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Tuesday, April 9, 2019

Nigeria’s economy slipping, says World Bank

The World Bank has released a new report in which it stated that the Nigerian economy has been slipping since 1995 and this continued till 2018.

In the report titled, ‘Africa’s Pulse’, the bank released the taxonomy of growth performance in sub-Saharan Africa, which focused on the macroeconomic and financial features that led to growth resilience on the continent.

The bank taxonomy is used to help identify the factors that are correlated with success or failure in economic growth performance in sub-Saharan Africa, with emphasis on macroeconomic and financial variables.

The analysis, it said, involved a series of macroeconomic variables for 44 sub-Saharan African countries from 1995 to 2018.

The key elements that determined the positions of each of the 44 sub-Saharan economies in the taxonomy, the World Bank said, included the level of income per capita of the countries; structural transformation, as captured by sectoral value-added share and sectoral employment share; and capital flows.

Others are level and composition of public sector indebtedness, as captured by the general government gross debt and its currency composition, and the outstanding external public debt.

The last of the indicators has to do with governance vis-a-vis government effectiveness, regulatory quality, control of corruption, voice and accountability, political stability, and absence of violence and rule of law.

According to the World Bank, the taxonomy compares the average annual GDP growth rates during 1995–2008 and 2015–2018 against predetermined thresholds.

It also categorised growth performance into five groups: falling behind, slipping, stuck in the middle, improved, and established. The five groups were further reclassified into three groups: Top tercile, middle tercile and bottom tercile.

The Bretton Wood institution said

“If a country’s economic performance declined from 1995–2008 to 2015–18, the country is categorised in the bottom tercile, which includes ‘falling behind’ and ‘slipping.’ If a country’s growth rate remained invariant over time, between 3.5 and 5.4 per cent in both periods, it is categorised in the middle tercile (or stuck in the middle). If a country’s economic performance improved from 1995–2008 to 2015–18, with the growth of more than 5.4 per cent per year, the country is categorised in the top tercile, which includes the ‘improved’ and ‘established’ groups.”

Based on the above classification, the Nigerian economy was categorised alongside 18 other sub-Saharan African economies as slipping having recorded declined economic performance between 1995 and 2018.

The World Bank said,

“The bottom tercile consists of 19 countries: Angola, Burundi, Botswana, the Republic of Congo, the Comoros , Gabon, Equatorial Guinea, Liberia, Lesotho, Mauritania, Malawi, Namibia, Nigeria, Sierra Leone, Eswatini, Chad, South Africa, Zambia, and Zimbabwe. These countries did not show any progress in their economic performance from 1995–2008 to 2015–18. For instance, their median economic growth rate decelerated, from 5.4 per cent per year in 1995–2008 to 1.2 per cent per year in 2015–18.”

The bottom performing economies, according to the World Bank, produce almost 60 per cent of the region’s total GDP, emphasising that the three largest countries in the region—Nigeria, South Africa, and Angola—and many commodity exporters are in this group.

Burkina Faso, Côte d’Ivoire, Ethiopia, Ghana, Guinea, Guinea-Bissau, Kenya, Mali, Rwanda, Senegal, and Tanzania made the top tercile.

The middle tercile countries are Benin, the Central African Republic, Cameroon, the

Democratic Republic of Congo, Cabo Verde, The Gambia, Madagascar, Mozambique, Mauritius, Niger, Sudan, São Tomé and Príncipe, Togo, and Uganda.

The World Bank also cut its growth forecast for sub-Saharan Africa this year to 2.8 per cent from an initial 3.3 per cent.

The commodity price slump of 2015 cut short a decade of rapid growth for the region, and the bank said growth would take longer to recover as a decline in industrial production and a trade dispute between China and the United States take their toll.

The bank’s 2019 forecast means economic growth will lag population growth for the fourth year in a row and it will remain stuck below three per cent, which it slipped to in 2015.

“The slower-than-expected overall growth reflects ongoing global uncertainty, but increasingly comes from domestic macroeconomic instability including poorly managed debt, inflation and deficits,” the bank said.

The Bretton Wood institution equally cut Nigeria’s growth forecast by 0.1 per cent.

“Growth in Nigeria is projected to rise from 1.9 per cent in 2018 to 2.1 per cent in 2019 (0.1 percentage point lower than last October’s forecast). This modest expansion reflects stagnant oil production, as regulatory uncertainty limits investment in the oil sector, while non-oil economic activity is held back by high inflation, policy distortions, and infrastructure constraints.

Growth is projected to rise slightly to 2.2 per cent in 2020 and reach 2.4 per cent in 2021, as improving financing conditions help boost investment. In Nigeria, although the manufacturing and non-manufacturing PMIs remained above the neutral 50-point mark—which denotes expansion—they fell further in February, due to weaker rises in output and new sales orders across firms. Household consumption in Nigeria has remained subdued, while multiple exchange rates, foreign exchange restrictions, low private sector credit growth, and infrastructure constraints have continued to weigh on private investment.” he said

The Chief Economist for Africa at the bank, Albert Zeufack, said the region could boost annual growth by about nearly two percentage points if it harnessed Information Technology more effectively.

