fbpx
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

“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

Kawu appoints Ashiru Kachako, Abbas Adam as media assistants

Published

on

Kawu Sumaila

 

Ahead of the forthcoming 2023 general elections, the Senatorial Candidate of the New Nigeria Peoples Party (NNPP) for Kano South, Rt. Hon. Suleiman Abdulrahman Kawu Sumaila, has appointed two aides, who will manage his media activities for the campaign period.

Kawu appointed Ashiru Shehu Kachako, a veteran journalist with years of experience, as his Senior Special Assistant 1 on Media and Abbas Adam Abbas, a young and vibrant journalist, as Special Assistant 2 on Media.

In a statement he personally signed in Kano on Saturday, Kawu said the two newly appointed media aides are expected to bring on board their wealth of experience acquired over the years in their new responsibilities.

“I am highly pleased to announce Ashiru Shehu Kachako and Abbas Adam Abbas as my SSA 1 and SA 2 on Media. I have known the duo as core professionals who have carved a niche for themselves in the media industry.

“I have absolute confidence in their ability and capacity to pilot the media affairs of my campaign in the next couple of months as the 2023 general elections approach,” Kawu said in the statement.

BREAKING: Aisha Buhari withdraws case against critic, Aminu Mohammed

Ashiru Shehu Kachako was until his appointment, the Head of Marketing of the Sunnah TV, Abuja. He was previously the Editor-in-Chief of the Kano-based Zuma Jaridar Hausa and the Head of News and Production of DTV Online. Kachako also worked as the Head of Religious Unit, Editor and Acting Head of Programmes of the Vision FM, Kano from 2019 to 2020 and served in the same position at Freedom Radio, Dutse, Jigawa State between 2007 and 2019. A teacher at the Nasarawa Nursery and Primary School, Kachako from 2005 to 2006, Ashiru Kachako was also the secretary of Kachako Islamic Medical and Engineering Centre from 2004 to 2007.

Born in 1973, Ashiru Kachako holds Higher National Diploma (HND) in Office Technology and Management, Advanced Diploma in Mass Communication and Postgraduate Diploma in Education from the Kano State Polytechnic. He also holds PGD in Mass Communication from the Ahmadu Bello University, Zaria. He is currently studying for his Masters in Communication Studies at the Bayero University, Kano.

The new Special Assistant on Media 2, Abbas Adam Abbas, is a broadcast journalist with Nasara Radio, Kano. A multi-task journalist, Abbas is a graduate of the Usmanu Danfodio University, Sokoto, where he bagged BSc in Microbiology.

 

Continue Reading

News

Police Exhumed Corpse Of Baby Buried Alive,Arrests Suspects

Published

on

25 year old Dankwairo,one of the suspect

 

Police in Jigawa state have exhumed the corpse of a new born baby buried alive in Kiyawa local government Jigawa state.

Spokesman of the command DSP Lawan Shiisu Adam confirmed the incident in a statement issued to newsmen.

He said the incident happened on 02/12/2022, at about 2350hrs after a 30 year old Balaraba Shehu of Tsurma village in Kiyawa LGA is suspected to have given birth and buried the new born baby.

Shiisu said after police received the report, a team of Policemen were mobilized and proceeded to the scene of crime.

He said on arrival, detectives swung into action and exhumed the new born baby buried in the toilet.

Shiisu said the suspect was arrested and the baby was rushed to General Hospital Dutse, and certified dead by Medical Doctor.

He explained that preliminary Investigation led to the arrest of 25 years old man Amadu Sale alias Dan kwairo of Akar village in Kiyawa LGA who was alleged to be responsible for the unwanted pregnancy.

The suspects however conspired and buried the baby after delivery.

The Commissioner of Police, Jigawa State Police Command, CP Emmanuel Ekot Effiom however directed that, the case should be transfered to SCID Dutse, for discreet Investigation.

The suspects would be charged to court after investigation.

Continue Reading

News

Tambari TV appoints Shawai as new MD/ Chief Operating Officer

Published

on

 

The board of Amasis Broadcasting Services Ltd , the owners of Tambarin Hausa Television has appointed Ibrahim Sani Shawai as its new Managing Director/ Chief Operating Officer.

This is contained in a statement signed by the Chairman of the board and Founder of the broadcasting outfit, Alhaji Ibrahim Makama.

Shawai who had within the last three and half years served as the image maker for Kano Electricity Distribution Company (KEDCO) will now resume duties at his new office on Jan 1, 2023.

At his new organization, Shawai is expected to manage the daily business operations of the company, working closely with heads of department and provide support for the day-to-day activity of employees of Tambarin Hausa Television.

He will also strategize as well as implement policies in Amasis Broadcasting Services Ltd towards promoting the organization’s culture and vision while overseeing operations to keep the business aspect of the company on track and in its right perspectives.

Disquiet, As Nigeria Christian Pilgrims Bicker Over Pilgrimage

The station Tambarin Hausa TV “Amon Gaskiya” is the first international TV station in Nigeria that broadcast in Hausa Language.

The station provides news updates on hourly basis with variety of rich programs to the delight of its audience as well as keeping the general public well informed.

Shawai, a Kano-born trained journalist and communication strategist, had worked with several National and International world class organizations where he was able to acquire enormous wealth of experiences.

According to the Board chairman, Shawai has become an asset to any organisation in view of his vast knowledge of the media, socio- economic and political structure of not just Nigeria but African and European continents.

In summary, Shawai, from being a freelance Journalist became a broadcaster, a producer, Editor, public relations consultant and then a manager in the field of communication.

 

Continue Reading

Trending

%d bloggers like this: