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UN Predicts Growth in Nigerian, Global Economies in 2015

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Ngozi Okonjo-Iweala, Coordinating Minister for the Economy
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The global economy will grow by more than 3 percent in 2015 and 2016, the United Nations predicted Wednesday, but that growth will be uneven in some regions.

The U.N.’s annual economic report said that growth edged up in 2014 at an estimated 2.6 percent. The U.N. is forecasting 3.1 percent economic growth in 2015 and 3.3 percent growth in 2016.

Africa has some of the strongest growth numbers, helped by investment and private consumption. Nigeria should see 6.1 percent in 2015 and 5.9 in 2016, and the continent overall is expected to see 4.6 percent in 2015 and 4.9 in 2016.

But the Ebola outbreak that has crushed economies in West Africa’s Liberia, Sierra Leone and Guinea.

The World Economic Situation and Prospects 2015 report said that business investment will be a major driver in the United States, growth in the world’s least developed economies will exceed the global average, and strong household consumption will keep East Asia the world’s fastest growing region.

But troubles in the eurozone, including high unemployment, continue to hold back Western Europe; China’s growth becomes more moderate; and Russia’s economic activity is flat after it “came to a standstill” amid tensions over Ukraine.

Long-term unemployment remains a problem in many regions recovering from the Great Recession, the report says.

While “unexpected shocks” like the rise of the Islamic State group in the Middle East have hurt global recovery, the report says the effects so far have been limited because the global oil markets have remained stable. “Any actual or feared conflict-related decline in oil supplies (has been) offset by oil production increases, notably in the United States,” the report said.

Among developed economies, the report says the United States will see 2.8 percent growth in 2015 and 3.1 percent in 2016.

The European Union will edge up 1.7 percent in 2015 and 2 percent in 2016. Japan, hurt by lower private consumption caused by a higher consumption tax, will see just 1.2 percent growth in 2015 and 1.1 percent in 2016.

Among developing countries, the U.N. report says China will see 7.0 percent growth in 2015 and 6.8 percent in 2016. India will continue to drive the South Asian region with 5.9 percent growth in 2015 and 6.3 percent in 2016. Large public investment projects are expected to help Latin American countries, with Brazil expected to grow 1.5 percent in 2015 and 2.4 percent in 2016. Mexico will see 3.4 percent growth in 2015 and 3.8 percent in 2016.

“Near-zero growth” is forecast for Russia in 2015, at just 0.2 percent, with 1.2 percent expected in 2016.


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Kano Confirms 2 Mpox Cases

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Kano State Centre for Disease Control (KNCDC) has confirmed two cases of Mpox, formerly known as monkeypox- an infectious viral disease caused by the monkeypox virus, which belongs to the Orthopoxvirus genus.

Kano Confirms 2 Mpox Cases

KNCDC however said that both patients affected have fully recovered and discharged from medical facility.

Prof. Muhammad Adamu Abbas, director general of KNCDC, disclosed this during a media parley on Monday, revealing that the cases were recorded in Kano Municipal local government area and Ungogo local government areas, respectively.

“We have handled both cases successfully. The patients have been treated and discharged home,” Prof. Abbas stated, adding that all traced contacts, however, tested negative for the disease.

He explained that the confirmation comes following an advisory from the National Center for Disease Control and Prevention (NCDC), urging heightened vigilance against potential disease outbreaks, including COVID-19, viral hemorrhagic fevers like Ebola, Lassa fever, Marburg, and Mpox.

Prof. Abbas emphasised Kano’s vulnerability as Nigeria’s commercial hub, noting the constant influx and outflow of people. “Even though we don’t have international borders, we border states that do have international boundaries with neighbouring countries, making vigilance highly necessary,” he explained.

“The KNCDC conducted comprehensive contact tracing for the Ungogo case, testing samples from the patient’s community and two hospitals he visited.

“All contacts were monitored for the maximum allowable follow-up period and remained negative,” he stated.

The Director General stressed the critical role of public enlightenment in preventing infectious disease spread, calling on media organisations to amplify health communication efforts across communities.

“The media has been our friend even before the establishment of this center. With the signing of the bill creating the Kano State Center for Disease Control, we believe our first major engagement should be with media members,” Prof. Abass said.

He urged residents to remain alert while assuring that the state’s disease surveillance and response systems were fully operational and at alert to handle any potential outbreaks or emerging threats in the State.


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LBS Described Digital Transformation in Banking, Others as Fueling Nigeria’s Economic Evolution

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The Lagos Business School (LBS) has described digital transformation in banking, finance, and taxation as “an interconnected force” fuelling Nigeria’s economic evolution. The Dean, Lagos Business School, Professor Olayinka David-West, stated this at the 35th annual conference of the Finance Correspondents Association of Nigeria (FICAN) held over the weekend in Lagos under the theme, “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance.”

The conference saw industry stakeholders, including the Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and leading banks converging to share insights and shape the country’s digital economy roadmap.

David-West, who was represented by Prof. Akintola Owolabi, Department of Cost and Management Accounting at LBS, emphasised the need for Nigeria to embark on a transformative digital journey that can redefine its economy and significantly improve the quality of life for its citizens.

She said: “Seamless digital payment systems underpin efficient tax collection; widening financial inclusion expands the taxable base; and transaction data powers evidence-based policy and enforcement.”

David-West also noted that the country’s e-commerce market is expected to exceed $16 billion by 2030, supported by pioneering platforms like Jumia and Konga.

