BENUE ASSEMBLY PASSES FORESTRY, MINING COMMISSION BILL TO BOOST ECONOMY, ENVIRONMENT. (PHOTO).

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 BENUE ASSEMBLY PASSES FORESTRY, MINING COMMISSION BILL TO BOOST ECONOMY, ENVIRONMENT  The Benue State House of Assembly has passed into law a bill establishing a Forestry, Mines and Solid Minerals Commission, marking a significant step toward economic diversification and environmental protection. The move is expected to strengthen regulation in the state’s resource sector while addressing concerns around sustainability and local benefits. The bill scaled third reading during plenary presided over by Speaker Rt. Hon. Berger Alfred Emberga. It followed a detailed report by the House Committee on Lands, Survey, Solid Minerals, and Environment. Lawmakers say the new commission will coordinate the exploration and management of forest and mineral resources without clashing with federal agencies. It is designed to attract investment through Special Purpose Vehicles (SPVs), while enabling the state to collect land use fees and surface rents. The law also mandates environmental safegu...
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NOBEL ECONOMICS PRIZE AWARDED TO THREE FOR RESEARCH ON INNOVATION AND ECONOMIC GROWTH. (PHOTO).

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Nobel economics prize awarded to three for research on innovation and economic growth

Joel Mokyr, Philippe Aghion, and Peter Howitt were awarded the Nobel Memorial Prize in Economic Sciences on Monday for their groundbreaking research on how innovation drives economic growth and the process of replacing older technologies with new ones, known as “creative destruction.”

The three laureates bring different but complementary perspectives to the field. Mokyr, an economic historian at Northwestern University, analyzed long-term trends using historical sources. Aghion, of the Collège de France and the London School of Economics, and Howitt, a Canadian-born economist at Brown University, applied mathematical models to explain the dynamics of creative destruction. Mokyr, 79, said he was shocked by the honor, joking that he felt more likely to be elected Pope than to win the Nobel Prize in economics. Aghion, 69, called the recognition “breathtaking” and said he planned to invest the prize money in his research laboratory.

The committee praised the trio for clarifying how innovations replace outdated technologies in a self-sustaining cycle of economic progress. Mokyr’s work demonstrated the importance of scientific understanding for successful innovation, while Aghion and Howitt created models quantifying the mechanisms of sustained growth. Their research builds on the concept introduced by economist Joseph Schumpeter in 1942, showing that economic growth depends on continual technological renewal.

Aghion, who has advised French President Emmanuel Macron and co-chaired France’s Artificial Intelligence Commission, cautioned against protectionist policies, noting they could hinder global growth and innovation. The prize, totaling 11 million Swedish kronor (nearly $1.2 million), is split between Mokyr and the duo of Aghion and Howitt, and includes an 18-carat gold medal and a diploma.

Officially named the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the award was established in 1968 and is presented alongside the five original Nobel Prizes each Dec. 10. To date, 99 economists have received the prize, with only three women among the laureates.


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