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

Kano APC spokesperson accuses Presidency of sabotaging Ganduje

Published

on

Ahmad Aruwa ,Kano APC spokesperson

 

The spokesperson of the All Progressives Congress (APC) in Kano, Alhaji Ahmad Aruwa, has issued accusations against the Presidency for undermining and conspiring against the suspended Acting National Chairman of the APC Dr. Abdullahi Umar Ganduje.

Mr. Aruwa articulated these claims in a short video he produced in Kano circulating on social media where he blamed the some forces in the presidency that are pushing for the exit of the former Kano State Governor as the Ag. national chairman.

He asserted their awareness of individuals engaged in conspiracies to sabotage Mr. Ganduje’s efforts, with the intention of fracturing his relationship with the President.

He warned of the potential for a significant political upheaval if any APC members dared to oppose Ganduje in Nigeria as he was one of the pillars of President Bola Ahmed Tinubu’s success at the 2023 polls.

Breaking:Court Confirms Ganduje’s Suspension As APC member

“We will confront anyone within the APC who dares to challenge Ganduje, regardless of their status or political influence.”

Mr. Aruwa also criticized Tinubu for disregarding the support extended to him in Kano when others had rejected him.

He observed that no one in Kano, a state with largest voter turnout would support Tinubu’s cause, as Ganduje was the sole architect of his success in the state. Therefore, they will not tolerate any subversion at the Villa.

“I solemnly pledged that if anyone is to confront Ganduje within the APC, it would inevitably lead to a substantial political crisis which we are very ready to fight back.”

“Irrespective of the individual’s identity, we are acutely aware of the plotting and machinations orchestrated by certain APC members at the Villa.

“It was solely Ganduje who facilitated Tinubu’s presence in Kano when there was a lack of support from others.

“Every resident of Kano is refraining from associating with Tinubu, as those within the APC who are acquainted with him are distancing themselves due to Buhari’s influence.”

Reliable sources from the Presidential villa who pleaded for anonimity revealed that Ganduje’s trivails started when he was directed to galvanize the attention of Kano state Governor Abba Yusuf and his political Godfather Rabiu Kwankwaso to abandone thier political party (NNPP) and join the ruling APC.

It was reported that contrary to the terms of reference given to Mr. Ganduje, he arrived Kano and chaired a stakeholders meeting where he mocked Kwankwaso and Kano state Governor, a situation that stalled the negotiation process with Kwankwaso’s team.

Continue Reading

News

The Journey So Far: Mbum Ferdinand Presents Score Card Since Assumption Of Office As Mighty Jets International FC General Manager

Published

on

 

By Asile Abel, Jos

With the consciousness that his set objectives are sacrosanct, the General Manager of Mighty Jets international FC of Jos, Ferdinand Mbum has reeled out some of his achievements at the club since his assumption of office.

The Club, renowned for its rich history as one of the few in the early days of Nigerian football to place the country on the world map since its inception in 1970, has steadily stamped its authority in the circles of modern football around the country.

“Talent development has been at the core of everything we’re doing right now and the results are already manifesting, so we’re not perturbed nor shaken at all”, Mr. Ferdinand told a team of reporters at his office in Jos.

“Four of our youngsters have currently been invited to the Golden Eaglets team as a result of their performances in what is just their first season”, he further said.

Mr. Mbum maintained that their mandate is for the Club to be self-sufficient and prove that the status quo can change by all means legitimately possible.

Determined to make clear his arguments, he opined that several scouts have been sounded from his first day in office, “Some of whom have documented a good number of our players and are monitoring their development with data-driven tools which I cannot reveal to you.”

Accordingly, those at the top echelon of football activities within the Club have worked with a roadmap and clear cut instructions about the need to prioritize game time for young prospects, hence the reason for their involvement in first team duties with a hybrid of a number of experienced faces to strike a balance in that regard.

For the Club’s chief, the young footballers have to be trusted, “Talent may be universal but opportunity is not, we have to believe them enough and hand them the opportunities they need to prove themselves” he added.

Commenting on his recent foreign trip to England, he revealed that it was solely in the interest of the Club as he had the opportunity to peach the idea of exporting players to clubs that partnerships have not been struck with them at the initial stage such as Southampton, Tottenham Hotspur and Leganese in Spain, which was added to the list of clubs that Mighty Jets Int’l FC hopes to do a lot with in Spain. All these he said were part of his agenda during the International Sports Convention held in the United Kingdom.

According to him “Our journey overseas was not for a tea party by any means as we also held a number of strategic business meetings and beneficial networking.

Already two of our players will travel for trials in top Spanish clubs in addition to other mentioned breakthroughs.”

He did not also stop applauding the Executive Governor of the state, Barr. Caleb Manasseh Mutfwang for the free hand granted the management to operate without hindrance.

He reiterated that there is a close collaboration between the club’s Sporting Director and that of the state as they look to get the very best result moving forward.

While describing allegations of match-fixing against the club’s management as “baseless and unfounded”, he said the club will most likely initiate legal action against known persons who mischievously intend to peddle a narrative they know to be untrue.

Continue Reading

News

Member APC Working Committee Urges Public Not To Bow to NNPP’s Blackmail Over APC National Chairman

Published

on

Bashir Mai Sango with APC national chairman Dr Abdullahi Umar Ganduje

 

A member of the APC working committee in Kano Bashir Mai Sango urges the general public not to succumb to blackmail by certain sponsored elements seeking to discredit the APC national chairman, Dr. Abdullahi Umar Ganduje.

In a statement issued to newsmen Bashir Mai Sango, it was highlighted that the sponsored elements, bent on blackmailing the APC chairman, aim to destabilize the APC-led federal Government of President Bola Ahmad Tinubu, who, in his almost eleven months in office, has been striving to rectify the economy.

Bashir Maisango who is also the assistant secretary of Kano APC emphasized that these individuals are also apprehensive about the political acumen and successes of the APC national chairman, Dr. Abdullahi Umar Ganduje, who tirelessly collaborates with the President to strengthen the APC and position it as a formidable party in future general elections.

Bashir emphasized the importance of recognizing that the NNPP government, along with its agents in Kano and in collaboration with certain disgruntled elements, are working to divide party stalwarts at both the federal and state levels. They are doing so by sponsoring retrogressive elements to launch a campaign of defamation against the National chairman of the APC through court orders and by financing certain members to blackmail the chairman and the APC leadership.

The member Kano working committee further urged the National working committee of the APC, the people of Kano, and all other critical stakeholders not to yield to blackmail from the NNPP government and its propaganda machinery.

He mentioned that the NNPP government, led by Kwankwaso’s puppet, Governor Abba Kabir Yusuf, is doing so to appease his master instead of focusing on governance, as his failures are becoming increasingly evident.

The NNPP government aims to divert attention and ensure the innocent into its fold because the APC national chairman is their nightmare.

He said the national chairman, Dr. Abdullahi Umar Ganduje, has made significant strides in repositioning the party by establishing a progressive institute which underway . This institute is designed to consolidate robust political ideas for progressive politics, a feat never achieved before since the formation of APC in 2013.

Continue Reading

Trending