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Global Growth Steady at 3.1% in 2024 – IMF

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The International Monetary (IMF) said global growth was projected at 3.1 per cent in 2024 and 3.2 per cent in 2025.

This was according to the IMF’s latest World Economic Outlook (WEO) Update Report for January 2024: “Moderating Inflation and Steady Growth Open Path to Soft Landing” released on Tuesday in South Africa.

The report said the 2024 forecast was 0.

2 percentage points higher than the October projections of the 2023 WEO.

It said this was on account of greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China.

“The forecast for 2024–25 is, however, below the historical (2000–19) average of 3.

8 per cent.

“With elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity, and low underlying productivity growth.”

The report showed growth in Sub-Saharan Africa was projected at 3.8 in 2024 and 4.1 in 2025.

It revealed that economic growth in Nigeria is projected at 3.0 in 2024 and 3.1 in 2025.

The report said inflation was falling faster than expected in most regions, amid unwinding supply-side issues and restrictive monetary policy.

It said global headline inflation was expected to fall to 5.8 per cent in 2024 and to 4.4 per cent in 2025, with the 2025 forecast revised down.

The report said with disinflation and steady growth, the likelihood of a hard landing had receded, and risks to global growth were broadly balanced.

“On the upside, faster disinflation could lead to further easing of financial conditions.

“Looser fiscal policy than necessary and then assumed in the projections could imply temporarily higher growth, but at the risk of a more costly adjustment later on.

” On the downside, new commodity price spikes from geopolitical shocks including continued attacks in the Red Sea and supply disruptions or more persistent underlying inflation could prolong tight monetary conditions.

” Deepening property sector woes in China or, elsewhere, a disruptive turn to tax hikes and spending cuts could also cause growth disappointments.”

The report stated that policymakers’ near-term challenge was to successfully manage the final descent of inflation to target, calibrating monetary policy in response to underlying inflation dynamics.

“At the same time, in many cases, with inflation declining and economies better able to absorb effects of fiscal tightening, a renewed focus on fiscal consolidation to rebuild budgetary capacity to deal with future shocks is needed.

“There is also the need to raise revenue for new spending priorities and curb the rise of public debt.

“Targeted and carefully sequenced structural reforms would reinforce productivity growth and debt sustainability and accelerate convergence toward higher income levels.

“More efficient multilateral coordination is needed for, among other things, debt resolution, to avoid debt distress and create space for necessary investments, as well as to mitigate the effects of climate change.”

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Mutfwang Declares War against Land Invaders in Plateau

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From Jude Dangwam, Jos

The Governor of Plateau State, Caleb Mutfwang has declared that the state would not surrender any of its land to any violent body or group.

Mufwang reiterated his commitment in providing adequate securities to farmers across troubled communities in order to boost food production in the state.

He said this while addressing Berom Nation at the 2024 Nzem Berom Cultural Festival held at the famous Rwang Pam Township Stadium at the weekend in Jos, the Plateau State capital.

Mufwang said the State plays a key role in contributing to national food security and as such machineries have since been put in place to safeguard farmers in this year’s farming season.

“Plateau people are not beggars; if nobody supports us, we don’t ourselves. This resilience kept us together over the years despite the attacks.

“And that is why today; the contribution of the people of Plateau State to the national food basket cannot be underestimated. If not for food that comes from Plateau State, Nigeria will go hungry.

“In the coming days, we will stand shoulder to shoulder to resist those who seek to decimate us, we will stand shoulder to shoulder to protect the land that God has given us for inheritance. Though the giants may be on our way to hinder but God will give us victory, God will be with us as He has always over the years,” he stated

He added, “this year, we are making arrangements to beef up the security around our farmlands, I therefore urged you to go back to the farm, we will not surrender the farmlands to anyone.

“We are trusting God that security will begin to move round and make sure that our people go to the farm and return safely. By the grace of God, we will continue to work with the security agencies on ground and make sure they do their jobs better and better.” He noted

He commended the Berom Nation for their doggedness and determination to add value to their society with the launching and fund raising for the building of a training hub to complement government efforts as a people.

The Governor further appealed to citizens of the state who have gotten fertilizer not to resale them but make good use of the fertilizers on their farms, adding that the state is expecting a little more from the federal government and only verified farmers will have access to them.

Mutfwang promised to redeem the pledges made four years ago to the Berom Nation by the last administration of Simon Lalong at the turn of N25mn.

He equally announced his personal support to the “Wurom Legacy Trust Fund” to support the training of 75 young women, and 75 young men at the Hub respectively.

The President of the Plateau State Council of Chiefs and the Gbong Gwom Jos, Da Jacob Gyang Buba appealed for adequate protection of his people as they returned back to their ancestral land to cultivate which were earlier displaced from.

“Our people have gone back to their lands to continue the age-old traditions of farming. We will appeal that the security works with the government of Plateau state to ensure protection for the people so that we can produce the food that we will need to sustain our lives, not only in Plateau state, but in Nigeria as a whole,” he stated

The Royal father lamented that prices of food have been so disturbing because the demand has kept rising on a daily basis with the supply being shut down by the displacement of locals at various locations in the state.

“The food supply has been shut, not because our people are lazy, but because of the insecurity. And so we will appeal for security so that we can continue to farm and feed our people accordingly.

“We will also appeal to the government to ensure the peaceful coexistence of the people of Plateau State. But like I said, the lands that each ethnic nationality occupies was given by God,” Buba reiterated

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Again, TAJBank Wins ‘Best Islamic Bank Award’

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By Tony Obiechina, Abuja

TAJBank Limited, Nigeria’s fastest-growing non-interest banking services provider, has won the Islamic Finance News’ (IFN’s) “Best Islamic Bank in Nigeria 2023”, beating other nominees from across the global geopolitical zones in the competition.

