Connect with us

News

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

Published

on

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

Advert

“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.

News

News Analysis: Wike in the Wilderness as Fubara Dines with the APC

Published

on

 

By Yusuf Danjuma Yunusa

On Friday, December 12, 2025, the Rivers State governor, Siminalayi Fubara, was issued the membership card of the ruling All Progressives Congress(APC).

The party’s membership card issuance took place at the Rivers State government house, and it marks the official transitioning of governor Fubara to the fold of the ruling party, APC.

Speaking during the officiating, governor Fubara expressed joy, stating that President Tinubu’s vision will now be shared with the state.

“To everything under the sun, there is a time and season and I am happy today that I formally obtained the membership card of the APC.

Advert

This primarily, is to align our dear state with the ruling party at the centre, with a firm belief in Mr President and the Renewed Hope Agenda to rapidly contribute to the growth, stability and development of Rivers State,” Fubara said.

The sudden and shocking defection of governor Fubara from the PDP to APC has been one of the top trending national discourse recently.

Netizens have proclaimed the “use and dump” tactics on Wike, saying that the presidency no longer see value in him.

Unverified reports have it that the FCT Minister might not make it to the next administration of President Tinubu if he gets re-elected since they’re now with governor Fubara, who commands the leadership of APC in the State now.

Also, rumors have it that Wike tried all he could to sabotage the defection of governor Fubara into the All Progressives Congress, but all to no avail.

Consequently, people have been inquisitive:

1. Will Wike now Join APC in order to wield state supremacy?
2. Will he work for or against the very APC he worked for during 2023 presidential election?
3. If he doesn’t join the APC, will 2027 be the end of his political relevance?

Continue Reading

News

FG Bans New SS3 Admissions Nationwide to Fight Exam Malpractice

Published

on

 

By Yusuf Danjuma Yunusa

 

The Federal Government has announced a nationwide ban on the admission and transfer of students into Senior Secondary School Three (SS3) in both public and private secondary schools, effective from the 2026/27 academic session.

The directive was disclosed in a statement signed by Boriowo Folasade, Director of Press and Public Relations at the Federal Ministry of Education, as part of efforts to curb examination malpractice and restore credibility to Nigeria’s education system.

Advert

According to the ministry, the decision follows growing concerns over widespread examination malpractices, including the use of so-called special centres during external examinations. Under the new policy, student admissions and transfers will be permitted only into Senior Secondary School One (SS1) and Senior Secondary School Two (SS2).

“Admission or transfer into SS3 will no longer be permitted under any circumstance,” the ministry stated.

Officials explained that the measure is intended to prevent last-minute movement of students for examination advantages, ensure proper academic monitoring, and promote continuity in teaching and learning.

School proprietors, principals, and administrators across the country have been directed to comply strictly with the policy, with the ministry warning that violations will attract sanctions in line with existing education regulations.

The statement reaffirmed the Federal Government’s commitment to upholding academic standards, promoting fairness, and restoring confidence in public examinations nationwide.

Continue Reading

News

DG National Productivity Centre congratulates Gov. Namadi on award of Doctorate Degree

Published

on

 

 

The Director General, National Productivity Center, Dr. Baffa Babba Dan Agundi, extends heartfelt congratulations to Governor Malam Umar A. Namadi on being awarded an honorary doctorate degree (Honoris Causa) in Business and Sustainability by the Federal University of Otuoke, Bayelsa State.

In his message to pressmen and media, Babba Dan Agundi described the honor as a well-deserved recognition of Governor Namadi’s exceptional leadership and unwavering commitment to transparent governance, public service reforms, agricultural development and productivity, education, youth empowerment, as well as economic development in Jigawa State and beyond.

Advert

The Director General joins fellow citizens in celebrating this “remarkable milestone” and offers prayers for continued wisdom and success in the Governor’s efforts to drive progress in the state.

“This prestigious recognition reflects your exemplary leadership and commitment to public service, youth empowerment, and economic growth in Jigawa State,” he said.

Dr. Baffa Babba Dan Agundi highlighted that this award is not only a personal achievement for Governor Namadi but also a source of pride for all Jigawa State citizens.

He commended the Federal University of Otuoke for recognizing excellence in public policy and administration, noting that Governor Namadi’s distinction will inspire many in and out of public office to embrace service with integrity and discipline.

 

Continue Reading

Trending