KPMG has stated that the Nigerian unemployment rate had increased to 37.7per cent in 2022 and will further rise to 40.6per cent, due to the continuing inflow of job seekers into the job market. The multinational consulting firm, in a newly released report tagged ‘KPMG Global Economy Outlook report, H1 2023,’ said unemployment will continue to be a challenge due to the slower-than-required economic growth and the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year. “Unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialisation and slower than required economic growth and consequently the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year. Although the National Bureau of Statistics recorded an increase in the national unemployment rate from 23.1per cent in 2018 to 33.3per cent in 2020. We estimate that this rate has increased to 37.7per cent in 2022 and will rise further to 40.6 per cent in 2023.” The report also said that in 2024, the unemployment rate will grow to 43 per cent while inflation will accelerate to 20.3 per cent in 2023 and 20.0 per cent in 2024. The KPMG further noted that the incoming administration will face a deeply rooted challenging environment, characterised by fragile and slow economic growth and challenges in the foreign exchange market. “Additionally, government revenue remains inadequate to support much-needed expenditure, leading to a high debt stock and high debt service payments. The Nigerian economy ended the past year with a GDP growth rate of 3.52 per cent in Q4 2022, compared with 2.25 per cent in Q3 2022, with growth averaging 3.10 per cent over 2022,” it explained. The firm projected recovery in telecommunications, and trade services, as well as an expected recovery in the oil sector, on account of measures being taken to tackle security issues, to drive the forecast of three per cent growth in 2023. “Growth in 2022 was driven by the non-oil sector, as continuous recovery in household consumption boosted spending, particularly in the finance and insurance services, telecommunications, and transportation and storage services. “While the non-oil sector grew by 4.84 per cent, the oil sector contracted by 19.22 per cent, largely attributed to worsening oil theft, pipeline vandalisation, underinvestment, and other operational challenges inhibiting oil production. Accordingly, oil output (including condensates) declined from 2.07 million barrels per day in Q1 2020 to 1.34 million by Q4 2022.” It further said that the spillover from an expected slowdown in the global economy in 2023 and its trade and financial flows implications would drag on Gross Domestic Product. The report claimed that growth will be negatively affected by the naira redesign policy introduced in Q4 2022 and Q1 2023. According to KPMG, it has implications on key non-oil sectors like manufacturing, trade, accommodation and food services, transportation and other services, further slowing down overall GDP growth in 2023. “Headline annual inflation maintained its upward trend throughout 2022, reaching its highest levels in almost two decades and closing the year at 21.34 per cent, with food inflation and core inflation growing by 23.75 per cent and 18.49 per cent, respectively. This was driven by persistent structural issues, which impacted domestic food production and transportation such as insecurity, floods in key agricultural producing areas and rising international food and energy prices following the Russia-Ukraine conflict and other policy-related bottlenecks, which continue to impact the cost of doing business.” It also noted that the expected fuel subsidy removal and the 2023 fiscal bill would also mount pressure on domestic prices in 2023. “To combat rising inflation, the Nigerian Central Bank raised the monetary policy rate by a cumulative 500 basis points in 2022, to 17.5 per cent, and increased the cash reserve ratio from 27.5 per cent to 32.5 per cent. However, despite these aggressive rate hikes, inflation has remained stubbornly high and is predicted to remain above 20 per cent in 2023, due to the persistence of the structural and policy issues.” KPMG further said that growth was set to be driven by the continuous recovery in household consumption, sustained performance of the non-oil sector and a recovery in oil production. “Inflation to remain elevated, driven partly by persistent food supply shocks, foreign exchange illiquidity, and insecurity. We expect Nigeria’s GDP to continue to grow at a relatively slow pace of three per cent in 2023, due to the slowdown in economic activity that typically characterises periods of political transition in Nigeria.”

