The report that the International Monetary Fund (IMF) has said that countries across the world must prioritise productivity reforms to revive medium-term growth is one of the trending stories in Nigerian newspapers on Thursday.
The Punch reports that the International Monetary Fund has said that countries across the world must prioritise productivity reforms to revive medium-term growth.
In a piece on its website on Wednesday, the IMF stated that the global growth rate had slowed steadily since the 2008–09 global financial crisis and without policy intervention and leveraging emerging technologies, the stronger growth rates of the past were unlikely to return.
That stance aligned with that of Nigeria’s Finance Minister, cc, who at the public hearing of the Tripartite Committee on National Minimum Wage in Lagos in March, urged tech investment as labour sought a new minimum wage.
Edun, who is also the coordinating minister of the economy, urged employers of labour in the country to invest in technology to boost productivity.
He said, “On the issue of production versus inflation. Increasing productivity is the key. And the young man also talks about the fact that you cannot just have money to chase a few goods.
“We have had that in this country, for years and years, more money was put into the system, but there was no production to match it. So, an increase in productivity is key.”
Providing insight into its stance, the IMF remarked that given headwinds, future growth prospects had also soared, with global growth projected to slow to just above three per cent by 2029.
The newspaper says that the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Mele Kyari, has reiterated the crucial role of natural gas in fuelling economic growth and industrial development.
Kyari spoke Wednesday at the public presentation of a book, ‘The Rise of Gas: From Gaslink to the Decade of Gas’, authored by Charles Osezua.
The GCEO highlighted gas’ global acceptance as a crucial energy source that sustains economic growth and drives industrial activities.
Represented by the company’s Head of Relationship and Stakeholder Management, Mrs Oluwakemi Olumuyiwa, Kyari also emphasised the importance of documenting Nigeria’s gas sector.
He underscored the significance of prioritising natural gas production and supply, particularly in the context of geopolitical dynamics and energy security in the global economy.
“With Nigeria boasting substantial gas reserves exceeding 200 trillion cubic feet and a potential to reach 600 tcf, the GCEO said it is pertinent Nigeria leverages the gas resource for sustainable development, energy security, and job creation,” a statement by the NNPCL spokesperson, Olufemi Soneye, said on Wednesday.
The Vanguard Newspaper reports that the Nigerian Petroleum Industry, the mainstay of the nation’s economy, has been stunted by several challenges that have been worrying the Organised Labour in the sector.
At the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, National Executive Council, NEC, meeting in Abuja, these issues were dominant in the deliberations.
Setting the stage for the meeting, PENGASSAN’s President, Festus Osifo, told members that “the apprehensions over the general insecurity, economic crisis, and crude oil theft, the ever-rising cost of goods and services, and increasing rate of multi-dimensional poverty, among other challenges, seem to have become part of the Nigerian life.
Focusing on the oil industry, Osifo lamented: “Our oil and gas industry faces several significant challenges that hinder its growth and development. Our industry suffers from a lack of adequate infrastructure, including refineries, pipelines, storage facilities, and transport networks.
“This leads to a heavy reliance on imports of refined petroleum products, making the country more vulnerable to price fluctuations in the international market and increasing cost of energy.
“Other canker worms infesting our dear sector lie in security issues, including crude oil theft, pipeline vandalism, and attacks on oil installations that are a constant occurrence. These acts of sabotage disrupt production and result in revenue losses for the government and oil companies. The presence of armed groups, insurgent activities and organised high-power stealing further exacerbates the security challenges.
“Addressing these challenges requires a comprehensive approach that includes improving environmental depredations, investing in social infrastructure, strengthening security measures, promoting local content development, increasing investments in the sector, etc.
“The passage of the Oil and Gas Industry Contents Development, NOGIC, Act in 2010 has greatly promoted local content participation in the industry. But we are still far from implementing the law to the letter. To promote sustainable growth, it is crucial to increase local content development and provide training and capacity-building opportunities for Nigerian professionals and entrepreneurs in the industry. On another hand, the recent presidential order that incentivizes investment in the Nigeria Oil and Gas sector is a welcome development.”
On the Association, the President detailed achievements since last NEC meeting in Port Harcourt, emphasizing among others, collective bargaining agreement, CBA negotiation for members, CBA negotiation for Secretariat Staff of the Association, membership training, and staff reorganisation.
The newspaper says that the Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government (FG) to provide special support mechanisms to strategic companies and industries that play critical roles in achieving inclusive economic growth.
In a statement made available to Vanguard, Director General of LCCI, Dr Chinyere Almona, attributed recent improvements recorded in the nation’s economy to the game-changing interventions of key players in the private sector, notably Dangote Refinery and Air Peace Airline.
Her words: “As Nigeria strives to stabilize prices, boost foreign exchange (FOREX) inflows, and attract Foreign Direct Investments (FDIs), it is imperative to recognize the pivotal role that certain companies play in driving growth, fostering innovation, and creating employment opportunities.
“These strategic companies, often operating in key sectors such as manufacturing, agriculture, technology, and infrastructure, serve as the backbone of the economy, contributing significantly to its stability and resilience.”
Almona noted the significant impact that Dangote Refinery is beginning to make on Nigeria’s economy, particularly in achieving national self-sufficiency in the production of diesel and aviation fuel.
She said: “It was reported that with 100 million litres of diesel pumped into the market last week, the Dangote Refinery helped crash the price of diesel from about N1,800 to N1,225 per litre.
“With another tranche of supply in the coming days, the price of diesel is expected to drop to a low of about N1,000 per litre.”
She equally acknowledged the game-changing intervention from the commencement of international flights to the United Kingdom by Air Peace.
GIK/APA