IMF Raises Nigeria’s 2021 GDP Growth Forecast to 2.5% Obinna Chima The International Monetary Fund (IMF) has revised upward its growth forecast for the Nigerian economy in 2021 from one per cent it had predicted in January to 2.5 per cent.
IMF, in its latest World Economic Outlook titled: "Managing Divergent Recoveries," that was released yesterday, however, expects a 2.3 per cent economic growth for the country in 2022. For Sub-Saharan Africa generally, the IMF also
anticipated growth of 3.4 per cent this year, higher than its earlier forecast of 0.2 per cent. "The pandemic continues to exact a large toll on Sub-Saharan Africa (especially, for example, Ghana, Kenya, Nigeria, South Africa). Following
the largest contraction ever for the region (1.9 per cent in 2020), growth is expected to rebound to 3.4 per cent in 2021, significantly lower than the trend anticipated before the pandemic. Tourism-reliant economies will likely be the most affected," the IMF said.
inflation rates in some regions, including sub-Saharan Africa and Asia,” it added. According to the Washington-based institution, global prospects remain uncertain a year into the
It stated that some countries have continued to observe high and volatile inflation and may be limited in the monetary accommodation they can provide without risking destabilising inflation. “Rapidly rising food prices have already lifted headline
Continued on page 48
Nigeria Heading for the Brink, Mohammed Warns, Urges Restraint... Page 47 Wednesday 7 April, 2021 Vol 26. No 9495. Price: N250
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DPR Revokes Addax Petroleum’s Four Oil Blocks for Non-performance NNPC, Italian firm sign $1.5bn Port Harcourt refinery rehabilitation deal Obinna Chima in Lagos and Emmanuel Addeh in Abuja The Department of Petroleum Resources (DPR) has revoked four Oil Mining Licences
(OMLs) belonging to Addax Petroleum due to the nondevelopment of the assets by the petroleum company. The affected assets are OML 123, 124, 126 and 137.
The Director/Chief Executive Officer, DPR, Mr. Sarki Auwalu, told journalists in Lagos yesterday that it was discovered that over 50 per cent of the assets had remained
underdeveloped. He said the nondevelopment of the assets led to the loss of revenue by the federal government. “Addax refused to develop
the assets and Addax was, therefore, not operating the assets,” he said. He said going by the country’s Petroleum Act, “the first reason for a revocation is
when you discover that the asset is not being developed, according to the business guidelines, because it is Continued on page 48
Audacious Assault on Imo Police HQ Forces Buhari to Remove IGP Adamu DIG Baba appointed in acting capacity Deji Elumoye, Olawale Ajimotokan, Kingsley Nwezeh in Abuja and Amby Uneze in Owerri Monday's coordinated attacks on the Imo State Police Command headquarters and the Nigerian Correctional Service (NCoS) facility in Owerri by gunmen claimed its first major casualty yesterday with President Muhammadu Buhari firing the Inspector-General of Police, Mr. Mohammed Adamu. THISDAY checks showed that the president was so angry with the audacious assaults on two key security points in the state that he approved the immediate replacement of Adamu with a Deputy Inspector-General of Police, Mr. Alkali Baba, in an acting capacity. Adamu, who was on the spot assessment of the
scenes of the attack, was in Owerri when his tenure was peremptorily cut short. Adamu was billed to retire on February 1 but Buhari on February 4 extended his tenure by three months and he had about 27 days to the end of the extended tenure when the president removed him from office. The extension triggered national outrage with some citizens challenging the extension in court and describing it as illegal. During the attacks on the police headquarters and the custodial facility, over 100 vehicles were destroyed and 1,844 inmates freed. Outraged by the level of destruction, the outgoing IG yesterday charged the police not to allow IPOB and other attackers of security agents Continued on page 48
SANs Urge Buhari to Confirm A'Court Justices’ Appointment... Page 6
$1.5 BILLION DEAL… L-R: Vice President, Sub-Saharan Africa Region, Maire Tecnimont, Mr. Davide Pelizzola; Group Managing Director, Nigerian National Petroleum Corporation, Malam Mele Kyari; and Managing Director, Port Harcourt Refinery Company, Mr. Ahmed Dikko, during the signing of the $1.5billion deal to rehabilitate the refinery in Abuja…yesterday