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August 18, 2018

Voter’s Card: Catholic Bishops go tough

  In a bid to tackle voter’s apathy so endemic especially among the faithful, the Catholic Church has hit the ground running ahead of next year’s General Election. Speaking at the end of the First Plenary Meeting of the Catholic Bishops’ Conference of Nigeria (CBCN), held at the Catholic Secretariat, Abuja, the bishops gave strict instructions to the faithful to register to enable them to obtain the permanent voters card, (PVC), without which they would not be eligible to vote. The Bishops seem to have taken to heart the criticism that many people in the church do not vote or…

IMF: Friend or Foe To Nigeria?

The International Monetary Fund (IMF) emerged in 1944 (at the end of the Second World War) as a global financial institution charged with economic liberalization, to rebuild the war-devastated Europe. It was designed to salvage the economies of the world from the great depression of the post-war years, which was characterized by hunger and unemployment. It was established to promote international economic co-operation and provide its member-countries with short term loans to enable them trade with other countries and achieve balance of payments. From monitoring money exchange among the rich countries, the organization gradually expanded towards Third World states, by…

Nigeria’s economy likely to shrink this year – IMF

Nigeria’s economy will most likely contract this year as energy shortages and the delayed budget weigh on output, the International Monetary Fund has said. “I think there is a high likelihood that 2016 as a whole will be a contractionary year,” the IMF Country Representative in Nigeria, Gene Leon, said. While the economy should look better in the second half of the year, growth will probably not “be sufficiently fast, sufficiently rapid to be able to negate the outcome of the first and second quarters”, he added. The nation’s Gross Domestic Product shrunk by 0.4 per cent in the three…

IMF calls for further currency depreciation in Nigeria

  The International Monetary Fund (IMF) yesterday called for further currency depreciation in Nigeria and seven other oil exporting West African countries. Recall that the Nigeria’s currency, naira, has depreciated officially by 28 percent from N155 to a dollar November last year to N197 at the close of business yesterday In its April 2015 Regional Economic Outlook for Sub-Saharan Africa, which economic growth of 4.5 percent for the region in 2015, TMF said, “For the region’s eight oil exporting countries, fiscal adjustment is a priority; policy makers should support an adjustment by allowing exchange rates to depreciate, where flexible exchange…