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SAD Report; World Bank warns over unrest in Nig, Kenya, others, says 464m sub-Saharan Africans live in abject poverty

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The World Bank has revised its economic growth forecast for the Sub-Saharan Africa (SSA) downward to 3% for this year, a drop from the initial 3.4% projection made in April.

This change is largely attributed to the devastating impact of Sudan’s escalating civil war on its economy.

The region’s growth has been slowing down, with the three largest economies – Nigeria, South Africa, and Angola – experiencing a significant slowdown, averaging only 1.8% growth last year.

This downturn is a concern, especially considering the region’s history. For instance, in 2020, Sub-Saharan Africa’s output contracted by 2.4% due to the COVID-19 pandemic, marking the first economic contraction in a generation and the deepest recession since the 1960s.

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The World Bank’s latest report, Africa Pulse published on Monday, highlights these challenges and provides valuable insights into the region’s economic prospects.

It’s essential for policymakers and stakeholders to address these issues to foster sustainable growth and development in Sub-Saharan Africa.

“The downgrade is partly explained by the collapse of economic activity in Sudan caused by the armed conflict, which has destroyed physical and human capital as well as state capacity, with adverse impacts on food security and greater forced displacement,” the World Bank stated.

According to the report, Sudan’s economy is projected to decline by 15.1% in 2024 before recovering slightly the next year with 1.3% growth. The northeast African country has been embroiled in a violent conflict since April 2023, with UN estimates putting the death toll in the thousands. Around 11 million people have been displaced.

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Ahead of the report’s release, the World Bank’s chief economist for Africa told reporters on Friday that without the Sudanese conflict, regional growth in 2024 would have been 3.5% higher and in line with the initial April estimate.

“So that’s how much this is knocking off the regional growth rate,” Andrew Dabalen said, adding that “Sudan, the economy, has basically completely disappeared.”

Regardless, the Washington-based lender expects economic growth in 1.24 billion-strong SSA to accelerate to 4% in 2025 and 2026. This will be driven by an expected boost in private consumption and investment, owing to lower interest rates as the region’s inflation rate falls to 4.8% this year from 7.1% in 2023.

The institution also expressed concern about the region’s per capita growth, claiming that it has not been sufficient to reduce extreme poverty. It stated that SSA’s real income per capital in 2024 is about 2% lower than it was in 2019 before the COVID-19 pandemic.

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“The number of poor people increased from 448 million in 2022 to 464 million in 2024,” it stated.

“The high cost of living, corruption, and, more broadly, weak governance have triggered protests and palpable anger among the youth in Kenya, Nigeria, and Uganda – unrest that could spread throughout the region,” the World Bank warned.

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Just in: Final knockout for Fubara as Supreme Court refuses to grant stay of execution request

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It is final blow as he Supreme Court today, denied Fubara Stay of Execution asking the counsels to the Rivers state Government to obey the Apoeal Court judgment while their Appeal are been heard.

Fubara and his 3 Lawmakers may have to kiss the dust with this latest development.

Information reaching me Sat’s INEC will this week announce dates for Bye election into the vacant seats.

More details shortly…

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University Don Tells FG To Sanction NUPENG President, General Secretary Over Failure To Curtail Tanker Fire Fatalities*

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By Kayode Sanni-Arewa

Victims of Wednesday’s inferno in Jigawa State where over 100 people were burnt to death have received sympathy from an American based Professor of Humanity who called on the Federal government to sanction the leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) over failure to curtail incessant deaths arising from tanker-related accidents across the country.

Professor Josephine T. Abubakar from University of Maryland, United States also commiserated with the families who lost loved ones in the tragic incident and prayed that God grant them the fortitude to bear the loss.

In a statement she made available to newsmen on Wednesday, October 16, 2024 she said Nigerian ministry of petroleum resources in collaboration with the National Petroleum Corporation Limited (NNPCL) need to activate Safe-To-Load Initiative to mitigate incessant petroleum products tanker accidents and ensuing fire outbreaks in Nigeria.

