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IMF Lowers Nigeria’s 2025 Growth Forecast To 3.0% On Weakening Oil Price

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The International Monetary Fund (IMF) has revised downward Nigeria’s economic growth projections for 2025 and 2026, to 3.0 for 2025 and 2.7 for 2026 as global uncertainties grow and sustained weaknesses in oil prices impact the country’s economy. This is as it sees a growing probability of a recession from per cent in October to 40 per cent.

 

The World Economic Outlook (WEO), for April released on Tuesday projected a slowing in global growth with Nigeria growth cut from 3.2 per cent and 3.0 per cent for 2025 and 2026 in the January issue of the WEO.

 

The Fund attributed the downgrade to a mix of domestic challenges and worsening global conditions, including trade tensions, slowing demand from advanced economies, and a sharp decline in crude oil prices.

 

The IMF in the report warned that without robust policy responses, Nigeria may struggle to maintain macroeconomic stability in the face of external headwinds. Speaking at the WEO press briefing during the ongoing IMF/World Bank 2025 Spring Meetings in Washington DC, IMF Economic Counsellor and Director Research Department, Pierre-Olivier Gourinchas, noted that emerging economies including Nigeria had been downgraded because they are “very plugged into the global supply chains. The uncertainty is leading to a positive investment in activity, and they’re going to suffer from the decline in demand for products coming from the tariffs.

 

This was further affirmed by IMF assistant director Global Markets, Jason Wu, while speaking pointed out that government reforms had contributed to lowering Nigeria’s sovereign credit, noted that that during a time when global financial markets is volatile and risk appetite in particular, is wavering, “this is when l we might see increases in sovereign spreads that will challenge the external picture for Nigeria as well as other frontier economies.

 

“Nigeria sovereign spread has increased in recent weeks as stock markets globally have declined. The other challenge, of course, is for large commodity exporters like Nigeria. If trade tensions are going to lead to lower global demand for commodities. This will obviously weigh on revenue that they will receive. So I think both of those developments would advise that authorities remain quite vigilant to these developments and take appropriate policies to come.”

 

In its Global Financial Stability Report (GFSR), the IMF noted that Nigeria’s return to the international debt market in late 2024, its first eurobond issuance since 2022 marked a notable shift in investor sentiment towards frontier economies, buoyed by macroeconomic reforms and improved credit profiles.

 

Sovereign eurobond spreads for frontier economies narrowed in 2024 and at the start of 2025, with macrofinancial reforms, progress on debt restructuring, and credit rating upgrades in several countries all having contributed to this narrowing. Examples include progress on debt restructuring in Ethiopia and Ghana, and foreign exchange market reforms in Nigeria.

 

“Frontier economies were able to issue foreign currency debt at relatively modest yields, with total issuance during the first quarter of this year amounting to roughly half of total issuance in 2024. Nigeria returned to the eurobond market in late 2024 for the first time since 2022 and Egypt returned in January 2025 for the first time since early 2023. Additionally, Angola obtained foreign currency financing via a total return swap with an international bank while the largest eurobond issuance in Africa during the first quarter came from Côte d’Ivoire.”

 

Economic growth across the Sub Saharan Africa region is also projected to slow slightly to 3.8 per cent in 2025 before rebounding to 4.2 per cent in 2026, a performance that still places Nigeria slightly below the regional average.

 

“For sub-Saharan Africa, growth is expected to decline slightly from 4 per cent in 2024 to 3.8 per cent in 2025 and recover modestly in 2026, lifting to 4.2 per cent. Among the larger economies, the growth forecast in Nigeria is revised downward by 0.2 percentage point for 2025 and 0.3 percentage point for 2026, owing to lower oil prices, and that in South Africa is revised downward by 0.5 percentage point for 2025 and 0.3 percentage point for 2026, reflecting slowing momentum from a weaker-than-expected 2024 outturn, deteriorating sentiment due to heightened uncertainty, the intensification of protectionist policies, and a deeper slowdown in major economies. South Sudan has a downward revision of 31.5 percentage points for 2025 on account of the delay in the resumption of oil production from a damaged pipeline.”

