensus, withdrawn the US from the Paris climate accord and, with help from tech entrepreneur Elon Musk, shuttered the development agency USAID. Musk is poised to become the world's first trillionaire by 2027, according to one report. 'Volatility orders our world today,' the letter states. 'Inequality spirals across nations. Trillionaires could emerge this decade, while near half of humanity lives in poverty. 3.3 billion people live in countries that spend more on interest to pay sovereign debt than on education or health. 'Climate breakdown outpaces green transitions. Across too many places, children are being buried under states' belligerence as any sense of a rules-based order is violently displaced by a power-based one. The multilateralism to solve global problems that grew out of two World Wars is in disarray. Global problems that need global solutions and cannot be solved by nation states on their own remain unaddressed.' The world is falling short in multilateral cooperation and the financing of global development aid, the former leaders warn, leading to more poverty, ill health, illiteracy and environmental problems. In what some observers may interpret as a swipe at Trump, who has attacked organisations such as Nato, the United Nations and World Health Organization, the letter states: 'Alone, any one country – and its people – is left vulnerable when another chooses narrow unilateralism above all else. We need international cooperation, revamped for our era.' Sign up to Headlines US Get the most important US headlines and highlights emailed direct to you every morning after newsletter promotion Despite the grim assessment, the former leaders express optimism that 'a powerful shift is possible' and advocate for 'a new economic coalition of the willing of countries to cooperate – to combat extreme inequality, end poverty and meet human rights. One that is founded upon values of solidarity and sovereignty.' They assert: 'Trillions of dollars exist for financing development – but too much public money is captured by private power.' Condemning the 'hemorrhaging cuts by rich nations', they argue for a restoration of development aid and global minimum taxes on the profits of multinationals. The group of 40 former presidents and prime ministers identify the Fourth International Conference on Financing for Development in Seville, Spain, G20 in South Africa and Cop30 in Brazil as major opportunities to advance their agenda.
The Herald
2 days ago
- Business
- The Herald
We will scale down the cost of the national dialogue: Ramaphosa
On Wednesday, Ramaphosa said many people have become fixated on what it is going to cost. 'We are going to make sure that it is driven down. It is just an estimate. We are going to make sure that we spend as little as possible, but at the same time, have as much consultation as possible so that the process itself must be enriched, while we don't impoverish the people of South Africa through spending too much money on that whole process. 'So what has been put out as the budgeted amount is going to be looked at, and I have said to my colleagues that costs that have been put out must be driven down,' he said. He said the country had in the past forged social compacts and moved the country forward. He said the country was experiencing huge problems, arguing that some of the problems are no different from what other countries are experiencing, including unemployment, inequality and poverty. 'And through that type of discussion will evolve a clearer vision, a vision that will be owned by all South Africans, that will also help to guide what we do. It will also address the stark realities of our current situation, as well as the constraints that we face and the lack of growth in our economy.' He said he was looking forward to the dialogue, coming up with clever ideas and innovative proposals on what needs to be done. He said the government had embarked on structural reforms to ensure it makes the country investable, where those with money can come and invest with confidence, adding that the dialogue will serve the purpose of bringing South Africans together. 'Not all of us will be able to fit into a hall or a stadium, but it is through our formations, it will, through the voices that we will raise that South Africans will be given an opportunity at various levels, at provincial level, at district level, at local level, participating in the discussions, just like we did when we drafted our current constitution.' He said millions of proposals and presentations were made, and those were synthesised for the national dialogue. TimesLIVE
