The International Monetary Fund (IMF) has revised downward Nigeria’s economic growth projection by 0.2 percentage point amid weaker than expected activity in the first quarter of the year.
The Nigeria’s growth forecast was revised downward by 0.2 from the earlier projection in April.
This in turn has led to a downward revision of economic growth for sub-Saharan Africa.
The IMF announced this development in its World Economic Outlook (WEO) update released on Tuesday.
The report read: “The forecast for growth in sub-Saharan Africa is revised downward, mainly as a result of a 0.2 percentage point downward revision to the growth outlook in Nigeria amid weaker than expected activity in the first quarter of this year.”
The Bretton Wood institution raised alarm that some near-term risks have gained prominence from the previous outlook.
It added: “Overall, risks to the outlook remain balanced, as in the April 2024 WEO, but some near-term risks have gained prominence. These include upside risks to inflation that stem from a lack of progress on services disinflation and price pressures emanating from renewed trade or geopolitical tensions.
“Risks of persistent inflation in the services sector are tied to both wage and price setting, given that labor accounts for a high share of the costs in that sector. Higher nominal wage growth, which in some cases reflects the catch-up of real wages, if accompanied by weak productivity, could make it difficult for firms to moderate price increases, especially when profit margins are already squeezed.
“This could lead to further stickiness in wage and price inflation. The escalation of trade tensions could further raise near-term risks to inflation by increasing the cost of imported goods along the supply chain.
“Bumpiness along the remaining disinflation path could destabilize the return to price stability if short-term expectations spike upward as a result of disappointing inflation data.”
IMF equally held its global growth expectations for 2024.
The Fund expects the world economy to grow 3.2 percent this year, unchanged from its April forecast.
“Global activity and world trade firmed up at the turn of the year, with trade spurred by strong exports from Asia, particularly in the technology sector,” it stated.
For 2025, it expects global growth of 3.3 percent.
The Washington-based lender also warned that the prospect of interest rates staying elevated longer in the face of escalating trade tensions and increased policy uncertainty.
By: Babajide Okeowo
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IMF revises downward Nigeria’s growth forecast
Nnamdi Kanu sick, denied medical attention, says lawyer
Aloy Ejimakor, lead counsel for the leader of the Indigenous Peoples of Biafra, Nnamdi Kanu, has claimed that the IPOB leader is ill and is being denied medical attention.
Ejimakor disclosed this in a tweet on X.com on Tuesday.
According to him, Kanu was found unwell during a visit on Monday, exhibiting shortness of breath, low blood pressure, and general discomfort.
He added that a request for a doctor’s visit was submitted but reportedly denied by the Department of State Services, where Kanu is currently detained.
Ejimakor wrote, “Yesterday, during our visitation with Mazi Nnamdi Kanu, we found him ill, with shortness of breath, low BP, and general malaise.
“For this reason, he requested to see his doctor, and we submitted a letter in this regard. Today, the doctor arrived at the DSS but was denied access to #MNK.”
According reported in March that IPOB called on the Federal Government to release its leader, saying that his health is deteriorating in detention.
His family had also claimed that he needed a cardiologist and urged President Bola Tinubu not to allow him to die in DSS custody.
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FG, World Bank to review land compensation rates
The Federal Government, in collaboration with the World Bank and Ogun State Estate Surveyors and Valuers, is working to establish equitable compensation rates for land acquisition, particularly focusing on crops and economic trees.
The National Coordinator of RAAMP, Bodinga Aminu, highlighted this initiative during a visit to the Bureau of Lands and Survey in Abeokuta.
He emphasised RAAMP’s role in constructing rural access roads financed by the World Bank, alongside state-funded projects.
Aminu stressed the necessity of updating the compensation guidelines, last revised 16 years ago, to reflect current realities.
The goal, according to him is to prevent disputes and ensure affected individuals receive adequate compensation, thereby supporting state development efforts.
“The mandate extends beyond road construction to ensuring just compensation for affected parties, safeguarding livelihoods and minimizing litigation,” Aminu added.
The Ogun State Bureau of Lands and Survey, Ms. Temitope Adewunmi said, “Our purpose here is to introduce a framework for assessing the value of crops and economic trees, which are not regularly traded commodities like houses. This framework aims to guide fair compensation practices during land acquisition.”
The World Bank Senior Social Development Specialist, Michael Ilesanmi, underscored the critical role of valuers in land administration, emphasising the need for robust land rights protection to attract investors to Ogun State’s burgeoning sectors.
“Land holds cultural, historical, and economic significance. Proper compensation practices are crucial as Ogun State positions itself as an attractive destination for education, manufacturing, and agriculture investments,” Ilesanmi remarked.