“This is a game-changer for Africa,” he said

Port Harcourt woman allegedly sends thugs to beat her husband to death for slapping her

A Port Harcourt-based woman has been accused of sending thugs to beat her husband, Alloy, to death.

Facebook user, Ufuoma Bernard, who shared the story, said the woman was angry that her husband of 12 years slapped her during an argument. Read Bernand's account below

Alloy my amiable friend and health provider is dead. I met Alloy in 2009 when I moved to the Oyigbo Expressway axis of Port Harcourt and we were friends at first sight. Alloy is from Eheme Mbano and the owner of the biggest pharmacy at the Oyigbo Expressway axis. I can remember vividly our first day of meeting. I had a stubborn cough and have been to the Port Harcourt Teaching Hospital but was still coughing. Alloy listened to the dry irritating cough and prescribed Beehive Honey cough syrup and some antibiotics and I was relieved.

Alloy and I became friends and over the years I bought my drugs and toiletries from him and we hanged out with a bottle of wine and pepper soup from time to time.

Alloy is blessed with an affable wife and four beautiful kids. He's quite comfortable and travels abroad several times a year for fun and business.

Trouble started when Alloy's older sister had accommodation crisis and she had to move in with the Alloys. Alloy's wife vehemently refused that the sister stay in the guest house. Alloy's house is a three bedroom bungalow with a two bedroom guest house behind. The guest house is vacant but his wife insisted that the sister and kids should keep their properties there but sleep in the sitting room of the bungalow. Alloy pleaded with her to allow the sister stay in the guest house but the wife refused insisting that staying in the guest house would make her stay permanently with them and that sleeping in the living room will make her aware she's a guest.

Alloy registered the wife in a gym as she was getting out of shape and the schedule was three days in a week. Since January this year she goes to the gym daily. This is a woman Alloy bought a 2013 Toyota Corolla sedan for and gives a handsome monthly allowance. She lacks for nothing. Monday to Saturday she'll never be at home obviously staying away from the house because of Alloy's older sister. Alloy had gotten an estate agent to look for a two bedroom apartment for her. Anyway on April 1st Alloy went to the gym to see her personal trainer and asked why the change of schedule and why the wife will be at the gym six days in the week. The gym management denied any change of schedule and insisted that she only comes to the gym three days a week.

When Alloy got home he confronted his wife.
" I was at the gym today and I was told you only go there three days in a week. Why are you lying? Why do you go the other days?"
"So, it has reached this stage where you are monitoring me?" the wife shot back.
"Tell me what's happening or are you cheating on me?" Alloy angrily demanded.
"You're calling me a harlot abi? You yeye man".
The wife lurched at Alloy and held him in the neck and Alloy wriggled himself out of her grip and slapped her. Immediately Alloy knelt down begging her.
"I'm sorry for slapping you. In twelve years of marriage I have never hit you. You were choking me and I was losing my breath. Abeg."
"I'll never forgive you. Useless man. I'll deal with you. You'll know I'm an Umuahia woman".

Alloy's older sister and Alloy's pastor from Redeemed Church were called by Alloy to beg her but she was still fuming and baying for blood.

The next day as Alloy was driving to the gate of his compound at about 6pm in the evening four young men intercepted him and dragged him out of his Toyota Prado SUV and one of them said, "So, you are not afraid. You beat up our sister. We'll deal with you." The four miscreants beat Alloy black and blue. They kicked him in the ribs and groin. At the screams of Alloy neighbors ran to the scene and the criminals fled. Alloy was rushed to the hospital and given treatment and discharged from the hospital around 10pm same day.

Alloy called me the next day and I drove down to see him at the pharmacy and he narrated the ordeal he suffered at the hands of the hoodlums the previous day. He wasn't looking too good but I never feared that the beatings he received would be fatal.

This morning Alloy woke up with a headache and a cough producing blood. He drove himself to the hospital. After a series of tests internal bleeding was diagnosed. Surgery was recommended but before he could be taken to the theater for anaesthesia and shaving he slumped and died exactly 3:36pm.

Alloy is dead.

*The wife has been arrested and handcuffed by the police and investigations have commenced into the death of Alloy.

Reality star Kandi Burruss flaunts her hot bikini body during Thailand vacation with her husband Todd Tucker (Photos)

Real Housewives Of Atlanta star Kandi Burruss, 42, who is currently on vacation in Phuket, Thailand with her husband of five years, Todd Tucker, took to her Instagram to flaunt her banging bikini body in a bright yellow bikini.

See full photos below.

Police arrest man with 'roasted' human head in Ekiti State

A 23-year-old man simply identified as Nifemi has been arrested for being in possession of a severed human hand.

The suspect was arrested this weekend during a stop-and-search operation mounted by the Police along Ijero-Ikoro Road, Ekiti State. According to a witness, the suspect was nabbed while going to Okemesi Ekiti through Ijero-Ikoro Road.

The source added that the young man was said to have kept the human parts in a polythene bag and was apprehended while taking it to Okemesi. According to the witness, the suspect said he got the hands at Asa farmstead near Okemesi, and brought them to Ijero to sell to some people.

