The African Department of the International Monetary Fund has attributed the civil unrest in Nigeria, spiked by the peaceful #EndSARS protest to the vulnerable state of the Nigerian economy.
This statement was made by the Board of the African Department of International Monetary Fund, during the Sub-Saharan Africa (SSA) Regional Economic Outlook briefing, which was monitored by our source yesterday.
The Board blamed the civil unrest and the social instability in the Nation on the economic difficulties in the country as well as Nigeria’s economy low growth prospect. IMF reiterated that the protest in the country is not just against police brutality, but also unemployment, poverty.
The Department explained that the difficult event that followed since the wake of the decline in oil prices in 2015-16 in Nigeria, has made economic prospects low in the country, and this dislocation has exerted pressure on standards of living, which fueled the protest.
What they are saying
Mr. Abebe Amero Selassie, the Director of the African Department of IMF in his statement said; “where you have these kinds of economic difficulties, you know, social protests are not uncommon”.
He advised thus: “It is critical for the nation to get policy-induced barriers out of the way to facilitate stronger economic growth. The government needs to do more to raise revenues through the area of non-oil resources to be able to invest in health education which would, you know, allow people to be more successful at getting jobs but also improve the economy’s potential. So, I think that the development agenda that Nigeria has, I think, has to be tackled with gusto and vigour so that the millions of jobs that the country needs can be created.”
Other issues discussed
While speaking on the support the IMF gave Nigeria earlier this year, Mr. Selassie said: “The support is to help cushion the awful effects that the pandemic and the economic crisis that has unfolded has had on Nigeria. The important need for the government is to spend the resources on health, education, and other important areas at a difficult time like this. I think the government is committed to provide us with an explanation of what the resources have been used for and you know, audits of how that was used in due course. And we look forward to that in the coming months.”
What to expect
On growth projections, the IMF emphasized that although the protests happened after the fund had closed its projections for the year, the board explained that changes will depend really on how the protests evolve.
Hence, if the protests persist with significant effects on the economy and macroeconomic data, changes would be internalized in due course.
Engineer Sanusi Garba assumes office as Chairman of NERC
The new NERC boss has assumed office today in an investiture event witnessed by other Commissioners of the Commission.
Engineer Sanusi Garba, today, December 3, 2020, formally assumed office as the Chairman of the Nigerian Electricity Regulatory Commission (NERC).
This is according to the statement issued by the media team of the NERC via the official Twitter handle of the Commission.
Professor Momoh hands over to Engineer Sanusi Garba
Professor James Adeche Momoh has handed over to Engineer Sanusi Garba in a ceremony witnessed by Commissioners of the Nigerian Electricity Regulatory Commission. Engineer Sanusi thanked Professor Momoh @NERCNG
— NERC Nigeria (@NERCNG) December 3, 2020
Engineer Garba whose appointment was confirmed by the Nigerian Senate on Tuesday will be replacing Professor James Momoh, the outgoing chairman of the Commission.
Speaking at the handover ceremony today, the New Chairman of the Commission recognized the efforts and the hard work of Prof. Momoh and thanked the outgoing chairman for his contributions to the development of the Commission and the sector in general.
However, Professor Momoh on his part pledged his continuous support to the Commission and thanked President Muhammadu Buhari for the opportunity to serve the country.
What you should know
- The new Chairman of Nigerian Electricity Regulatory Commission (NERC), Engineer Sanusi Garba is a seasoned professional in the Nigerian Energy Supply Industry (NESI), and also a top officer in the Commission.
- Prior to his nomination as the Chairman of NERC, Garba served as the Vice Chairman of NERC, under the leadership of Prof. Momoh. He also served as the Chief Executive of Katsina Steel Rolling Co. Ltd and the Director (Power) in the Federal Ministry of Power with responsibility for the Generation, Transmission and Distribution aspects of the electricity industry.
- He also served as Executive Director (Generation) at the Niger Delta Power Holding Co. Ltd during which he provided technical and commercial leadership for the efficient operation of seven (7) NIPP thermal power plants.
- Engr Garba, who is a seasoned professional has served on many Federal Government Committees including the Presidential Committee on Power Sector Reform (2007/8) and the Presidential Task Force on Power (2009/10).
Nigeria’s inflation hits 14.23 percent as food prices increases
Nigeria’s inflation rate rose by 14.23% in October 2020 as against 13.71% recorded in September 2020
The National Bureau of Statistics on Monday November 16, released a data which revealed that Nigeria’s inflation rose to 14.23 percent, 0.52 percent higher than the 13.71 percent recorded in September.
According to the data, the core food index rose by 17.38 percent majorly driven by increases in food items. Core inflation also maintained a steady rise to 11.14 percent, from the 10.58 percent reported in August this year.
The bureau said;
“The Consumer Price Index, which measures inflation increased by 14.23 per cent (year-on-year) in October 2020.
“This is 0.52 per cent points higher than the rate recorded in September 2020 (13.71 per cent).”
Urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.
Inflation was highest in Zamfara, Sokoto and Ebonyi, while Lagos, Abuja, and Cross River recorded the lowest in October.
Tony Elumelu conferred with Belgium’s most important national honour
Nigerian billionaire-entrepreneur, Tony Elumelu, has been conferred with Belgium’s oldest and most important national honour.
The Chairman, United Bank for Africa (UBA) Group, Tony Elumelu, has been conferred with Belgium’s oldest and most important national honour titled: “The honorary distinction of Officer in the Order of Leopold.”
The entrepreneur made the disclosure via his verified Twitter handle. The award is said to be in recognition of his commitment to the eradication of poverty & the economic empowerment of young Africans.
Elumelu tweeted, “Last night, the Kingdom of Belgium conferred on me with the honorary distinction of Officer in the Order of Leopold, the country’s oldest and most important National Honour.
“I am humbled by this recognition of the work @TonyElumeluFDN in catalysing entrepreneurs across Africa and will continue to drive the economic empowerment of our brilliant young #Africanentrepreneurs to propel development in Africa.”
Last night, the Kingdom of Belgium conferred on me with the honorary distinction of Officer in the Order of Leopold, the country’s oldest and most important National Honour. pic.twitter.com/92akJE3wLl
— Tony O. Elumelu, CON (@TonyOElumelu) November 16, 2020
What you should know
Themoneymetrics had earlier reported that Tony Elumelu had been named in “Times 100” list of 100 most influential people in the world 2020.
Why it matters
The latest award, amongst others, is in recognition of his commitment to the eradication of poverty and the economic empowerment of young Africans.