 

On a more positive note, Nigeria’s current account balance is projected to show a surplus, although declining from 9.1 per cent of GDP in 2024 to 6.9 per cent in 2025 and 5.2 per cent in 2026. This surplus offers some protection against external economic shocks for Nigeria.

 

 

-Leadership

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Entertainment

Davido breaks silence after Grammy Award loss

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Five-time Grammy nominee, David Adeleke, popularly known as Davido, has reacted after losing the Best African Music Performance category at the 68th Grammy Awards held in Los Angeles, United States.

 

The Afrobeats star shared a message of faith and resilience following the outcome of the ceremony, which took place on Sunday night at the Crypto.com Arena in California.

In a post on his Instagram page, Davido shared photos with his wife, Chioma, from the event and wrote, “Oluwa Dey my side,” alongside prayer and music emojis.
Hours later, he posted another set of pictures of himself and Chioma at the Grammys, reflecting on the loss in a longer caption.

“I said baby listen we lost again let’s not go ! she said ‘Be humble in victory and gracious in defeat’ we outside,” he wrote.
Chioma also reacted via her Instagram page, praising the singer, “You already know that you’re the perfect one, @davido,” she wrote, while sharing photos from the awards night.
Davido was nominated in the Best African Music Performance category at the 2026 Grammy Awards but lost to South African singer Tyla, who won with her song Push 2 Start.

Other nominees in the category included Burna Boy (Love), Ayra Starr and Wizkid (Gimme Dat), Davido (With You featuring Omah Lay), and Eddy Kenzo and Mehran Matin (Hope & Love).

The win marked Tyla’s second Grammy Award, following her first victory in 2024 for her hit single Water.

Speaking during the awards ceremony, the singer revealed that With You, featuring Omah Lay, almost did not make the final tracklist of his album 5IVE.
“Man, it’s so crazy because that song almost didn’t make the album. With You was not in anybody’s top five.
“And now look at it go. Every time I was performing it, my heart would just start beating like, what if I didn’t put this song?” he told OkayAfrica.

Davido also recounted how he learned about the Grammy nomination, saying the news came unexpectedly while he was in Dubai, days before his birthday.

“I was in the car, actually, checking a car, and then my phone rang. They were like, ‘Oh yeah, another nomination.’ I was like, wow. Thank God,” he said.

“With You” was released in April 2025 as the 17th track on Davido’s fifth studio album, 5IVE, and has since become one of his most successful recent records, surpassing 100 million streams on Spotify.

Despite the song’s success, Nigeria did not record a win at the 2026 Grammy Awards.
Davido said he is now focused on touring and releasing new music.

He is also billed to perform at Coachella 2026, where he will be the only Nigerian artiste on the festival lineup, performing on April 11 and April 18, 2026, in Indio, California.

-Guardian

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Kunle Afolayan gives reasons to marry many women

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Nollywood filmmaker, Kunle Afolayan, has stirred reactions after advising men to “marry many women” while reflecting on his upbringing in a polygamous home.

 

The actor and producer made the remarks at the watch party of Aníkúlápó: The Ghoul Awakens, with a clip from the event going viral on Tuesday.

Speaking at the event, Afolayan linked his existence and achievements to his late father’s decision to marry several wives.

“Without my father, there wouldn’t have been a KAP Village or even Kunle Afolayan. I am the seventh born of my father because my father had ten wives. For the men, marry many women, or rather be involved with many women. You know why? If my father didn’t, he would not have born me, and that is the honest truth. But today, a few of us are lifting his legacy. Life is short, death is constant. Nobody has life forever. Everybody has a period. Use your period,” he said.

While his daughter, Eyiyemi Afolayan, joined him on stage, the filmmaker compared his childhood experience with his relationship with his children.

“They are lucky. For her, staying by my side is luck. Do you know why? I couldn’t stand it with my father. My father didn’t know my school. My father didn’t know my date of birth. He did not know anything about me other than, ‘He is the son of that person.’ But today, I’m so proud of my father,” he added.