She affirmed that the strategic vision at LBS aligns closely with advancing digital transformation and promoting financial inclusion, aiming to develop the leaders needed to navigate and drive this emerging landscape.

The LBS Dean said: “Nigeria’s digital economy is undergoing remarkable growth, energised by a young and dynamic population alongside rapid digital adoption. According to the Nigerian Communications Commission’s 2024 report, internet penetration has reached 43.5 per cent, with over 163 million Nigerians online as of March 2024.

The telecommunications sector contributes around 18 to 20 per cent to Nigeria’s GDP, highlighting the vital role of information and communication technology (ICT) as a driving force in the economy.”

She pointed out that, “this digital revolution transcends statistics; it reshapes commerce, services, and livelihoods. Our burgeoning e-commerce market, projected to exceed $16 billion by 2030, is fuelled by trailblazing platforms like Jumia and Konga.

“Innovative logistics startups such as Kwik and GIGL illustrate how digital technologies spawn entirely new value chains, enhancing efficiencies and expanding economic opportunities. Such developments promise exponential employment gains, diversification away from oil dependence, and transformative service delivery across sectors.”

According to her, with Nigeria’s fintech ecosystem attracting over $2 billion in investments in 2024, thus sustaining its position as the continent’s financial technology powerhouse, the country’s financial sector “is both a driver and beneficiary of the digital revolution.”

David-West highlighted how digital payments and mobile money services can serve as a foundation for formalising vast informal sectors, enhancing tax compliance, and integrating businesses into formal financial systems.

She, however, said: “Several challenges remain that require immediate attention, including infrastructure deficits such as unreliable electricity and limited broadband access in rural areas, as well as a shortage of digital skills that restrict economic participation.

“It is essential for regulators to carefully navigate the balance between fostering innovation and ensuring consumer protection amid rapid technological advancements.”

In his address, the chairman of the Finance Correspondents Association of Nigeria (FICAN), Mr. Chima Titus Nwokoji, said: “This year, our conference theme is both timely and urgent, focusing on the digital economy, taxation, banking, and finance. Globally, the digital economy has evolved from being merely a promising frontier to a critical backbone of modern growth.

“In Nigeria and across Africa, we find ourselves on the brink of a significant transformation driven by data, digital payments, artificial intelligence, and cross-border innovation.”

He noted that “Current statistics underscore our potential: the ICT sector contributed 18.3 per cent to Nigeria’s GDP in the second quarter of 2025, and digital payment transactions exceeded N600 trillion in the first half of the same year, showcasing a 22 per cent year-on-year growth. Mobile money usage has surpassed 73 million, successfully reaching rural communities that were previously excluded.

“To further solidify these advancements, the Central Bank of Nigeria has introduced the Payment System Vision 2020, a comprehensive blueprint for our digital future, incorporating AI, blockchain settlements, and cross-border payments enabled by the African Continental Free Trade Area.”

He pointed out that no robust digital economy can flourish without an equitable and effective tax Framework.”


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Tecom and Huawei to Host MiniFTTO Solutions Launch Event in Lagos

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Huawei
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Tecom, in partnership with Huawei, is set to host the Huawei–Tecom MiniFTTO Solutions Launch Event on Thursday September 25, 2025, at Four Points by Sheraton, Victoria Island, Lagos.

Huawei

Themed “Fiber for Every Business: Powering Connectivity into the Future”, the event which is free and open for registration via https://rb.gy/cjo48a will spotlight Huawei’s Mini Fiber To The Office (MiniFTTO) solution — an innovation designed to address the networking challenges of institutions and businesses of all sizes across Nigeria.

The Huawei MiniFTTO solution is built on F5G technologies and delivers high-performance all-optical networking tailored for diverse environments such as schools, universities, banks, hotels, government institutions, and private sector businesses. By extending fiber to every corner of an organization, MiniFTTO ensures superior user experience, simplified operations, easier maintenance, cost-effective deployment, and seamless management via mobile applications.

Speaking ahead of the event, Happiness Obioha, Managing Director of Tecom, highlighted the solution’s strategic importance for Nigeria’s digital economy: “MiniFTTO is a game-changer for Nigerian businesses and institutions. Many organizations face challenges with poor connectivity, high maintenance costs, and inefficient networks.

“With this solution, Huawei and Tecom are delivering enterprise-grade networking that is accessible, affordable, and easy to manage — enabling organizations to unlock productivity and long-term growth.”

As Huawei’s newly appointed Gold Distributor in Nigeria, Tecom will drive the adoption of MiniFTTO alongside Huawei’s broader eKit portfolio, which includes networking, collaboration, data storage, and cybersecurity products.

This partnership positions Tecom to deliver not only cutting-edge solutions like the Huawei OptiXstar series terminals (EG8145B7-50, V166a-20, C610, B866G-S2, C810E) but also the technical expertise and support required to ensure smooth implementation for Nigerian institutions and enterprises.

The launch event will bring together Internet Service Providers, telecommunications companies, enterprise resellers, corporates, banks, hotels, schools, universities, estate managers, government agencies, and other stakeholders to explore firsthand how Huawei’s MiniFTTO and eKit solutions can revolutionize operations.

Attendees will gain practical insights, engage with industry experts, and discover new pathways to digital transformation.

The Huawei–Tecom collaboration underscores a shared vision of bridging connectivity gaps across institutions and businesses, providing them with tools to scale, innovate, and thrive in Nigeria’s evolving digital landscape.

For event registration, partnerships, and media inquiries, please contact:
sales@tecom.com.ng | +234 905800 4980 | https://rb.gy/cjo48a .


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