The latest outlook report of the International Monetary Fund, IMF, for sub-Saharan Africa has indicated that the broad-based economic reforms embarked upon by the current federal government are still struggling for a positive impact, 18 months after commencement.

Also, stakeholders in the food sector have indicated that the reforms have failed to uplift the necessities of life in the country.

The IMF report rolled out yesterday acknowledged a few countries that have recorded little success in reforms but Nigeria was not mentioned, rather it mentioned Nigeria amongst those failing to meet desired results.

According to the report, the average economic growth rate in the region would remain at 3.6 per cent for the full year 2024, but Nigeria’s growth rate, put at 3.19 per cent, is below this average.

Presenting the report at the Lagos Business School, LBS, IMF Deputy Director, Catherine Patillo, indicated that macroeconomic imbalances in the region have started reducing with notable improvements in some countries, but she excluded Nigeria in the good news.

She stated: ‘‘More than two-thirds of countries have undertaken fiscal consolidation. With the median primary balance is expected to narrow by 0.7 percentage points alone in 2024. And these have included notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others’’.

Further on the improving macroeconomic situations in the region, Patillo stated: ‘‘On the imbalances side, median inflation has declined in many countries. And it’s already within or below the target band in about half the countries’’.

But contrary to this position, Nigeria’s inflation which had slowed down in July and August returned to uptrend in September 2024 with further rise in October while analysts predict that November and December would sustain the uptrend.

Also at current 33.8 percent, Nigeria’s inflation rate is largely off the 21 percent target for 2024.

The IMF report actually mentioned Nigeria as one of the countries that have been unable to tame inflation.
She stated: ‘‘Inflation is still in double digits in almost one-third of countries, including Angola, Ethiopia, and Nigeria, and above target in almost half of the region, particularly where monetary policy is not anchored by exchange rate pegs’’.

Patillo further said that exchange rate was improving across most countries in the region. She stated: ‘‘Looking further at exchange rates, we do see that foreign exchange pressures have largely abated since the end of 2023’’.

But Nigeria has recorded the worse exchange rate instability and local currency depreciation so far this year.

The IMF report also highlighted the impact of debt burden on fiscal stability listing Nigeria amongst the suffering countries.

It stated: ‘‘Debt service capacity remains low by historical standards. In almost one-quarter of countries, interest payments exceed 20 percent of revenues, a threshold statistically associated with a high probability of fiscal stress. And rising debt service burdens are already having a significant impact on the resources available for development spending.

‘‘The median ratio of interest payments to revenues (excluding grants) currently stands at 12 percent. Some three-quarters have already witnessed an increase in interest payments (relative to revenue) since the early 2010s (comparing the 2010–14 average with the 2019–24 average). In Angola, Ghana, Nigeria, and Zambia, this increase in interest payments alone absorbed a massive 15 percent of total revenue’’.

The Naira on Friday slightly further depreciated at the official market trading at N1,652.25 against the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the Naira lost N2.05.

This represents a 0.12 per cent loss compared to the previous trading date, Thursday, when it exchanged at N1,650.20 to a dollar.

However, the total daily turnover increased to 296.63 million dollars on Friday up from 214.73 million dollars recorded on Thursday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,699.00 and N1,620.00 against the dollar.

Ben Murray-Bruce, the Silverbird Group’s founder, shared how he was swindled out of $3.5 million by his South African business partner in a deal to purchase a cinema complex in Kenya.

Although he refrained from disclosing his partner’s identity, he mentioned that after transferring the stated amount, the South African partner took ownership of the business by registering it under his name.

The former Senator for Bayelsa East Senatorial District made this revelation during the fourth edition of the Peace Anyiam-Osigwe Nigeria Digital Content Regulation Conference, which took place on Thursday in Victoria Island, Lagos State.

He said, “I was called to buy a cinema complex in Kenya for $3.5 million. I transferred the money and my South African partner registered it in his name. That was how I lost that huge investment.

“I have a studio in Los Angeles and I am battling with litigation with one of the most prominent actors in Hollywood.”

The media tycoon shared his passion for film production, revealing that he is developing a movie script, with the film set to tackle key societal issues.

