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NBS Sees Growth, Increased Spending This Year

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Nigeria’s economic growth is forecast to accelerate by 3.8 percent this year driven by the proposed higher expenditure in this year’s budget, according to Bloomberg.

The growth according to National Bureau of Statistics (NBS) would be the fastest in 16 years as the government increases investment in power and housing projects and tackles wasteful spending.

According to the NBS, growth in gross domestic product is forecast to be 3.8 percent in 2016 from an estimated 3 percent last year.

The government agency claimed that the plunge in oil prices that’s hammering government revenue is fuelling a transformation of the economy.

“The government is using the 2016 budget as an opportunity to reset and redirect the macroeconomic dynamics of the country,” according to the report.

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Proposals to plug fiscal leakages and invest at least 1.6 trillion naira ($8 billion) in capital projects are steps moving the economy in the right direction, the agency said.

The spending will help “jumpstart” economic growth, the agency said, predicting an annual average of 5.4 percent expansion over the three years from 2017.

Nigeria is Africa’s biggest economy and largest producer of oil, which generates about two-thirds of state revenue. The government is in talks for loans worth $3.5 billion from the World Bank and African Development Bank as it tries to combat sluggish growth with record spending this year. The borrowing could help cover Nigeria’s budget deficit, which is expected to widen to 3 trillion naira in 2016, up from an initial estimate of 2.2 trillion naira.

The International Monetary Fund is willing to help Nigeria if there’s need as it comes with up a national response to an external shock, Managing Director Christine Lagarde said during an online press conference from Washington on Thursday.

President Muhammadu Buhari has proposed raising 2016 expenditure by a fifth to 6.1 trillion naira with a budget based on a price of $38 per barrel of oil and expectations the economy will expand 4.4 percent.

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The Senate is on track to pass the 2016 budget on Feb. 25, said chairman of the appropriation committee, Danjuma Goje, on Thursday in the capital, Abuja.

Rising spending may add pressure to inflation, which the statistics agency forecasts will accelerate to 10.2 percent this year from 9.6 percent in December, staying above the central bank’s target of 6 percent to 9 percent.

Lagarde on Thursday repeated the message she delivered on a visit to Nigeria last month that the IMF supports greater flexibility in the currency, saying the “persistent pegging of the naira would not be such a good idea.”

Buhari has resisted calls by investors to devalue the currency, which has traded at 197-199 per dollar since March after the central bank tightened import controls and placed restrictions on foreign-currency trading.

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World Bank Debars United Aviation Services, Owner over Fraudulent Activities

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The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.

World Bank Debars United Aviation Services, Owner over Fraudulent Activities

The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.

However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”

“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.

The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.

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As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.

UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.

“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”

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Enugu State Approves Land for ITF’s Digital Fabrication Centre

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Governor Peter Mbah of Enugu State, has approved the allocation of a parcel of land in Enugu, the state capital, for the establishment of a state-of-the-art Digital Fabrication Centre by the Industrial Training Fund.

Mbah announced this while receiving a delegation from the Industrial Training Fund on a courtesy visit to the Government House, Enugu.

The ITF disclosed this on Friday in a statement signed by its Director of Press and Public Relations, Thomas Ngor.

According to the statement, Mbah described the proposed project as timely and aligned with his administration’s vision of transforming Enugu into a leading destination for investment, innovation and technology-driven industrial development.

He noted that the future of economic prosperity lies in deliberate investments in human capital and emerging technologies, adding that the state has continued to create an enabling environment for innovation, enterprise and sustainable growth.

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The governor explained that his administration has made technical education compulsory in the state’s basic education system, with emphasis on digital literacy, robotics and mechatronics to prepare learners for the future of work.

According to him, many traditional trades are now driven by digital technologies, making it imperative to equip young people with relevant technical competencies that will enable them to compete globally and contribute meaningfully to economic development.

Governor Mbah further disclosed that his administration has built smart schools across the state, equipped with robotics centres, mechatronics laboratories and other modern learning facilities, to prepare youths for the evolving global economy.

