Connect with us

Uncategorized

Asian economies inject strong impetus into global recovery

Published

on

By Xu Xiujun
The Boao Forum for Asia (BFA)’s annual conference, held from March 28 to 31 in Boao, a coastal town in China’s island province of Hainan, has attracted global attention.
As world recovery remains sluggish, Asia, the world’s most dynamic and promising region, is seeing greater endogenous growth momentum and will inject a strong impetus into the recovery of the global economy.
The BFA Asian Economic Outlook and Integration Progress Annual Report 2023 points out that as a major engine of the world economy, Asia is expected to accelerate its pace in overall economic recovery in 2023. This report estimates that the weighted real GDP growth rate of Asia in 2023 would be 4.5 percent, an increase from 4.2 percent in 2022, making it a standout performer in view of the global economic slowdown.
China will unquestionably be the largest driver of Asia’s economic growth this year. After the country optimized its COVID-19 response measures, it has witnessed a rapid recovery of its economic and social vitality.
The Chinese government has launched a series of policies that accelerated the pace of economic pickup and boosted market confidence. Many international organizations have lifted their forecast on the growth of the Chinese economy, which they believe will also spur the growth of Asia as a result.
Given the uprising of unilateralism and protectionism, the global trade dependence on Asia has remained stable overall, with trade dependence between Asian economies standing at a relatively high level.
Trade and economic relations between Asian economies have become closer with the active participation and promotion of China.
According to statistics released by the General Administration of Customs of China, the country’s total trade in goods hit a record high of 42.07 trillion yuan ($6.11 trillion) in 2022, topping the world for six consecutive years.
The Association of Southeast Asian Nations (ASEAN) remained China’s largest trading partner, with bilateral trade in goods reaching 6.52 trillion yuan, up 15 percent from a year ago. South Korea, Japan, India and other Asian economies were important trading partners of China as well.
China is accelerating the establishment of a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. This provides new impetus and opportunities for strengthening China’s economic and trade cooperation with other Asian economies.
The country’s high-quality implementation of the Regional Comprehensive Economic Partnership also creates more dividends of institutional opening up for regional economic integration.
Last year, the 17th Group of 20 Summit and the 29th Asia-Pacific Economic Cooperation Economic Leaders’ Meeting were held in Indonesia and Thailand, respectively. This mirrored a more active leading role played by Asia in global economic governance.
In terms of trade and investment governance, Asian countries proactively safeguard multilateralism, advocate trade and investment liberalization and facilitation, support the multilateral trading system with the World Trade Organization at its core, and work for positive progress in the reform of the system.
In monetary and financial governance, Asian countries actively promote the construction of regional and global financial security networks, push for the settlement in local currency and currency swap within the region, and support the reform of international financial institutes.
With regard to improving global development governance, Asian countries have actively responded to the Global Development Initiative, promoted the high-quality development of the Belt and Road Initiative through joint efforts, and implemented the UN 2030 Agenda for Sustainable Development, to steer global development toward a new stage of balanced, coordinated and inclusive growth.
It is the solidarity and cooperation between Asian countries and their peoples that leads Asia to prosperity. The “Asian Miracle” calls for the endogenous impetus of Asia’s development. As the largest Asian economy, China will continue providing new opportunities for the continent’s progress with its own development.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