The Director-General of Lands, Segun Fowora, welcomed the initiative, noting its potential to enhance transparency and cooperation between landowners and investors.
“The Bureau has faced challenges with landowners feeling undercompensated during acquisition processes. This initiative will bridge gaps and clarify benefits, including Corporate Social Responsibility impacts,” Fowora affirmed.
He expressed optimism about the review process, expecting it to streamline land access, administration, and compensation practices in Ogun State.
Oluremi Tinubu visits Saraki in Lagos
The First Lady of Nigeria, Senator Oluremi Tinubu, has paid a condolence visit to the family of former Senate President, Bukola Saraki, ahead of the funeral of their matriarch, Mrs Florence Morenike Saraki, in Lagos.
While condoling with the children, Mrs Tinubu said her visit, which has the permission of President Bola Ahmed Tinubu, is a way of letting the family know that they love them.
According to Tinubu: “We are one family. You know that politics aside, President will always look out for you.
“Mama lived a good life. I know it hurts so much but we thank God for the good life she lived.”
The First Lady pointed out that the son of the deceased and President of the 8th Senate, Senator Bukola Saraki, was always in her support at that time in the upper chamber.
She prayed for the repose of the soul of the departed.
In his response, Saraki noted that he was not surprised by the visit of the First Lady, whom he described as a passionate and loving woman.
He said: “You always see the bigger picture all the times. I know you are a passionate woman who is full of compassion. I know you are here with the knowledge of the President. I thank you very much.”
Oluremi Tinubu visits Saraki in Lagos
Ogun students protest killing of colleague by hit-and-run driver
Students in Ogun State, under the auspices of the National Association of Nigerian Students and National Association of Ogun State Students, on Tuesday, protested the death of a student of Gateway ICT Polytechnic, Sapade, Aiyepe Annexe, Idowu Pelumi David.
The deceased was reportedly killed by a hit-and-run driver in front of the camp of the National Youths Service Corps, NYSC, along the Ikenne-Sagumu road last week.
The students staged the protest at the Ogun state police headquarters, Eleweran, Abeokuta, demanding an investigation into Idowu’s death.
They were armed with placards with various inscriptions such as, “Every live matter”, “We cannot be silenced on justice” and “Ogun Students Demands Arrest and Prosecution of NYSC State Coordinator, Diana Nasamu For Obstruction Of Justice”.
The state Chairman of NANS, Francis Adeyanju said, “We are here to register our displeasure over the demise of one of our students. We want to believe that justice will prevail.
“We have done our investigation and we have seen the truth, but it seems these people are trying to hide something from us. The state coordinator of NYSC is trying to hide something from us, she is hiding the driver of the suspected car that killed the student.
“Eyewitness claimed that the driver of the suspected vehicle that killed the student drove into the NYSC camp immediately but the state coordinator has continued to deny this obvious truth.”
Also speaking, the National President of NAOSS, Kehinde Thomas, accused the state coordinator of NYSC, Olayinka Diana Nasamu of cover-up.
“This peaceful protest is to express our sadness and grievance over the senseless crushing to death of Idowu Pelumi David, an ND1 Public Administration student of the Gateway Polytechnic, Ayepe Annex, by a staff of the National Youth Service Corps in the state.
“We will not sit idly and allow the incident to be swept under the carpet. The lives of the Ogun State students matter. Death is naturally the end of us all, we all agree. But, this careless killing of Idowu Pelumi David, must not go without the perpetrator being brought to book.
“Students in the state strongly believe in the integrity and capability of the police in the state, to thoroughly investigate the incident and ensure justice is not only done but seen to be served”, Thomas said.
Addressing the protesters, the Assistant Commissioner of Police in charge of Operations, Manger Fergus, said the police had already commenced investigation into the death of the student.
He assured the students of justice and urged them to remain peaceful in expressing their grievances.
CBN holds MPC meeting Monday as inflation soars
The Central Bank of Nigeria has announced its Monetary Policy Meeting to discuss measures to combat the country’s escalating inflation and economic hardship.
The meeting, scheduled for next Monday and Tuesday, will be the 296th MPC meeting and the fourth under the leadership of CBN Governor, Olayemi Cardoso, who was appointed in September 2023.
The CBN has been under pressure to address the rising inflation, which has seen the country’s interest rate soar to 26.25 per cent in May, up from 18.75 per cent in May 2023.
Despite calls from stakeholders in the financial sector to pause interest rate hikes, the CBN has maintained its tightening measures.