He emphasized the importance of fostering creativity, remembering that during a visit to the Ajegunle area of Lagos some time ago, he witnessed a group of children fighting.

Murray-Bruce noted that the kids — “future leaders” were “learning how to be tough. But some people see them as crooks. Leaders of entertainment in the US today were born in their Ajegunle.

“The entertainment industry is a very successful one. In all the things I have done, I have never made one move about movie making but now, I will. I am working on a script and I know we will get it right. We will deal with fundamental issues.”

The passing of Anyiam-Osigwe, a distinguished Nigerian filmmaker and the creator of the African Movie Academy Awards, was confirmed on January 10, 2023.

The ex-legislator also honored the memory of the late Anyiam-Osigwe, reminiscing about her visits to his home, where she would arrive riding her bicycle.

“Peace came to my house one day and asked me why I abandoned entertainment and became a politician. I have known her since she was six years old. She used to come to our house on her bicycle. Her brothers also used to come riding theirs,” he said.

The Nigeria Macroeconomic Outlook for 2025 has predicted that the naira could sell for N2000 per dollar in a worst-case scenario, while both currencies may exchange for about N1790 in a best-case scenario.

The Macroeconomic Outlook, released yesterday in Abuja by Veriv Africa, a data insights, research, and advisory company, also forecast a 3.6 percent Gross Domestic Product (GDP) real growth rate in 2025.

The body, focused on providing comprehensive insights into Nigeria’s economic and political landscape through rigorous study and diverse expert perspectives, also revealed a GDP growth rate of about 2.5 percent in a worst-case scenario.

Veriv Africa Co-founder, Basil Abia, who made the revelation in Abuja during the unveiling of the 2025 outlook of the macroeconomic landscape of the country, said the research also put the aggregate inflation rate for 2025 at 31 percent, while the price for Premium Motor Spirit (PMS) may rise to N1100 per litre.

He said, “For the best-case scenario, we are going to be able to get a 3.6 percent GDP real growth rate. Outside of that, we are also going to be doing N1790 naira per dollar. And then with regards to PMS, we are going to be seeing PMS prices of over N1200 per litre.

“We are also foreseeing that GDP growth rates will just be around 2.5 percent or 2.53 percent, to be more specific, or around 2.6 percent in the worst-case scenario. We are also foreseeing inflation rates at 36 percent, which is a slight reduction.

“Well, not a reduction, because, in all honesty, the aggregate inflation rate for the entirety of 2024 would be around 33 percent, so a 36 percent headline inflation rate next year is a significant increase, which basically means that our bills will be further tightened.

“Now, for the worst-case scenario, this is the one that a lot of people are praying doesn’t happen. We are foreseeing the dollar going for N2000 naira per dollar.”

He added that the organisation is working hard to provide policymakers with more nuanced and in-depth coverage of local happenings compared to economic reports by the International Monetary Fund (IMF), the World Bank, and the African Development Bank (AfDB).

He added, “We are trying to give policymakers more nuance, more in-depth coverage across the board for them to plan with, in terms of policy implementation, programmatic design, and policy ideals. The difference between our outlook and the outlook of the IMF is the depth and local context.

“Our macroeconomic model is very sound. We also complement that with very sound qualitative data. We did a lot of coverage in mining. We carried out key interviews with mining experts and mining players.”

Earlier in her remarks, Managing Director of Veriv Africa, Omotayo Faro, explained that the initiative was born from the belief that data-driven decision-making is key to unlocking Nigeria’s full potential.

According to Faro, the 2025 macroeconomic outlook is a result of meticulous research and analysis by a team of experts and provides a comprehensive overview of the key economic trends, challenges, and opportunities Nigeria will face in 2025.

She noted that the research is designed to empower Nigerians with the knowledge they need to navigate the complex economic landscape in Nigeria and make important decisions.

“We hope that this outlook will serve as a valuable resource for policymakers, stakeholders, businesses, and investors. We are committed to continuing to provide high-quality research and analysis to help shape Nigeria’s future,” she said.

The Zamfara Government says it will implement the N70,000 minimum wage very soon, the State Head of Service, Alhaji Ahmad Liman, has said.

Liman, who disclosed this at a press briefing in Gusau on Wednesday reiterated Gov. Dauda Lawal administration’s commitment to promoting the welfare of the civil servants in the state.

