Headline

Nigeria Risks Food Crisis In 2023, Says IMF

Published

3 years ago

November 21, 2022

The International Monetary Fund has said that Nigerians should brace up for higher food prices/ risks in 2023 due to recent floods and high fertilizer prices.

According to the National Bureau of Statistics, food inflation hit 23.72 per cent on a year-on-year basis in October 2022, with inflation on certain food items rising to between 50 – 100 per cent.

Despite that, the IMF has predicted that since recent floods have affected agricultural productivity, saying that food prices would worsen in 2023.

It added that the volatility in the value of the naira, the Federal Government’s continued dependence on the Central Bank of Nigeria for financing its budget deficit, and climate change were also risk factors.

The Washington-based lender disclosed this in its ‘Nigeria: Staff Concluding Statement of the 2022 Article IV Mission’ report seen by our correspondent at the weekend.

It said, “The effects of recent flooding and high fertilizer prices could become more entrenched impacting negatively both agricultural production and food prices in 2023.

“Similarly, further volatility in the parallel market exchange rate and continued dependence on central bank financing of the budget deficit could exacerbate price pressures. In the medium term, there are downside risks to the oil sector from possible price and production volatility, while climate-related natural disasters pose downside risks to agriculture.”

It added that despite Nigeria’s limited direct exposures, the war in Ukraine was affecting the nation through higher domestic food prices. The IMF said high food insecurity was compounding the pandemic’s effect on Nigeria’s vulnerable.

It stated that the nation’s headline inflation should moderate by the end of 2022 because of the start of the harvest season, although it also projected an increase in rice prices caused by recent flooding.

The IMF further stated that over the next 10 years, the nation would have to create about 25 million additional jobs. It said, “Strengthening the performance of the agricultural sector is key to job creation, food security, and social cohesion.

“Over the next decade, an estimated 25 million additional jobs will be needed to employ the new labor market entrants. For agriculture to continue playing a strong role in employment and ensure food security, boosting production and yields through improved input usage, especially through affordable fertilizers and higher quality seeds, better storage facilities and more coordinated policy support across government agencies are recommended.”

The NBS disclosed last Thursday that 133 million Nigerians were multidimensionally poor, with a significant portion of them lacking access to food security, healthcare, and education.

Headline

Peru Anti-government Protesters Clash With Police

Published

20 hours ago

September 21, 2025

Editor

Hundreds of anti-government protesters clashed with police in the Peruvian capital Lima on Saturday, throwing stones and sticks as officers fired tear gas on the demonstrators, AFP journalists reported.

The protest, organized by a youth collective called “Generation Z”, is part of growing social unrest in Peru against organized crime, corruption in public office, and a recent pension reform.

“Today, there is less democracy than before. It’s getting worse… because of fear, because of extortion,” said 54-year-old protester Gladys, who declined to give her last name.

Around 500 people gathered in the city center, under heavy police presence.

“Congress has no credibility, it doesn’t even have the approval of the people… It is wreaking havoc in this country,” said protester Celene Amasifuen.

The clashes broke out as demonstrators tried to approach executive and congressional buildings in Lima.

The radio station Exitosa said that its reporter and a cameraman were hit by pellets, commonly fired by law enforcement.

Police said at least three officers were wounded.

Approval ratings for President Dina Boluarte, whose term ends next year, have plummeted amid rising extortion and organized crime cases.

Several opinion polls show the government and conservative-majority Congress are seen by many as corrupt institutions.

This week, the legislature passed a law requiring young adults to join a private pension fund, despite many facing a precarious working environment.

AFP

Headline

Fresh World Trouble Looms As Netanyahu Tells Western Leaders ‘There Will Be No Palestinian State’

Published

21 hours ago

September 21, 2025

Editor

Israeli Prime Minister Benjamin Netanyahu on Sunday said there would be no Palestinian state, in a message addressed to the leaders of Britain, Australia and Canada after they recognised Palestinian statehood.

“I have a clear message for those leaders who recognise a Palestinian state after the horrific massacre on October 7: you are granting a huge reward to terror,” he said.

“And I have another message for you: it will not happen. No Palestinian state will be established west of the Jordan River.”

Britain, Australia and Canada on Sunday became the first tripartite Western nations to recognise a Palestinian state.

Britain and Canada became the first G7 countries to take the step, with France and other nations expected to follow at the annual UN General Assembly, which opens Monday in New York.

“Today, to revive the hope of peace for the Palestinians and Israelis, and a two-state solution, the United Kingdom formally recognises the State of Palestine,” UK Prime Minister Keir Starmer said in a message on X.

“Canada recognises the State of Palestine and offers our partnership in building the promise of a peaceful future for both the State of Palestine and the State of Israel,” Canadian Prime Minister Mark Carney wrote on X.

This comes after decades of requests for sovereignty from the Palestinian side.

Portugal was also to recognise Palestinian statehood later Sunday, as Israel came under huge international pressure over the war in Gaza triggered almost two years ago by the October 7, 2023, Hamas attack.

Headline

Badenoch Slams UK’s Palestine Recognition Decision As ‘Absolutely Disastrous’

Published

21 hours ago

September 21, 2025

Editor

Conservative Party leader Kemi Badenoch condemned the Prime Minister Keir Starmer-led United Kingdom’s decision to formally recognise the State of Palestine.

PUNCH Online reports that Britain, alongside Australia and Canada, on Sunday recognised a Palestinian state in a seismic shift in decades of Western foreign policy.

Britain and Canada became the first G7 countries to take the step, with France and other nations expected to follow at the annual UN General Assembly, which opens Monday in New York.

However, the decision triggered swift Israeli anger and condemnation from the opposition.

Reacting in a statement on her X on Sunday, Badenoch described the move as “absolutely disastrous.”

She argued the move rewards terrorism with no conditions, and the decision would be widely regretted.

She said, “Absolutely disastrous. We will all rue the day this decision was made. Rewarding terrorism with no conditions whatsoever put in place for Hamas.

“It leaves hostages languishing in Gaza and does nothing to stop the suffering of innocent people caught in this war.”

The Winchester opposition leader accused Labour of pandering to its “hard left” rather than fixing Britain’s pressing domestic problems.

“It is because Labour cannot fix the big problems in our society that they focus on discredited student union campaigns to appease the hard left.”

Listing examples of Labour’s failings, she said, “They cannot fix the NHS, so they push assisted suicide. – They cannot create jobs for young people, so they give them votes at 16.

“They cannot sort out immigration, but they will recognise Palestine instead. And so on. This is the same man who paid £35bn of reparations to Mauritius along with the surrender of the Chagos islands.”

Badenoch also criticised what she described as the prime minister’s lack of judgment.

“Everything we are seeing is a consequence of a Prime Minister who has no plan for the country and no judgment.

“He will spend the next four years delivering the hobbyhorses of the Labour left to stay in power and leave a HUGE mess for us to clean up.”

Earlier, Starmer announced the recognition of Palestine in a post on X, saying the move was intended to provide a two-state solution.

He said, “Today, to revive the hope of peace for the Palestinians and Israelis, and a two-state solution, the United Kingdom formally recognises the State of Palestine.”