He noted that artificial intelligence is expected to contribute about $20tn to the global economy in the coming years.

He therefore stressed that the state must be intentional about upskilling its citizens, adding that the establishment of the ITF Digital Fabrication Centre will significantly strengthen the state’s drive to build a knowledge-based economy, foster innovation, promote local manufacturing and create employment opportunities for its growing youthful population.

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Earlier, Afiz Ogun, the Director-General of the ITF, who led the delegation, said that upon his appointment by President Bola Tinubu, he was mandated to upskill Nigerian artisans to international standards.

He explained that the Fund subsequently repositioned its technical and vocational skills development efforts through strategic initiatives, including the Skill-Up Artisans Programme, which is designed to train, certify and license Nigerian artisans to international standards.

Ogun disclosed that the Fund had already established a Digital Fabrication Centre in Ikeja, Lagos, with the capacity to produce more than 400 different products. He therefore requested the allocation of land in Enugu State to establish a similar centre with the same production capacity.

According to him, the initiative is aimed at promoting industrialisation, reducing dependence on imports and preparing Nigerians for opportunities in the Fourth Industrial Revolution.

He also reaffirmed the Fund’s readiness to enter into public-private partnerships that will transform Nigeria’s artisanal ecosystem.

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Ogun further noted that digital technologies, including artificial intelligence, robotics and computer-aided manufacturing, are rapidly transforming the global economy, making it imperative for Nigeria to deliberately invest in upskilling its workforce to remain globally competitive.

The ITF delegation was later conducted on a guided tour of facilities at one of the smart schools established by the Enugu State Government.

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Glovo Pioneers AI Quick-Commerce

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Glovo, a multi-category tech company, has announced its integration into the generative AI ecosystem with the launch of its “Shopping Assistant” for ChatGPT and Claude. Users can now discover retail products, compare prices, and seamlessly order any item using natural conversational language with the AI systems.

The Glovo experience inside such platforms introduces a conversational commerce model that shifts from a search-based web to an intent-based web. Rather than navigating traditional app menus and filters, users can express needs, such as asking for a “last-minute gift for a coffee lover under ₦50,000”, and the assistant handles semantic search, location validation, and product curation.

A Seamless, Concierge-Like Experience

Once both platforms have been connected through either ChatGPT or Claude apps, the user will be able to have a multi-turn dialogue where the assistant remembers context and constraints, such as budget caps. Users receive a visual carousel of up to five highly customised product options available at local stores. Each product displays its image, name, store details and ratings, and price. While the search and discovery experience takes place directly on the Generative AI platforms, selecting a product via the “view on Glovo” button takes the user to the Glovo mobile or web app, where the payment and final purchase are exclusively completed.

Strategic Focus on Retail and Growth

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Glovo is prioritising the retail and grocery sectors for this initial launch, capturing the established habit of using AI for product research. Generative AI has driven a significant jump in retail traffic globally, so this first-mover advantage aims to meet customers where they are meeting Gen AI daily, and ensure it captures high-intent organic traffic as search behaviours evolve.

“We’re always looking for ways to meet our customers where they already are. Being available on Claude and ChatGPT means people can discover what Glovo has to offer as part of a natural conversation, with no friction. Glovo has always been about being the everyday app that provides choice and convenience, and this is another step in that direction”, said Shiro Theuri, Chief Technology Officer at Glovo.

How to look for products in the Glovo app through ChatGPT or Claude

  1. The user must sync ChatGPT or Claude with the Glovo app with the plug-in.
  2. Once synced, the user must type in @glovo followed by their request.
  3. The AI platform displays a carousel with 5 available options for the user.
  4. If the user wants to purchase any of the products or continue searching within the Glovo app, they must click “View on Glovo”, which will redirect the user to the Glovo app or website.
  5. After the order is confirmed, the store will prepare the item(s) and the courier will head up to the pick-up location. The user will receive the order in minutes.

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