Confirming the arrest, Caleb Ikechukwu, the Police Public Relations Officer, Ekiti Command said investigations had begun on the case and how to arrest the suspect's syndicates. "Our men arrested him during one of our operations," he said. "We are gathering more facts about the case because we are aware he has been operating with some people and they have to be brought to book."

'Most governors spend days In Abuja while their states are in flames' - Senator Shehu Sani

Senator Shehu Sani has called out governors who 'run off to the nation’s capital and lodge in comfort while their states are on fire. '

Sani in a tweet late on Monday said ''these governors spend days in Abuja all in the name of meeting with President Buhari''. He said the governors spend Monday to Thursday in the FCT and on Friday they head to the mosques to pray with the president.

Khloe Kardashian thanks Kim Kardashian for making a sex tape in mock acceptance speech for reality show award

Khloe Kardashian thanked sister Kim Kardashian for making a sex tape as she jokingly gave an acceptance speech for Keeping Up With The Kardashians winning Best Reality Show at the MTV Movie and TV Awards.

The reality show is back with its 16th season and on Sunday’s episode, mom Kris Jenner jokingly presented Khloe with the MTV award after the family’s big win, leading Khloe to make a mock acceptance speech where she thanked Kim for "f**king on camera" and making their family famous.

Holding on to the award, Khloe pretended to cry as mom Kris asked her who she wanted to thank.

She said: "This is all so much pressure… my Lord and Saviour and Kimberly for f**king on camera."

Justin Bieber calls wife Hailey 'God's greatest creation' in sweet note of love and encouragement to her

Canadian singer, Justin Bieber, 25, took to his Instagram to pen a sweet note of love and encouragement to his wife Hailey Baldwin.

Sharing a racy black and white snap of the 22-year-old model, he wrote:

Sunlight falls into the Abyss
Just like I fall into your lips
Waves crash onto the shore
My love for you grows more and more
Sound of the crickets a true meditation
I think about you, Gods greatest creation.
As i fall into this blissful state
I ponder on how you’re my one true SOULMATE
Its getting dark to dark to see
A chilling breeze embraces me
The smell of camomile fresh from the garden
My life is a movie that both of us star in.
Speaking of stars I’m starting to see some
They light up the sky, reminds me of my freedom
How big and how vast our world is around us
So grateful for god we were lost but he found us
So i write the poem with him always in mind

Things all around us Just get better with time. I fall more in love with you every day! You have walked hand and hand with me as I continue to get my emotions, mind, body and soul in tact! You have given me so much strength, support , encouragement and joy. I just wanted to publicly honor you, and remind you that the best is yet to come! Have a great shoot today my love!

''Men your big pe*is can't take you to heaven'' - Ghanaian pastor

Founder and Leader of Ghanaian church, Ebenezer Miracle and Worship Centre, Prophet Opambour aka Prophet 1, says that men with big penis that use it so satisfy several women may not make heaven.

The Ghanaian preacher made this known while giving a sermons on his Prophet 1 TV last Sunday April 7th.

“Nobody is above judgment. Not even a beautiful lady with big breasts that satisfy men during sexual intercourse.

You are an honourable man who has bleached your skin, trimmed your hair; you have done waves and the ladies say you’re handsome; hey fine boy, you are not above judgment.

You’re also a man, all the women say your penis is big, women are praising you because of your penis, women are buying you cars, because of your penis women are even buying you clothes; I’m telling you that your big penis can’t take you to heaven so repent” he said

EFCC arrests 9 people for train ticket racketeering in Abuja and Kaduna State

Operatives of the EFCC, Abuja zonal office over the weekend arrested five suspected train ticket racketeers.

They include, Clement Zakka, Udim Sunday Samson, Adams Danladi, Otitomoni Omobolanle and Hassan Dauda. The Commission swung into action after receiving an intelligence report alleging that some group of people at the Idu and Kubwa train stations have been racketeering train tickets making it difficult for passengers to have access to tickets and further sabotaging government efforts in ensuring easy transportation across the country.

A similar operation also took place in Kaduna State where investigations revealed that some members of staff of the station in connivance with some touts were defrauding unsuspecting travellers and selling train tickets at a higher rate. For economy ticket of N1,300 /N1,500 they were selling at a rate of N2,000 to N5,000 and for First Class which goes for N2,500 was being sold for between N7,000 to N15,000.

Three persons, including a staff of the station and two touts have been arrested. Similarly, the Station Manager, Chief Marketing Officer and Chief Parcel Booking Officer of the Kaduna Railway Station have also been invited for questioning.

The suspects were arrested during a sting operation at the stations and will soon be charged to court.

Caucasian woman reveals how marrying an Igbo man has changed her eating habits

A Caucasian woman married to an Igbo man has shared one of the ways in which her husband has influenced her.

The woman who calls herself Nwanyi Ocha wrote on Twitter: "The leftover of chicken changes once you get married to onye Igbo. My husband used to tell me about how I throw away food by not chewing off all the meat from the bones. Now if I see my fellow nd? ?cha leaving half of the meat on the bones I think to myself: What a waste ? "

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