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Nigeria’ll get out of recession in 2017 –IMF

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The International Monetary Fund (IMF) has projected that Nigeria’s economy will be out of recession in 2017.
The economy will also grow by 0.6 percent next year, the IMF said.
According to the IMF World Economic Outlook (WEO) released yesterday in Washington, it is projected that the recession will outlast 2016 with a Gross Domestic Product (GDP) contraction of 1.7 percent.
“Sub-Saharan Africa’s largest economies continue to struggle with lower commodity revenues, weighing on growth in the region,” IMF said.
“Nigeria’s economy is forecast to shrink 1.7 percent in 2016 and South Africa’s will barely expand. By contrast, several of the region’s non resource exporters, including Côte d’Ivoire, Ethiopia, Kenya, and Senegal are expected to continue to grow at a robust pace of more than five percent this year.”
IMF also forecasted a GDP contraction and subsequent recession for Russia and Brazil throughout 2016.
The fund added: “Growth in emerging Asia and especially India continues to be resilient.
“India’s gross domestic product is projected to expand 7.6 percent this year and next, the fastest pace among the world’s major economies.”
Maurice Obstfeld, IMF chief economist and economic counsellor, who spoke on the outlook, said global economic growth would remain subdued in 2016 following a slowdown in the United States of America and Britain’s vote to leave the European Union.
Obstfeld also stated that the fund forecasted a slight pickup in 2017 and beyond, driven mainly by emerging market strength.
“Taken as a whole, the world economy has moved sideways. We have slightly marked down 2016 growth prospects for advanced economies while marking up those in the rest of the world.”
Nigeria’s economy was earlier projected to contract by 1.8 percent in 2016, but the October version of the WEO has seen that reviewed positively to a contraction of only 1.7 percent.
The country has recorded a 0.36 and 2.06 percent contraction in the first and second quarter of 2016 respectively, plunging into its worst recession in 29 years.
On Monday, the European Union (EU) advised the Federal Government to devalue the naira as part of measures to tackle the recession.
The EU delivered the message through its Counsellor and Head of Trade and Economics Section,  Fillippo Amato in an interview with the News Agency of Nigeria (NAN).
Amato said the recession cannot be addressed with traditional development tools.
He added that the recession was due to a number of factors, including fall in oil prices and resurgence of militancy in the Niger Delta.
“To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the naira…”
“Devaluing the naira is a measure, which will finally reassure investors and attract new capitals to the country.
“At the same time, it will further reduce imports thereby removing artificial forex restrictions and removing any potential waste of scarce resources such as the fuel subsidy.

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12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.

 

The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

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Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.

 

 

In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

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Foreign

Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
 
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

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