Agriculture
WTO slashes 2023 global trade forecast as recession looms
The World Trade Organization on Wednesday dramatically lowered its global trade forecast for 2023, as Russia’s war in Ukraine and other shocks take their toll on the world economy.
“Today the global economy faces multi-prong crises. Monetary tightening is weighing on growth across much of the world,” WTO Director-General Ngozi Okonjo-Iweala told reporters in Geneva.
Presenting a revision of their annual trade forecast, WTO economists said they still anticipate global economic growth to rise by 2.8 percent this year, in line with their expectations in April.
But they said that for 2023, GDP growth is now expected to be just 2.3 percent, down from the previous forecast of 3.2 percent.
By way of comparison, the Organisation for Economic Co-operation and Development, which has maintained its 2022 forecast at three percent, expects 2.2 percent growth next year.
The International Monetary Fund forecasts growth at 3.2 percent this year and 2.9 percent in 2023.
As for global merchandise trade, WTO economists said they now expect its volume to grow 3.5 percent this year, which is slightly higher than previously expected.
They then expect the volume to grow by only one percent in 2023 — dramatically down from the 3.4 percent forecast in April.
“The picture for 2023 has darkened considerably,” Okonjo-Iweala said.
READ ALSO: IMF Raises Nigeria’s Economic Growth Projection to 3.4%
The WTO said surging energy prices in Europe, stemming from the war in Ukraine, were expected to squeeze household spending and raise manufacturing costs on the continent.
Meanwhile monetary policy tightening in the United States was hitting the housing, motor vehicle and fixed investment sectors, and China was still grappling with Covid-19 outbreaks and production disruptions.
Furthermore, the growing import bills for fuel, food and fertiliser risked leading to more food insecurity and debt distress in developing countries, the WTO said.
If its forecasts pan out, world trade will slow considerably next year, but will still continue to grow.
The global trade body stressed the vast uncertainty surrounding the forecasts, due to “shifting monetary policy in advanced economies and the unpredictable nature of the Russia-Ukraine war.”
If the situation deteriorates, the WTO warned that trade growth next year could be as low as minus 2.8 percent, but it emphasised that if things shift in a more positive direction, it could be as high as 4.6 percent.
Last week, Okonjo-Iweala warned that Russia’s war in Ukraine, the climate crisis, food price and energy shocks plus the aftermath of the Covid-19 pandemic were creating the conditions for a world recession.
“Now we have to weather what looks like an oncoming recession,” she told the opening of the WTO’s annual public forum in Geneva.
The Borno Government has announced the creation of Ministry of Livestock and Fishery Development to align its
Development strategy with Federal Government initiatives, and boost the state’s economic potential.
Gov. Babagana Zulum made the announcement on Tuesday during the swearing in of two commissioners at the council chambers of the Government House.
Zulum underscored the importance of livestock and fisheries as vital sectors with untapped revenue potential.
He emphasised that the new ministry would focus on high-yield livestock breeds, milk production and fisheries, targeting both domestic consumption and export opportunities.
The governor said that “no state government can make substantial money in livestock alone, but we believe with the right investment and political will, the sector can generate significant revenue.”
He said that the growing demand for milk by yogurt companies and the proximity of Maiduguri to Asian and Arab markets, are great opportunities for dairy exportation.
The governor, therefore, assigned the Deputy Governor, Dr Umar Kadafur, to oversee the activities of the new ministry, citing his practical experience and passion for livestock development.
He said “livestock development is not just about academic qualifications, it is about practice and the deputy governor has demonstrated capability in that regard.”
According to him, the ministry will prioritise procuring high-yielding livestock varieties, enhancing milk production and creating sustainable rural projects to support
Local communities.
He said that projects in Mafa, Gajiram and in Southern Borno will soon be launched under the new ministry’s purview.
The governor urged civil servants and ministry personnel to take ownership of the new initiative, adding that the ministry’s success would contribute to the states
Long-term economic stability and self-reliance.
The Port Harcourt Refinery, managed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) through the Port Harcourt Refining Company Limited (PHRC) has commenced operations after undergoing rehabilitation and modernisation.
The refinery with 210,000 bpd refining capacity located at Alesa, Eleme, in Port Harcourt, comprises two operational units which were established in 1965 and 1989.
The News Agency of Nigeria (NAN) reports that the old plant refines a capacity of 60,000 barrels per day (bpd), while the new plant refines 150,000 bpd.
It would be recalled that the Federal Government, under former President, Muhammadu Buhari, had in March 2021 secured a 1.5 billion dollars loan to rehabilitate the facility which contract was awarded to an Italian firm, Tecnimont S.P.A, a subsidiary of Maire Tecnimont Group.
NAN) reports that Malam Mele Kyari, the Group Chief Executive Officer of NNPC Ltd. is leading the team to inspect the first lifting of petroleum product from the facility after its rehabilitation.
Alia appoints head of agric company, others
Gov. Hyacinth Alia has approved the appointment of Mr. Donald Aorkwagh Akule as the Managing Director/Chief Executive Officer of the Benue State Agricultural Development Company (ADC).
The governor also approved the appointment of Dr Aondoakaa Asambe as Principal Special Assistant (PSA) on Livestock Development and Animal Transboundary Disease Control.
The appointments were announced in a statement signed by his Chief Press Secretary (CPS), Sir Tersoo Kula, and made available to the News Agency of Nigeria (NAN) in Makurdi on Friday.
According to the statement, the governor also appointed Mr Abraham Agogo as Senior Special Assistant (SSA) on Community Mobilisation.
The statement added that the appointments take immediate effect.
It said that Akule brings over 15 years of experience in agricultural systems, community development, research and development, and food processing.
He holds a B.Sc. in Food Science and Technology from Joseph Sarwuan Tarka University, Makurdi, and is a Certified Fellow in Agricultural Systems Development under USAID and Lagos Business School.
Meanwhile, Asambe, a member of the Nigeria Veterinary Medical Association and a registered veterinary surgeon with the Veterinary Council of Nigeria, has been a lecturer at Federal University, Dutsima, for the past 12 years.
He holds a Doctor of Veterinary Medicine at the University of Agriculture, Makurdi (now Joseph Sarwuan Tarka University, Makurdi).
He also holds a postgraduate degree in Food Animal Medicine at the Ahmadu Bello University, Zaria.
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