Bank Cannot Freeze Customer’s Account Without Valid Court Order — Zarewa

Published

on

A legal practitioner, Mr M. D. Zarewa, has said that a bank cannot freeze or restrict a customer’s account without a valid court order.
Zarewa said it was prevalent in the society for law enforcement agencies to give directives to banks to freeze customers’ accounts whenever there was a pending case before them, adding that banks often complied with such directives.
He, however, said such practice was alien to Nigeria’s jurisprudence, stressing that banks were enjoined not to interfere with or restrict the activities of any customer’s account without a valid court order.
According to him, it is trite law and settled beyond argument that a bank cannot freeze a customer’s account without a valid court order.
He said the position was entrenched in the case of GTB Plc v. Olachi & Anor (2025) LPELR-81833(CA), where the Court of Appeal held that “whether frozen or restricted, neither can be done without the valid order of a Court of Law.”
Zarewa further cited GTBank v. Adedamola (2019) 5 NWLR (Pt. 1664) 30 at 43, Paras. E-F, where the court held:
“Before freezing customer’s account or placing any form of restraint on any account, the bank must be satisfied that there is an Order of Court.
“By the provisions of Section 34 of the Economic and Financial Crimes Commission Act 2004, the Economic and Financial Crimes Commission has no power to give direct instructions to banks to freeze the account of a customer without an Order of Court. So doing, constitutes a flagrant disregard and violation of the rights of a customer.”
The lawyer said any customer whose account had been frozen or restricted without a valid court order could institute a suit against the bank for grossly violating his or her rights.
He said such a customer could particularly seek redress for the violation of the right to own movable and immovable property and seek compensation from the court.
Furthermore, Zarewa said the law was trite that where there was a wrong, there was a remedy, as captured in the Latin maxim, Ubi jus ibi remedium.

Continue Reading

Uncategorized

Gov AbdulRazaq Inaugurates 464-Unit Housing Estate In Kwara

Published

on

Stephen Olufemi Oni, Ilorin

​‌‌‌‍‍​‍⁠⁠‍​​⁠​⁠Kwara State Governor AbdulRahman AbdulRazaq has inaugurated the ‘AbdulRahman AbdulRazaq Morire Housing Estate’ in Ijagbo, Oyun Local Government Area of the State.

Speaking at the groundbreaking of the housing estates, which included 210 units of two-bedroom terrace apartments, 200 units of three-bedroom units and 54 units of four-bedroom terrace duplexes, the
Governor, noted that housing should not be seen or regarded as a luxury, but rather as a fundamental human requirement and cornerstone of dignity, security, and family stability, lamenting the daunting challenge of addressing housing deficits across the country.

He said: “Dear Kwarans, housing is not a luxury. Basic housing is a
fundamental human need and a cornerstone of dignity, security,
and family stability. Yet, across Nigeria and indeed in Kwara State,
the challenge of addressing housing deficit is daunting.

“This administration believes that inadequacy of proper shelter
for Nigerians is not merely a problem of not building enough
houses. Indeed, several studies have attributed the housing deficit in Nigeria to a complex mix of causes, key among them being high costs and rising costs of building materials, weak finance, difficult land systems, infrastructure gaps, institutional limitations, among others.

“On behalf of the people of Kwara, I thank the management of ISHI
Homes Limited for this partnership and for choosing Kwara State
as the location for this important development.”

Represented by the Commissioner for Housing and Urban Development, Dr Segun Ogunsola, the Governor applauded the developer for recognising his administration’s contributions to mass housing development in the State.

“The administration has consistently placed housing development high on its agenda. The government recognises access to decent and affordable housing as essential to the wellbeing of the people.

“The State Government has also been in active collaboration with
institutional partners including the Federal Ministry of Housing
with a view to increasing housing stock in the State.

“Recently, we acquired a housing estate with over 130 flats at
Ogbondoroko in Asa LGA of the State. Government has approved
that the estate be onboarded onto the administration’s social
support scheme,” he disclosed.

AbdulRazaq said the commitment was reflected in the development of the Kwara Smart City and other mass housing initiatives across the State.

The Governor disclosed that his reforms in land administration have reduced the processing time for Certificate of Occupancy (C of O) from 180 days to 35 days.

AbdulRazaq said the improved turnaround time demonstrated the administration’s commitment to making land administration more transparent, efficient and investor-friendly.

Earlier in his remarks, the Chief Executive Officer (CEO) of ISHI Homes, Dr Olayinka Ilufoye, said the project was intended to democratise home ownership and make decent and affordable housing accessible to the people of Kwara South senatorial district.

Ilufoye said the estate was meant for civil servants, traders and other Nigerians who can access it through the National Housing Fund (NHF).

