News
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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RSG Reaffirms Commitment To Quality Education
News
RSUBE Holds Training For 1,000 New Teachers
The Rivers State Universal Basic Education Board (RSUBE) has trained 1,000 newly recruited teachers with a view to raising standards in public primary and junior secondary schools in the state.
The two-day orientation and capacity building programme held in Port Harcourt introduced the teachers to civil service rules, classroom management practices, and professional conduct expected of educators in the state.
The State Commissioner for Education, Dr. Peters Nwagor, told the newly recruited teachers that teaching demands more than academic qualifications, and called for discipline, diligence, and a strong commitment to service.
He described teaching as a noble profession that is central to the development of the state.
The recruitment, he said, reflects the government’s investment in children and long-term development.
“Education is the foundation of societal progress, and basic education is where that foundation is laid,” Nwagor stated.
He urged the teachers to shape the values and character of pupils during their most formative years.
He pledged continued support from the Ministry of Education through training, resources, and an environment that allows teachers to perform effectively.
Nwagor directed RSUBEB to reject transfer requests from rural to urban schools, saying the newly employed teachers have an obligation to serve where they are posted and help strengthen education in those communities.
In his opening remarks, the RSUBEB Chairman, Hon. Sam Oge, explained that the recruitment process began in 2023 under the previous board, adding that after assuming office, he consulted widely and secured Governor Siminalayi Fubara’s approval to complete the exercise.
Oge said the selection was competitive, with 1,000 candidates chosen from more than 5,000 applicants, and urged the teachers to treat the opportunity seriously and avoid lobbying for reposting.
He directed the teachers to resume at their assigned schools immediately, saying request for reposting will not be entertained.
The former RSUBEB Chairman, Ven. Dr. Fyneface Akah, who delivered the keynote address, described the orientation as the teachers’ formal entry into the civil service.
He urged them to be creative, purposeful, and open to learning on the job.
Akah stressed that teachers have a role in restoring values lost to moral decline, and urged them to model national values and see their work as a calling with lasting impact on the society.
He thanked the State Government for approving the recruitment, noting that the exercise will improve access to quality basic education across the State.
Akujobi Amadi
News
INEC To Deploy 1.4m Corps Members For 2027 Elections
The Independent National Electoral Commission (INEC) has disclosed that no fewer than 1.4 million members of the National Youth Service Corps will be deployed for the 2027 general elections.
The Chairman of the commission, Prof Joash Amupitan (SAN), made this known on Monday during a courtesy visit to the Director-General of the NYSC, Brig Gen Olakunle Nafiu, at the Yakubu Gowon House, headquarters of the scheme, in Abuja.
Amupitan, in a statement signed by his Chief Press Secretary and Media Adviser, Adedayo Oketola, described the meeting with the NYSC senior management team as more than a formal courtesy visit, saying it was also a mission of gratitude.
According to him, the NYSC remains a critical pillar in Nigeria’s democratic process.
He noted that corps members had participated in virtually every election cycle since 1999, stressing that, “INEC cannot conduct elections in Nigeria without the NYSC.
“As the Chairman of the Independent National Electoral Commission, I am honoured to discuss our collaborative efforts toward ensuring seamless and credible elections in Nigeria.
“You provide the heartbeat of our field operations. When we speak of election manpower, we are essentially speaking of corps members.
“They are the most dedicated, educated and patriotic election duty staff we have, and their presence at polling units brings a level of neutrality and public confidence that is irreplaceable.
“They form the backbone of our election processes, especially as ad hoc staff, whose dedication, discipline and patriotism are critical to the success of our elections,” he added.
Amupitan said institutional data from the 2023 general election showed the importance of the partnership between INEC and the NYSC.
He explained that INEC deployed about 1.2 million ad hoc staff for the 2023 elections, with over 70 per cent, nearly 850,000 personnel drawn from corps members and student volunteers.
Speaking on preparations for the 2027 elections, the INEC chairman said more than 1.4 million ad hoc staff would be engaged, with corps members making up the majority.
“For the 2027 general election, we will require 707,384 ad hoc staff for the Presidential and National Assembly elections scheduled for January 16, 2027.
“The same number will be needed for the governorship and Houses of Assembly elections on February 6, 2027, making a total of 1,414,768,” he said.
He added that INEC would also require 52,446 corps members for the Ekiti and Osun governorship elections, as well as by-elections in Nasarawa, Enugu, Rivers, Ondo, Kebbi and Kano states.
Amupitan said corps members accounted for nearly 90 per cent of Registration Area Officers and Presiding Officers in many states during previous elections.
“These young Nigerians did not just facilitate voting; they protected the sanctity of the ballot in 176,846 polling units across some of the most difficult terrains in the country,” he said.
He further praised the corps members for their role in off-cycle elections, particularly the Anambra governorship election and the FCT Area Council polls.
According to him, their digital proficiency contributed significantly to the seamless operation of the Bimodal Voter Accreditation System.
“In those exercises, it was the digital proficiency of corps members that ensured the seamless performance of our BVAS, proving they are the tech-savvy backbone of our modern democracy,” he added.
Amupitan acknowledged the sacrifices made by corps members during elections and assured that INEC would continue to work with the NYSC and security agencies to strengthen safety measures and welfare packages for them.
As the 2027 general election approaches, we are committed to ensuring adequate mobilisation and preparedness of NYSC members for this important national assignment,” he said.
He also noted that the Ekiti and Osun governorship elections, scheduled for June 20 and August 15, respectively, alongside several by-elections, would serve as tests for innovations ahead of the 2027 elections.
Responding, Brig. Gen. Nafiu thanked INEC for its continued collaboration with the scheme.
He recalled that the Memorandum of Understanding between both organisations was signed in 2011 and had been periodically renewed.
Nafiu described corps members as credible, reliable and easily trainable manpower.
“The last batch of millennials will soon exit the scheme, leaving behind Gen Z corps members known for their digital savviness, which will benefit INEC,” he said.
He assured the commission of the NYSC’s continued support in both the 2027 general elections and upcoming off-cycle elections.
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