The Centre for the Promotion of Private Enterprise has previously advised the CBN against further interest rate increases, citing the need for businesses to recover from previous rate hikes. However, the CBN has insisted on its stance, citing the need to control inflation.
CPPE director-general Muda Yusuf advised the MPC to pause its tightening measures because of the increase in the recent inflation rates.
He said, “The persistent inflationary pressures in the Nigerian economy remained a major cause for concern because of the implications on purchasing power and operating costs for businesses.”
The latest inflation figures released by the National Bureau of Statistics show that headline and food inflation rose for the 19th consecutive time to 34.19 per cent and 40.87 per cent respectively, in June 2024.
This has led to increased pressure on the CBN to take decisive action to address the economic hardship faced by Nigerians.
The upcoming MPC meeting is expected to be closely watched by stakeholders and analysts, who will be looking for signs of a shift in the CBN’s monetary policy stance.
With the country’s economy facing significant challenges, the CBN’s decisions will have far-reaching implications for businesses, consumers, and the overall economic outlook.
Weak building materials responsible for Plateau school building collapse- Panel
The Investigative panel set up by the Federal Government on the two-storey school building which collapsed in Jos, the Plateau State capital on Friday, killing over 22 persons has released a preliminary report on the incident.
Addressing journalists in Jos on Tuesday, the Director General, Nigerian Building and Road Research Institute, Samson Duna, said that the panel headed by O.F. Job of the Building Department at the University of Jos revealed that the physical observation of the building looked distressed, adding that weak materials were used for the building.
Job said the report also depicted that the quantity of concrete used in the two-story building was in doubt as there was no boundary between the concrete and the steel reinforcement, adding that the slab reinforcement anchorage provided was inadequate.
The DG said, “The committee has commenced its investigation. Preliminary investigation revealed that the physical observation of the building looks distressed.
“The quantity of concrete is in doubt because there was no boundary between the concrete and the steel reinforcement.
“The slab reinforcement anchorage provided was inadequate. The sizes of the footing (foundation) provided were lesser than the required number (1200 mm X 1200mm). A comprehensive report on the investigation will be presented at the conclusion of the investigation”
Duna advised the government and other professional bodies in the construction industry to insist on carrying out integrity tests on all distressed buildings, especially those around the collapsed building site.
He stated that the institute has so far intervened in more than 60 cases of building collapses in Nigeria, adding that with Nigeria experiencing an average of 20 building collapses annually, especially during the rainy season, there is a need to fight the menace of building collapse.
He also advocated for a multifaceted framework to prevent future occurrences, adding that all organs of government and professional bodies responsible for building construction must enforce strict compliance with building codes, regulations, and standards.
He said the country has continued to experience building collapse because there have been no regular inspections and penalties for non-compliance, adding that from the available records, no one has been sanctioned for negligence or found wanting in relation to building collapse.
“There should be professionalism by ensuring that only qualified professionals like registered architects, engineers, and builders are involved in building projects. In a situation where a contractor borrows a certificate from a professional to execute a job, both the contractor and the owner of the certificate should be sanctioned.
“Public awareness should be reinforced by educating the public on the importance of building safety and the risk of illegal construction. This is necessary because many are not aware of what they need to do before they embark on building projects,” he added
He called for collaboration among stakeholders, including government agencies, professionals and the public, to share knowledge and global best practices and further called for refresher training among the professionals in the country.
The According had earlier reported that a two-storey building housing Saint Academy located at the Busa Buji community in the Jos North Local Government Area of Plateau State collapsed on Friday morning while students and teachers were in their classes.
The incident resulted in the death of over 22 persons while about 154 persons trapped under the rubbles were evacuated to various hospitals
Reps meet CDS, minister over presidential directive on farming Monday
The House of Representatives Committee on Defence will on Monday, July 23, 2024, meet with the Minister of Defence, Abubakar Badaru, and the Chief of Defence Staff, Gen Christopher Musa, to ascertain how the military intends to go about the directive by President Bola Tinubu for the military to cultivate their land.
The Chairman of the Committee, Babajimi Benson, who disclosed this in Abuja on Tuesday while briefing journalists in his office, said the President gave the charge as part of measures to address the challenges of food insecurity in the country.
He said, “If there is food security, insecurity will go down. So, the Army should take possession of their land. Let’s say they have one million hectares somewhere. There is not going to be insecurity in that area because it is going to be manned by the military.
“We are taking the initiative on Monday, next week. We are going to call the Minister of Defence, Chief of Defence Staff, to come and explain to us how they want to transform Mr. President’s directives into reality. Let the armed forces who protect us be involved in this. Let them cultivate the vast land before them.”
