Business
World Bank Pegs Nigeria’s Growth at 2.1 Per cent in 2020
The World Bank Group has raised Nigeria’s growth expectations in 2020 to 2.1 per cent, describing it as an “edge up”, a development that confirms the country’s continued stay in sluggish economic path for another calendar year.
It also warned that the macroeconomic framework is characterised by multiple exchange rates, foreign exchange restrictions, high persistent inflation, and a central bank targeting manifold objectives that are not conducive to confidence.
Meanwhile, the global economic growth is also forecast to edge up to 2.5 per cent in 2020, as investment and trade gradually recover from last year’s significant weakness, but downward risks persist.
The World Bank’s “January 2020 Global Economic Prospects”, however noted that growth among advanced economies as a group is anticipated to slip to 1.4 per cent in 2020, in part due to continued softness in manufacturing.
On the other hand, growth in emerging market and developing economies is expected to accelerate this year to 4.1 per cent, though not broad-based, but improved performance of a small group of large economies, some of which are emerging from a period of substantial weakness.
The global institution noted that in Angola, Nigeria, and South Africa- the three largest economies in the region, growth was subdued in 2019, remaining well below historical averages and contracting for a fifth consecutive year on a per capita basis.
Beyond the large economies, growth also deteriorated in several industrial commodity exporters in 2019, as weaker prices and softer demand dampened activity in extractives sectors, such as in the Democratic Republic of Congo, Liberia, and Namibia.
The World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu, said: “With growth in emerging and developing economies likely to remain slow, policymakers should seize the opportunity to undertake structural reforms that boost broad-based growth, which is essential to poverty reduction.
“Steps to improve the business climate, the rule of law, debt management, and productivity can help achieve sustained growth.”
The bank’s Prospects Group Director, Ayhan Kose, added: “Low global interest rates provide only a precarious protection against financial crises. The history of past waves of debt accumulation shows that these waves tend to have unhappy endings.
“In a fragile global environment, policy improvements are critical to minimize the risks associated with the current debt wave.”
Regional growth is expected to pick up to 2.9 per cent in 2020, assuming investor confidence improves in some large economies, energy bottlenecks ease, a pickup in oil production contributes to recovery in oil exporters and robust growth continues among agricultural commodity exporters.
The forecast is weaker than previously expected reflecting softer demand from key trading partners, lower commodity prices, and adverse domestic developments in several countries.
A sharper-than-expected deceleration in major trading partners such as China, the Euro Area, or the United States, would substantially lower export revenues and investment.
A faster-than-expected slowdown in China would cause a sharp fall in commodity prices and, given Sub-Saharan Africa’s heavy reliance on extractive sectors for export and fiscal revenues, weigh heavily on regional activity.
A broad-based rise in government debt has led to sharp increases in interest burdens, crowding out noninterest expenditure and raising concerns about debt sustainability.
Insecurity, conflicts, and insurgencies— particularly in the Sahel—would weigh on economic activity and food security in several economies. Extreme weather events are becoming more frequent as the climate changes, posing a significant downside risk to activity due to the disproportionate role played by agriculture in many economies in the region.
Still, about a third of emerging market and developing economies are projected to decelerate this year due to weaker-than-expected exports and investment.
U.S. growth is forecast to slow to 1.8 per cent this year, reflecting the negative impact of earlier tariff increases and elevated uncertainty. Euro Area growth is projected to slip to a downwardly revised 1 per cent in 2020 amid weak industrial activity.
Downside risks to the global outlook predominate, and their materialization could slow growth substantially. These risks include a re-escalation of trade tensions and trade policy uncertainty, a sharper-than expected downturn in major economies, and financial turmoil in emerging market and developing economies.
Even if the recovery in emerging and developing economy growth takes place as expected, per capita growth would remain well below long-term averages and well below levels necessary to achieve poverty alleviation goals.
The Guardian
Access Bank Plc, a leading African bank, has received the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for its banking headquarters, called Access Tower, located in Oniru, Victoria Island, Lagos.
The EDGE Green Building certification program, supported by the Japan Government in Nigeria and globally funded by the UK Government’s Department for Energy Security and Net Zero (DESNZ), with initial funding from Switzerland’s State Secretariat for Economic Affairs, SECO, recognises Access Bank’s commitment to sustainable building practices and its efforts to reduce energy consumption, water usage, and embodied carbon in building materials.
Access Bank’s Head Office has achieved a 20per cent reduction in energy use, a 33per cent reduction in water use, and a 99 per cent reduction in embodied carbon in materials. The building features sustainability measures such as insulated roof, high-performance glass, fresh air pre-conditioning system, smart meters for energy, water-efficient faucets in bathrooms and kitchen, efficient water closets and low embodied carbon materials reflecting Access Bank’s commitment to environmental responsibility. The building implemented retrofits to meet the EDGE water standard by installing flow regulators in all their water closets, faucets and showers. These reductions in energy, water, and embodied carbon are expected to result in significant cost savings and a reduced environmental footprint for the Head Office.
