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IMF Raises Nigeria’s Economic Growth Forecast To 3.4%
The International Monetary Fund (IMF), has raised its forecast for Nigeria’s economic growth in 2022 to 3.4 per cent, citing increase in crude oil prices.
However, the IMF reduced its projection for global growth to 3.6 per cent in both 2022 and 2023, citing the impact of costly humanitarian crisis economic damage from the Russia war on Ukraine.
The IMF stated this in its April World Economic Outlook (WEO) report released as part of activities at the ongoing IMF/World Bank spring meeting in Washington DC, USA, yesterday.
The new forecast represents 0.7 percentage points and 0.4 percentage points higher than the 2.7percent projected by the IMF in January for the country’s economic growth in 2022 and 2023.
Similarly, the IMF upgraded its economic growth forecast for the Sub-Saharan African region to 3.8per cent in 2022, representing a 0.1 percentage point increase from the 3.7per cent forecast made in January.
The IMF said: “In sub-Saharan Africa, food prices are also the most important channel of transmission, although in slightly different ways.
“Wheat is a less important part of the diet, but food in general is a larger share of consumption.
“Higher food prices will hurt consumers’ purchasing power—particularly among low-income households—and weigh on domestic demand.
“Social and political turmoil, most notably in West Africa, also weigh on the outlook.
“The increase in oil prices has, however, lifted growth prospects for the region’s oil exporters, such as Nigeria. Overall, growth in sub-Saharan Africa is projected at 3.8percent in 2022″
On the decision to revised downward its projection for global economic growth, Economic Counsellor and Director of the Research Department, IMF, Pierre-Olivier Gourinchas, said: “Compared to our January forecast, we have revised our projection for global growth downwards to 3.6percent in both 2022 and 2023.
“This reflects the direct impact of the war on Ukraine and sanctions on Russia, with both countries projected to experience steep contractions.
“This year’s growth outlook for the European Union has been revised downward by 1.1 percentage points due to the indirect effects of the war, making it the second largest contributor to the overall downward revision.
“The war adds to the series of supply shocks that have struck the global economy in recent years.
“Like seismic waves, its effects will propagate far and wide—through commodity markets, trade, and financial linkages.”
The IMF also projected inflation to rise further across the global economy due to the impact of the war.
“Inflation is expected to remain elevated for longer than in the previous forecast, driven by war-induced commodity price increases and broadening price pressures.
“For 2022, inflation is projected at 5.7percent in advanced economies and 8.7percent in emerging market and developing economies—1.8 and 2.8 percentage points higher than projected in January.
“Although a gradual resolution of supply-demand imbalances and a modest pickup in labour supply are expected in the baseline, easing price inflation eventually, uncertainty again surrounds the forecast.
“Conditions could significantly deteriorate. Worsening supply-demand imbalances— including those stemming from the war—and further increases in commodity prices could lead to persistently high inflation, rising inflation expectations, and stronger wage growth,” the IMF said.
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NDLEA Seizes Cocaine Hidden In Dry Fish, Arrests Grandpa With Meth
The National Drug Law Enforcement Agency (NDLEA) has intercepted a large consignment of cocaine concealed in heads of imported dry stock fish and arrested a key member of the syndicate responsible for shipping the drugs abroad.
The agency disclosed this in a statement issued yesterday by its Director of Media and Advocacy, Femi Babafemi.
He said the arrest and seizure followed intelligence on trans-border criminal activities.
Babafemi said the intelligence led to a sting operation by operatives of the Murtala Muhammed International Airport Strategic Command of the Agency at the Ojo area of Lagos on Thursday, March 19, 2026.
“In the course of the operation, three jumbo size bags were found in possession of the kingpin 36-year-old Akputa Dickson Ejike.
“A search of the bags led to the recovery of Two Hundred and Thirty-Seven (237) wraps of cocaine buried in the heads of imported dry stock fish locally known as ‘Okporoko.’
“The cocaine pellets have a gross weight of 5.80 kilograms. The consignment was intended for export to Delhi, India,” the statement read.
In a separate operation on Wednesday, March 25, NDLEA operatives from the Directorate of Operations and General Investigation (DOGI) intercepted two consignments bound for the United Kingdom at a courier company in Lagos.
“In one of the shipments that originated from Cotonou, Benin Republic, 1.9 kilograms of methamphetamine were found concealed in automobile filters while the second parcel contains 40 ampoules of Morphine Sulphate and nine ampoules of Fentanyl,” the statement said.
Babafemi added that on March 26, a Special Operations Unit (SOU) raided the home of 46-year-old Omolade Abigail Jolayemi, known as “Iya Ghana,” at 13 Carter Street, Yaba, Lagos.
According to him, she and her associate, 31-year-old Sarah Zainab Agbabiaka, were arrested after operatives recovered 135 blocks of cannabis weighing 76.30 kilograms.
“Same day, the SOU operatives also arrested Anayo Lucky Ohabiro, 39, at Doyin bus stop, Surulere, Lagos following credible intelligence. A total of 78 blocks of Ghana Loud weighing 41kg were seized from him,” he said.
In Ekiti State, the statement added that “an 80-year-old grandpa, Oke Samuel, was on Thursday 26th March arrested by NDLEA operatives during a special raid operation at Mosafuneto camp, Erinmo road, Efon-Alaaye Ekiti. A total of 2.2kg skunk and 1.8grams of methamphetamine were recovered from him.”
