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Nigeria’s Economy Hits Lowest Ebb Ever, World Bank Warns

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From the World Bank came a frightening report, yesterday, that the Nigerian economy has sunk into its lowest level in the nation’s history as it recommended the deployment of sound fiscal and monetary policies to tow it out of the doldrums.
The gloomy picture, which was contained in global bank’s Development Updates on Nigeria, presented in Abuja, said inflation would push seven million more Nigerians into poverty by the end of 2022.
The report stated that petrol subsidies could cost Nigeria as much as N5.4trillion in 2022, much higher than “all of the resources allocated to health, education, and social protection together”.
It also projected that net oil/ gas revenue for 2022 will fall to N1.6trillion from N2.6trillion recorded in 2021.
The startling report was presented by the Lead Economist for Nigeria at the World Bank, Dr. Marco Hernandez, who attributed the economic nightmare to a plethora of policy distortions on the part of the Nigerian government and global shocks that have fuelled inflation.
He painted a particularly worrisome picture of the Nigerian situation, that it was not just the price of imported products that were skyrocketing, but includes locally-produced goods.
Hernandez noted that the high inflation has crashed the value of the national minimum wage of N30,000 ($82), which is now worth N22,000 ($37).
The fast-eroding minimum wage aside, the World Bank reckoned that most Nigerian families earn N15,000 monthly which was worsening the poverty situation in the country.
He further stated that there is a nexus between foreign exchange rate and inflation, adding that when the former’s rates go up at the parallel market, inflation rate follows automatically.
He said: “suboptimal exchange rate management is fuelling inflation due to FX supply constraints and lack of predictability, which is ultimately leading to a rise in the parallel exchange rate which is closely associated with inflation.
“Import and FX restrictions reduce the supply of food and key staples, increasing their prices and those of associated goods. The monetisation of fiscal deficits by the Central Bank of Nigeria (ways and means) and CBN’s subsidised lending to firms add to inflationary expectations”.
The report noted that despite that the rising price of crude in the international market due to the Russia-Ukraine war, Nigeria’s oil production and revenue have continued to slump because of several factors.
The bank said it was quite concerned about Nigeria’s fiscal side, emphasizing that Nigeria needs to address fiscal deficits most urgently.
Reacting to the report, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who spoke virtually noted that the huge amount spent on petrol subsidy has put the economy on ventilators and threatening its survival.
She passed the buck on subsidy removal to Nigerians.
“We really are at a crossroads and there are very difficult times. It is actually paradoxical. At a time when growth is accelerating there are so many other challenges that have gathered and are impacting the lives of the people.
“On our part, we are going to reduce the fiscal pressures caused by the increase in our deficit caused by increase in PMS subsidies. These PMS subsidies are costing us an additional N4trillion than was originally planned.

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Davido Narrates How His Song Became President’s Ringtone

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Nigerian megastar, Davido shares how his father recognised that his music was getting big.
Davido says his hit single ‘Dami Duro’ was the president’s ringtone
During an interview with newsmen, Davido spoke on the early days of his career and how he eventually got his father’s approval to make music.
The Grammy nominee shared the familiar story of how he left school in Atlanta and returned to Nigeria to pursue music without his father’s blessing which later led to his business mogul dad getting him arrested.
“I don’t think he did not want me to do music, he just wanted me to be successful as whatever I did because he got a blueprint for me already,” Davido said on his father’s early reaction to his decision to make music.
“He is so supportive and he checks on everything…My dad picks my album. When I am done, I send him all the tracks and my dad goes through all the records and gives me a paragraph each,” Davido narrates the personal interest and support his Dad gives him.
“My dad gave me the name Davido…The first show I did, he arrested me, the fans, the promoters,” Davido said laughing as he narrated the story of how his father got him arrested after he returned to Nigeria without his consent and had his first show as a 17-year-old. “He just wanted me to finish school,” Davido added about his father’s insistence that he get a university degree.
The three time Grammy nominee was asked when his father recognised that his music was getting big and he revealed it was when his hit song ‘Dami Duro’ was the president’s ringtone.
“When my song was the president’s ringtone,” Davido said.
While he did not mention the president or the country, Davido is likely referring to the exploit of former Nigerian president Goodluck Jonathan who was the head of state between 2010 – 2015.
During the interview, Davido also mentioned his plans as a businessman beyond music. He revealed he had a production house called Coco House which he describes as a media house for creatives. He also added that he intends to get into crypto.

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Funke Akindele’s New Film Premiers, Dec

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Nollywood actress and filmmaker, Funke Akindele has announced that her upcoming film, Everybody Loves Jenifa, a spinoff from the Jenifa franchise will premiere in December.
“Been long you saw Jenifa!!!!”  Akindele said.
While a December premiere is confirmed, details on the film remain unknown. However, the new title, Everybody Loves Jenifa, suggests a potential return to the core elements that have made the franchise popular. With Akindele leading the creative team, viewers can anticipate the return of familiar characters and humorous storylines.
The sitcom, Jenifa’s Diary has been a major Nigerian television show since its debut in 2015. The series centres around the main character played by Akindele, and has featured Folarin “Falz” Falana, Lolo, Juliana Olayode, Lota Chukwu, Paschaline Alex Okoli, and late Aderounmu Adejumoke.
The Tide Entertainment reports that it has also had spin-offs and sequels like Aiyetoro Town (2019), which is set in Jenifa’s village, and Jenifa on Lockdown (2021).
Akindele played Jenifa in the first film in the franchise, Jenifa (2008), a village girl who travelled to the city in pursuit of fortune. Muhydeen S. Ayinde directed the movie.
The movie was nominated for four Africa Movie Academy Awards in 2009 including, Best Original Soundtrack, Best Actress in a Supporting Role, and Best Nigerian Film. For her performance in this movie, Akindele took home the Africa Movie Academy Award for Best Actress in a Leading Role.

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Halliday  Attributes Collaboration Hindrance To Sentiments, Others

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The convener, South South Media Week, Tammmy  Halliday has attributed the lack of unity and collaboration in the PortHarcourt  entertainment industry to sentiments, baggages and trust issues.
He made this known yesterday, during an interview with newsmen in Port Harcourt.
According to him, some things that spur baggages are family background, personal experience with colleagues or other people, saying that when someone has been reaped or used by  any of his colleagues or someone else, he might not want to work with some other persons because of trust issue.
This goes along with baggages, where he now sees his other colleagues as one and same with the one who used him and so this continues to hinder collaborations in the industry.
He advised that as an entertainer you should get better, visible and  exposed as the industry required.
He said  that the key factor that can help collaboration is growth, explaining that growth would make entertainers live beyond baggages, adding that if you are good at what you do, and know what you want and where you are going with it , then you are good to go.
“You can seek an advice from a legal practitioner, professional or a senior colleagues to ensure that you (entertainer) get it right.
It is not a bad idea to serve or work with someone, because you serve to rise in the industry. You have to be well  rooted, but, you should be able to know want you want and where you are going with what you do, this will help you move on, when it is no longer working for you, otherwise, you will remain there and keep complaining and then it gets to that point where you begin to see that person as a reaper,” he said.
Mr Halliday who also do corporate social responsibility award via his platform,  South South Media Week stated that critical communication is important in any situation, with a critical approach,  no doubt you will  always be on the right track.
Speaking on criteria for awarding awards, he maintained that it is on numbers, affiliations, fanbase, followership, association and sales of the person or organisation in question, saying that these also works  for collaboration with an artiste, because they are factors that facilitate growth in the industry.
Categories of award that are  awarded through the platform includes, entrepreneur award of the year, innovation award of the year and others.

Nancy Briggs

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