Nigerian tennis icon, Aruna Quadri has suffered food poisoning which has forced him to withdraw from the ITTF World Table Tennis Championships.

The World Table Tennis Championships started on Friday, in South Korea, and most table tennis enthusiasts were stunned not to see Aruna Quadri in action.

Due to the uncertainty over his absence from the tournament, the 33-year-old Nigerian tennis icon took to his official Facebook page to announce his health condition.

In the post, the 2023 African Champion said his current illness wouldn’t permit him to participate in the tournament as he wished team Nigeria luck in the tournament.

“Unfortunately, I will not be participating in world championships in Busan, I am seriously ill with food poisoning,” he wrote.

“I wish the team good luck.”

Note that Japan easily walked over Nigeria’s men’s tennis team led by Segun Toriola on Friday, February 16.

While noting that the absence of Aruna Quadri made it easier for the Japanese to defeat Nigeria in their first group stage game, Toriola insisted that his table tennis team will make it out of the group.

“I am aware that the Japanese are afraid of Aruna and their coaching crew have been worried about the formation of their team but when the news filtered that Aruna would not be coming, they were a bit relieved that they have a bye to the next game,” Toriola said.

“But we can’t give up even though it is a big blow to the team here in Korea and we will not give up hoping that we can progress from the group.”

The Nigerian table tennis team are expected to reach the quarter-finals of the ITTF World Table Tennis Championships to grab one of the eight spots available for the Paris 2024 Olympics.

The twin economic problems of inflation and exchange rate deterioration have become persistent in Nigeria. They have become monsters that have defied various policy solutions. Without putting these two rates under control, the desire for economic growth would continue to be elusive. Our focus here is on inflation.

To proffer solutions to a problem, it is a standard requirement that the nature or background to the problem be understood. To enable us achieve this, we will attempt to provide some economics behind this persistent rise in prices. This should hopefully provide the perspective for our suggested solutions.

It is our opinion that the solution the policy makers are currently relying on and widely publicising (i.e policy rate adjustments) to fight current inflation is rather complicating the situation and making the inflationary problem more persistent. The approach probably stems from the wrong diagnosis that the problem has been subjected. In fact, the use of policy rate increases is rather leading to an increase in deposit and lending rates without the compensating desired reduction in the inflation rate. A number of reasons are responsible for this from both theoretical and empirical perceptions.

The current structure of the Nigerian economy, the stage of the development of its financial sector and the liquidity preference behaviour of economic agents in the country, do not even fulfil the necessary conditions for the use of the orthodox policy tools such as policy rate adjustment as a tool to successfully and fully combat an upward inflationary trend.

The current inflation in Nigeria is more of ‘supply driven’ inflation than a ‘demand driven’ one. Policy rate adjustments as a tool becomes ineffective when an inflationary trend is dominantly supply driven. We tend to often argue that our inflation is caused by excess money supply in the system chasing too few goods. However, our core problem is that it is the aggregate supply level that is significantly fallen short of aggregate demand, in an economy that is operating at below full employment.

To simplify our exposition, we will use the familiar National Income (GDP) equation which is generally taught in the 2nd year intermediate macroeconomics class in all our universities. We would denote aggregate output (GDP) with Y and its components as: Consumption (C), Investment (I), Government expenditure (G), Export (X) and Import (M) and Net Export as X-M and write the simple GDP equation as Y = C + I + G + (X – M).

Theoretically, Consumption is a function of Income and interest rate. Consumption, is expected to be positively related to income and negatively related to interest rate. However, it is an established fact that Consumption in Nigeria is more, if not wholly, a function of Income. The current low level of consumer credit in Nigeria weakens the relationship between aggregate consumption expenditure level and interest rate. Plethora of empirical studies have proved this assertion.

In largely credit-driven societies e.g the developed countries, consumption has a very high negative relationship with interest rate. Hence, whenever there is a disequilibrium resulting in rising prices, you can bring down the rise in aggregate consumption by increasing the interest rate. By implication, aggregate demand is reduced to bring the economy back to equilibrium. It works for them as well because their economy is almost always near full employment and ‘domestic’ capacity for production of consumption goods is high.

