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Nigeria’s Economic Growth To Decelerate To 2.9% In 2023 — World Bank

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Nigeria’s economic growth is projected to decelerate to 2.9 percent in 2023 and remain at that pace in 2024, the World Bank has said.

The growth projection, barely above population growth, comes against the backdrop of challenges in the oil and non-oil sectors of the Nigerian economy, the Washington-based institution said in its latest Global Economic Prospects (GEP) released on Tuesday.

The World Bank said that a growth momentum in the non-oil sector is likely to be restrained by continued weakness in the oil sector while existing production and security challenges, and a moderation in oil prices, are expected to hinder a recovery in oil output.

Last December, the bank cut Nigeria’s 2022 growth forecast to 3.1 percent from a previous forecast of 3.8 percent.

In its Nigeria Development Update (NDU), the bank said that the nation had to make hard choices or face a worse economic downturn in the months and years ahead. The revision in growth projection, it added, was due to slow economic growth in the third quarter of 2022, due to a weak performance in critical areas of the economy.

In its latest projection, the bank said policy uncertainty, sustained high inflation, and rising incidence of violence are anticipated to temper growth.

“Growth in agriculture is expected to soften because of the damage from last year’s floods,” it said.

Similarly, the nation’s fiscal position is expected to remain weak because of high borrowing costs, lower energy prices, a sluggish growth of oil production, and a subdued activity in the non-oil sectors.

The bank noted that growth in the Sub-Sahara African region is expected to improve within the period.

“Growth in SSA is projected to edge up in 2023 to 3.6 percent, a 0.2 percentage point downward revision from the June forecast, before picking up to 3.9 percent, in 2024,” it said.

“Even though an expected moderation of global commodity prices should temper cost-of-living increases, tighter policy stances to address elevated inflation and public debt will weigh on domestic demand.”

Meanwhile, the bank said that weakening growth in advanced economies and China is expected to pose headwinds for external demand, particularly among exporters of industrial commodities.

“Constrained access to external financing, tight fiscal space, and high borrowing costs are expected to markedly limit many governments’ ability to spur faster growth,” it said.

Among oil-producing countries, the bank said government debts fell by nearly 10 percent of GDP on average, due to fiscal surpluses and stronger exchange rates.

The global economy is equally projected to grow by 1.7 percent in 2023 and 2.7 percent in 2024, the bank said.

The sharp downturn in growth is expected to be widespread, with forecasts in 2023 revised down for 95 percent of advanced economies and nearly 70 percent of emerging market and developing economies.

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Security: Army Foils Kidnap Attempt, Rescue Six Victims In Taraba

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Troops from the 6 Brigade Nigerian Army/Sector 3 Operation Whirl Stroke successfully thwarted a “kidnap attempt” and “rescued six victims” along the Wukari-Kente road in the Wukari Local Government Area of Taraba State.

The operation, conducted on April 27, 2025, was initiated following “a distress call from the Executive Chairman of Wukari LGA alerting security forces to an attack on travellers in the area.”

“Troops stationed at the Forward Operating Base Wukari were swiftly mobilised to the scene.”

This information was conveyed in a statement issued on Tuesday by the Acting Assistant Director, Army Public Relations, 6 Brigade, Captain Olubodunde Oni.

“Responding swiftly, the troops launched a prompt rescue operation to the area and rescued the victims unhurt,” the statement read.

Upon arriving at the location, “troops found a white Toyota Hilux vehicle with a flat tyre abandoned by the roadside.”

“Shortly after, six individuals emerged from the nearby bush, unharmed, and identified themselves as the occupants of the vehicle,” the army said.

The victims recounted that they “were travelling from Yola to Lafia when gunmen, suspected to be kidnappers or armed robbers, ambushed them from the rear.” They “abandoned their vehicle and fled into the bush for safety.”

After confirming the area was secure, “the soldiers assisted in replacing the damaged tyre and escorted the travellers until they were safely back on their journey.”

Commander of the 6 Brigade, Brigadier General Kingsley Uwa, “lauded the troops for their swift response and professionalism.” He “reiterated the brigade’s commitment to protecting lives and property across Taraba State.”

Brig. Gen. Uwa also “urged residents to support security efforts by providing timely and credible intelligence.”

“We remain resolute in our mission to ensure peace and security across Taraba State and its environs,” he assured.

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JUST IN: My Defection From PDP Imminent, Governor Eno Declares

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Governor Umo Eno of Akwa Ibom State has “given hint of his possible defection to the ruling All Progressives Congress (APC),” noting that the main opposition Peoples Democratic Party (PDP) “was like a spoilt plane and may no longer has the capacity to take him to the next destination from 2027.”

Speaking against the backdrop of recent gale of defections from the PDP with the latest being the Delta State governor Sheriff Oborewori, who moved with several supporters to the APC, Pastor Eno hinted that “the heavily fragmented PDP may soon grind to a halt.”

Addressing a mammoth crowd that thronged the Town Square meeting of the Ukanafun/Oruk Anam federal constituency on Tuesday at the QIC Central School, Ikot Akpankuk, headquarters of Ukanafun local government area, the governor disclosed that “he might join the fray soon as the crucial 2027 election year inches closer.”

“If you wanted to travel with Ibom Airline, and on the verge of taking off, it developed a fault that won’t enable it to fly, won’t you board the next available plane to take you to your destination?” Eno queried.

However, the governor, who enjoined the people to remain steadfast in support of his administration in its quest to deliver on its campaign promises, doled out empowerment succour to over 400 people, including business grants, cars and other freebies.

154 constituents benefited from the Traders Grant, 116 received Farmers Grant, four got N5 million each for the MSME Grant, and 131 were beneficiaries of the Equipment Support Initiative.

He, therefore, urged the beneficiaries to make judicious use of the resources at their disposal, warning beneficiaries to desist from deploying it to ponzi schemes or any other unintended purposes.

He said: “We need to meet with the people from time to time to see them. It’s not only during elections that we should come to see our people. We also have to come and see you in the course of governance, to check your wellbeing, to listen to you, tell you what we have done, and what we are planning to do.

This is the fourth federal constituency we have visited, we have six more to go and we will finish all in time for the budget department to capture the needs in the 2026 budget.

“We will go through your requests and tell you the ones we have decided to do, based on available funds. We might not be able to do all, but whatever is left we will add to subsequent budgets.

“We will always work with the people because this government is of the people, for the people, and by the people,” he stated.

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Court Orders EFCC To Release Aisha Achimugu Within 24 Hours

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Justice Inyang Ekwo of the Federal High Court in Abuja has instructed the Economic and Financial Crimes Commission (EFCC) to release socialite and businesswoman, Aisha Achimugu, within a 24-hour timeframe.

Justice Ekwo further directed that the involved parties must report back to the court on May 2nd to provide an update on the compliance with his order.

Previously, on Monday, Justice Ekwo had mandated Achimugu to present herself to the anti-graft agency concerning an ongoing investigation related to money laundering and other alleged offenses.

Justice Ekwo also stipulated that following her appearance at the EFCC office, the anti-graft agency was required to return with her to the court on Wednesday, April 30th, for a progress report.

It is worth noting that the EFCC apprehended Achimugu at 5 am on Tuesday at the Nnamdi Azikiwe International Airport.

The EFCC is currently investigating Achimugu regarding allegations of conspiracy, obtaining money under false pretenses, money laundering, corruption, and possessing properties reasonably suspected of being unlawfully acquired.

While she had been arrested and interrogated by the EFCC previously, she was granted administrative bail by the commission.

However, the EFCC claimed that she violated her bail conditions and subsequently declared Achimugu wanted.

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