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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

MUSIC

Oxlade Earns First RIAA Certification With His Global Smash Hit

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Oxlade earns first RIAA certification with "Kulosa" | fab.ng

Nigerian music sensation Oxlade made a global impact with his 2022 hit single “Kulosa”. The track quickly went viral and catapulted him to international stardom. Two years after its release, “Kulosa” has officially been certified gold in the United States, having achieved 500,000 units in sales.

The track, one of the most successful performances ever on Colors Studio, enjoyed commercial success. It amassed over 400 million streams on Spotify and racked up over 187 million views across two music videos on YouTube.

“Kulosa” particularly resonated in the United States. It spent several months on the Billboard Afrobeats Chart, peaking at No. 5.

This certification marks a significant milestone for Oxlade. This is because “Kulosa” became his first song to receive an RIAA plaque. The track has also earned certifications in several countries. These countries include France, Canada, the United Kingdom, Nigeria, Spain, Portugal, and Switzerland.

“Kulosa” is one of the standout tracks from Oxlade’s debut album, “Oxlade From Africa”, which features collaborations with Nigerian music heavyweights Wande Coal and Flavour, Ugandan musician and politician Bobi Wine, Congolese star Fally Ipupa, and Jamaican artist Popcaan.

Initially, Oxlade has secured his place among RIAA-certified Nigerian artists. Additionally, this achievement aligns him with other successful Afrobeats musicians. Meanwhile, CKay’s “Love Nwantiti” continues to dominate with its impressive 7X platinum status.

Furthermore, this hit single steadily advances toward becoming Afrobeats’ first Diamond-certified track. Consequently, Oxlade’s certification contributes to the growing global recognition of Nigerian music.

Finally, his success reinforces the significant impact Afrobeats artists are making in the international music industry.

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AFRICAN

Biennale College Cinema Announces Kenyan-Nigerian Project For Next Edition

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1 Woman 1 Bra: Kenyan-Nigerian project | fab.ng

Biennale College Cinema in Venice has announced the Kenyan-Nigerian project, “1 Woman 1 Bra“. The director-producer duo, Vincho Nchogu and Josh Olaoluwa worked on the project. It is the only African project selected for the 13th edition of the festival. This marks a significant achievement for African cinema on the global stage.

“1 Woman 1 Bra” is among 12 projects chosen for the 2024/25 Biennale College Cinema.

These projects were unveiled during the 81st Venice International Film Festival. The teams, consisting of a director and a producer, will participate in an initial 10-day workshop in Venice. This workshop will take place from October 8 to 17, 2024.

Nchogu, the Kenyan director, and Olaoluwa, the Nigerian producer, will present their first feature film project at the workshop. Afterwards, four of the 12 projects will be selected to receive up to 200,000 Euros in production funding.

Furthermore, these four films will premiere at the 82nd Venice Film Festival in 2025. This opportunity is another milestone for Nchogu and Olaoluwa. Consequently, they have previously participated in the Red Sea Lodge and Torino Film Lab.

The Biennale College Cinema is an advanced training lab that opens doors for filmmakers worldwide. It provides a platform for emerging voices in cinema and offers valuable resources to bring creative visions to life.

Nine of the twelve projects were selected from the Biennale College Cinema – International competition. Meanwhile, the remaining three came from the Biennale College Cinema – Italy competition.

In addition to “1 Woman 1 Bra”, other notable projects include “Agnus Dei” by Massimiliano Camaiti, a second-time feature director, and producer Giovanna Nicolai. Another selected project, “Badland”, comes from first-time feature director Mounir Derbal and producer Lorenzo Fiuzzi. “Becoming Human” by director Polen Ly and producer Daniel Mattes also made the list.

Further selections include “Last Time, Again” by Chinese director Di Zhang and Canadian producer Beryl Liu, “Orange Peel” by Italian director Anita Rivaroli and producer Marco Mingolla, and “Saving The Day” by Turkish director Serhat Karaaslan and French producer Laura Dahout.

Indian director Nidhi Saxena and producer Vimukthi Jayasundara’s “Secret Of A Mountain Serpent” was also selected, along with “Summer 1999” by Vietnamese director Hang Luong Nguyen and producer Dinh Le Minh Trinh.

Other featured projects include “The Booking” by American director Gabriella Moses and producer Sarah Wharton, “The Family” by Ukrainian director Hanna Jalali and Iranian producer Moeinoddin Jalali, and “Vanishing Bones” by French director Simon Rieth and producer Inès Daïen Dasi.

Check out more updates here.

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ENTERTAINMENT

Burna Boy Responds To Allegations Of Impregnating A Lady

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Burna Boy responds to allegations of impregnating a lady | fab.ng

Controversy erupts as Burna Boy, the Grammy-winning Nigerian music star, confronts serious allegations from a woman named Stella. The accuser boldly claims that the globally renowned artist, whose real name is Damini Ogulu, abandoned her after she became pregnant with his child.

Stella’s detailed account came through a recent interview where she paints a picture of a three-year romantic relationship with the “City Boys” hitmaker. She describes how their relationship progressed to the point of pregnancy, emphasizing Burna Boy’s initial commitment to support their unborn child. According to her narrative, the singer’s attitude dramatically shifted, leading to his complete withdrawal from the situation.

The woman’s story takes an even darker turn as she recounts a series of unfortunate events. She describes a harrowing break-in at her residence, though she doesn’t directly attribute it to the singer. The accumulated stress from these circumstances, she claims, ultimately resulted in a devastating miscarriage of their unborn child.

Burna Boy responded to these allegations swiftly and unequivocally.

The African Giant, known for his unapologetic demeanour, categorically dismisses Stella’s claims. In stark contrast to her portrayal of their relationship, he characterizes her as a sex worker, specifically stating that he paid her 20,000 naira for her services.

The Grammy winner further discredits her by revealing that she belongs to a group of individuals who have previously made unfounded claims about his potency.

“Meanwhile this na of the first people wey call me impotent o. And Na 20k be her money that year normally of which I give am o. Abeg enter this comment section if you know this girl that year and confirm if I dey lie say na N20k be her money,” he wrote in a now-deleted post on his X page.

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