World Bank identifies 3 key solutions for sustainable economic growth in Nigeria

The World Bank has identified 3 ways in
which the 36 states of the federation and
Abuja can survive economic challenges
- They are: ensuring sustained reforms to
increase IGR’s, improving spending
efficiency, and strengthening debt
management and fiscal transparency
- Despite contracting for five consecutive
quarters since early 2016, however,
Nigeria’s growth projections are expected
to reach one per cent during the year
Three ways whereby the 36 states of the
federation and Abuja can survive economic
challenges, have been identified by the
World Bank, Premium Times reports.
The global bank made its observations and
assessment public in its new Nigeria Bi-
Annual Economic Update which was
released on Wednesday, November 22, in
Abuja.the bank identified the
3 solutions as ensuring sustained reforms
to increase internally-generated revenues,
improving spending efficiency, and
strengthening debt management and fiscal
transparency.
World Bank President, Jim Yong Kim (Photo
credit: NY Times)
According to the World Bank, implementing
these 3 strategies would ensure sustainable
growth of the nations’ economy.
The report stated: “At present, states
remain under considerable fiscal stress,
with states requesting continuation of the
Budget Support Facility beyond the original
end date of May 2017.
“This level of fiscal deficits would lead to an
increase in total state debt stock to 5.4 per
cent of GDP and 200 per cent of revenue by
2020.
“In light of the continuing fiscal pressures,
there is a strong need to strengthen the
performance of the states through the full
and sustained implementation of reforms
to increase internally-generated revenue
and state spending efficiency, and
strengthen state debt management and
fiscal transparency.”
Nigeria’s economy recorded a 0.6 per cent
positive growth (year-on-year) in the
second quarter of 2017, after contracting
for five consecutive quarters since early
2016.
However, amidst sustained oil production
recovery, growth projections are expected
to reach one per cent during the year previously reported
that the global economic report by the
World Bank predicted that Nigeria would
get out of recession, and grow its gross
domestic product (GDP) by one percent in
2017.
In the report, the bank further stated that
the global economy will accelerate
moderately to 2.7 percent in 2017

Apostle Chibuzor Gift Chinyere: A Homeless Man Turned General Overseer

Once under-the-bridge tenant,
this pastor now empowers the poor [/
size]
From HENRY CHUKWURAH, Port Harcourt
Tuesday, October 5, 2010
Are you one of those about giving up on
life because of seemingly endless rough
times?
The story of Apostle Chibuzor Gift Chinyere,
General Overseer of Omega Power Ministry
Worldwide (OPM) is likely to provide the
needed tonic that will ginger you to call
the bluff of life’s challenges and succeed.
The clergyman’s life experience and
eventual journey to the top is also likely to
serve as a spinal transplant for those who
have lost the backbone of focus and
determination.
Incidentally, his church also holds out
hope for the less privileged including
prostitutes to acquire skills that will enable
them live decent lives.
Up till 2004, Apostle Chinyere whose
church rates as one of the largest in Rivers
State, lived in the valley of life. For years, he
lived under the bridge at the Ogudu area
of Ojota in Lagos. Later, he moved to
Diobu, generally regarded as Port
Harcourt’s Ajegunle.
Within that same period, he eked out living
from selling GSM re-change cards.
By dint of divine touch and handwork,
Apostle Chinyere now shepherds
hundreds of thousands of faithfuls and
has left no avenue unexplored to give
hope to the hopeless.
In recent years, his church has spread the
gospel of hope to the shanties of Port
Harcourt, Prison yards and brothels within
and outside the Rivers State capital.
The Christian organization runs free
computer programmes for less privileged
slum dwellers, prison inmates and
prostitutes. This is aside the free schools
and other skill acquisition schemes of the
church for its members and non-members
alike.
Speaking recently at the graduation of
about 120 persons who went through its
five-month Diploma Course in computer
and Information Technology organized for
residents of Bundu Waterfront, one of the
Port Harcourt slums, the clergyman said
his heart goes to the poor because he was
one of them.
“I want to touch the lives of the less
privileged. I was living under the bridge,
an ordinary re-charge card seller. I have
real feelings for the less privileged and
that is why I want to empower them.
“Since God did it for me, I believe he would
make some others very great. We are
doing what we do for those who cannot
pay back”.
Apostle Chinyere told Daily Sun that the
church chose Bundu Waterside because it
is populated by the less privileged.
“There is high level poverty there. I will
not do it in GRA because people in GRA
have money to go to school. “Go there
(Bundu) and see how people are living.
People live near waterside, inside
shanties. I feel for them, having
remembered how I was some years ago,
and wish to give them the best of
computer education.
“For sustainability of the programme, we
have given many of them employment. We
have so many Chief Executives in the
church and we have referred so many of
the beneficiaries of the programme to
places to work. So, as we speak with these
employers, they employ them”.
The OPM General Overseer explained that
the various empowerment programmes of
the church are open to members and non-
members of the church. He advised the
youth within and around the state to avail
themselves of the programme and become
gainfully employed.
He assured that although the various
programmes gulp several millions of Naira,
the church would not be deterred.
“The challenges are so much because the
project runs into millions of Naira but we
won’t stop.
“We have even gone ahead to offer 26
scholarships in Abia State. A few days ago,
the church offered another 36
scholarships, one recipient from each of
the 36 States of the Federation to study to
any level in the university”.
He frowned at the high school fees being
charged by many educational institutions
owned by religious organizations in the
country and accused the church of
contributing far below expectation to
national development .
“A lot of churches have not done enough.
If you look around, you will find some
churches that build schools and their fees
are unbelievably too high for the poor.
“That is why OPM started building schools.
We give them school uniforms, free books
and they don’t pay school fees. They just
come to school and learn”.