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World Bank Lowers Nigeria’s 2023 Economic Growth Forecast To 3.2%

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The World Bank has lowered its economic growth forecast for Nigeria in 2023 to 3.2per cent from 3.3per cent, citing slowdown in global growth, the war in Ukraine, including declining demand from China for commodities produced in Africa.
Citing similar conditions, the World Bank also projected that the Sub-Saharan African region will record a lower economic growth of 3.3per cent in 2022 from 4.1per cent recorded in 2021.
Consequently, the World Bank called on the governments in the Sub-Saharan African region to urgently implement measures to restore macro-economic stability and protect the poor in a context of slow growth, high inflation.
The forecasts were contained in the October edition of the World Bank’s Africa’s Pulse, a biannual analysis of the near-term regional macroeconomic outlook, and economic growth in Sub-Saharan Africa (SSA).
Highlighting the growth factors for Nigeria’s economy, the World Bank said: “The Nigerian economy is projected to slow in 2023, down to 3.2per cent (from 3.3per cent) and persist at this level the following year. Growth will be supported mainly by the rebound in private consumption prompted mostly by accommodative monetary policy as inflationary pressures subside.
“Private consumption expenditure is forecast to decrease this year and grow next year. This performance will likely continue in 2024. On the production side, growth in 2023 will be supported by industry (with the growth of 5.1per cent) with the mega-refinery project.”
On its growth forecast for the Sub-Saharan African region, the World Bank said: “Economic growth in Sub-Saharan Africa (SSA) is set to decelerate from 4.1percent in 2021 to 3.3percent in 2022, a downward revision of 0.3 percentage points since April’s Pulse forecast, mainly as a result of a slowdown in global growth, including flagging demand from China for commodities produced in Africa.”
On the factors undermining economic growth in SSA, the World Bank said: “The war in Ukraine is exacerbating already high inflation and weighing on economic activity by depressing both business investments and household consumption. As of July 2022, 29 of 33 countries in SSA with available information had inflation rates over 5percent while 17 countries had double-digit inflation.
“Elevated food prices are causing hardships with severe consequences in one of the world’s most food-insecure regions. Hunger has sharply increased in SSA in recent years driven by economic shocks, violence and conflict, and extreme weather. More than one in five people in Africa suffer from hunger and an estimated 140million people faced acute food insecurity in 2022, up from 120million people in 2021, according to the Global Report on Food Crises 2022 Mid-Year Update.
“The interconnected crises come at a time when the fiscal space required to mount effective government responses is all but gone. In many countries, public savings have been depleted by earlier programmes to counter the economic fallout of the COVID-19 pandemic, though resource-rich countries in some cases have benefited from high commodity prices and managed to improve their balance sheet.
“Debt is projected to stay elevated at 58.6percent of GDP in 2022 in SSA. African governments spent 16.5percent of their revenues servicing external debt in 2021, up from less than 5percent in 2010. Eight out of 38 IDA-eligible countries in the region are in debt distress, and 14 are at high risk of joining them. At the same time, high commercial borrowing costs make it difficult for countries to borrow on national and international markets while tightening global financial conditions are weakening currencies and increasing African countries’ external borrowing costs.”
Stressing the need for governments to improve the efficiency of existing resources and to optimize taxes in response to the above challenges, the World Bank added that, “In the agriculture and food sector, for example, governments have the opportunity to protect human capital and climate-proof food production by re-orienting their public spending away from poorly targeted subsidies toward nutrition-sensitive social protection programmes, irrigation works, and research and development are known to have high returns.
“For example, one dollar invested in agricultural research yields, on average, benefits equivalent to $10, while gains from investments in irrigation are also potentially high in SSA. Such reprioritisation maintains the level of spending in a critical sector while raising productivity, building resilience to climate change, and achieving food security for all. Creating a better environment for agribusiness and facilitating intra-regional food trade could also increase long-term food security in a region that is highly dependent on food imports.”

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NDLEA Seizes Cocaine Hidden In Dry Fish, Arrests Grandpa With Meth

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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

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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.

 

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Fubara Tasks APC Zonal Leadership On  Unity

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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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