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IMF Predicts That Nigeria Will Scale Out Of Recession By 2017.

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The International Monetary Fund (IMF) has projected that Nigeria’s economy will be out of recession in 2017, growing by 0.6 percent that year.

According to the IMF World Economic Outlook (WEO) released on Tuesday in Washington, the fund projects that the current economic recession will outlast 2016, with a gross domestic product (GDP) contraction of 1.7 percent.

“Sub-Saharan Africa’s largest economies continue to struggle with lower commodity revenues, weighing on growth in the region,” IMF said.

“Nigeria’s economy is forecast to shrink 1.7 percent in 2016, and South Africa’s will barely expand. By contrast, several of the region’s non resource exporters, including Côte d’Ivoire, Ethiopia, Kenya, and Senegal, are expected to continue to grow at a robust pace of more than 5 percent this year.”

IMF also forecasted a GDP contraction and subsequent recession for Russia and Brazil throughout 2016.

The fund added: “Growth in emerging Asia and especially India continues to be resilient. India’s gross domestic product is projected to expand 7.6 percent this year and next, the fastest pace among the world’s major economies.”

Maurice Obstfeld, IMF chief economist and economic counsellor, who spoke on the outlook, said global economic growth would remain subdued in 2016, following a slowdown in the United States and Britain’s vote to leave the European Union.

Obstfeld also stated that the fund forecasted a slight pickup in 2017 and beyond, driven mainly by emerging market strength.

“Taken as a whole, the world economy has moved sideways,” he said. “We have slightly marked down 2016 growth prospects for advanced economies while marking up those in the rest of the world.”

Nigeria’s economy was earlier projected to contract by 1.8 percent in 2016, but the October version of the WEO has seen that reviewed positively to a contraction of only 1.7 percent.

The country has recorded a 0.36 and 2.06 percent contraction in the first and second quarter of 2016 respectively, plunging into its worst recession in 29 years.

Source: www.cable.ng

ENTERTAINMENT

AFRIFF 2024: Check Out The Complete List Of Winners

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2024 AFRIFF: The Complete List Of Winners | fab.ng

The 2024 AFRIFF celebrated exceptional African cinema through a vibrant week-long showcase of talent, creativity, and storytelling excellence.

Filmmakers, actors, and cinema enthusiasts gathered from across the continent to participate in screenings, masterclasses, and engaging panel discussions at the 2024 AFRIFF.

This 13th edition of AFRIFF demonstrated unprecedented diversity in African storytelling, featuring compelling narratives that captivated audiences through multiple genres and languages.

In the 2024 AFRIFF, carefully curated selections sparked meaningful conversations about contemporary African experiences while highlighting the continent’s rich cultural heritage.

Also, at the 2024 AFRIFF Globe Awards ceremony, outstanding films earned recognition for their artistic merit, technical excellence, and powerful storytelling.

These winning productions represented various African perspectives, from intimate personal narratives to broader social commentaries.

Let’s explore the complete list of winners who made their mark at this prestigious celebration of African cinema.

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MOVIES

Queen Lateefah Earns N333.7 Million, Ascends To Nollywood’s Top Box Office Rankings

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'Queen Lateefah' earns ₦333.7 million | fab.ng

First and foremost, Wumi Toriola’s film ‘Queen Lateefah‘ has achieved remarkable success, surpassing ₦300 million at the box office and securing its position among Nollywood’s top-performing films.

Subsequently, the film joins other blockbuster successes such as ‘Ajosepo’ (₦257.2 million) and ‘Ajakaju’ (₦252.8 million). Moreover, ‘Queen Lateefah’ now stands as the seventh highest-grossing Nollywood movie to date.

Additionally, it holds the distinction of achieving the highest earnings for a non-December release, a period typically known for peak box office performance.

Throughout its theatrical run, the film has consistently broken records. Initially, it garnered ₦57 million in its opening weekend.

Furthermore, within just three weeks of its premiere, the film exceeded the ₦200 million milestone. By mid-October, consequently, the box office receipts had accumulated to ₦216 million.

Queen Lateefah' grosses enters Nollywood's top box office rankings | Pulse  Nigeria

Under the distribution of Cinemax and the direction of Adeoluwa Owu, the film presents a compelling narrative. Specifically, it follows Lateefah Adeleke, a 30-year-old businesswoman who portrays herself as a world traveller with high social status.

However, her encounter with Jide Rhodes, a 35-year-old businessman, eventually exposes her carefully constructed facade.

In contrast to her claims, Lateefah emerges from a background of extreme poverty as the only child of an illiterate mother.

Finally, the film features a stellar ensemble cast including Kunle Remi, Femi Adebayo, Nancy Isime, Bimbo Manuel, Elvina Ibru, Enioluwa, and Gbugbemi Ejeye.

As a result of these combined elements – compelling storyline, strong performances, and strategic release timing – ‘Queen Lateefah’ continues to demonstrate the growing commercial potential of Nollywood productions.

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FOREIGN

Bruno Mars Breaks All-Time Spotify Monthly Listener Record For The Second Time

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Bruno Mars Breaks Spotify Monthly Listener Record | fab.ng

Bruno Mars now commands 130 million monthly Spotify listeners, shattering the platform’s previous record.

The Grammy winner achieved this milestone following the release of his recent collaborations: ‘Die With A Smile‘ featuring Lady Gaga and his appearance on Rose’s track ‘APT’.

These new singles mark Mars’ first musical releases since his collaboration with Anderson Paak on their Grammy Album of the Year-winning project ‘An Evening With The Silk Sonic’ in 2021.

The stellar performance of these tracks has propelled him past The Weeknd’s previous record of 120 million monthly listeners.

The Weeknd had previously made history as the first artist to attract 100 million monthly listeners on Spotify. The Canadian superstar then broke his own record by reaching an impressive 120 million listeners.

As of November 13, 2024, Bruno Mars leads the Top 20 highest Spotify monthly listeners, demonstrating his enduring appeal and growing global fanbase.

His achievement reflects both the success of his recent releases and his consistent ability to connect with audiences worldwide.

The record-breaking numbers showcase the expanding reach of streaming platforms and Mars’ commanding presence in the digital music landscape.

Top 20 highest Spotify monthly listeners as of November 13, 2024.

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