NEWS

IMF warns Nigeria, others over rising foreign debts

Published

7 years ago

October 12, 2017

FAB

The International Monetary Fund (IMF) yesterday warned the Federal Government about its rising debt profile, especially of foreign loans.

Speaking yesterday at the ongoing World Bank/IMF Annual Meetings in Washington D.C, IMF Director, Monetary and Capital Markets Department Tobias Adrian, lamented that external borrowing in emerging markets and low-income countries, which includes Nigeria, is rising.

Adrian who unveiled the Global Financial Stability Report said such borrowing would become a challenge if resources realised from them are not put to good use.

President Muhammadu Buhari has requested the National Assembly to approve a request to borrow $5.5 billion.

The Federal Government has so far raised $1.5 billion through Eurobond this year and another N100 billion through Sukuk bonds already invetsed in infrastructure funding.

Nigeria’s public debt as at June 2017 stood at $64.19 billion (N19.63 trillion) according to data from the Debt Management Office (DMO).

Adrian said emerging market countries needed to take advantage of improved financing conditions to address imbalances, continuing to reduce private sector leverage where high, and managing external and sovereign debt exposures. He said action is required now because vulnerabilities are building and could put growth at risk in the future.

The IMF Director said despite low interest rates, debt servicing burdens have risen in several economies. And while borrowing has helped the recovery, it has also created new financial risks.

IMF Assistant Director in Fiscal Affairs Department, Mrs. Catherine Pattillo admitted that there are lots of positive reforms in Nigeria, including drive to bridge infrastructure gap particularly in the power sector.

She however urged government to do more especially in mobilizing more non-oil revenues.

On the rising debt profile, she said: “The concern in a number of oil exporters is that unless there is action now, debt which has been rising is a concern because of the interest payments. So, if you have continuing rise in debt, the interest payments would consume a large part of any revenue that you collect and you won’t be able to use that revenue for the objectives of the economic growth and recovery programme like increasing growth and employment”.

“So for insuring that you have the ability to use those revenues for enhancing expenditure, there is a need to make sure that interest to revenue is kept at reasonable level”.

The World Bank has said recovery is underway in Sub-Saharan Africa with the Gross Domestic Product (GDP) growth expected to strengthen to 3.2 per cent in 2018 following a sharp slowdown in the past two years.

This is according to the Bi-Annual Africa Pulse report of the bank which focuses on the economies of African countries, released yesterday in Washington DC.

According to the report, Sub-Saharan Africa, including Nigeria, grew by 2.4 per cent in 2017 from 1.3 per cent in 2016, slightly below the pace previously projected.

According to the report, the rebound in the region is led by the region’s largest economies – Nigeria and South Africa.

“In the second quarter of 2017, Nigeria exited a five-quarter recession and South Africa emerged from two successive quarters of negative growth. Economic activity has also picked up in Angola.

“A recovery in the oil sector, partly due to a decline in militants’ attacks on oil pipelines, helped Nigeria pull out of five consecutive quarters of negative growth but the rebound was softer than expected.

“Growth in Nigeria is projected to pickup from 1 per cent in 2017 to 2.5 per cent in 2018 and 2.8 per cent in 2019.

The forecast for 2019 was revised up by 0.3 percentage, reflecting the expectations that oil production will remain robust and reforms in the foriegn exchange market will help boost growth in the non-oil sector,” the report showed.

The report also shows that International Bonds and equity flows in the region, especially to Nigeria, have increased and are helping to finance the current account deficits and cushion foreign reserves.

The report also commended the improved access to foreign exchange in Nigeria, thanks to the recent polices of the Central Bank of Nigeria, saying it had led to “pick up in equity and portfolio inflows”.

“In April 2017, the CBN introduced a new investor and exporter window, which had helped to improve businesses’ access to foreign exchange,” it said.

In a video conference to discuss the latest report, World Bank Chief Economist for Africa Mr Albert Zeufack, said the fiscal space narrowed significantly for most countries in the region in recent years amid rising debt burdens.

“Most countries do not have significant wiggle room when it comes to having enough fiscal space to cope with economic volatility.

“It is imperative that countries adopt appropriate fiscal policies and structural measures now to strengthen economic resilience, boost productivity, increase investment, and promote economic diversification,” he said.

Also, the World Bank Lead Economist and lead author of the report, Mrs Punam Chuhan-Pole said that the outlook for the region remained challenging as economic growth remained very low.

“Moreover, the moderate pace of growth will only yield slow gains in per capita income that will not be enough to harness broad-based prosperity and accelerate poverty reduction,” she said.

Meanwhile the acting Country Director for World Bank Nigeria, Mr Khairy Al-Jamal reiterated the World Bank’s commitment to working with Nigeria to achieve a robust inclusive and sustainable growth.

Al-Jamal said that the bank was committed to support the Federal Government to improve its water, roads, education and health infrastructure as well as other services to poor and vulnerable people.

He also said the World Bank was assisting Nigeria in the aspect of domestic resource mobilisation, through the expansion of its revenue base and to improve efficiency in tax collection.

