NEWS AGENCY OF NIGERIA
IMF chief urges countries to swiftly resolve trade tensions

IMF chief urges countries to swiftly resolve trade tensions

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International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday urged countries to swiftly resolve trade disputes that threaten global economic growth.

She said the unpredictability arising from President Donald Trump’s aggressive campaign of taxes on foreign imports was causing companies to delay investments and consumers to hold off on spending.

“Uncertainty is bad for business,’’ she told reporters in a briefing during the spring meetings of the IMF and its sister agency, the World Bank.

Georgieva’s comments came two days after the IMF downgraded the outlook for world economic growth this year.

The 191-country lending organisations, which seek to promote global growth, financial stability and to reduce poverty, also sharply lowered its forecast for the United States.

It said the chances that the world’s biggest economy would fall into recession have risen from 25 per cent, to about 40 per cent.

Georgieva warned that the economic fallout from the trade conflict would fall most heavily on poor countries, which do not have the money to offset the damage.

She warned that the economic fallout from trade conflict would fall most heavily on poor countries, which did not have the money to offset the damage.

Since returning to the White House in January, Trump has aggressively imposed tariffs on American trading partners.

Among other things, he slapped 145 per cent import taxes on China and 10 per cent on almost every country in the world, raising U.S. tariffs to levels not seen in more than a century.

But he has repeatedly changed U.S. policy suddenly suspending or altering the tariffs.

This has left companies bewildered about what he is trying to accomplish and what his end game might be.

Trump’s tariffs culminated in a sharp reversal of decades of U.S. policy in favour of free trade and the resulting uncertainty around them have caused a week-long rout in financial markets.

But stocks rallied Wednesday after the Trump administration signaled that it was open to reducing the massive tariffs on China.

“There is an opportunity for a big deal here,” U.S. Treasury Secretary Scott Bessent said Wednesday. (AP/NAN)(www.nannews.ng)

Edited by Cecilia Odey/Mark Longyen

FG seeks enhance global support for reforming economies

FG seeks enhance global support for reforming economies

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By Nana Musa

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has called for enhanced global support for reforming economies.

 

Edun made the call at the G-24 Ministerial Meeting held on the sidelines of the ongoing 2025 IMF World Bank Spring Meetings in Washington D.C , on Wednesday.

 

The minister urged IMF and the World Bank to reward reform-minded economies, particularly those in Sub-Saharan Africa, by expanding access to affordable financing and deploying more innovative instruments to support their transitions.

 

Edun also welcomed the IMF’s recent establishment of a third Sub-Saharan Africa chair and urged increased African representation at senior management levels within the Bretton Woods institutions.

 

He said that the country was open for business, adding that the reforms would deliver their full impact.

 

“We need the international community to match our ambition with strong, targeted support.”

 

Edun reiterated President Bola Tinubu’s strong commitment to structural reforms, fuel subsidy removal, foreign exchange unification, and comprehensive tax policy reforms.

 

The minister said that this administration’s focuses on restoring macroeconomic stability and building a more resilient, inclusive economy. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

FG relaunches national school feeding programme

FG relaunches national school feeding programme

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By Philomina Attah
The Federal Government is set to relaunch its Renewed Hope National Home-Grown School Feeding Programme (RH-NHGSFP) on May 29.

 

The Minister of State for Humanitarian Affairs and Poverty Reduction, Dr Yusuf Sununu, revealed this on Wednesday during a meeting with development partners, NGOs, and government officials in Abuja.

 

Sununu announced that the relaunch would take place to mark President Bola Tinubu’s second year in office.

 

He said the programme aims to combat child hunger and improve educational outcomes across the country.

 

Sununu highlighted the plan’s holistic design — providing daily nutritious meals using locally sourced ingredients to support both children’s health and local farming communities.

 

He stressed the need for transparency, accountability, and collaboration to sustain the programme and ensure its long-term success.

 

“The initiative aims to benefit 10 million children and could increase school enrolment by 20 per cent and academic performance by 15 per cent by 2025,” he said.

 

The relaunch comes amid projections that over 30 million Nigerians may face hunger, underscoring the urgency of swift and effective implementation.

 

“Our mission is to feed every public school pupil in Primary One to Three, nurturing their potential and building the nation’s future,” he stated.

 

The programme is also designed to reduce malnutrition, boost school retention rates, and contribute meaningfully to national development.