The IFN’s Organizing Committee stated that the award was conferred on TAJBank in recognition of its superior value-adding, world-class products and innovative service delivery to non-interest banking customers globally.

In his acceptance speech, the bank’s Founder/CEO, Mr. Hamid Joda, commended the IFN’s Committee for the global recognition, saying “the Board and management of TAJBank are grateful for recognizing our bank as an emerging frontline player in the global Islamic banking landscape and my humble self for the IFN Award for 2023.

“As we keep saying, these awards and several others TAJBank has received in the past three years will further encourage us to do more in surpassing the expectations of our growing customers in terms of quality products and service delivery for invaluable value-addition to them and their businesses”, Joda added.

Also commenting on the IFN 2023 awards, the bank’s Co-Founder/Executive Director, Mr. Sherif Idi, lauded “the IFN for the award and our customers for their growing confidence in TAJBank to deliver superior products and services with, in some cases, personalized touches to confirm to them that our only interest is in them.”

The IFN Organizing Committee commended the TAJBank for hard work, persistence, and innovative strategies that enables the bank to make giant strides despite the whirlwinds in the Nigerian economy.

The selection of winners for the 2023 IFN competition was conducted by the IFN Organizing Committee with support from the Redmoney Group, the foremost global provider of specialized Islamic financial media services across three core divisions of events, publishing, and training.

It would be recalled that TAJBank had won the BusinessDay newspaper’s ‘Islamic Bank of The Year’ awards for 2021, 2022 and 2023 and before then clinched the Leadership newspapers’ ‘Bank Of The Year Award’ in 2020, amongst other laurels since it commenced operations three years ago. 

In recognition of the non-interest lender’s strict compliance with global best practices, particularly in information security standards in all areas of its operations, TAJBank in 2022 received the Payment Card Industry Data Security Standard (PCI DSS) certification and three International Standards Organization (ISO) certifications by the Certification Partner Global (CPG), namely ISO 27001, ISO 22301, and ISO 20000 on Information Security, Business Continuity, and IT Service Management Systems.

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Airports: Tinubu Seeks N24.6bn to Reimburse Nasarawa, Kebbi 

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By Lubem Myaornyi, Abuja

President Bola Tinubu has written to the House of Representatives seeking the preparations and approval of a N24.6 billion Promissory Notes to reimburse Nasarawa and Kebbi States on the costs of their Airports taken over by the Federal Government.

Nasarawa is to be reimbursed N9.5 billion while Kebbi is to be reimbursed to the tune of N15.

1 billion.

In the letter read by the Deputy Speaker, Benjamin Kalu, who presided over the Plenary on Thursday, the President said, the takeover of the airports was in line with Item 3 of the Second Schedule of the 1999 Constitution (as amended) which placed the ownership of Airports and other Aviation related infrastructure in the exclusive list.

Similarly, the President in a separate letter presented an Executive Bill, the National Anti-Doping Bill 2024 for the House consideration.

The President said the bill seeks the creation of an agency for Nigeria to achieve world standards and codes on Doping by signatories to the international regulations.

He urged the House to give the Bill a speedy consideration before the commencement of the Olympic Games coming up later in July.

In another letter, the President sought the approval of a supplementary budget for the Federal Capital Territory (FCT) for the 2023 fiscal year.

Tinubu Transmits Bill on Sports Performance Enhancement Drug to Senate

Meanwhile, President Bola Tinubu has forwarded a bill to the Senate seeking to prohibit Nigerian athletes from consuming substances that enhance performance during or after competitions.

The president’s request was contained in a letter read by the Deputy Senate President, Barau Jibrin, who presided over the plenary on Thursday.

The bill titled “National Anti-Doping Bill 2024”, if passed, will regulate substances that can be consumed by athletes during sporting events.

In the letter, Tinubu said the bill would provide a legal framework for the establishment of the National Anti-Doping Organisation to regulate sporting competitions.

He explained that the establishment of the agency was a requirement for Nigeria to achieve compliance with the World Anti-Doping Code.

The World Anti-Doping Code (Code) is the core document that harmonises anti-doping policies, rules and regulations within sports organisations and among public authorities around the world.

Tinubu noted that the law will help Nigeria avoid the imposition of signatory consequences and the inclusion of laws of hosting and participating rights at regional, continental and world championships or major athletic events.

“In accordance with the provisions of section 58 (2) of the Constitution of the Federal Republic of Nigeria, 1999, as amended, I forward herewith the National Anti-Doping Bill 2024 for the kind consideration of the Senate.

“The National Anti-Doping Bill 2024 seeks to create an administratively independent National Anti-Doping organisation, which is a cardinal requirement for Nigeria to achieve compliance with the World Anti-Doping Code and the international standard for code compliance by signatures.

The enactment of this vital legislation will also help Nigeria avoid the imposition of signatory consequences, the inclusion of laws of hosting and participating rights at regional, continental and world championships or major athletic events”, Mr Tinubu added.

The president, however, urged the lawmakers to consider the bill before the Olympic Games seminar scheduled to be held in Paris in July for Nigerians to be part of the competition.

 “It is my hope that this submission will receive the humankind expeditious consideration of the distinguished members of the Senate of the Federal Nigeria for passage of the same to law before the Olympic Games seminar in Paris in July 2024.

“Please accept, distinguished president, the assurances of our highest consideration. Regards.”

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