L The Nigerian Communications Commission, NCC, has said it was not the regulator of the contents of the social media networks that many stakeholders have complained about. The submission came during a recent visit of the National Civil Society Council of Nigeria, NCSCN, a member of the United Nations Sustainable Development Cooperation Framework, led by its Executive Secretary, Mr Blessing Akinsolotu. He sought the intervention of the commission on the worrisome and misleading content of social media platforms. He said: “We know that NCC, as the regulator of the telecoms industry, has a greater role to play in helping to curb the spread of fake news and incendiary contents that Internet users put on social media platforms. Therefore, we want NCC to partner with us in this regard.’’ Akinlosotu said the situation demands the immediate intervention of key stakeholders to ensure that the content of social media and the Internet is credible and enhances national social cohesion. Director, of Public Affairs of the Commission, Mr Reuben Muoka, who received the group on behalf of the Executive Vice Chairman of NCC, Prof. Umar Danbatta, informed the organization that the Commission’s mandate does not extend to controlling the content of such media platforms. According to Muoka, the major role of the telecom regulator is to facilitate the deployment of telecom infrastructure that provides different types of telecommunications services, including improving broadband that enhances robust Internet experience and ensuring fair competition as well as the protection of telecom consumers. Muoka said the mandate includes making services available, accessible and affordable for Nigerians who may leverage such access to engage in digital social mediation for the benefit of the individual, businesses, and the nation’s socioeconomic growth. In the performance of its functions, Muoka said the Commission promotes collaboration and partnerships with different stakeholders such as NCSCN, in creating awareness and promoting access to different categories of consumers in the country. He said the Commission looks forward to furthering collaboration with NCSCN in its efforts to align with the aspirations of users of telecommunications services across the country.

  The Nigeria Security and Civil Defence Corps, Ekiti State Command, has paraded 13 suspected criminals for various offences. The NSCDC state Public Relations Officer, Tolulope Afolabi, on Monday, said the suspects comprised six persons arrested at the Ekute area of the state capital for attempted murder and seven others arrested over alleged threat to life and stealing. Afolabi said six of the suspects, Tosin (22), Abejide (22), Adeoye (21), Oke (22), Ayeni (22) and Iremide (22), had been on the radar of the command’s Counter Terrorism Unit since March 8, 2023, before they were arrested on Sunday at the Ekute area of Ado Ekiti. According to him, one Omolola (23) reported a case of attempted murder on her by the suspects and how she was mobbed by them and stripped naked as a result of a misunderstanding. He said, “After the victim was stripped, the suspects injected pepper into her private part, took the video and posted it on a social media group created by the principal suspect, Tosin, who is the group leader. suspect, Tosin, who is the group leader. “Preliminary investigation by the CTU showed that the suspects are members of a cult group in the state capital and their mission initially was to kill the victim and dump her in a pit before an unknown person in the neighbourhood came to her rescue.” Afolabi also disclosed that some students, suspected to be members of Eiye Fraternity attacking people living along Poly Road, Ado Ekiti, were arrested by the CTU on April 8. He said, “The suspects, Adebayo (19), Aladegbemi (22), Ayedemi (18), Oyebanji (20), Abiodun (23), Taiwo (23) and Abiodun (25), were arrested with some stolen goods in their custody. “All the suspects are currently assisting the command to trace other members of the confraternity. He quoted the state NSCDC State Commandant, John Fayemi, as saying that the command had been working assiduously “to make sure Ekiti State is free from pockets of security breaches.”

