Nigeria’s economy grew by 2.4% in Q1 – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has said that Nigeria’s economic growth in the first quarter of 2023 (1Q23) stood at 2.4 per cent year-on-year (y-o-y).

OPEC made this known in its Monthly Oil Market Report for August obtained by the News Agency of Nigeria (NAN) on Friday.

OPEC said this was against a growth of 3.6 per cent in fourth quarter of 2022, an indicator of 2023 anticipated slowdown.

According to the report, after Nigeria’s economy grew by 3.3 per cent in 2022, it is forecast to decelerate in 2023.

It said high inflation continued to burden the Nigeria’s economy.

“Inflation data for June shows an ongoing acceleration, with an annual rate of 22.8 per cent y-o-y, following 22.4 per cent y-o-y in May and 22.2 per cent in April and 22 per cent in March.

“Food inflation has been a key factor in this rise, reaching 25.1 per cent year-on-year (y-o-y) in June, after 24.8 per cent y-o-y in May.

“A combination of factors including conflict, the impact of climate change, population pressures, and the below-average output of the agricultural sector, exacerbated the scarcity of food resources over recent years,’’ it said.

To assist, it said the Nigerian government had unveiled a comprehensive financial package amounting to N500 billion.

To lower inflation, the report said the Central Bank of Nigeria (CBN) lifted the key policy rate by 25 basis points to 18.75 per cent in July.

As a consequence of the ongoing challenges, it said in May 2023, Stanbic IBTC Bank Nigeria Purchasing Managers Index retracted to stand at 51.7 in July, after a level of 53.2 in June was reached.

Source: News Agency of Nigeria

Non-OPEC oil supply to expand by 1.5mb/d in 2023 – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) says, its Non-OPEC oil supply is expected to expand by 1.5 million barrels per day (mb/d) in 2023.

This is a slight upward revision from the previous assessment of 1.4mb/d.

OPEC said this in its Monthly Oil Market Report for August obtained by the News Agency of Nigeria (NAN) on Friday.

NAN reports that Non-OPEC oil producers are crude oil producing nations outside of the OPEC group and shale oil producers.

Some of the top oil producing countries are non-OPEC nations and these include U.S. which is the number one producer as well as Canada and China.

The report said the main drivers of oil supply growth for 2023 were expected to be the U.S, Brazil, Norway, Kazakhstan Guyana and China, while the largest decline was expected from Russia.

It said there remained uncertainties associated with U.S shale oil output potential and unplanned maintenance in 2023.

According to the report, for 2024, non-OPEC oil production is projected to grow by 1.4 mb/d, unchanged from the previous assessment.

“For 2024, the main drivers for liquids supply growth are expected to be the U.S, Canada, Guyana, Brazil, Norway and Kazakhstan, mainly due to existing project ramp-ups.

“The largest declines are expected from Mexico and Azerbaijan.

“OPEC NGLs and non-conventional liquids are forecast to grow by 46 thousand barrels per day (tb/d) in 2023 to an average of 5.4 mb/d and by another 65 tb/d to an average of 5.5 mb/d in 2024,” it said.

The report said in July, OPEC-13 crude oil production decreased by 836 tb/d month-on-month (m-o-m) to an average of 27.31 mb/d, according to available secondary sources.

The report further revealed that its World Oil Demand in 2023 was expected to grow by 2.4 million barrels per day (mb/d), unchanged from July’s assessment.

It said upward revisions to the first quarter of 2023, based on actual data received for the Organisation for Economic Cooperation and Development (OECD) America and OECD Europe, was completely offset by downward revisions to 2Q23, mainly in Europe and Other Asia.

“In the OECD region, oil demand in 2023 is anticipated to rise by 74 thousand barrels per day (tb/d), to an average of 46.0 mb/d.

“While in the non-OECD region, total oil demand is anticipated to rise by nearly 2.4 mb/d, to average 56.0 mb/d,” the report said.

It stated that for 2024, world oil demand was forecast to grow by a healthy 2.2 mb/d, unchanged from the previous assessment.

According to the report, the OECD is anticipated to expand by about 0.3 mb/d, with OECD Americas contributing the largest increase.

It added that the non-OECD was set to drive growth, increasing by around 2.0 mb/d, with China, the Middle East and Other Asia contributing the largest share, with further support from India, Latin America, and Africa.

Source: News Agency of Nigeria

Overcrowding halts return to jail for ex-president

Jacob Zuma, the 81-year-old former president of South Africa, has avoided having to spend more time in prison, as part of a government-approved ‘special remission’ pardon scheme that has granted release to thousands of non-violent inmates and aimed to ease overcrowding concerns in its jails.

“This decision is aimed at alleviating the overcrowding in the prison services across the country,” South Africa’s justice minister Ronald Lamola said on Friday. He added that “the president’s decision is to remit offenders across the country and not specifically Zuma.”

Zuma was sentenced to 15 months in prison in 2021 after he was found to have refused to attend a court-ordered tribunal that investigated systematic corruption in state institutions, but was later released on medical grounds. However, it was ruled last month that his release –which came after he’d served two months– was unlawful and that he was to be returned to prison.