Another suspect, 37-year-old Enuwa Kehinde Kingsley, had 894.72 kilograms of skunk seized from an uncompleted building in Ogbese, Akure North, Ondo State.
Elsewhere, 35-year-old Saater Nyam was apprehended at Pevi village, Guma LGA, Benue State, with 116.7 kilograms of skunk on Tuesday, March 24.
In Edo State, a warehouse raid in Ekpoma town, Esan West LGA, on Monday, March 23, led to the arrest of 25-year-old Felix Donald and the seizure of 576.5 kilograms of skunk and 33 bottles of codeine-based syrup.
In Taraba State, Babafemi said NDLEA officers intercepted a truck carrying 100 blocks of compressed skunk weighing 135 kilograms concealed in animal feed bags from Garbachede to Gombe State on Tuesday, March 24.
Two suspects, 21-year-old Osama Mamuda and 22-year-old Auwal Umar, were arrested in connection with the seizure.
Babafemi noted that the agency has also continued its War Against Drug Abuse social advocacy, conducting sensitisation lectures in schools across Cross River, Adamawa, Oyo, Kano, and Lagos states.
Chairman and Chief Executive Officer of NDLEA, Brig. Gen. Mohammed Marwa (Rtd), commended operatives from MMIA, SOU, DOGI, Ekiti, Ondo, Benue, Edo, and Taraba Commands for their efforts and praised all commands nationwide for balancing drug supply reduction with drug demand reduction initiatives.
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Palm Sunday: CAN Decries economic hardship
The Christian Association of Nigeria has called on political leaders at all levels to demonstrate empathy and take urgent steps to ease the growing economic hardship facing Nigerians, as Christians mark Palm Sunday.
In a statement issued on Sunday, CAN President, Archbishop Daniel Okoh, said the significance of Palm Sunday offers timely lessons for leadership, particularly during a period marked by economic strain and global uncertainty.
Reflecting on the biblical account of Jesus’ entry into Jerusalem, Okoh noted that the moment symbolised humility, peace, and purposeful leadership rather than a display of power.
“Jesus entered Jerusalem with calm resolve at a time of uncertainty and expectation. It was not a show of force, but a message of peace, purpose, and hope,” he said.
He stressed that the country’s current socio-economic realities demand similar qualities from those in authority.
“Across Nigeria, many are feeling the weight of the times. The cost of living is rising, and for countless families, daily life is getting harder,” Okoh said.
He linked domestic economic challenges to global developments, particularly tensions involving Iran, Israel, and the United States, which he said are disrupting energy markets worldwide.
“The impact is already here. Fuel is more expensive. Transport costs are rising. Food prices are climbing,” he said, warning that such pressures are intensifying the hardship faced by ordinary citizens.
The CAN president emphasised that in times of uncertainty, the tone and actions of leaders are critical in restoring public confidence.
“For many Nigerians, the concern is simple and immediate: how to cope, how to plan, how to stay afloat. When life feels this uncertain, people need reassurance, stability, and the quiet confidence that those in positions of responsibility understand what they are going through,” he stated.
He further urged leaders to embrace a style of governance rooted in restraint, compassion, and commitment to the common good.
“True leadership is not always loud. It is seen in empathy and in decisions that ease burdens, calm anxieties, and bring people together. This is a time for such wisdom,” Okoh added.
Beyond government, CAN also called on the Church and citizens to promote unity and peace, drawing inspiration from the collective spirit associated with Palm Sunday.
“It reminds us of a moment when people from all walks of life came together with one purpose. That same spirit is needed now. We must stand for peace, strengthen unity, and support one another,” he said.
Addressing young Nigerians and those most affected by the economic downturn, Okoh encouraged resilience and hope.
“The challenges are real, but they are not the end of the story,” he said, urging citizens not to lose faith amid difficulties.
He expressed hope that the lessons of Palm Sunday would inspire renewed commitment to national cohesion and shared progress.
“As we journey through this sacred season, may the spirit of Palm Sunday guide us towards quiet courage, shared purpose, and a renewed commitment to the good of all,” the statement added.
News
Fubara Tasks APC Zonal Leadership On Unity
Rivers State Governor, Sir Siminalayi Fubara, has charged the leadership of the All Progressives Congress (APC) in the South -South to be united and work together to ensure that the ruling party achieves its ultimate goal in the region.
The governor who spoke at the South South Zonal Congress in Asaba, Delta State, said working in unity and with a common purpose will enable them deliver optimally to the electoral fortunes of the party in 2027.
“We can only achieve our goal when we are united and we work together. I surely believe that this is the right time, the right people and the right place. My charge to those of you elected today is that the responsibility is going to be very tasking but I believe strongly that they will deliver for our party,” he said.
Fubara expressed confidence that the newly elected leadership of the party would be equal to the task.
He expressed profound gratitude to the Delta State Government for hosting the Zonal Delegates Congress, stressing that he believes that the best will come from the South South region.
The Congress which attracted the creme de la creme of the APC in the zone, saw the re-election of the zonal leadership through consensus. The reinstated leaders were promptly inaugurated at the ceremony.
Some of the dignitaries in attendance include the President of the Senate, Senator Godswill Akpabio, Governors Siminalayi Fubara of Rivers State, Duoye Doris of Bayelsa State, Monday Okpebholo of Edo State, Umo Eno of Akwa Ibom State, Bassey Otu of Cross River State and Sheriff Oboroevwori of Delta State.
Also in attendance were the members of the National Assembly as well as members of the State Houses of Assembly from the South South Zone.
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