Commenting on this feat, Gregory Jobome, Executive Director, Risk Management at Access Bank, said:
“At Access Bank, we have always understood that our purpose goes far beyond banking. We are architects of change, custodians of the future, and now, we stand proudly at the intersection of finance and environmental leadership. This building and this certification embody our vision to set a new standard for building, operating, and growing responsibly.
“Our collaboration with the EEN team was transformational, and together, we have shown that environmental performance and business performance are not rivals, but partners. We believe that in that partnership lies the future of banking, the future of corporate Africa, and ultimately, the future of our planet.”
The EDGE certification is a globally recognised standard for green buildings, designed to make buildings more resource efficient. The certification process involves a rigorous assessment of a building’s design and construction, including independent third-party audits, ensuring that it meets the highest standards of sustainability.
IFC’s EDGE program aims to promote green building practices globally by providing a standardised approach to designing and certifying resource-efficient buildings. The program has been utilised in nearly 200 countries, with over 100 million square metres in certified floor space, enabling developers worldwide to create buildings that reduce energy use, water consumption, and embodied carbon.
Globally, IFC collaborates with financiers, governments, developers, and building owners to accelerate green building development in emerging markets. In Nigeria, cumulatively, over 800,000 square meters of offices, homes, hospitals, retail stores, student accommodation, hotels, and mixed-use projects are EDGE-certified.
As the world celebrates International Women’s Day 2025, Africa’s Global Bank, United Bank for Africa (UBA) continues to reinforce its unwavering commitment to gender diversity, equality, and empowerment.
This year’s IWD global theme, “Accelerate Action”, aligns perfectly with UBA’s drive to champion inclusion and create meaningful opportunities for women in the workplace.
On Wednesday, the bank graduated its latest cohort of 1,138 Graduate Management Accelerated Programme (GMAP) trainees, out of which 666, representing an impressive 58% were women.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who pointed this out during the graduation ceremony which was held in Landmark Event Centre, said the milestone is a testament to UBA’s continued efforts in fostering a workplace where talent thrives – regardless of gender, background, or status.
He maintained that UBA stands out as a financial institution that does not just talk about inclusion but lives it, adding that “With a female-dominated Board and Executive Management team, UBA has consistently demonstrated that gender parity is a key pillar of its success. Our commitment goes beyond policies – it is evident in the tangible opportunities we create for women at every level of the organisation.”
While celebrating the womenfolk for their contribution to the bank’s growth and success over the year, Alawuba stated “At UBA, we do not just celebrate women- we amplify them. We believe that an inclusive workforce drives innovation, excellence, and long-term success. The fact that the majority of our new graduate trainees are women underscores our commitment to nurturing female talent and accelerating their progress in the corporate world.”
UBA has long been a champion of gender empowerment, investing in initiatives that support female professionals, entrepreneurs, and communities. From its mentorship and leadership programs to its women-focused financial services, the bank continues to set the pace for gender inclusion in Africa’s financial sector.
UBA’s Group Head, Human Resources, Modupe Akindele explained that the bank is passionate about helping its staff grow, regardless of their gender. According to her, UBA celebrates the resilience, strength, and contributions of women everywhere and remains committed to ensuring that every woman has the support, resources, and opportunities needed to thrive.
She said, “Our goal with GMAP is to show young professionals that their dreams are valid right here in Africa. We are not just providing jobs; we are creating pathways to leadership, innovation, and impact. This programme ensures that young people whether male or female, see the immense possibilities that exist within UBA and the African financial sector at large.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
Bulk Data service from Globacom has continued to garner patronage from more enterprise clients across the country owing to its immense benefits.
With the offering, Glo Enterprise users can gift data to other customers with the Bulk Data offering, a self-service site designed for data allocation. Through it, a specific quantity of data can be freely utilized for specific users’ navigation of a mobile application or website at no cost to the users of the application or website. The service is paid for by the enterprise client.
A school’s bucket data plan allows institutions to buy bulk data for students’ instructional purposes. The Plan is good for ninety days. In contrast, the Gifted Data Plan is good for 30 days. As many Glo subscribers as the sponsor desires may receive data gifts from the Bulk Data sponsor.
Depending on which Pack the gifting customer has subscribed to, a sponsor can equally gift data in 200MB, 500MB, 1GB, 2GB, 3GB, 4GB, 5GB, or 10GB amounts.
Globacom has built the solution so that each sponsor can tailor the SMS notification that is sent to the beneficiary regarding the provided data. This sets this product apart from others available on the market.
While the recipients of the Bulk Data giving can check their own balance by dialing the USSD code, *127*0#, on their own devices, the gifted plans can be tailored to the sponsor’s requirements and preferences.
Only businesses that purchase large quantities of data, including corporations and educational institutions, are eligible for the Bulk Data service.