Benson, who represents Ikorodu Federal Constituency, Lagos State, commended Tinubu for championing local government autonomy, saying, “This will help in addressing insecurity in the country as security starts from the grassroots and with the autonomy, local government council chairmen will have more funds to develop their areas and secure lives as well as properties. Financial autonomy granted to local governments would spur development and close ungoverned spaces, which induced insecurity.
“I give super kudos to the President of Nigeria for ensuring that there is local government autonomy because security starts from the grassroots. So, if you empower a local government to have full receipt of their monthly applications, they don’t have immunity like the governors, and people are aware that now, the shackles are broken. I don’t think there will be any stretch or space in Nigeria that will not be governable.
“When I received reports from my military people, they told us that there are a lot of ungovernable spaces, areas where no single government presence exists.
“It now behoves the people to be wise in choosing people that administer them because if you do that, this is a game changer, in my opinion. I think it is a game changer that can be catalytic for Nigeria’s development.”
The lawmaker added that state policing should be optional, saying, “If I have the power to make legislation, I will say state policing is not by force. If you want it, apply. If a governor applies for state policing, the authority vetting it. Maybe the Police Service Commission will look at it, and if they pass the test, they should be given on a pilot scheme.
“There should also be conditions, like if you give them the license and they don’t do well, you can suspend, revoke, and the license may not be renewed.”
Nigeria absent at Africa Youth Champs over scarcity of funds
Nigeria is conspicuously absent from the 2024 ITTF Africa Youth Championships, which are currently underway in Gaborone, the capital of Botswana.
Despite being one of the leading African teams, Nigeria is not participating in this prestigious event.
In the 2023 edition held in Agadir, Morocco, the Nigerian contingent managed to compete thanks to the support of Friends of Table Tennis, who funded their trip.
However, despite qualifying for the 2023 ITTF World Youth Championships, the team could not honour the event.
Following weeks of preparation, the players were informed that they would not be able to travel due to the Nigeria Table Tennis Federation (NTTF) failing to secure necessary support from the Federal Ministry of Sports Development.
Botswana is making history by hosting the continent’s finest young players for the first time in African table tennis.
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Unfortunately, Nigeria, a high-profile team, is missing from the action at the championships, which began on Monday, July 15. The Botho University Hall in Gaborone serves as the venue for this exciting event.
Having previously hosted regional championships, Botswana is thrilled to stage one of Africa’s elite tournaments. Motswagole Kudzanani, President of the Botswana Table Tennis Association (BTTA), emphasized that hosting the tournament would lead to all-round improvement for table tennis.
He stated, “Hosting provides a platform to build our capacity and expose our athletes to international standards. It also increases our brand visibility, showcasing our capabilities and helping us identify areas for growth.”
This year’s championships feature an increased number of participating nations compared to the 2023 edition.
The participating countries include Botswana, Congo DRC, Ghana, Egypt, Cameroon, Kenya, Uganda, Lesotho, Benin Republic, Guinea, Madagascar, Namibia, South Africa, Rwanda, Tunisia, Zambia, and Zimbabwe.
Furthermore, the seven-day continental championships serves as African qualifiers for the 2024 ITTF World Youth Championships, scheduled to take place in Helsingborg, Sweden, in November.
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Rivers royal family drags oil company to court over land dispute
Members of the Agwolo-Ochoeke Royal Family of Ogbele community in Ahoada East Local Government Area of Rivers State have taken Niger Delta Petroleum Resources PLC, now Aradel Holdings PLC, to the state High Court over a land dispute.
The Agwolo-Ochoeke Royal Families are seeking a court order directing Aradel Holdings PLC to allow them access to their land for a survey and to pay proper compensation.
They claim that since 2001, when the company began operations on their land, they have not received any rental payments.
Aradel Holdings PLC, the defendant, argues that it had paid for economic crops and has a Memorandum of Understanding, MOU, with the larger Ogbele community.
At a hearing on Tuesday, the claimants’ counsel, Mike Ozekhome, SAN, requested the court to grant the families access to survey the disputed land, which the defense opposed.
Presiding Judge, Justice Sylvester Popnen, ruled that Aradel Holdings PLC must allow the Agwolo-Ochoeke Royal Families access to the land for a survey, with both parties present.
The judge directed that the survey must be completed within 14 days.
Speaking to the press outside the courtroom, Ozekhome described the ruling as beneficial for both parties and a rightful decision.
He explained that the Nigerian constitution requires anyone, group, or government taking over someone’s land to allow access to determine their interest for compensation purposes.
Rivers royal family drags oil company to court over land dispute