 

He described it as a major step towards fighting hunger, malnutrition, and low school enrolment across the country.

 

He urged community ownership, active parental involvement, and training for cooks, while noting the programme’s potential to empower women and smallholder farmers.

 

Development partners, including the AMA Foundation and private firms like Tetra Pak, have pledged support for the renewed initiative.

 

The government also promised reforms, improved monitoring, and collaboration to guarantee sustainability and measurable impact.

 

Sununu called on all stakeholders to unite, stressing that the programme is capital intensive and requires joint effort for success.

 

Dr Aderemi Adebowale, National Programme Manager of RH-NHGSFP, described the programme as an investment in the nation’s future.

 

She said the aim extends beyond feeding — it also includes empowering women, youth, and farmers through inclusive and sustainable practices.

 

Adebowale noted that N100 billion has been allocated in the 2025 budget to scale up reach and deepen community impact.

 

“The updated RH-NHGSFP will provide daily meals to public primary pupils using food grown and sourced locally,” she explained.

 

She emphasised the power of collaboration, saying success would depend on collective action and a shared national vision.

 

Between 2018 and 2022, the programme improved nutrition and enrolment, but struggled with supply chain and farmer involvement issues.

 

Adebowale disclosed new QR-coded supply chains and real-time tracking for better transparency, quality control, and accountability.

 

According to her, the programme will fully integrate women, youth, cooks, and farmers, offering targeted training and income opportunities.

 

“Nutritionists, health professionals, and supervisors will monitor food quality and assess pupil health and programme outcomes.

 

“The focus remains on local sourcing, especially through women-led cooperatives, aiming to reduce rural poverty by 40 per cent,” Adebowale said.

 

She said collaboration with the National Identity Management Commission would ensure all beneficiaries are registered and tracked.

 

She urged partnerships with development agencies, community leaders, politicians, and state governors to ensure nationwide ownership.

 

Dr Badamasi Lawal, CEO of NSIPA, said the relaunch represents a turning point in Nigeria’s fight against child hunger and inequality.

 

Represented by Dr Binta Musa, he called on stakeholders to unite and secure a healthier, more inclusive future for children.

 

The meeting ended with a call for strategic partnerships to align the initiative with key Sustainable Development Goals. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

Osun harmonises ticketing system for commercial motorcycles, tricycles

Osun harmonises ticketing system for commercial motorcycles, tricycles

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By Temitope Ponle
The Osun Government has approved a unified ticketing system for commercial motorcycle and tricycle operators across the state, in a bid to avoid leakages, extortion and multiple ticketing,

This is contained in a statement issued by the Commissioner for Transportation, Mr Sesan Oyedele, on Wednesday in Osogbo.

Oyedele noted that the decision was made at a meeting between the state government and the leadership of commercial motorcycle operators, popularly known as Okada, held at the secretariat.

The commissioner explained that motorcycle operators would pay N100, while tricycle operators would pay N200 per day, respectively, to generate revenue in the state.

He noted that the present administration would not fold its arms while people were being extorted by disgruntled elements.

He also explained that as much as the present administration was determined to boost the state’s revenue through the ministry of transportation, the government would not give room for leakages and extortion.

The commissioner further said the government would ensure that no commercial operator was cheated.

Speaking at the meeting, the Chairman of the Okada Riders Association in the state, Comrade Sikiru Ayobami, thanked the commissioner for his timely intervention on the situation.

Ayobami assured the state government that peace and unity would continue to reign within the association.

He emphasised that the leadership would not show favouritism to anybody but be fair to all.

Also present at the meeting were the Permanent Secretary in the Ministry, Mr Isiaka Yahaya, the Director, Transport Operations, Mr Ayodeji Oyewole, among other directors of the ministry. (NAN)(www.nannews.ng)

Edited by Tayo Ikujuni

NYSC: Review or scrap?

NYSC: Review or scrap?

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By Kayode Adebiyi, News Agency of Nigeria (NAN)

When the Federal Military Government, under the leadership of Gen. Yakubu Gowon (retired), set up the NYSC post-Civil War in 1973, many Nigerians praised the scheme.

The mandatory, post-tertiary scheme was part of efforts to “reconstruct, reconcile and rebuild the country” after the Nigerian civil war.

Today, 52 years later, the programme has come under serious scrutiny.