He said that Lawal has already promised to pay N70,000 minimum wage to the state civil servants.

“You know the state government set up a committee for the civil servants verification and that of the implementation of the 70,000 minimum wage.

“The two committees have been working day and night to complete the exercise,” he said.

Liman emphasised that the committee’s responsibility was to provide an accurate framework of civil servants data in the state for immediate implementation of the minimum wage.

“The welfare of workers is a top priority for our administration, I am very confident that the implementation of the new minimum is the top priority agenda of Gov. Lawal.

“The two committees conducting the ongoing exercises are expected to complete their work by the end of this month of November,” he stated.

Liman said that as soon as the committees complete their work and present their report to the governor he would approve the new minimum wage.

He said, “You know, the ongoing exercise is necessary to address various irregularities in the civil service sector inherited by the previous administration.”

The head of service mentioned ghost workers and over payment among the irregularities discovered at the ongoing verification exercise.

“We discovered a single general hospital in the state with 22 medical doctors receiving salary monthly,

“The ongoing exercise discovered only two doctors are real workers in that hospital, all the remaining 20 doctors were fake workers.

“There was also an issue of a secondary school teacher receiving N140,000 as his monthly salary, but the committee discovered that he was receiving N700,000,” he explained.

Liman further disclosed another issue of a medical doctor receiving N700,000 as his monthly salary but he was discovered by the committee receiving over N1 million.

“There are a lot of issues related to the civil service sector in the state, I believe at the end of the ongoing exercise, the details of the findings of the committee will be made available to the public.

“I am therefore appealing to the civil servants in the state to remain calm, the state government under Gov. Dauda Lawal is committed to their welfare,” he explained.

Subscribers to pay TV services have berated MultiChoice Group for announcing that its Nigerian unit, MultiChoice Nigeria, lost 243,000 subscribers on its Digital Satellite Television (DStv) and GOtv services within six months.

The News Agency of Nigeria (NAN) reports that the South African-owned pay-TV operator had, in its Interim Financial Results for the period ending Sept. 30 released on Tuesday, announced the loss of 243,000 subscribers on its DStv and GOtv.

NAN also reports that MultiChoice had attributed the decline to Nigeria’s high inflation rate, which has exceeded 30 per cent, resulting in rising costs of food, electricity and fuel, thus causing many customers to unsubscribe.

The company further reported a 566,000-subscriber loss in the Rest of Africa operations over the past six months, with Zambia and Nigeria contributing the largest shares.

The announcement had sparked reactions from Nigerians, especially DStv and GOtv subscribers, with many saying that the company was the cause of its woes.

Some of them, who joined the buzz on social media, said that they were no longer interested in subscribing to MultiChoice services because the prices were no longer affordable, considering current economic situation of the country.

@cashoggy: “They will still lose more subscribers. Internet and smart TV have rendered Dstv unattractive with their rate.

“Imagine paying 25,700 for a premium subscription when you can surf the internet and watch all the programs for less.”

Another Nigerian, @ gentle_t said: “Why we dey sub again when 2/4/7, many people are using their phones to watch what they want.”

@realbl posted: MultiChoice lost 243,000 subs because there is Multi-hunger in Nigeria. More so, there are now multiple choices replacing MultiChoice on our tablets when we need to watch soccer.”

@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me.

“A company this big can’t improve on their content? Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”

@Jatiti_O wrote: “You people haven’t realized that people don’t watch TV anymore. They go out in the hot Sun to look for money.”

@ribaduabubakar2 said :“I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”

@ekoh wrote: “Not only bad economy but also everyday increase in their monthly tariff. If they want to bounce back, they should cut their subscription price and make it a pay-as-you-go.”

NAN reports that this development is coming barely eight months after Competition and Consumer Protection Tribunal (CCPT) ordered suspension of tariffs hike by MultiChoice Nigeria.

The company had earlier in a statement entitled: ‘Price Adjustment on DStv and GOtv Packages’ announced price hike on both packages.

However, after the intrigues of series of legal battles, Multichoice Nigeria brazenly hiked the subscription rates for its DStv and GOtv packages, effective from May 1.