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The University don said, “It is highly irresponsible of an oil Union like NUPENG, especially its General Secretary, Afolabi Olawale for not reacting officially to a national tragedy caused by one of the branches of its union, PTD in particular. This is horrible and unbelievable, over 100 lives met their untimely death. NUPENG should not only be seen collecting multiple levies and dues from Tanker Drivers, but should be seen putting adequate safety measures in place to avoid fatalities like the one the country witnessed on Wednesday.

“The deaths was a colossal loss for Nigeria, and what made it more worrisome and heart-rending was that it could be avoided but NUPENG and PTD have failed in their responsibilities, rather they concentrate on bickering over leadership tussle, legal fireworks and other ventures that can bring pecuniary gains for them at the expense of their defenseless members. It’s a shame that Augustine Egbon, a stooge in PTD who was hand-picked to be the National Chairman has also been silent about this recent calamity. NUPENG has outrightly failed Nigeria to say the least.

“However, this is the best time for the Nigerian government to look into the activities of NUPENG and PTD so that public safety and security will no longer be put into jeopardy. Nigeria has lost many lives as a result of negligence, weak and incompetent leadership in NUPENG and PTD who cannot even fix its internal crisis but disgracing themselves on the pages of newspapers and the internet on a daily basis.

“The call also goes to Nigerian ministry of petroleum resources to collaborate with the National Petroleum Corporation Limited (NNPCL) so as to activate Safe-To-Load Initiative to mitigate incessant petroleum products tanker accidents and ensuing fire outbreaks in Nigeria.

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“PTD used to be known for operational excellence and robust safety checklist for loading of petroleum products at terminals, retail outlets and depots but since Afolabi came to the saddle as General Secretary, the Union has been in tatters. Government must overhaul NUPENG and PTD, if need be, Afolabi and the President should be sacked while the DSS can take over the affairs of the union, until a proper election is conducted. There is nothing new, this has happened in NUPENG before”, she said.

The professor further appealed to Tinubu led government to be committed in ensuring safe roads for petroleum products distribution in the country and as well continue to create laudable interventions that can cushion the hardships faced by tanker drivers in their task of distributing products across the country, while also stressing that law enforcement agencies must as well show cooperation, support and provide security/succor for the hardworking tanker drivers.

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Impeachment Plot: Akpabio Cautions Nigerians To Disregard Media Report

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By Gloria Ikibah

The President of the Senate, Senator Godswill Akpabio, has admonished Nigerians to disregard stories of his planned impeachment, even as he described it as an illusion.

Naijablitznews.com recalled that an online publication, (Name withheld on Wednesday,  published a story titled “DSS Takes Over National Assembly Amid Impeachment Speculations Against Senate President Akpabio”, which has since been republished by other media outlets.

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The Special Adviser on Media and Publicity to the President of Senate, Hon. Eseme Eyiboh in a statement on Wednesday said the report was a figment of the reporters imagination.

He said: “Distinguished Senator Godswill Akpabio, President of the Senate of the Federal Republic of Nigeria, wishes to state without equivocation that the speculation and misinformation circulating about an alleged impeachment plot against him is the handiwork of fifth columnists who are perpetual merchants of misinformation and purveyors of mischief.

“As a Head of one of the Arms of government, the President of the Senate categorically denies these baseless claims and reaffirms his commitment to transformational leadership of the Senate particularly and effectively collaborates with the other arms of government. There is no crack in the Upper Chamber and no Senator or Caucus is plotting any impeachment against the President of the Senate. Every Senator is focused on raising the bar of Legislative Agenda and Nation building.

“The allegations are nothing but a desperate attempt to create division and discord among the esteemed senators. It’s unfortunate that some individuals would resort to spreading falsehoods to promote the invidious reins of their blackmail enterprise.

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“Senator Godswill Akpabio remains focused on the implementation of the 10th Senate’s Legislative Agenda and working tirelessly to address the pressing National issues of growth and prosperity.

“The Senate President will not be distracted by these unfounded rumours and wants to assure the public that his commitment to Nigeria’s progress remains unwavering.

“We therefore urge the public to disregard these baseless claims and instead focus on the meaningful work being done by the Senate to improve the lives of all Nigerians”.

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