Afolayan also spoke about fatherhood.

“Sometimes when people say ‘Happy Father’s Day,’ I’m always saying whether he pays child support or not, he’s still a father. I have been going to court because I want to get a divorce. I don’t mind being in the witness box, and I experienced the shit, so that I can marry many wives,” he said.

He thereafter prayed for his daughter, praising her role in the series.

“Hephzibah, her mother is the one who gave her the name. I don’t care, but I am proud of you. You started with the film, you did the first season, and now with the second season, you did amazingly well. My good Lord will continue to increase you in wisdom, in knowledge, and in understanding. If this is your path, the good Lord will see you through.”
However, this is not the first time the filmmaker has spoken about his late father’s polygamous lifestyle.

In March 2021, Afolayan told BBC Pidgin that his father, Adeyemi Afolayan, who died in 1996, married 10 wives and had 25 children, a decision he said took a toll on the family.

“I would not want to marry many wives because my father had 10 wives and I knew what happened throughout that period. I knew that really distracted my father. In this age, nobody needs to tell you before you know what’s right,” he said at the time.

He also disclosed that growing up in a polygamous home affected bonding among the children due to language and other barriers.

Afolayan further narrated how he battled poverty in his early years, revealing that he once lived in a one-room apartment in Ebute-Metta and sometimes had to deal with flooding.

“I was born in Ebute-Metta and have lived in one-room apartment before that we even have to grapple with flood sometimes. It’s not shame to say have been poor before. But if you see how l made it, it’s a matter of consistency. My father was a very popular filmmaker and ordinarily, people would expect me to life the kind of live akin to Hollywood stars,” he said.

“But that wasn’t the case. How would one live such life when you’re living in a room with ten women. That doesn’t mean there was no love among us.”

He had advised young filmmakers to start with the little resources available to them while working towards their dreams.

 

-Guardian

 

 

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Court adjourns Ganduje’s corruption trial to April 15

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A Kano State High Court has adjourned until April 15 the trial of former governor Abdullahi Ganduje, his wife, Hafsat Umar, and son, Abdullahi Umar, alongside five other defendants, over alleged misappropriation of public funds amounting to billions of naira.

 

The defendants are facing an 11-count charge bordering on bribery, conspiracy, misappropriation, and diversion of public funds. The remaining accused persons are Abubakar Bawuro, Jibrilla Muhammad, Lamash Properties Ltd, Safari Textiles Ltd, and Lasage General Enterprises Ltd.

At the resumed hearing, the prosecution told the court it was ready to proceed and drew attention to a motion dated November 24, 2025, seeking leave to file additional proof of evidence.

However, defence lawyers raised objections, informing the court that multiple applications were pending and must be resolved before the trial could continue.

Lydia Oluwakemi-Oyewo, counsel to some of the defendants, said the defence had filed a motion dated July 17, 2025, seeking a stay of proceedings.
Adekunle Taiye-Falola, representing the third and seventh defendants, also referred to a separate motion dated May 23, 2025.
In addition, Muhammad Shehu, counsel to the fifth defendant, told the court that an affidavit had been filed notifying it of a pending application for stay of proceedings before the Court of Appeal.
Abubakar Ahmad, counsel to the sixth defendant, informed the court that he had filed a notice of preliminary objection and an application for extension of time to respond on points of law dated February 2, urging the court to fix a date for hearing.

Only Faruk Asekome, counsel to the eighth defendant, indicated readiness to proceed with the trial.

After hearing arguments from both sides, the presiding judge, Justice Amina Adamu-Aliyu, adjourned the matter to April 15 for the hearing of all pending applications and preliminary objections.

The trial has suffered repeated delays due to legal challenges. The high court had earlier dismissed preliminary objections raised by the defence as “incompetent” and affirmed its jurisdiction to hear the case.
That ruling was appealed by the defendants, who argued that the trial court lacked jurisdiction. However, in October 2025, the Kano Division of the Court of Appeal struck out the appeal, citing failure to properly transmit the record of appeal.

-Guardian

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