News Agency of Nigeria (Nan)
IMF Cuts Global Economic Growth Over Trump’s Tariff War
An upswing in economic risks due to rising trade tensions and debt levels has prompted the International Monetary Fund(IMF) to cut its forecast for world growth for this year and next.
With trade growth set to slow sharply amid a trade war between the United States and China, the IMF cut its outlook for global GDP by two-tenths to 3.7 percent for 2018 and 2019, according to the quarterly World Economic Outlook Report issued Monday.
The revised estimates include a worsening outlook for developing economies this year and next compared to the July report, as well as downgrades for the US and China in 2019.
The IMF warns that risks highlighted in previous reports “have become more pronounced or have partially materialised” in the real world.
The dominant US economy has been shielded from the ill effects so far due to the stimulus provided through tax cuts and spending policies, but that will wear off by 2020.
Still, the trade disputes sparked by President Donald Trump that have led to tit-for-tat exchanges of tariffs among major trading partners are affecting China, other Asian economies and more vulnerable countries like Argentina and Turkey, along with Brazil.
“Trade policy reflects politics and politics remains unsettled in several countries, posing further risks,” IMF chief economist Maurice Obstfeld told a press briefing in Bali, where the fund kicks off its annual meetings this week.
“Despite the possibility of less political space in some countries… making consensus on sound policies often harder to reach, there won’t be a better time than now for further action.”
Growth estimates for the euro area and Britain also was revised down.
The report warned that growth “may have peaked in some major economies.”
“Downside risks to global growth have risen in the past six months and the potential for upside surprises has receded,” the IMF said.
Rising trade tensions are a key challenge to the world economy as “protectionist rhetoric increasingly turned into action.”
That includes President Donald Trump’s imposition of tariffs on $250 billion in Chinese goods, as well as on aluminium, steel and other products worldwide.
The IMF warned the uncertainty caused by the trade disputes “could lead firms to postpone or forgo capital spending and hence slow down growth in investment and demand.”
And if it continues, the “escalation of trade tensions to an intensity that carries systemic risk is a distinct possibility without policy cooperation.”
Global trade is projected to expand by 4.2 percent this year, six tenths less than expected in July and nearly a full point lower than the forecast in April. For next year, trade is seen growing just four percent, a half point less than the prior forecast.
When the world’s two biggest economies — the US and China — are “at odds”, that is going to create “a situation where everyone is going to suffer”, Obstfeld said.
“Growth is now much more uneven” than six months ago, he told reporters.
But the outgoing chief economist — who retires from the Fund later this year — added that it was a “mixed picture” with some Latin American and African nations getting growth forecast upgrades.
Sourced From: News Agency of Nigeria (NAN)
By Abujah Racheal
Nigeria has recorded 87 new cases of the COVID-19, bringing the total infections to 1,182 , according to the Nigeria Centre for Disease Control (NCDC).
The NCDC, in a tweet via its official handle, said 33 of the new infections were recorded in Lagos, 18 in Borno, 12 in Osun, nine in Katsina, four each in Kano and Ekiti, three each in Edo and Bauchi and one in Imo.
“As at 11:55 pm April 25, there are 1,182 confirmed cases of COVID-19 reported in Nigeria. The country’s total deaths from the virus now stand at 35, while 222 have been treated and discharged,” it said.
The centre said as at 11:55 pm, April 25, Lagos has 689, FCT-138, Kano-77, Ogun-35, Osun-32, Gombe-30, Katsina-30, Borno-30, Edo-22, Oyo-18, Kwara-11, Akwa Ibom-11, Bauchi-11, Kaduna-10, Ekiti-8 and Ondo-4.
Others are Delta-six, Rivers-three, Jigawa-two, Enugu-two, Niger-two, Abia-two, Zamfara-two, Sokoto-two, Benue-one, Anambra-one, Adamawa-one, Plateau-one and Imo-one.
87 new cases of #COVID19 have been reported;
33 in Lagos
18 in Borno
12 in Osun
9 in Katsina
4 in Kano
4 in Ekiti
3 in Edo
3 in Bauchi
1 in ImoAs at 11:55 pm 25th April there are 1182 confirmed cases of #COVID19 reported in Nigeria.
Discharged: 222
Deaths: 35 pic.twitter.com/La5xzZZe2z— NCDC (@NCDCgov) April 25, 2020
Sourced From: News Agency of Nigeria
President Muhammadu Buhari has publicly disagreed with the National Working Committee of the All Progressives Congress over the right of aggrieved members to seek redress in court.