  A suspect in the case of an Ibadan-based Instagram cloth vendor, Adeshina Olayinka, popularly called Khadi, who died at Wetland Hotel, Akobo, in Ibadan, is in police custody, according to a source in the hotel. PUNCH Metro reports that Olayinka reportedly died after the man she was with checked out early on Thursday morning, and a phone call was made to Khadi’s room by the receptionist who confirmed her safety. The suspect was said to be currently detained at the State Criminal Investigation Department, Iyaganku, Ibadan. An investigation by our correspondent further revealed that the suspect, name withheld, voluntarily presented himself to the police at Akobo Police Station having heard that his attention was needed by the police over the death of Olayinka. When our correspondent visited the hotel, the manager and supervisor were not on seats, but a staff member, who did not want his name in print, told PUNCH Metro, “We wouldn’t have known until 12 noon check out time if not for the power bank that one of the receptionists lent her. So, when we discovered that she was still breathing, we quickly called police at Akobo Police Station but unfortunately, she died before getting to the hospital. “So, we called the suspect to inform him about the incident. He was shocked and rushed down to the hotel to present himself to the police. The case has been transferred to the state CID. Actually, he is one of our customers here. He always patronises us. And when he came around (before he presented himself to the police), he said the lady was complaining that night that she was weak. And that was why he just allowed her to rest,” a staff member of the hotel added. Osifeso said, “Investigation is in progress. Updates would be provided accordingly, please.” Meanwhile, the hotel management had in a statement expressed its cooperation with the Nigeria Police in the investigation into the cause of the deceased’s death. The management said, “To the general public and our dear valued guests, we regret to inform you that an unfortunate incident occurred at our hotel, Wetland Hotel. “One of our guests passed away while staying with us. We are fully cooperating with the authorities in their investigation into this matter, and we assure you that we are doing everything we can to assist the police in their efforts to determine the cause of death.” The statement further assured guests of the hotel’s commitment to maintaining the highest standards of hygiene and safety while expressing condolences to the family and friends of the deceased.

  President Muhammadu Buhari has done his best in tackling Nigeria’s multifarious security challenges since he assumed office in May 2015 and he is leaving the country “far better” than he met it.   Presidential spokesman, Femi Adesina stated this on Monday as a guest on Channels Television’s Politics Today. Confronted with verifiable data that between May 2015 and May 2022, over 55,000 Nigerians were killed by terrorists, bandits and armed gangs, Adesina said the President has left the security situation of the country better than he met them in 2015. “The figure has been coming down progressively over the years and it’s a fact of history. Nobody can change it,” he said. Asked whether the situation has improved, he said, “far better”.   “In 2015, we knew where Nigeria was. Minimum of 17 local governments in this country were under the control of insurgents. “Talking of control, I mean they were sitting in emir palaces, they sitting in the seats of the local government chairmen. NYSC could not even do orientation; they could not even post people to those places. “Is that what happens today? No. The emirs are back in their palaces. The local government chairmen are back in their offices. NYSC orientation are opening in those states and corpers are being posted to those states. Are you now telling me there have been no improvement? No, let’s be factual,” the presidential spokesman said. He also said the appointment of service chiefs is not subject to ethnic balancing and the federal character principle, adding that the President has the prerogative to choose those he feels can secure the country. “Don’t subject security to ethnic balancing, don’t subject security to federal character. In fact, the constitution that prescribes federal character even gives the President some prerogatives that he can appoint on his own,” he stated.

  The Association of Nigerian Private Medical Practitioners (ANPMP) has kicked against the compulsory five-year service licensing of a doctor proposed by the House of Representatives. The association, however, said that a national emergency should be declared in the health sector as against the proposed compulsory five-year service. The National President of the association, Dr Kayode Adesola, made the call in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos. Adesola said the proposed bill would have an adverse effect on the health sector as it was premised on the wrong notion that such a measure would solve the brain drain in the sector. He said the proponents of the bill didn’t conduct in-depth research on the factors driving the brain drain crisis nor engaged health stakeholders on the implications before moving such a bill. Adesola added that the bill would worsen the brain drain in the country. He noted that medical doctors don’t need Nigerian license to practice in other countries. “We keep saying that the health sector needs urgent attention. Our health system is not working and many Nigerians are dying because of the underfunding of the sector. “We have teaching hospitals, general hospitals and primary healthcare centres that are dilapidated with outdated equipment. “Political leaders are seeking medical treatment abroad while the citizens are left to suffer in a country that has one of the best doctors in the world. “Before it was the young doctors leaving but now, the consultants are leaving. Many health workers left because of insecurity, not just poor remuneration or poor working conditions. “Insecurity is impacting negatively on the health of Nigerians and the ability of healthcare workers to deliver services to Nigerians. “Asides from the medical doctor that was killed at his clinic on Dec.31, 2022; two other doctors have also been killed and nothing has been done to rectify the situation,” he said. The House of Representatives on April 6, passed for second reading a bill seeking to mandate Nigerian-trained medical and dental practitioners to practice for a minimum of five years in the country, before being granted a full licence. The bill sponsored by Ganiyu Johnson, an All Progressives Congress (APC) lawmaker from Lagos, said the bill seeks to amend the Medical and Dental Practitioners Act 2004, to address the brain drain in the Nigerian health sector. (NAN)

