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Nigeria’s Economic Growth Shrinks to 3.0% in 2023-IMF
The International Monetary Fund (IMF) has stated that economic growth in Nigeria was expected to decline to 3.2 per cent and 3.0 per cent in 2022 and 2023 respectively, as against 3.6 per cent recorded in 2021.
The IMF noted that the economic growth in Sub-Saharan Africa is likely to decline to 3.
6 per cent in 2022 as against 4. 7 per cent recorded in 2021.It made this known via its World Economic Outlook Growth Projections report, titled, ‘Countering the Cost-of-Living Crisis’, released on Wednesday.
According to the report, in Sub-Saharan Africa, the growth outlook is slightly weaker than predicted in July, with a decline from 4.7 per cent in 2021 to 3.
6 per cent and 3.7 per cent in 2022 and 2023, respectively.“A downward revision of 0.2 percentage point and 0.3 percentage point respectively.
“This weaker outlook reflects lower trading partner growth, tighter financial and monetary conditions, and a negative shift in the commodity terms of trade,” the IMF stated.
The report said global growth was forecast to slow from 6.0 per cent in 2021 to 3.2 per cent in 2022 and 2.7 per cent in 2023.
“This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.
“Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades.
“The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook,” it noted
The IMF added that global inflation is likely to rise from 4.7 per cent in 2021, to 8.8 per cent in 2022 but to decline to 6.5 per cent in 2023 and to 4.1 per cent by 2024.
“Upside inflation surprises have been most widespread among advanced economies, with greater variability in emerging market and developing economies,” it said.
The IMF noted that monetary policy should stay the course to restore price stability, and fiscal policy should aim to alleviate the cost-of-living pressures while maintaining a sufficiently tight stance aligned with monetary policy.
“Structural reforms can further support the fight against inflation by improving productivity and easing supply constraints, while multilateral cooperation is necessary for fast-tracking the green energy transition and preventing fragmentation,” it stated.
Gov. Peter Mbah of Enugu State, on Friday, inaugurated the Enugu State Human Development Council at the Government House. He stressed that human capital remains the true wealth of any nation and a core priority of his administration. The Council is chaired by the Deputy Governor, Ifeanyi Ossai, and includes State Executive Council members and heads of MDAs.
Also represented are the legislature, local governments, traditional rulers, church leaders, and civil society organisations. Mbah explained the Council aligns with his government’s emphasis on human development and social investment. He urged the members to take the task seriously and work towards tangible outcomes. “One of our top priorities is eradicating poverty and reducing the poverty headcount to zero,” Mbah noted. He added that the government’s philosophy prioritises human capital over natural resources. “Our last two budgets allocated over 50 per cent to social services,” the governor stated. In his response, Ossai assured the governor of members’ commitment to the Council’s goals. He emphasised that all government initiatives — from schools to roads — are people-focused. “All our projects aim to improve lives, and the Council will help us track and measure progress,” Ossai said. (NAN)From Francis Sadhere, Delta
The Delta State Police Command has recorded a major security breakthrough with the arrest of several suspected kidnappers, armed robbers and cultists across the state, leading to the recovery of a significant cache of firearms and ammunition.According to a press release by the Police Public Relations Officer, Bright Edafe, on behalf of the Commissioner of Police, Abaniwonda Olufemi, the arrests were made through a series of coordinated intelligence-led operations carried out by various tactical units within the Command.
In a major crackdown on kidnapping, operatives of the CP-Special Assignment Team (CP-SAT) arrested three suspected members of an interstate kidnapping syndicate on May 16 and 17. The suspects — Idirisu Yakubu (21), Bello Amodu (40), and Umar Mohammed Beto (38) — were apprehended in Port Harcourt, Rivers State.The gang is believed to have been responsible for kidnappings in Delta, Rivers, Enugu, and Imo states. Following their arrest, the suspects led police to a bush along the Ughelli-Ozoro Road in Delta State where officers recovered an AK-47 rifle loaded with 23 rounds of live ammunition and a pump-action shotgun with seven live cartridges. Investigations into the syndicate’s operations are ongoing.In another operation, the Eagle Net Surveillance Team based in Ughelli arrested a 53-year-old suspect, Benjamin Benemor, in Warri South Local Government Area. Acting on credible intelligence, officers searched his residence and uncovered a deadly arsenal which included one English Beretta pistol with magazine, an English double-barrel pump-action gun, an English single-barrel gun, two locally made firearms, and a battle axe. Fifteen live cartridges were also seized from the scene.Further demonstrating the effectiveness of proactive policing, operatives of the Rapid Response Squad (RRS) intercepted a Jetta vehicle along the Asaba-Benin Expressway on May 15. Two suspects — Blessing Ngbajime (49) and Okpako Oghenhovo (27) — were arrested, and one fabricated Beretta pistol was recovered from the latter. Investigations are currently underway.Reacting to the successful operations, CP Abaniwonda Olufemi commended the officers for their professionalism and dedication.He reiterated the Command’s commitment to eradicating criminal elements and safeguarding lives and property across Delta State.“These achievements demonstrate our readiness to confront all forms of criminality head-on. We urge citizens to remain vigilant and continue to provide timely information that can assist in maintaining peace and order,” Olufemi stated.The arrests and weapon seizures come as part of the Command’s intensified efforts to rid the state of criminal syndicates and maintain law and order.
From Attah Ede, Makurdi
The Chairman of Agatu Local government area of Benue State, Melvin Ejeh yesterday raised the alarm that criminal herders are bent on causing a crisis in his domain despite the painstaking efforts by his administration to restore permanent peace in Agatu land.The chairman, who raised the alarm in a press statement in Makurdi, lamented over the tragic attack on some innocent citizens who were returning from the market around Ogwumogbo and Okpo’okpolo communities by a group of criminal herders resulting in the loss of six lives.
According to him, ‘the report that reached me indicated that the victims who were traders returning from Oweto Market in Agatu to their various villages were ambushed by their attackers.”It is sad and highly regrettable that some criminal herders are bent on causing yet another crisis despite all efforts we are making to restore peace in the area.”This barbaric, criminal, and heinous crime is condemnable in its entirety. The perpetrators and their sponsors must not go unpunished. They must be fished out from their hideout to answer for their evil act”.Ejeh who is also the Deputy Chairman, ALGON said the police, military, DSS, and other security agencies have begun action with a view to apprehending those involved.Said he, “I wish to allay the fears of citizens in the Council and appeal that they should continue with their normal activities.”The local government will work with all the security agencies to uproot the criminals from their hideout to face the wrath of the law, no matter how highly placed. Anybody who is found to be aiding and abetting criminality in the local government area will be dealt with according to the law.”I call on every citizen to be vigilant and report any suspicious activities or movements to security agencies in the local government”.
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