But after presenting himself at the Estcourt Correctional Center in KwaZulu-Natal Province on Friday, Zuma was released two hours later under the terms of the plan introduced by President Cyril Ramaphosa. Both Zuma and Ramaphosa are members of the African National Congress (ANC) political party.

According to the country’s correctional services, the measures implemented “approved the remission of non-violent offenders in South Africa.” The department added that the block pardons to nearly 10,000 prisoners, including Zuma, will help ease overcrowding in South African correctional facilities, while also protecting non-violent offenders from a “surge in gangsterism.”

Zuma’s initial detention in 2021 sparked a wave of protests and riots in two provinces which led to the deaths of more than 350 people. The South African government deployed military forces to four provinces soon after it was revealed last month that Zuma was to be returned to incarceration.

South Africa’s primary opposition party, the Democratic Alliance (DA), have questioned the legal methods which resulted in Zuma’s release, and said that the remission for close to 10,000 non-violent offenders was little more than an “elaborate scheme” with the sole purpose of letting “a single man” out of prison.

“The fact that remission comes into effect today – the same day on which Zuma returns to prison to be ‘processed’ is a clear indication of what has really occurred,” said the Democratic Alliance’s shadow justice minister Glynnis Breytenbach.

Separately, Zuma still faces 16 corruption charges related to 783 counts of alleged wrongdoing including corruption, racketeering, fraud and money-laundering related to a multi-billion-dollar arms deal while he was president.

Source: Russia Today

South Africa mass shooting: Manhunt launched in KwaZulu-Natal

A manhunt has been launched in South Africa after a mass shooting in which six people died, police say.

Four suspects allegedly shot the victims in Umlazi, KwaZulu-Natal, before midnight on Friday, initial information suggests.

One of the suspects believed that one of the victims had his ID, dropped accidentally during a previous murder he was wanted for.

South Africa has one of the highest murder rates in the world.

It is thought the suspects shot two people inside the house, a third in a backroom and a fourth next to an outside toilet, a police statement says.

The suspects then allegedly proceeded to shoot three people in a shack nearby.

One of those victims was later rushed to hospital.

Three of the suspects have been identified and police are calling on anyone who might have information on them to come forward.

Source: BBC

Military better under democracy – DHQ

The Defence Headquarters (DHQ) says the call for the military to interfere in the nation’s democracy is highly unpatriotic and wicked.

A statement by the Director Defence Information, Brig.-Gen. Tukur Gusau on Friday in Abuja, said it was an attempt by unpatriotic elements to distract the military from performing its constitutional responsibilities.

Gusau said the DHQ frowned at the report being circulated online about welfare issues in the Armed Forces of Nigeria.

He said the leadership of the armed forces has given priority to welfare of its personnel and will continue to do so.

“The military hierarchy detests any attempt by any individual or group to instigate the law abiding military to embark on any unconstitutional change of government in the country.

“We wish to state unequivocally that the military is happy and better under democracy and will not get involved in any act to sabotage the hard-earned democracy in our country.

“The armed forces under the leadership of Gen. Christopher Musa is determined to ensure its complete subordination to constitutional authority under President Bola Tinubu.

“We will not be distracted from these roles that are well defined in the 1999 constitution (as amended),” he said.

Source: News Agency of Nigeria

International Youth Day: Foundation tasks youth on green skills

As the world celebrates this year International Youth Day (IYD), Helpline Foundation for the Needy, Abuja, an NGO, has called on the youth to invest in education and training that focus on green skills.

Founder and President of the foundation, Dr Jumai Ahmadu, made the call at a news conference on Saturday in Abuja, as part of activities to mark this year’s international youth day.

The News Agency of Nigeria (NAN) reports that International Youth Day, observed on Aug. 12 every year, is a special day recognised by the United Nations to bring attention to issues impacting young people globally.

The day is also used to celebrate the potential of youth as partners in today’s global society.

“The Green Skills for Youth: Towards a Sustainable World” has been chosen as the theme for the 2023 International Youth Day.

Mrs Ahmadu stressed that the theme highlights the importance of equipping young people with the knowledge and skills needed to build a more environmentally conscious and sustainable world.

She noted that by acquiring green skills, the youth could contribute to finding innovative solutions to the pressing environmental challenges confronting the planet.

“As the custodians of tomorrow, you have the power to make a profound impact on the health of our planet.

“It is now more important than ever before to invest in education and training that focus on green skills, such as renewable energy, sustainable agriculture, waste management, conservation, and eco-friendly technologies.”

She, therefore, enjoined the youth to envision a world where clean energy sources replace fossil fuels, where sustainable agriculture practices feed the growing population, and where waste is reduced, reused, and recycled.

“I encourage you to take charge of your own learning and seek opportunities that allow you to develop these essential green skills. Embrace sustainability as a way of life and incorporate eco-friendly practices into your daily routines.

“Choose renewable energy sources, reduce your carbon footprint, and advocate for sustainable practices within your communities,” she affirmed.

Mrs Ahmadu, who, however, acknowledged that the journey to a sustainable world does not rest solely on the youth, advocated for collective action for achieving lasting change.

She urged the youth to engage with their peers, community leaders, critical stakeholders and organisations to work towards sustainability.

She also emphasised the need for the youth to unite and demand policies and initiatives that prioritise environmental conservation, social equity, and economic viability.”

Source: News Agency of Nigeria