Michael has just been mobilised in the 2025 Batch A (Stream 1) to participate in the National Youth Service Corps scheme (NYSC) after graduating in late 2024.

For him, the prospect of serving as a corps member is fascinating and apprehensive at the same time.

“I have been posted to a state in the North-Central region, and I look forward to resuming at the orientation camp.

“However, I do not know what to expect with current security challenges everywhere in the country; I hope that my posting will be in the city, not a remote village.”

Iyabo, on the other hand, served a few years ago; she was posted to a state in the South-South from Lagos.

“NYSC was like I wasted one year of my life; I was already an entrepreneur since my undergraduate years.

“Leaving my budding business for one year to go and serve and return to unemployment did not work for me.

“If graduates were offered the option of not serving but being awarded their certificates after camp, people like me would have taken that option,” she said.

Michael and Iyabo are on the parallel sides of a growing call for the NYSC programme to be reviewed.

A parent, Mr Kazeem Salami, said that the NYSC had outlived its purpose in 2011.

“The post-election violence in some states that led to the death of about a dozen members of the NYSC brought to the fore the need to review the scheme.

“I had to think hard and long about it when my son was mobilised the following year; eventually, I decided that his participation would depend on where he was posted,” he said.

General insecurity and the safety of corps members are not the only reasons some stakeholders are calling for a review or outright scrapping of the NYSC scheme.

Some say the seven-point objectives of the scheme, as enunciated in Decree No. 51 (reviewed) of June 16, 1993, have not been achieved.

The seven-point objectives are to promote national unity and integration, inculcate discipline and patriotism, develop self-reliance, contribute to national development, remove prejudices and ignorance, equitable distribution and utilization of skills, and develop a sense of corporate existence.

“The NYSC was principally established to foster unity among the various ethnic nationalities that make up Nigeria because participants serve in states and regions other than theirs.

“This is meant to foster understanding, growth and tolerance of different cultures across the nation, most especially to educate them on the customs and traditional practices in communities where they serve.

“Can we genuinely say that we have been able to achieve the objectives?

“When governors begin to evacuate their indigenes from other states, has it not cast a doubt in the minds of Nigerians on the continued validity of the scheme?” an analyst asked.

However, other stakeholders believe that scrapping the scheme will amount to throwing the baby out with the bathwater.

They say that, as a model for national integration and a platform for value orientation, the NYSC should be reorganised to meet the challenges of the 21st century rather than scrapped.

They call for a new scheme that should be properly funded and divided into sub-corps where the energies and intellect of young Nigerians are used to provide for the critical sectors.

Miss Sarah Adejobi, a youth empowerment advocate, said one way to make the NYSC scheme viable was by redefining its focus from post-war national integration to entrepreneurship for national development.

“Corps members are some of the greatest pool of human resources available in the most remote parts of the country; if we do a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, that is a big strength.

“Therefore, I have been advocating a system whereby they are divided into engineering corps, agricultural corps, medical corps, and educational corps.’’

She said the engineering corps would be designed to help in road construction, maintenance and other engineering works in rural areas.

Adejobi added that the agricultural corps would be designed in line with national food security strategies, with corps members teaching modern farming techniques to rural farmers.

“The medical corps should comprise doctor-corps members and other medical practitioners motivated to provide medical care to rural dwellers.

“Likewise, the education corps will provide qualified, willing and motivated teachers in the rural areas.

“This is the best way to utilise the corps members and maintain continuity, while providing them with job opportunities,” she said.

She said that if administered in the spirit that reflected the changing world, the NYSC scheme would bring out the best in the youths and instill in them the virtues of hard work, diligence, enterprise, patriotism and independence.

Interestingly, the debate about modeling the NYSC has been around for some time.

In 2012, the then Minister of Youth Development, Mr Bolaji Abdullahi, said a new agenda was being adopted for the scheme.

The former minister talked about corps members not being given preferential postings to the oil and gas sector or “lucrative” establishments in so-called big states where their services were underutilised.

He also said that corps members would be drafted to the rural areas for cultural diversity and internalising the challenges of cooperation and national integration to bolster the credibility and relevance of the programme.

Critics, who argue that the reforms were not far-reaching, say affluent and influential persons in the polity and the economy had bastardised the scheme by influencing the posting of their children and wards.