– The Nation

Related Topics:Buhari Foreign Loans IMF Nigeria

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BUSINESS

Samsung Galaxy S25 Series Sets The Standard Of AI Phones As A True AI Companion

Published

2 months ago

January 31, 2025

Adaeze Okechi

Samsung Galaxy S25 series sets the standard of AI phones as a true AI companion

…Pioneering the multimodal era with the most context-aware and personalized mobile experience

Lagos, Nigeria – January 23, 2025 – Samsung Electronics Co., Ltd. has announced the Samsung Galaxy S25 series: Galaxy S25 Ultra, Galaxy S25+ and Galaxy S25, setting a new standard as a true AI companion with the most natural and context-aware mobile experiences ever created. Introducing multimodal AI agents, the Galaxy S25 series is the first step in Samsung’s vision to change the way users interact with their phone – and with their world.

A first-of-its-kind customized Snapdragon® 8 Elite Mobile Platform for Galaxy chipset delivers greater on-device processing power for Galaxy AI and superior camera range and control with Galaxy’s next-gen ProVisual Engine.

Samsung Galaxy S25 series sets the standard of AI phones | fab.ng

Galaxy S25 Ultra

With One UI 7, the Galaxy S25 series is a true AI companion that understands the context of your needs and preferences and provides personalized AI experiences with privacy assured at every turn.

It’s the starting point of a shared vision with Google to imagine Android with AI at the core, bringing together developers and partners from around the world.

AI agents with multimodal capabilities enable Galaxy S25 to interpret text, speech, images and videos for interactions that feel natural. Upgrades to Google’s Circle to Search make searching your phone screen more helpful, fast and contextual. Circle to Search now quickly recognizes phone numbers, email and URLs on your screen, letting you call, email or visit a website with a single tap.

With Galaxy S25 series, you can also perform actionable searches with context-aware suggestions for next steps. Plus, Galaxy S25 makes it frictionless to switch between apps for quick follow-up actions, like sharing a GIF or saving event details.

Galaxy S25 represents a breakthrough in natural language understanding, making everyday interactions easier. Simply ask and intuitively find a specific photo in Samsung Gallery or adjust the size of display fonts in Settings.

In the era of AI, personalization goes hand in hand with privacy. On the Galaxy S25, the Personal Data Engine powers personalized AI features by safely analyzing your data on-device to deliver highly tailored experiences that reflect your preferences and usage patterns.

These insights enable tailored experiences, such as using natural language to search for an old photo in the Gallery or being guided through the day with Now Brief, which proactively offers suggestions accessible via Now Bar on the lock screen. Knox Vault keeps all personalized data private and secure.

Combined with enhanced on-device processing capabilities, this creates a powerful, protected AI experience that is unique to Galaxy.

Galaxy S25+

Galaxy’s Most Powerful Performance Ever

The Galaxy S25 series is powered by the Snapdragon® 8 Elite for Galaxy. With unique customizations by Galaxy, this is the most powerful processor ever on the Galaxy S series. Further delivering a performance boost of 40% in NPU, 37% in CPU and 30% in GPU. This is compared to the previous generation.

This power fuels the Galaxy S25 series’ ability to process more AI experiences on-device without compromise, including previously cloud-based AI tasks such as Generative Edit.

10-bit HDR recording is now applied by default, offering four times richer color expression compared to 8-bit. Galaxy S25 can thus capture details in any lighting conditions. Plus, low-light videos have never been clearer than with Galaxy S25.

Based on powerful processor, Galaxy S25 analyzes movement and time to reduce noise more effectively. This integration allows detecting both moving and static objects with greater precision, ensuring sharper, cleaner footage in any scenario.

Galaxy S25 also introduces a range of tools once limited to specialized software, making advanced editing accessible for all. Now anyone can be a pro at editing photos and videos. Audio Eraser simplifies the removal of unwanted noise in videos. By isolating categories of sounds – including voices, music, wind, nature, crowd and noise – you can control what to tone down or eliminate entirely.

Galaxy S25 Series

Durable Design Embracing a More Circular Approach

The Galaxy S25 series builds upon Galaxy’s ‘Essential Design’ grounded in ‘Simple, Impactful and Emotive’ elements.

Galaxy S25 Ultra refines this essence into the slimmest, lightest and most durable Galaxy S series yet. This is with a rounded edge for a comfortable grip that complements the series’ aesthetic identity.

Galaxy S25 Ultra features durable titanium and the new Corning® Gorilla® Armor 2, a first-of-its-kind material that is more durable than glass. It combines Corning’s glass-ceramic with a proprietary anti-reflective surface treatment. This helps to ensure advanced drop protection alongside anti-reflection surface treatment and scratch resistance.

Combined with seven generations of OS upgrades and seven years of security updates, the Galaxy S25 series ensures a reliable and optimized performance over a longer lifespan.

For greater peace of mind, Samsung Care+ offers comprehensive coverage for accidental damage, repairs, and replacements, ensuring peace of mind for Galaxy users.

The Galaxy S25 series is available to order. Galaxy S25 Ultra will be available in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ will be available in Navy, Silver Shadow, Icyblue and Mint.