Investment expenditure (I) in the equation is defined as additions to capital stock or demand for investment goods, that is, demand for those goods that are used for further production. Theoretically, the demand for investment goods (I) is both a function of income and interest rate as well. It is positively related to income and has an inverse relationship with interest rate. Just as it applies to Consumption, by increasing interest rate upwards, growth in investment demand, that is demand for capital goods, can be reduced.

In essence, for an inflationary trend which is demand driven and an economy with adequate domestic production capacity, the relationships between interest rate and consumption on the one hand and investment on the other, is the logical reasoning behind the prescription of the use of policy rate increases to bring aggregate demand down. Since these relationships and condition do not fully hold in Nigeria particularly for consumption, it provides the justification for the below optimal results we get when we frontally adopt this orthodox prescription to fight inflation.

With a very high unemployment level and consistent news of manufacturing companies either closing down or exiting the country, it means that domestic production capacity is on a downward spiral. It is safe to conclude that the economy is clearly operating significantly at below full employment level. To combat rising inflation in such a situation, increasing the interest rate is not the right and frontal choice as a policy tool. What such an approach ends up doing is to increase lending rate of banks, that is, borrowing rates to firms. It will also increase the internal hurdle rate for investment decision by firms, reduce Investment expenditure as defined in the National Income equation and bring aggregate supply further downwards.

Similarly, owing to the nature of the relationship between consumption and interest rate in Nigeria as aforementioned, consumption expenditure level would largely remain sticky with an increase in policy rate. To satisfy domestic consumption demand owing to low domestic production capacity, imports of foreign goods will fill the gap. Our unaltered and high consumption expenditure level, is of course the source of pressure on the exchange rate. To complete the cycle, the worsening exchange rate filters back into the price level and inflation gets perpetuated.

By inference therefore, if we are going to make headway in our economic management in general and inflation in particular, it is essential to first accept the fact that, our persistent increase in prices is a supply driven problem rather than a demand driven one and that the frontal solution we are implementing is counterproductive.

Òrúnbon, a journalist, poet and public affairs analyst.

Think of that man whose blue skies are crimsoned by the ravages of cancer. He cannot afford to travel abroad to get the needed treatment and his access to life-saving medical care at home hangs by a hair’s breadth. Many of us might have had a vicarious experience with this cell-corrupting proxy of death. We either know a friend, a friend’s friend, or a relative that has been afflicted. We could as well have been victims. But access to efficient and effective diagnosis, management, treatment of cancer, and other non-communicable diseases, as well as communicable diseases is about to improve tremendously.

In full apprehension of the economics of health and the fierce urgency of now, President Bola Tinubu directed the immediate upgrade of key health infrastructure and equipment across the six geo-political zones. Only a few months ago, a strategic blueprint, the Health Sector Renewal Investment Initiative, was launched. This health exemplar espouses a sector-wide motif geared towards improving population health outcomes through the primary healthcare system, and enhancing reproductive, maternal, and child health services in the country.

According to the World Health Organisation’s Country Disease Outlook for 2023, non-communicable diseases like cancer, cardiovascular disease, diabetes, and chronic respiratory disease were estimated to have caused 27 percent of deaths in Nigeria in 2019. The reality is, the country has a high burden of both communicable -- malaria, tuberculosis, HIV/AIDS, etc -- and non-communicable diseases. And child mortality rates are still well above SDG targets.

It is in the light of these pre-existing and immanent health perturbations that President Tinubu’s valiant directive is situated. To this end, the Federal Ministry of Health and Social Welfare in partnership with the Nigeria Sovereign Investment Authority (NSIA) will undertake an overhaul of cancer-treatment infrastructure and other critical accoutrements in six tertiary hospitals across the geopolitical zones, as well as expand prior investments to improve broad-based access to high-quality healthcare.

These tertiary hospitals -- (1) University of Benin Teaching Hospital, (2) Ahmadu Bello University Teaching Hospital, (3) University of Nigeria (Nsukka) Teaching Hospital, (4) Federal Teaching Hospital, Katsina, (5) University of Jos Teaching Hospital, and (6) Lagos University Teaching Hospital – will be sanctuaries for oncology and nuclear medicine to ease access to deluxe cancer diagnosis and care across the country.

Also, 10 hospitals bestrewing the six geopolitical zones will be revamped to provide exigent and top-tier healthcare services in the line of radiology, clinical pathology, medical and radiation oncology, and cardiac catheterization.