L President Muhammadu Buhari is billed to depart the country on Tuesday on an official visit to Saudi Arabia. In a statement on Monday, Garba Shehu, presidential spokesperson, said the trip which would last for eight days is Buhari’s last visit to the kingdom as president. Shehu said while in Saudi Arabia, the president would perform lesser hajj. “President Muhammadu Buhari will travel to Saudi Arabia on an official visit from Tuesday, April 11th to 19th on his last trip to the Kingdom as President, during which he will perform Umrah, the Lesser Pilgrimage,” he said. “He will be accompanied by his aides.” Buhari, who will complete his second term in office, was first elected in 2015 after running against former president Goodluck Jonathan. Jonathan had conceded defeat before the final tally was concluded.   Bola Tinubu, the president-elect, is expected to be sworn in on May 29, though some opposition parties are challenging his victory at the just concluded general election.

  The management of FrieslandCampina WAMCO Nigeria Plc, manufacturers of Peak Milk, has apologised to the Christian Association of Nigeria for using the crucifixion of Jesus Christ as a metaphor to promote their product on Good Friday, saying the social media’ advertisement has been withdrawn. While acknowledging the sensitivity of the social media post “considering the sobriety of the season,” the organisation said it was neither intended to make light of the significance of the season nor to inordinately exploit the unmatched sacrifice of Jesus Christ.” The Executive Director of FrieslandCampina WAMCO Nigeria Plc (Corporate Affairs), Ore Famurewa, expressed remorse in a letter to the President of CAN, Archbishop Daniel Okoh dated April 10 2023, titled, “Apology for the Good Friday social media post by the Peak Brand”, obtained by the PUNCH on Tuesday morning (4:24 am). “We hereby restate our commitment to our unwavering mission of nurturing Nigeria while maintaining the respect of all religious laws, tenets and guidelines. “Once again, please accept our deepest apology and pledge to prevent a reoccurrence of such in the future. Do accept the assurances of my esteemed regards”, Famurewa said. In a statement made available to The PUNCH by its General Secretary, Joseph Daramola, WAMCO described the advertisement as “insensitive, offensive, and totally unacceptable.” While warning all companies and organisations to be mindful of the religious and cultural sensitivities of their customers when promoting their products, CAN said it was considering serious sanctions on the firm, including a boycott of their products by Christians. The organisation said it would not tolerate any attempt to trivialize or disrespect our faith. Since the advertisement, there had been a public outcry among Christendom which described it as “blasphemous.” Daramola said the advertisement was not only disrespectful to the Christian faith but also an affront to the millions of Christians in Nigeria and beyond. He had said, “Good Friday is a solemn day for Christians all over the world, a day we commemorate the death of our Lord and Saviour Jesus Christ, who was crucified on the cross for our sins. It is not a day to be used for crass commercial purposes. “FrieslandCampina WAMCO Nigeria PLC’s action is not only disrespectful to the Christian faith but also an affront to the millions of Christians in Nigeria and beyond. We are deeply disappointed that a company of such repute would stoop so low to exploit the religious sentiments of its customers for profit. “We are considering sanctions against FrieslandCampina WAMCO Nigeria PLC, including a boycott of their products by our members and all well-meaning Nigerians who share our concerns. We call on the company to issue an unreserved apology to the Christian community and withdraw the offensive advert immediately. “We recall a similar incident in the past when Sterling Bank Plc used crucifixion imagery to promote their product. We condemned it then, and we condemn it now. “We, therefore, urge all companies and organisations to be mindful of the religious and cultural sensitivities of their customers when promoting their products. We will not tolerate any attempt to trivialise or disrespect our faith. Be warned!”