For more information about the Galaxy S25 series, please visit: Samsung Newsroom, SamsungMobilePress.com or Samsung.com.

MOVIES

Nollywood Director, Kemi Adetiba Teases King Of Boys 3

Published

2 months ago

January 9, 2025

Reporter

Nollywood director Kemi Adetiba teases King of Boys 3 | fab.ng

Nollywood director Kemi Adetiba has revealed that another instalment of King of Boys will be released on December 25, 2025. She made this announcement on her birthday through an Instagram post.

“KOB Army…. ARISE!!! It’s time…. We MOOOOOOOVE. Signed: Your General. #KOB3 #TheBeginningOfTheEnd #DettyDecember25 #KAV25,” she said.

Earlier in 2023, director Kemi Adetiba commenced pre-production for the next instalment of King of Boys.

Alongside this, she hinted at the upcoming releases of “To Kill A Monkey” and “Welcome to the Fourth.” This new King of Boys instalment, subtitled “The Beginning of the End,” will feature a blend of familiar faces and exciting new characters.

The feature-length film will make its debut in cinemas on December 25, 2025. This groundbreaking series centres around Alhaja Eniola Salami, a powerful businesswoman and philanthropist embroiled in a high-stakes power struggle.

The first film, released in 2018, captivated audiences with its compelling narrative and exceptional performances. Its sequel, “King of Boys: The Return of the King,” premiered on Netflix in 2021.

The original film boasted an ensemble cast, including the formidable Sola Sobowale as Eniola Salami, alongside Nse Ikpe-Etim, Jide Kosoko, Adesua Etomi, and Richard Mofe-Damijo.

Kemi Adetiba’s career began as a radio presenter at Rhythm 93.7 FM, where she hosted the popular shows “Soul’d Out” and “Sunday at the Seaside.”

During this time, she anonymously shared her remixes on platforms like Spotify and SoundCloud under the pseudonym “Hule.”

Transitioning to television, Adetiba became a prominent figure on Mnet, producing and hosting popular shows such as “Studio 53” and “Temptation Nigeria” alongside Ikponmwosa Osakioduwa.

She also hosted the Maltina Dance All reality show for three consecutive seasons.

After achieving on-screen success, Adetiba pursued her passion for filmmaking. She enrolled at the New York Film Academy to hone her filmmaking skills.

This decision led to international recognition for her work. Her short film, “Across a Bloodied Ocean,” was showcased at the 2009 Pan African Film Festival and the National Black Arts Festival.

Her directorial debut, “The Wedding Party,” a romantic comedy, premiered on September 8, 2016, as the opening film of the City-to-City Spotlight at the Toronto International Film Festival (TIFF).

MOVIES

“Everybody Loves Jenifa” Becomes Nollywood’s Highest-Grossing Film Of All Time

Published

2 months ago

January 8, 2025

Reporter

Everybody Loves Jenifa Nollywood’s highest-grossing film | fab.ng

Nollywood filmmaker Funke Akindele has achieved a historic milestone with her latest film, “Everybody Loves Jenifa.”

The film has officially broken box office records, surpassing the ₦1 billion mark to become the highest-grossing Nollywood movie of all time.

This groundbreaking achievement was announced by FilmOne, the film’s distributor, on their official Instagram page.

“Everybody Loves Jenifa” has officially hit a historic ₦1.466 billion and counting at the box office, making it the highest-grossing film of all time! A massive THANK YOU to our incredible audiences in Nigeria and Ghana for making this dream a reality. Your support is everything. On to even greater heights! Still showing in cinemas near you—experience the magic on the big screen,” the statement read.

View this post on Instagram

A post shared by FilmOne Entertainment (@filmoneng)

Akindele continues her reign as a dominant force in Nollywood with this latest triumph.

“Everybody Loves Jenifa” achieved this remarkable feat in less than two weeks, further solidifying her legacy of box office successes.

Last year, her film “A Tribe Called Judah” made history by becoming the first Nollywood film to surpass the ₦1 billion mark, firmly establishing her as the queen of Nigerian cinema.

In 2023, Akindele’s “Battle on Buka Street” also achieved record-breaking success, surpassing the previous record set by her own blockbuster, “Omo Ghetto: The Saga.”

The “Jenifa” franchise has transcended the realm of a mere movie series, evolving into a cultural phenomenon.

Akindele first introduced the iconic character “Jenifa” to audiences in the 2008 Yoruba-language film “Jenifa,” captivating viewers with her wit and charm.

The character’s popularity skyrocketed with the 2015 launch of “Jenifa’s Diary.” Interestingly, the series is a beloved television series that seamlessly blended humour with valuable life lessons.

With “Everybody Loves Jenifa,” Akindele elevates the character to new heights. She delivers a heartwarming and comedic story that resonates deeply with fans.

The film boasts a stellar ensemble cast, featuring Funke Akindele as Jenifa, Folarin “Falz” Falana as Sege.

Also, Jackie Appiah, Nancy Isime, Stan Nze, Bisola Aiyeola, Patience Ozokwor, Chimezie Imo, and Isaac Olayiwola (Layi Wasabi) brought life to the movie.

Check out more movie updates here.