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IMF: Dangote Refinery, Supportive Credit Facility, Can Accelerate Nigeria’s Economic Recovery Process

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Aliko Dangote

The International Monetary Fund (IMP) has noted that the non-oil sector of the Nigerian economy could be stronger, benefitting from its recent growth momentum, higher production from the new Dangote Refinery, and supportive credit policies.

In IMF’s Executive Board 2021 Article IV Consultation with Nigeria released recently, the global organisation added that Nigeria’s ratification of the African Continental Free Trade Agreement could also yield a positive boost to the non-oil sector while oil production could rebound, supported by the more generous terms of the Petroleum Industry Act.

According to the IMF, Nigeria exited the recession in the fourth quarter of 2020 and its output rose by 4.1 per cent (y-o-y) in the third quarter, with broad-based growth except for the oil sector, which is facing security and technical challenges.

While growth was projected at 3 per cent for 2021, it stated that headline inflation rose sharply during the pandemic, reaching a peak of 18.2 per cent year-on-year (y-o-y) in March 2021, but has since declined to 15.6 per cent in December.

The institution attributed this to the new harvest season and opening of land borders, although it noted that the reported unemployment rates (end 2020) have yet to come down. It, however, confirmed that more recent COVID-19 monthly surveys have shown that employment was back at its pre-pandemic level.

The beautiful life of the Nigerian university lecturers that you do not know

“Despite the recovery in oil prices, the general government fiscal deficit is projected to widen in 2021 to 5.9 per cent of GDP, reflecting implicit fuel subsidies and higher security spending,” the Fund said. “Moreover, the consolidated government revenue-to-GDP ratio at 7.5 per cent remains among the lowest in the world.

“After registering a historic deficit in 2020, the current account improved in 2021, and gross FX reserves have improved, supported by the IMF’s SDR allocation and Eurobond placements in September 2021.

“Notwithstanding the authorities’ proactive approach to contain COVID-19 infection rates and fatalities and the recent growth improvement, socio-economic conditions remain a challenge. Levels of food insecurity have risen, and the poverty rate is estimated to have risen during the pandemic.”

The directors highlighted the urgency of fiscal consolidation to create policy space and reduce debt sustainability risks and called for significant domestic revenue mobilisation.

“They noted that exchange rate reforms should be accompanied by macroeconomic policies to contain inflation, structural reforms to improve transparency and governance, and clear communications regarding exchange rate policy.

“Directors considered it appropriate to maintain a supportive monetary policy in the near term, with continued vigilance against inflation and balance of payments risks. They encouraged the authorities to stand ready to adjust the monetary stance if inflationary pressures increase,” the consultation noted.

“Directors recommended strengthening the monetary operational framework over the medium term – focusing on the primacy of price stability – and scaling back the central bank’s quasi-fiscal operations. Directors welcomed the resilience of the banking sector and the planned expiration of pandemic-related support measures. They agreed that while the newly launched eNaira could help foster financial inclusion and improve the delivery of social assistance, close monitoring of associated risks will be important. They also encouraged further efforts to address deficiencies in the AML/CFT framework.

“Directors emphasised the need for bold reforms in the trade regime and agricultural sector, as well as investments, to promote diversification and job-rich growth and harness the gains from the African Continental Free Trade Agreement. Improvement in transparency and governance are also crucial for strengthening business confidence and public trust. Directors called for stronger efforts to improve the transparency of COVID-19 emergency spending,” the IMF added.

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Vatican Elect Cardinal Robert Prevost as new pope

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Cardinal Robert Prevost has been elected pope, the first time an American will lead the Roman Catholic Church. He chose the name Pope Leo XIV.

The 69-year-old new pontiff appeared at the balcony in St. Peter’s Basilica and said Peace be with all of you!”

He said he wanted his message of peace to “enter your hearts, reach your families and all people, wherever they are.”

He thanked his fellow cardinals for selecting him, and spoke in Italian, Spanish and Latin. Having spent years working in Peru, he thanked his former diocese in the South American country, “where a loyal people has shared its faith and has given a lot,” he said.

He also spoke warmly of the late Pope Francis and concluded by leading the crowd in prayer.

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He appeared after white smoke streamed from the chimney atop the Sistine Chapel, signaling the 133 cardinals inside had elected a new pope.

A roar erupted from the crowd when they saw the white smoke, which was shown on several large screens in St. Peter’s Square. Enormous bells of St. Peter’s Basilica began to ring, tolling the news that the Catholic Church has a new pope.

The vote came on the second day of the papal election process known as the conclave. Church experts had named other possible candidates and had not expected an American to win the papacy.

Rome has been brimming with excitement, as thousands gathered near the Via della Conciliazione to be present for the historic moment when the new pope is announced and presented to the world.

The cardinal electors then paid homage and pledged obedience to the new head of the church, and thanked God while the new pope was taken into a sacristy and fitted with papal attire.

Finally, the pronouncement was made in Latin — “Annuntio vobis gaudium magnum: Habemus Papam!” (“I bring you tidings of great joy: We have a pope!”) — and the new pope gave an apostolic blessing to throngs of faithful.

