Uncategorized
Good start of Chinese economy in 2023 boosts confidence of world
By He Yin, People’s Daily
China’s GDP grew 4.5 percent year on year in the first quarter of 2023, according to statistics released by the country’s National Bureau of Statistics on April 18.
The sound performance was said to be a solid start of the Chinese economy in 2023 by international community, and the world is confident about China’s long-term economic resilience and vitality. It is believed that China will continue injecting strong impetus into global recovery.
This performance was a hard-won result achieved in an external environment that was volatile and grave.
Since this year, as the country has achieved a smooth transition in COVID-19 response and front-loaded the policies to stabilize growth, employment and commodity price, it has accumulated more positive factors.
Multiple international organizations and investment institutions had lifted their forecast on China’s economic growth this year.
After the Q1 performance was released, global media outlets, seeing the energy and vitality of the Chinese economy, described it with “recovery,” “rebound,” and “prosperity.”
The encouraging momentum of rebound of the Chinese economy has laid a solid foundation for the country to achieve its annual targets. Both Citigroup and Societe Generale have raised their forecast on China’s annual growth since the release of the country’s Q1 performance. This once again indicated the recent remarks by World Bank Group President David Malpass that global growth is expected to be weak this year, but China will be an exception to the slowdown.
Consumption, one of the three major driving forces of China’s economic growth, played a prominent role in the country’s economic development in the first quarter and demonstrated the dynamic internal impetus of the Chinese economy.
China’s retail sales of consumer goods went up 5.8 percent year on year in the first quarter of this year, and the retail sales of services maintained double-digit growth in the same period. Final consumption contributed 66.6 percent to the economic growth, much higher than the whole-year figure in 2022.
The third China International Consumer Products Expo was held recently in south China’s Hainan province. Over 1,000 products under 300 global brands made their debut at the event. It fully proved that to explore the huge potential of the Chinese consumption market is a consensus of global enterprises.
China is witnessing continuous expansion of consumption scenarios, improved consumption expectation, growing market sales and obviously rebounding service consumption. An Associated Press report said that China’s economic growth is accelerating with consumption boost.
A foreign scholar noted that China’s bright economic prospects come from more flexible and higher-quality development.
Since this year, China has actively given play to the key role of investment to drive high-quality development. It expanded investment in key areas and livelihood sectors, and witnessed sound growth in manufacturing investment. In particular, the investment in high-tech manufacturing jumped 15.2 percent.
China’s commitment to high-quality development is mirrored by the country’s growing solar and wind power generating capacity as well as the soaring sales of new energy vehicles, said Chief executive officer Shakeel Ahmad Ramay of the Asian Institute of Eco-civilization Research and Development in Pakistan.
Senior executives of multinational corporations have paid frequent visits to China this year, with many enterprises announcing to expand their investment in China. In the first two months, China’s foreign direct investment, in actual use, reached $40 billion, and the figure is keeping growing.
It has become a broad consensus that advancing with China is advancing with opportunities, and investing in China is investing in the future.
The encouraging momentum of rebound of the Chinese economy has provided more opportunities for the rest of the world.
In the first quarter, China’s foreign trade of goods went up 4.8 percent year on year. In particular, trade with countries along the Belt and Road surged 16.8 percent, while that with other participating countries of the Regional Comprehensive Economic Partnership rose 7.3 percent.
In the same period, China’s outbound shipments of solar batteries, lithium-ion batteries and electric vehicles surged 66.9 percent on a yearly basis. Cross-border e-commerce and other new businesses also saw rapid growth. This well explains the supportive role played by new drivers in the foreign trade sector.
In its latest annual trade statistics and outlook report, the WTO lifted its forecast for global trade growth in 2023 to 1.7 percent from the previous estimate of 1.0 percent, saying China is a “key factor” of this increase and the release of the demand for consumption will promote global trade growth. A Bloomberg report noted that the growth in China’s exports boosted economic prospects and suggested that global growth may be better than expected.
The good start of the Chinese economy this year once again proved that fundamentals of China’s economic growth remain unchanged, and China’s advantages of its large-scale market and complete industrial system remain unchanged.
China has the confidence and ability to sail the giant ship of the Chinese economy steadily ahead against all winds and waves, and make even greater contributions to the global economy.
Uncategorized
Bank Cannot Freeze Customer’s Account Without Valid Court Order — Zarewa
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.
Uncategorized
Gov AbdulRazaq Inaugurates 464-Unit Housing Estate In Kwara
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.
Uncategorized
Scholars Hail Late Sheik Kamalu-deen’s Legacies iN Education, Leadership
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.
-
Uncategorized6 years agoFG, states urged to harness flooding for ranching, others with technology – Agbaje
-
Headlines11 years agoBreaking: EFCC seals Borno House of Assembly, as Hon members take to their heels
-
News12 years agoNigeria Security Operatives Stage Manhunt For Homosexual Perpetrator
-
News10 years agoHow 21-year-old Girl fled community over accusation of lesbianism
-
News11 years agoYobe Gov Moves Against Deputy
-
Opinion7 years ago7 signs she has friend zoned you
-
Technology5 years ago
Online job placement company headhunts women
-
Headlines10 years agoBorno Dep Gov Abducts Another Church Leader