They also mentioned insecurity, financial unsustainability, and poor living conditions as some of the factors militating against the implementation of meaningful reforms.

Stakeholders, including a member of the House of Representatives, Rep. Philip Agbese, are therefore making a strong case for “a holistic review of the NYSC and its leadership”.

The suggestion that NYSC should be made optional–allowing individuals to choose whether to participate in the programme or not– is a strong element of that call.(NANFeatures)

 

***If used, please credit the writer and News Agency of Nigeria.

FG reforms have improved Nigeria’s macroeconomic outlook – Report

FG reforms have improved Nigeria’s macroeconomic outlook – Report

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By Nana Musa

Mr Jason Wu, Assistant Director for Global Markets, International Monetary Fund (IMF), said that the recent government reforms had improved Nigeria’s macroeconomic outlook.

 

Wu said this at the ongoing IMF/World Bank 2025 Spring Meetings in Washington, D.C. on Tuesday, during the release of the agency’s Global Financial Stability report for April 2205.

 

He said that the reforms had simultaneously lowered Nigeria sovereign credit profile, while adding that the country remained exposed to financial volatility and weakening global risk appetite.

 

“Nigeria’s sovereign spread has widened in recent weeks as global stock markets decline.

 

“For major commodity exporters like Nigeria, if trade tensions continue to dampen global demand, revenue shortfalls are likely.

 

“Authorities must stay vigilant and adopt the right policies to respond,” Wu said.

 

The IMF’s Global Financial Stability Report (GFSR) highlighted Nigeria’s return to the international debt market in late 2024 with its first Eurobond issuance since 2022.

 

This marked a positive shift in investor sentiment toward frontier markets, buoyed by macroeconomic reforms and improved credit ratings.

 

He quoted the report, saying “Sovereign eurobond spreads for frontier economies narrowed in 2024 and early 2025, helped by fiscal reforms, progress in debt restructuring, and foreign exchange policy adjustments.”

 

Examples cited include debt restructuring in Ethiopia and Ghana, and Nigeria’s forex market reforms.

 

“Frontier economies were able to issue foreign currency debt at relatively modest yields,” the report noted.

 

It added that the total issuance in first quarter of 2025 was roughly half of the total for 2024.

 

The report said, “Nigeria returned to the eurobond market in late 2024 for the first time since 2022, while Egypt re-entered in January 2025.”

 

It also revealed that Angola secured foreign currency financing through a total return swap with an international bank, while Côte d’Ivoire accounted for the largest eurobond issuance in Africa during first quarter.

 

Regionally, economic growth in Sub-Saharan Africa is also projected to ease slightly to 3.8 per cent in 2025, before rebounding to 4.2 per cent in 2026.

 

The nation’s growth, however, is expected to remain below the regional average.

 

“For Sub-Saharan Africa, growth is projected to decline from 4.0 per cent in 2024 to 3.8 per cent in 2025, before modestly recovering to 4.2 per cent in 2026.

 

“Among major economies, Nigeria’s forecast was downgraded by 0.2 percentage points for 2025 and 0.3 for 2026, due to falling oil prices.

 

“South Africa saw a 0.5-point downgrade for 2025 and 0.3 for 2026, citing weak 2024 performance and deteriorating sentiment,” the report said.

 

Also, South Sudan recorded the sharpest downgrade, with its 2025 forecast slashed by 31.5 percentage points due to delays in restarting oil production through a damaged pipeline.

 

On a positive note, Nigeria’s current account balance is expected to remain in surplus, however, declinin 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 could offer a degree of protection against external economic shocks. (NAN)

Edited by Olawunmi Ashafa

IMF projects 3% economic growth for Nigeria

IMF projects 3% economic growth for Nigeria

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By Nana Musa

The International Monetary Fund (IMF) has released it new economic outlook report, reversing Nigeria’s economic growth projections for 2025 and 2026.

 

The April report was released on Tuesday during World Economic Outlook (WEO) at a press briefing at the ongoing IMF/World Bank 2025 Spring Meetings in Washington, D.C.

 

The report cut the forecast for Nigeria’s growth to 3.0 per cent for 2025 and 2.7 per cent for 2026, from the 3.2 per cent and 3.0 per cent projection earlier stated in the January WEO update.

 

The IMF report cited mounting global uncertainties and sustained weakness in oil prices.

