News
IMF Reverses Forecast For Nigeria’s Economy To -4.3% In 2020
The International Monetary Fund (IMF), yesterday, reversed Nigeria’s economy growth projection to -4.3 percent in 2020 from its earlier projection of -5.4 percent.
The Fund also projected that Nigeria’s economy would grow by 1.7 per cent in 2021 from its projected decline of -4.3 percent.
The Fund in June 2020 had projected that Nigeria’s economy would fall by -5.4 per cent by 2020 due to the Coronavirus (Covid-19) pandemic.
The Director, African Department of the Fund, Abebe Aemro Selassie, had said : “On Nigeria, again, Nigeria is of course the oil exporting country, so the impact of the pandemic is again being compounded by the, you know, sharp decline in oil prices. We are projecting GDP growth to contract by around 5 percent, 5.4 percent if I remember correctly, in Nigeria this year. So, very significant hit to incomes.”
The IMF, in its latest Economic outlook released yesterday, also projected the world economy to fall by -4.4 percent in 2020, an upward guide from an earlier predicted rate of -4.9 per cent made in June, while it projected the world economy to grow by 5.2 per cent in 2021.
The IMF’s projection anticipates that social distancing due to the COVID-19 pandemic will continue into 2021, but the transmission of the virus will plunge globally by the end of 2022.
“We are projecting a somewhat less severe though still deep recession in 2020, relative to our June forecast,” the IMF’s Chief Economist, Gita Gopinath, said in the latest World Economic Outlook.
She added that the revision was driven by better-than-expected growth in advanced economies and China during the second quarter of the year and signs of a more rapid recovery in the third quarter.
In our latest World Economic Outlook released on Tuesday, Gopinath said: “We continue to project a deep recession in 2020. Global growth is projected to be -4.4 percent, an upward revision of 0.8 percentage points compared to our June update.
“This upgrade owes to somewhat less dire outcomes in the second quarter, as well as signs of a stronger recovery in the third quarter, offset partly by downgrades in some emerging and developing economies. In 2021 growth is projected to rebound to 5.2 percent, -0.2 percentage points below our June projection.”
News
PDP Opobo/Nkoro Hails Fubara On Peace, Projects
Stakeholders of Peoples Democratic Party (PDP) in Opobo/ Nkoro Local Government Area of Rivers State have commended the state Governor, Sir Siminalayi Fubara for his disposition that has fostered peace in the State.
Rising from an expanded stakeholders meeting last Saturday in Opobo Town, the body in an eight-point communique signed by its Chairman, Hon. Benneth Daminabo, Chairman of Council, Rt. Hon. Enyiada Cookey-Gam and LG party Chairman, Warisenibo Godwin Pepple commended the governor for linking Opobo/Nkoro LGA to the national grid.
In addition, it lauded the effort of the governor in pursuing the 50.15 kilometre Dual Carriage Ring Road, Elelenwo internal road, Aleto-Ebubu-Eteo Road in Eleme and Andoni Road projects.
Despite the distractions, the stakeholders said they were impressed that the governor had equally done projects in health-the unveiling of Prof. Kelsey Harrison Hospital, Agric projects at Tai and Oyigbo and improving welfare of civil servants.
In their words, “members reaffirmed their unalloyed loyalty and implicit confidence in his administration.”
Condemning the unfriendly and discourteous utterances of Senate President, Godswill Akpabio and Tony Okocha in different fora in the State, the forum urged the duo to desist from such action in order not to heat up the polity.
The forum pledged to stand by the governor through, “thick and thin”, the stakeholders acknowledged the contributions of women, who through prayers for the government has impacted positively in the direction and posture of the governor.
Finally, the forum unanimously expressed gratitude to the Simplified Movement and other bodies that have thrown their weight behind the governor to ensure that the administration is stable and successful.
By: Kevin Nengia
News
‘Rivers People Are Now Breathing Fresh Air Under Fubara’
Aformer Caretaker Committee Chairman of Abua/Odual Local Government Council of Rivers State, Hon Elamo Arogu, says under Governor Siminalayi Fubara, the people of the State are now breathing fresh air.
Hon Arogu said Governor Fubara has given Rivers people hope, considering the impactful and people-oriented projects being carried out by his administration.
The former CTC chairman made the assertion during the Simplified Movement’s thanksgiving service and rally held in honour of Rivers State chief executive last Friday in Abua .
Arogu said under Governor Fubara, the Abua/Odual people have the confidence that the dividends of democracy will definitely get to them.
He noted that the Governor has the strong will to change the narrative in Rivers State, being the reason he is receiving massive support across the State.
“The people of Abua/Odual are strongly behind him. Our doors ate open for everyone because there is government in place to attend to the needs of the people. I believe that he will develop Abua/Odual and other Rivers council areas, hence, the massive support. This government is business- oriented and we are ready to encourage him succeed and invest in our land. The issue of a bank; road networks and other necessities of life bordering on development as demanded by the people will be considered by Governor Fubara”, he said.
He called on the opposition to team up with Governor Fubara to build a stronger, united and viable Rivers State.
He maintained that ward nine under his leadership is Simplified.
News
Rivers State University Cooperative Society Elects New Leaders
The United Port Harcourt Peoples Cooperative Investment & Credit Society Limited, Rivers State University, Port Harcourt, has elected new leaders to pilot the affairs of the cooperative for the next two years.
They are Pastor Dr. Barine Aeba (President); Dr. Gift N. Nkweke (Vice-President), Dr. Kenneth Chima Adiele (General Secretary), Victor G. Banigo (Assistant General Secretary),
Rose Yeyeda Nwosu (Treasurer), Adaku Nwogu (Financial Secretary) and Stella Ereba (Public Relations Officer).
Inaugurating the new Management Committee after a keenly contested election held recently at the University Amphitheatre, the Director of Cooperatives in Rivers State, Dr. Elizabeth Chidi-Wike, congratulated the seven-member Executive for emerging winners at the election, charging them to uphold the bye laws of the Cooperative Society and hold regular congress meetings.
Dr. Chidi-Wike used the forum to commend the outgone Management Committee for reviving the Cooperative and placing it on an enviable pedestrial.
In her remarks, the Acting Registrar of the University, Mrs. Ibimonia Sotonye Harry applauded Cooperative members for keeping faith with the Cooperative Society, stressing that the goal of the society in helping members save for retirement cannot be over emphasised.
In his valedictory speech, the outgone President, Dr. Mie-Idala Jones Amachree expressed gratitude to God for the successful completion of his four-year tenure, thanking his fellow Management Committee members who gave him the needed support that transformed the Cooperative Society.
In his acceptance address, the President, Pastor (Dr.) Barine Aeba thanked the university management for providing the enabling environment for the peaceful conduct of the election, pledging that he will fulfill all his campaign promises.
A total of 165 Cooperative members participated in the electoral exercise which was conducted by an Electoral Committee led by Engr. (Dr.) Joseph D. Enoch.
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