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IMF Retains Nigeria’s Economic Growth Forecast at 3.2%

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The International Monetary Fund, IMF has retained its 3.2 forecast for Nigeria’s economic growth in 2023.

Meanwhile, the IMF lowered its forecast for Sub-Saharan economic growth in 2023 by 0.1 percentage point to 3.5 per cent.

The Fund however raised its forecast for global economic growth in 2023 by 0.2 percentage points to 3.5 per cent.

IMF Backs Global Central Bank-backed Digital Currency Network

The forecasts were disclosed in the IMF World Economic Outlook, WEO Update, July, titled “Near-Term Resilience, Persistent Challenges.”

The IMF said: “Global growth is projected to fall from 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024 on an annual average basis. Compared with projections in the April 2023 WEO, growth has been upgraded by 0.2 percentage point for 2023, with no change for 2024.

“The forecast for 2023–24 remains well below the historical (2000–19) annual average of 3.8 percent. It is also below the historical average across broad income groups, in overall GDP as well as per capita GDP terms.

“Advanced economies continue to drive the decline in growth from 2022 to 2023, with weaker manufacturing, as well as idiosyncratic factors, offsetting stronger services activity. In emerging market and developing economies, the growth outlook is broadly stable for 2023 and 2024, although with notable shifts across regions.

“On a year-over-year basis, global growth bottomed out in the fourth quarter of 2022. However, in some major economies, it is not expected to bottom out before the second half of 2023.

“In sub-Saharan Africa, growth is projected to decline to 3.5 percent in 2023 before picking up to 4.1 percent in 2024. Growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April projections, reflecting security issues in the oil sector.

“In South Africa, growth is expected to decline to 0.3 percent in 2023, with the decline reflecting power shortages, although the forecast has been revised upward by 0.2 percentage point since the April 2023 WEO, on account of resilience in services activity in the first quarter.”

Advising governments on policy priorities, the IMF said: “In most economies, the priority remains achieving sustained disinflation while ensuring financial stability.

“Therefore, central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring. Should market strains materialize, countries should provide liquidity promptly while mitigating the possibility of moral hazard.

“They  should also build fiscal buffers, with the composition of fiscal adjustment ensuring targeted support for the most vulnerable. Improvements to the supply side of the economy would facilitate fiscal consolidation and a smoother decline of inflation toward target levels.”

NYSC Director Urges Acceptance of Posting In Good Faith

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Director of Legal Services of the National Youth Service Corps, NYSC, Barrister Tijani  Ibrahim, has charged the 2023 Batch B, Stream 1 corps members undergoing orientation exercise at Wannune camp to accept their posting.

He gave the charge while addressing corps members at NYSC Camp in good faith multipurpose Hall, Wannune, in Tarka local government area of Benue State.

He said every human being has been channeled by God to follow a part in life and it will be wrong to cut it.

The director advised the corps members to respect all camp officials and their employees as well as host communities.

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He also encouraged them to read and study all the NYSC documents, particularly bye-law to understand the operations of the scheme and to observe camp rules and regulations.

He commended the State Coordinator of NYSC, Abe Dankaro Ashumate and camp officials for their commitment and dedication to the camp assignment.

He tasked them to uphold the tenets of love for one another, between Camp Officials and Corps Members.

The State Coordinator of NYSC Benue Abe Dankaro Ashumate, appreciated Benue State Government for building a multi-purpose hall for the scheme despite its limited resources.

Italy Summer Storms: “I Have Never Seen Anything Like This” – Mayor

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Unseasonably stormy weather moved eastwards across northern Italy as intense rain and 100km/h (62mph) winds battered the region.

In some places, tennis ball-sized hailstones injured people, damaged cars and uprooted trees.

A 16-year-old girl was killed when a tree fell on the tent she was sleeping in at a summer camp near the city of Brescia, while a middle-aged woman died after also being hit by a falling tree in Lissone, north of Milan.

The mayor of Milan, Giuseppe Sala, said: “I have never seen anything like this…

Cooking Gas Price Drops 6.71% to N4, 068.26 — NBS

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The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas), dropped by 6.71 per cent on a month-on-month, MoM basis to N4, 068.26 in June 2023, from N4, 360.69 in May 2023.

Also, on a year-on-year, YoY basis, it dropped by 3.56 per cent from N4, 218.38 in June 2022.

However, a state profile analysis indicated that Kwara recorded the highest average price for refilling a 5kg cylinder with N4, 750, followed by Niger with N4, 691.16, and Zamfara with N4, 683.33.

On the other hand, Ondo recorded the lowest price with N3, 287.86, followed by Ekiti and Nasarawa with N3, 288.46 and N3, 364.62 respectively.

The National Bureau of Statistics, NBS, which disclosed this, yesterday, in its report – Liquefied Petroleum Gas Watch – stated: “In addition, analysis by zone showed that the North-Central recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4, 421.97, followed by the North-West with N4,260.30, while the South-West recorded the lowest with N3,709.16.

“Also, the average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 4.35% on a month-on-month basis from N9, 537.89 in May 2023 to N9, 123.25 in June 2023.