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BUK’s Centre For Dryland Calls For Revival Of Rangelands and Empowerment Of Pastoralists

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The 5th International Conference on Drylands, organized by the Centre for Dryland Agriculture (CDA), Bayero University, Kano, has concluded with a powerful call for policy reforms, investment, and inclusive strategies to restore rangelands and improve the livelihoods of pastoralists.

According to the conference communiqué issued by Nura Sabon Sara, Director of Digital Media at Bayero University Kano, participants emphasized that governments and stakeholders must adopt sustainable land management policies to tackle degradation and climate vulnerability in dryland regions.

Held from May 6 to 8, 2025, the conference brought together over 300 participants, including scientists, policymakers, researchers, and development partners from 11 African countries, 13 Nigerian states, and 17 academic institutions, fostering rich knowledge exchange and cross-sector collaboration.

Call for Policy Reform and Sustainable Rangeland Management

A key highlight of the conference was the urgent call for evidence-based legal frameworks that promote sustainable rangeland governance. The communiqué, issued by Nura Sabon Sara, stressed the need for policies that uphold the rights of pastoralists, guarantee secure land tenure, and mitigate land-use conflicts.

Empowering Women and Youth in Pastoral Communities

Recognizing the critical role of women and youth, the conference urged increased investment in capacity-building programs, ensuring their active participation in decision-making processes. The communiqué, released by Bayero University Kano’s Digital Media Office, underscored the importance of economic empowerment initiatives tailored to young and female pastoralists.

Scaling Up Investment and Innovation in Dryland Agriculture

Delegates emphasized the necessity of public-private investment in climate adaptation and sustainable land management technologies. According to the communiqué, integrating indigenous knowledge with scientific advancements is crucial for developing tailored solutions that strengthen climate resilience.

International Cooperation and Private Sector Engagement

The conference communiqué advocated for enhanced global partnerships to address transboundary rangeland challenges. It urged development organizations to align funding with dryland research efforts, referencing major initiatives like the US-led Vision for Adapted Crops and Soils (VACS) and the Africa Soil Initiative.

The private sector was encouraged to invest in rangeland-based enterprises, fostering ecological balance and economic growth, the communiqué stated.

Urgency of Action in the Face of Growing Dryland Challenges

The participants echoed the pressing need for urgent action to combat rangeland degradation and pastoral livelihood threats, emphasizing that healthy rangelands are vital for food security and peaceful coexistence.

The conference also leveraged the International Year of Rangelands and Pastoralists (IYRP) 2025 as a global platform to intensify awareness and strategic partnerships, according to the Centre for Dryland Agriculture, Bayero University Kano.

Conference Partners and Future Outlook

The event received support from key institutions including icipe, RSIF, CIMMYT, ICRISAT, IITA, ILRI, PACET, Nigeria’s Federal Ministries of Agriculture and Environment, and the Commonwealth Geographic Bureau (CGB), as highlighted in the official communiqué.

In conclusion, the conference reinforced the need for ongoing research, capacity-building, and policy advocacy to safeguard the future of Africa’s drylands.

 

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Media Executives Forum, Info Ministry NBC Unite To Uphold Ethical Broadcasting, Bans Live Political Program

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In a renewed effort to promote responsible journalism, mutual respect, and the protection of Kano State’s cultural and religious heritage, the forum of media owners together with Commissioner for Information and Internal Affairs, Comrade Ibrahim Abdullahi Waiya and National broadcasting commission (NBC) have moved to uphold ethical broadcasting through banning live political programs.

The stakeholders arrived at the decision during a quarterly meeting, convened by the Ministry of Information, aims to strengthen understanding and cooperation between media organizations and the government, in order to ensure effective information dissemination that upholds the dignity and image of Kano State.

Speaking at the session, Comrade Waiya expressed appreciation for the unwavering support of media leaders, which he said has contributed immensely to the ministry’s progress in curbing unethical content on public platforms. He commended the noticeable reduction in abusive language in some broadcast programmes, attributing the achievement to the productive engagements held in previous meetings.

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Highlighting the government’s commitment to preserving the state’s moral standards, the Commissioner disclosed that sensitization programmes have been organized for political programme presenters, media commentators, and the Council of Friday Imams. These efforts, he noted, are designed to encourage responsible communication that conveys messages to the public without defamation or any act that could undermine the state’s reputation.

Comrade Waiya further clarified that the government’s stance is not to suppress political opposition but rather to safeguard the sanctity of Kano’s cultural and religious values.

Among the key resolutions reached during the meeting were:

– Anyone appearing on media platforms for interviews must sign an undertaking to refrain from making abusive, defamatory, or culturally offensive remarks.

– A ban has been placed on live political programmes across media outlets to prevent the spread of inflammatory content.

– Presenters were also banned from asking provocative questions or making suggestive gestures that could lead to statements capable of defaming individuals or damaging the image of Kano State.

Media executives at the meeting pledged their continued cooperation and offered valuable suggestions on improving broadcast standards and sanitizing language, all geared towards promoting peace and mutual respect in society.

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