In a statement by Femi Adesina, the president’s media adviser, President Buhari stressed that if anyone is displeased with the way and manner anything has been done, and feels deprived of his/her rights, then such a person is at liberty to approach the courts for redress.
It was the president’s first public reaction to the discontent within the party over the conduct of primaries, in the selection of candidates for elective offices.
Until now, President Buhari had tried to appease members behind the scenes, begging and cajoling aggrieved members to bury the hatchet.
In a different reaction, the NWC of the party headed by former governor Adams Oshiomhole forbade members from dragging the party to court. It even went further to threaten the litigants.
President Buhari disagreed with the party:
“We can’t deliberately deny people of their rights. We agreed that party primaries should be conducted either through direct, indirect or consensus methods, and if anyone feels unjustly treated in the process, such a person can go to court. The court should always be the last resort for the dissatisfied. For the party to outlaw the court process is not acceptable to me.”
In the statement, President Buhari still favoured non-legal approach for reconciliation of the aggrieved as he urged them to embrace the party’s reconciliation panels.
According to Adesina, President Buhari advised members to work with the reconciliation committees empanelled for the six geo-political zones by the APC, and not a purported Presidential Committee on Reconciliation, stressing that the Party is the only body authorised to constitute such committees.
The APC had threatened aggrieved members who have headed to the courts, saying that: “The Party intends to activate constitutional provisions to penalise such members as their action is capable of undermining the Party and hurt the Party’s interest.
“We hereby strongly advise such members to withdraw all court cases, while approaching the appropriate party organs with a view to resolving any outstanding disputes. In addition to this, aggrieved members are urged to take full advantage of the reconciliation committees the Party has put in place.
“APC members should understand that as a progressive party that operates on the principle of change, it is not a matter of choice to keep to the rules.”
Sourced From: News Agency of Nigeria (NAN)
By Taiye Elebiyo-Edeni.
Over 1000 workers will be employed for the Warri-Itakpe standard gauge rail corridor, Mr Fidet Okhiria, the Managing Director, Nigerian Railway Corporation (NRC) said.
“It’s about 320km, about 12 stations and we have to engage people that will maintain the tracks, people that will work in the stations and sell tickets.
“Also, technicians that will examine the train. So, we are going to engage close to over 1000 to maintain about 320km track, both junior and senior.
“New employees can’t just be sent there; they must be trained.
“In order for them to be trained, we will be moving people from the existing staff, but we have to replace them. So we have to fill up those positions before the new people will be trained and certify to be part of the train operations,” he said.
NAN reports that NRC operates one-year training programme for graduate staff and three months for the junior staff.
According to Okhiria, the 12 stations for the train service are still under construction, adding that temporary stations would be used pending completion.
He, however, assured that the stations would be completed by the first quarter of 2019, noting that some of the houses at the railway village were renovated recently for workers.
Okhiria said that a lot has been achieved, especially in the rail system under the current administration, with the purchase of more rolling stock and wagons.
Sourced From: News Agency of Nigeria (NAN)
By Jacinta Nwachukwu/ Bukola Adewumi
Mr Loveday Ogbonna, Head, Corporate Communications, National Identity Management Commission (NIMC) says registration for the National Identity Number (NIN) is free of charge to all Nigerians.
Ogbonna, who made this known in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja, said that the commission had never charged anyone for NIN registration.
Some residents in Kubwa, Abuja, had claimed that they were made to pay N200 for logistics before being registered at the ongoing NIMC registration.
But, Ogbonna said that it was not the responsibility of the enrollees to pay money to fuel generators at registration centres.
“The commission absolutely condemns this, it is not right for enrollees to pay money for fueling of the generators before being captured but people also react based on how urgent they need NIN.
“Our staff would have told them that there was no light which is not under their control; however, you know that electricity is not under our purview just like the internet.
“Therefore, if you come to a place that we don’t have electricity and people on their own volunteer to contribute money to fuel the generator, it is out of their own free will.
“Although we don’t encourage it, because that will lead to corruption, but if the people on their own decide to contribute we cannot stop them.
“All these issues are due to paucity of fund, if there is enough money available for the exercise or steady power supply all these things will not happen,’’ Ogbonna.(NAN)
Sourced From: News Agency of Nigeria (NAN
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