“On a year-on-year basis, this fell by 3.82% from N9, 485.91 in June 2022. On state profile analysis, Cross River recorded the highest average retail price for the refilling of a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N10, 096.43, followed by Ogun with N9, 875.63 and Anambra with N9, 833.33. “Conversely, the lowest average price was recorded in Adamawa with N7, 500.00, followed by Zamfara and Borno with N7, 928.57 and N8, 000.00 respectively.”

Floods: Bodies Of Two Children Found In Canadian Province Of Nova Scotia

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The bodies of two children missing for three days after devastating floods in the Canadian province of Nova Scotia have been found by police.

The children were traveling in a car with three others when the vehicle became submerged over the weekend.

Authorities have also recovered the body of a 52-year-old man, while another youth remains missing.

The flooding was caused by the heaviest torrential rains to hit the Atlantic Canada region in 50 years.

Hundreds had been evacuated at one point and several highways, local roads and properties have been damaged.

The children were travelling in one car, while the man and the missing youth were travelling in another when both became submerged in flood waters.

They were all from the town of West Hants, north of Halifax, home to about 15,000 residents.

The Royal Canadian Mounted Police said they recovered the bodies of one of the missing children on Tuesday morning, around 10:45 local time (14:45 BST).

The remains of the second child were found on Monday. Police did not confirm the ages of the children or the names of those dead and missing.

Three people survived after escaping from the car carrying the children, while two people escaped from the second car, which was carrying the man and the missing youth.

Nigerian Federal Universities Remain Tuition-Free – Presidency

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The Presidency say federal universities in the country remain tuition-free.

Presidential spokesman, Dele Alake said some universities only recently announced discretionary charges for hostel accommodation, registration, laboratory but emphasized that they are not tuition fees

Last week, some tertiary institutions including the University of Lagos (UNILAG) hiked their fees for new and returning undergraduate students.

UNILAG especially hinged the move on what it described as the prevailing economic realities.

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After careful deliberations with its stakeholders (students, parents/guardians, staff unions, alumni among others), the University of Lagos (UNILAG) Management reviewed the obligatory fees (mandatory charges for an academic session/year) of new and returning undergraduate students of the University.

The adjustment in fees which will take effect from the 1st Semester, 2023/2024 Academic Session, is in view of the prevailing economic realities and the need for the University to be able to meet its obligations to its students, staff, and municipal service providers among others.

Deadly Mediterranean Wildfires: Thousands Of People Forced To Flee

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More than 40 people have died in Algeria, Italy and Greece and thousands have been evacuated as Mediterranean wildfires threaten villages and holiday resorts.

The entire island of Rhodes has been put into a state of emergency, as fires also rage on Corfu and Evia.

The current long heatwave shows no let-up – temperatures are expected to rise above 44C (111F) in parts of Greece.

High winds and tinder-dry vegetation mean firefighters are struggling in many areas to douse the flames and create firebreaks.

The heaviest death toll so far is in Algeria, where the 34 victims included 10 soldiers surrounded by flames during an evacuation in the coastal province of Bejaia, east of Algiers. Bejaia is the worst-hit area, accounting for 23 of the deaths, local media report.

Algerian authorities said 80% of the blazes had been put out since Sunday, but a massive firefighting effort continues, involving about 8,000 personnel, hundreds of fire engines and some aircraft.

Fires have also raged in neighbouring Tunisia, where 300 people had to be evacuated from the coastal village of Melloula.

Water disturbances experienced in Tabarka last week during an unprecedented heatwave made things even harder. “We couldn’t douse flames hours after the wooden building was devastated,” Mr Selmi said.

“I was employing 22 people,” he adds. “I don’t know how to get off this hook.”

The ravaged restaurant overlooks the sea. But the Mediterranean is barely seen, as the haze is still blanketing the area.

In Greece, the Civil Protection Ministry warned of an “extreme danger” of fire in six of the country’s 13 regions on Wednesday.

A team of climate scientists – the World Weather Attribution group – said this month’s intense heatwave in Southern Europe, North America and China would have been virtually impossible without human-induced climate change.

Two pilots died on the island of Evia, just north of Athens, when their Canadair firefighting plane crashed into a ravine. Elsewhere on the island a man’s charred body was found in a remote rural shack.

Holiday firms Jet2 and Tui have cancelled departures for Rhodes for the coming days.

Tourism accounts for one in five jobs in Greece, and the industry is vital for Rhodes and many other islands. The UK Foreign Office has not advised against travel to the affected parts of Greece, but has urged tourists to check with tour operators for updates.

Thousands of people have also been evacuated on Evia and Corfu, while Crete – another major holiday destination – is on high alert.

Ship With 3,000 Cars In Deadly Fire Off Dutch Coast

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A fire on a cargo ship carrying almost 3,000 cars off the coast of the Dutch island of Ameland has left one sailor dead and 22 others hurt.

A major salvage operation is in full swing in an area of the North Sea designated a World Heritage site.

Twenty-two crew members were taken to hospital with breathing problems, burns and other injuries.

A Dutch coastguard spokesman said the fire was probably caused by one of 25 electric vehicles on board the ship.