 

According to the report, the IMF places the growing probability of a global recession at 40 per cent compared to previous 25 per cent estimation it released in October 2024.

 

The IMF attributed the downward revision of the the growth to a combination of domestic economic challenges and worsening global conditions.

 

It said this includes trade tensions, reduced demand from advanced economies, and a significant drop in crude oil prices.

 

In the report, the Fund warned that without strong policy responses, Nigeria might find it difficult to maintain macroeconomic stability amid external headwinds.

 

The IMF Economic Counsellor and Director of Research Department, Pierre-Olivier Gourinchas, said that emerging economies like Nigeria were particularly vulnerable due to their integration into global supply chains.

 

“The uncertainty is discouraging investment and activity, and these countries are suffering from declining demand for their exports,” Gourinchas said. (NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

Harvard University sues Trump administration over funding freeze

Harvard University sues Trump administration over funding freeze

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Harvard University sued the Trump administration in federal court on Monday in a bid to block a freeze on billions of dollars in federal funding, according to university president Alan Garber.

“Moments ago, we filed a lawsuit to halt the funding freeze because it is unlawful and beyond the government’s authority,” Garber said in a statement.

The case, filed in Massachusetts, targets officials from the Departments of Health and Human Services, Justice, Education, and Defense, among others.

It comes after the administration threatened to withhold an additional one billion dollars in federal grants, following an earlier freeze of 2.2 billion dollars, according to the Wall Street Journal.

“The tradeoff put to Harvard and other universities is clear: Allow the Government to micromanage your academic institution or jeopardize the institution’s ability to pursue medical breakthroughs, scientific discoveries, and innovative solutions,” the lawsuit reads.

Trump has accused Harvard and other elite US universities of pursuing a left-wing ideology and allowing anti-Semitism on campus.

His administration sent a list of demands on April 11, including that the university report foreign students who violate codes of conduct to federal authorities, which Harvard refused to comply with.

Garber said the law requires the federal government to engage with Harvard about the ways it is fighting anti-Semitism.

“Instead, the government’s April 11 demands seek to control whom we hire and what we teach.”(dpa/NAN)

Queen Sonja in hospital with breathing difficulties

Queen Sonja in hospital with breathing difficulties

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Queen Sonja of Norway has been flown to hospital by rescue helicopter.

The Norwegian royal court announced on Tuesday that the queen, who is 87 years old, was admitted to the University Hospital in Oslo due to breathing difficulties.

The radio station NRK reported that Sonja arrived at the hospital late on Monday evening.

The palace statement said that Sonja was picked up from the royal ski and hunting lodge about 300 kilometres north-west of Oslo.

The Norwegian royal family traditionally spends the Easter holidays there.

Queen Sonja, the wife of Norway’s Head of State King Harald V, had a pacemaker fitted in January.

Harald underwent the same procedure a year ago.

The Verdens Gang newspaper reported on Tuesday that Crown Prince Haakon will travel to Poland with the Norwegian foreign minister on Tuesday as planned, despite his mother’s illness.

A spokeswoman for the royal court had confirmed this to the newspaper.(dpa/NAN)

Eagles win Dutch Cup to end 92-year trophy drought

Eagles win Dutch Cup to end 92-year trophy drought

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Dutch football club Go Ahead Eagles ended a 92-year trophy drought when they beat AZ Alkmaar 4-2 on penalties for a first national Cup title.

The club from Deventer converted all of their spot kicks, and goalkeeper Jari de Busser saved twice to clinch the trophy on Monday night in Rotterdam.

Substitute Julius Dirksen clinched matters and as per tradition the winners then celebrated in green bathrobes.

The score was locked at 1-1 after 90 and 120 minutes.

Favoured AZ led from Troy Parrott’s retaken penalty early in the second half, but Go Ahead levelled in the ninth minute of stoppage time, also from the spot through captain Mats Deij.

“I have no words. Childhood dreams have come true here,” De Busser was quoted as saying.

Go Ahead had not won a trophy since a fourth national title in 1933.

Their only previous appearance in the Cup final was 60 years ago in 1965 when they lost against Feyenoord.

The club said that the team will parade through Deventer in an open top bus on Wednesday to celebrate the title.

Go Ahead were promoted back into the top flight Eredivisie four years ago.

The Cup win now gives them direct entry into the Europa League.(dpa/NAN)

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