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Better Economic Outlook For H2, FG Forecasts.

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Regardless of the economic hiccups faced by the country in recent times, the Federal Government has forecast  a positive second half of the year.

The government’s optimism is in spite of a forecast by the International Monetary Fund that the country’s 2016 year gross domestic product could contract by 1.8 percent.

“The just recently released data from the National Bureau of Statistics showed that Gross Domestic Product declined by -2.06% in the second quarter of 2016 on a year-on-year basis,” said Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu in a statement by Laolu Akande, senior special assistant, media and publicity, Office of the Vice President.

“A close look at the data shows that this outcome was mostly due to a sharp contraction in the oil sector due to huge losses of crude oil production as a result of vandalisation and sabotage.”

“However, the rest of the Q2 data is beginning to tell a different story. There was growth in the agricultural and solid minerals sectors which are the areas in which the Federal Government has placed particular priority.

“Agriculture grew by 4.53% in the second quarter of 2016 as compared with 3.09% in the first quarter. The metal ores sector showed similar performance with coal mining, quarrying and other minerals also showing positive growth of over 2.5%.

“Notably, also, the share of investments in GDP increased to its highest levels since 2010, growing to about 17% of Gross Domestic Product.”

“The manufacturing sector though not yet truly out of the woods is beginning to show signs of recovery while the service sector similarly bears watching.”

Though the manufacturing sector is yet to rebound, Dipeolu said there was a reduction in imports and an increase in local produced goods and services. He said this process will be maintained “although it will start off slowly in these initial stages before picking up later.”

The sluggish growth could go on for “another two years”, said Dawn Dimowo, an analyst at consultancy firm Africa Practice.

Even if the oil price rebounds and rebels stop sabotaging oil production, Nigeria has to address its decript infrastructure and revamp its refineries.

“There is a critical need for massive investments in infrastructure and import replacement, which will take years to come through,” Dimowo said.

“Power is a major barrier, that sector needs to be a priority”, she said.

Without power, growth may improve but diversifying the economy will be near impossible, Daniel Richards, West Africa analyst for BMI Research, told AFP.

“If import substitution is to be realised and the manufacturing sector bolstered, then more headway must be made in improving power supply.”

But Dipeolu said he hoped the economy would do better.

“It is likely the second half will be better than the first half of 2016. This is because many of the challenges faced in the first half either no longer exist or have eased,” he said.

Source: guardian.ng

NEWS

Adebayo Salami Celebrates Five Decades In Nollywood

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Adebayo Salami celebrates five decades in Nollywood | Fab.ng

Veteran Nollywood actor Adebayo Salami, also known as Oga Bello, has been in the movie business for 50 years! To celebrate this achievement, the 72-year-old actor posted a black-and-white picture on Instagram with some of his fellow actors. He thanked God for his successful career and wonderful family. Oga Bello also said that even though actors might get tired sometimes, they never truly retire from their passion for acting.

He wrote, “With over 5 decades of committed practice in Nollywood, I am indeed most grateful to Almighty God for His unending blessings over my career and family. Actor only gets tired, actor does not retire. Get ready for what is coming soon.”

 

View this post on Instagram

 

A post shared by Adebayo Salami (@adebayo.salami)

Adebayo Salami’s acting career started way back in 1964. He joined a group called Young Concert Party, led by Ojo Ladipo (Baba Mero). This group’s name changed a few times, from Ojo Ladipo Theatre Group to finally Awada Kerikeri Theatre Group. When Baba Mero passed away in 1978, Salami became the leader of the group. This put him in the spotlight and helped him get noticed.

Salami also made movie history. He appeared in the very first Yoruba film ever made, called “Ajani Ogun.” The lead role in that movie was played by Adeyemi Afolayan, the father of well-known actors Kunle Afolayan and Gabriel Afolayan.

In 1985, Salami didn’t just act, he also produced his first movie, “Ogun Ajaye,” with his Awada Kerikeri group. Since then, he’s become a well-rounded movie talent. He acts, directs, and produces movies all the time, making him a big player in the Yoruba film industry.

It seems acting talent runs in the family! Salami has two sons, Femi and Tope Adebayo, who have become successful actors and movie producers themselves.

Get more updates here.

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NEWS

Mayorkun Finally Addresses Nicki Dabarbie’s Ritual Allegations

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Mayorkun addresses Nicki Dabarbie’s ritual allegations | Fab.ng

Afrobeats singer Mayorkun has responded to claims made by social media influencer Nicki Dabarbie. She accused him and his colleague, Skiibii (Abbey Elias), of attempting to use her for a ritual.

On April 19, 2024, Nicki Dabarbie accused Mayorkun and Skiibii of plotting to use her for a ‘money ritual’. She supported her claims with pictures and videos describing the incident.

Mayorkun took to his X page to deny all the allegations. He stated that he had never met Nicki Dabarbie and was unaware of her existence before the allegations.

Mayorkun mentioned that he initially wanted to let the court handle the situation, but the spread of false information prompted him to speak out. He stressed that he did not know Dabarbie and warned fans about the dangers of cancellation culture and its potential harm to his life and career.

He wrote:

“You know, I was going to let this remain as a court case but when I checked the comments under some of the blogs where these ridiculous allegations were posted, I was quickly reminded of how gullible most people are on the internet and how they are ready to run along, spreading any negative news without any form of clarity.

“Just for the record, I never met that person on the said day, still never seen that person till this day, never knew about that person’s existence not until those allegations came up.. yet she claimed I put ‘something’ in her drink. A lot of people believed that story, and you think I’ll let this libelous claim fly? No!”

He added,

“I wanna re-instate, I have never seen this person before, even as I am typing this! I still haven’t set my eyes on this person.. Like, what else can I say? How else can I prove this? There’s no need for me to ask for an apology where I won’t get any. I just needed to say this publicly and get it off my chest.. cos if it was a case of ‘cancellation’ as many people are quick to do, I for don go back to dey find work for bank.”

He stated that he would pursue additional charges against her, even though she is currently in prison on unrelated charges.

Earlier, Mayorkun had threatened to file a N1 billion lawsuit against Nicki Dabarbie.

Get more updates here.

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MOVIES

“Stop Making Films Where Nigerians Travel Abroad Dey Mumu” – Yul Edochie Tells Filmmakers

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Yul Edochie - stop films where Nigerians act foolish abroad | Fab.ng

Nigerian actor Yul Edochie is calling out Nollywood movies for a tired trope. He’s criticising films where Nigerian characters travel abroad and then act immature or foolish.

Edochie believes these portrayals are a bad look for Nigerians. He argues that Western movies typically show their characters going abroad and becoming more resourceful or successful. He wants Nollywood to showcase a more positive and realistic image of Nigerians on the global stage.

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