Photos shared by the coastguard showed the Panamanian-flagged Freemantle Highway engulfed in smoke with flames licking the deck.

The coastguard told Dutch news agency ANP the fire could continue for days. The sides of the ship were being doused with water to cool it down, but rescue boats avoided pouring too much water on board because of the risk of sinking.

The cargo ship left the port of Bremerhaven in northern Germany at around 15:00 local time on Tuesday on course for Port Said in Egypt.

It ran into trouble overnight, about 27km (17 miles) north of the Ameland in the Wadden Sea, on the edge of the North Sea.

Members of the crew initially tried to douse the flames themselves but were overwhelmed and were eventually forced to evacuate.

The captain of the Ameland lifeboat, Willard Molenaar, told public broadcaster NOS that seven people had leapt 30m into the sea: “One by one they jumped and we had to fish them out of the water. They were really desperate so they had to jump.”

An electric vehicle is believed to have been the source of the fire

A tugboat was used to pull the cargo ship out of major shipping routes to and from Germany.

The freighter, which is operated by K-Line but owned by a subsidiary of the Japanese shipbuilding firm Imabari Shipbuilding, is currently stationary but the Dutch coastguard said it may be listing.

The immediate challenge for emergency crews at the scene is to extinguish the fire and keep the cargo ship afloat.

Salvage boats are circling, in preparation for all possible scenarios.

The North Sea foundation environmental group said the Wadden Sea had become increasingly vulnerable because of bigger ships using an extremely busy shipping route.

Four years ago 270 shipping containers, some containing chemicals, fell off another Panamanian-registered cargo ship in a storm and some of the containers washed up on Dutch beaches.

But this latest incident has also raised issues surrounding the risks of transporting electric vehicles.

Last year a cargo ship carrying 4,000 luxury cars caught fire and sank off the Azores. Lithium-ion batteries in the cars caught fire and firefighters needed specialist equipment to put out the fire.

Exploring Boiling Lake, Dominica 

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The Boiling Lake is a flooded fumarole, which is filled with bubbling grayish-blue water that is usually enveloped in a cloud of vapor, located in the Morne Trois Pitons National Park on the island of the Commonwealth of Dominica.

As the national park is under protection of UNESCO, as it is a World Heritage Site, this interesting lake too is part of that list. The main feature of the Boiling Lake is thanks to the vicinity of a volcano which emits steam and gases escaping from molten lava below.

Approximately 60 meters (197 feet) in width and length, and around 59 meters (194 feet) deep, the first person to ever see this majestic site is Edmund Watt and Henry Alfred Alford Nicholls in 1870, who were working at that time on the island.

Soon after, in 1875, the government botanist Henry Prestoe, together with Nicholls was commissioned to investigate this natural phenomenon.

The water in the lake is fluctuating all the time, however, it always maintains some level which is regular. For instance, with an phreatic eruption lowered the lake level by some 10 meters (33 feet) between December 2004 and April 2005, nonetheless, the lake level rose again, refilling the lake in just one day.

The temperature is different around the lake, where average temperature at the edges is around 82 degrees Celsius (180 degrees Fahrenheit), and in the center the lake is actively boiling is at its highest.

Still, the fast draining and refilling implies that it is suspended above the local water table, which in other words is a continuous flux of steam or gas generated by an underlying magmatic intrusion that drives the water up into the lake.

When there is a disturbance in the supply of gas, then it can cause the lake to drain through the porous connection that normally allows steam to rise and heat the lake.

The Boiling Lake is definitely one of the most striking places on the island, with its cliff-top edges that rise some 30 meters (100 feet) above its shore, with the high rock walls that surround it and create the amazing basin which is fed most of the time by the yearly rainfall, as well as the other two small streams that drain into the area.

There is a trail that leads to the lake, however, one should be really cautious when hiking towards the lake, since once fallen off the wall, then the pot will consume and boil everything.

Doctors Strike: Abbas meets Tinubu

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The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen has met with President Bola Tinubu over the ongoing strike by the National Association of Resident Doctors of Nigeria (NARD).

Abbas, who met with Tinubu on Tuesday night, and presented an overview of his earlier meeting with the NARD leadership to the president.

Recall that, earlier in the week, the Speaker had engaged in discussions with the national leadership of NARD, where he urged the doctors to suspend their planned strike.

Abbas, while seeking their patience and understanding of the doctors, requested two weeks to find solutions to the issues raised by the association.

The Speaker established an ad hoc committee chaired by the Leader of the House, Prof. Julius Ihonvbere, to urgently address the matter.

Meanwhile, according to a statement by his media aide, Musa Abdullahi Krishi, the Speaker said he meet with President Tinubu within 24 hours to discuss the situation further.

He urged the president to step in and address the concerns raised by the resident doctors, highlighting the importance of their role in the country’s healthcare system.

The resident doctors proceeded with their indefinite strike on Tuesday evening, underlining the gravity of their grievances.

Reacting to the development, the Speaker instructed the ad-hoc committee to expedite their discussions with all the stakeholders to bring the strike to an immediate end.