“The name AbdulRahman AbdulRazaq Morire, which translates to ‘I have seen goodness’, is a deliberate expression of our faith, hope and expectation.

“We believe this estate will become a testimony of prosperity, progress and abundance in Kwara South,” he said.

Ilufoye pledged that the company would remain committed to transparency, accountability, quality construction and timely delivery.

The Executive Chairman of the Kwara State Geographic Information Service (KWGIS), Alhaji Sulyman Abdulkareem said the state government has consistently placed housing development high on its development agenda.

He commended the state government for ensuring access to land, facilitating the prompt issuance of titles and certificate of occupancy.

Abdulkareem pointed out that by providing timely approval for mortgage transactions, the Governor is creating the conditions necessary for housing development to thrive in Kwara State.

Continue Reading

Uncategorized

Scholars Hail Late Sheik Kamalu-deen’s Legacies iN Education, Leadership

Published

on

Stephen Olufemi Oni, Ilorin

Nigeria, and the world at large, are in dire need of exemplary leaders like the late Founder of the Ansarul Islam Society of Nigeria, Sheik Muhammad Kamalu-deen al- Adabbiy.

This was the submission of various scholars at a media briefing in ilorin, the Kwara State capital, to usher in the Society’s week-long activities to commemorate the 100 years of the establishment of the Az-Zumratul Adabiyatul Kamaliyyah School of Arabic and Islamic Studies, in Okekere, Ilorin.

The school was fouded by the late Sheik Kamalu-deen in 1942.

Born in 1905, the late Sheik Kamalu-deen was one of Nigeria’s foremost Islamic scholars and educational piooneers who transformed deep Islamic religoius learning into education and also advocated the acquisition of western education .

He also served as a Councillor and Member of the Ilorin Native Authority Transition Committee between 1958 and 1961and was appointed as the first grand mufti of Ilorin by the Emir of Ilorin.

The late Kamalu-deen al- Adabbiy died in 2005 at the aged of 100 years, leaving behind impactful legacies in the propagation of Islamic religion, scholarship, education and leadership.

Addressing journalists at the ancient hall of the Az-Zumratul Adabiyatul Kamaliyyah School of Arabic and Islamic Studies in Okekere, Ilorin, the spokesperson, Prof Kamil Kamaldeen, said the late sheikh was “non discriminatory” in all his policies, a virtue he said was lacking in most leaders today.

“We are here to celebrate the legacies of the late Sheikh Muhammad Kamalu-deen al-Adabbiy not to tell his history, at a time when the world continues to need what he stood for. We are in a world today that we are looking for leaders who will serve without puting themselves first, no matter where we come from,” he said

The Registrar was flanked by the Vice Chancellor of the Muhammad Kamalu-deen University, Prof AbdulRasheed Jimoh, General Overseer of the Az-Zumratul school, Sheik Mustapha Kamalu-deen al- Adabby, Grand Khadi of the Kwara State Sharia Court of Appeal, Justice Abdulateef Kamaldeen, National Missioner of Ansarul Islam Society of Nigeria, Sheik Abdulmumini Ayara, retired Grand Khadi of the Kwara state Sharia Court of Appeal, Justice Idris Haroon and a foremost islamic Scholar, Sheik Sharafadeen Ajara .

Others included the President of Az-Zumratul alumni association, Ustaz Abdullahi Oni-Tolotolo, and the Principal of the School.

They noted that the late Sheikh Kamalu-deen had through his preachings, established educational structures and selfless leadership qualities, produced worthy ambassadors in all spheres of disciplines, urging leaders at all levels to invest heavily in education .

“No society loses from investing in education, it can only gain, no society loses when you build skills, you can only gain,” they added.

The Scholars also charged leaders to take a cue from the late Sheikh Kamalu-deen whom they said was always willing to collaborate with scholars and leaders of like minds in a bid to bring advancement and progress to his community, citing his link with Al-Ahhar University, Cairo, as beneficial in advancement of higher Islamic studies in Ilorin.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.