The hospitals: (1) North-West: Reference Hospital, Kaduna — (Radiology, clinical pathology, medical and radiation oncology); (2) South-East: Medical Diagnostic Centre Complex, Enugu — (Radiology, clinical pathology, medical & radiation oncology); (3) North-West: Usman Danfodiyo University Teaching Hospital, Sokoto — (Diagnostic and intervention radiology, clinical pathology, and cardiac catheterization); (4) South-West: University College Hospital, Ibadan — (Diagnostic and intervention radiology, clinical pathology, and cardiac catheterization); (5) South-South: University of Uyo Teaching Hospital — (Radiology and clinical pathology); (6) North-East: Abubakar Tafawa Balewa University Teaching Hospital, Bauchi — (Radiology and clinical pathology); (7) South-South: Federal Medical Centre, Asaba — (Radiology and clinical pathology); (8) North-Central: Harmony Advanced Diagnostic Centre Complex, Ilorin — (Radiology and clinical pathology); (9) North-Central: Jos University Teaching Hospital — (Radiology and clinical pathology), and (10) North-East: Federal Medical Centre, Nguru — (Radiology and clinical pathology).

These projects when completed, within 12-18 months, will among other benefits, improve screening and diagnostics for communicable and non-communicable diseases; reduce mortality rates, as well as improve outcomes for non-communicable diseases.

It takes a healthy population to build a thriving economy. A diseased or decaying population cannot be very productive. Healthcare is an intrinsic element of human capital development, which is the nucleus of the overall wellbeing and advancement of society.

The Tinubu administration has put healthcare on the foreground of its policy ideation, iteration, and implementation, with an understanding of the fundamentality of this variable in domestic economics.

At the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union, President Bola Tinubu was appointed as the African Union (AU) Champion for Human Resources for Health and Community Health Delivery Partnership in honour of his bold and groundbreaking interventions in the sector.

The administration is training 120,000 frontline health workers over the next 16 months; it is doubling the number of primary healthcare facilities in communities across the federation from 8,800 to 17,000 over the next three years; it is increasing health personnel enrolment capacity of accredited nursing and midwifery institutions by two-fold to accommodate the new demand created by new facilities across Nigeria, and it is establishing a paid volunteer youth force of social accountability officers to monitor the functioning and financial integrity of primary healthcare centres.

This is clearly innovative, purposed, and audacious.

As the President said: ‘’Health is not merely the absence of disease but the embodiment of physical, mental, and social well-being. It is a fundamental human right and Nigeria’s commitment to achieving Universal Health Care Coverage is reflected in the unwavering dedication of my administration to uphold this right for every individual, young or old, in rural or urban areas.”

Fredrick Nwabufo is Senior Special Assistant to the President on Public Engagement

President Bola Tinubu says Nigeria is ready to host the African Central Bank in line with the vision of the Abuja Treaty. 

Addressing leaders at the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) in Addis Ababa, Ethiopia, on Saturday, President Tinubu said his administration will engage the African Union Commission in collaboration with member states to ensure that the bank takes off as scheduled in 2028.

The President affirmed that Africa's success in conclusively addressing its challenges hinges on the firmness of its resolution, built on a foundation of deep-rooted solidarity, if it is to avoid perpetuating existing problems and creating new ones.

"As a continent and as individual nations, we face strong headwinds and difficult hurdles threatening to complicate our mission to bring qualitative democratic governance and economic development to our people. Many of these obstacles, such as climate change and unfair patterns of global trade, are largely not of our making. However, some of the pitfalls, including coup-birthed autocracies and the deleterious tinkering with constitutional tenure provisions, are developmental cancers we as Africans are giving to ourselves," he stated.

Speaking on the military takeovers in the Republics of Guinea, Burkina Faso, Mali, and Niger, and the exit of three of these nations from ECOWAS, the President said disagreements over the unconstitutional changes of government should not mean a permanent rupture of the abiding lines of regional affinity and cooperation.

"The drive for a peaceful, strong, and united West Africa is bigger than any one person or group of people. The bonds of history, culture, commerce, geography, and brotherhood hold deep meaning for our people. Thus, out of the dust and fog of misunderstanding and acrimony, we must seize the chance to create a new people-centric era of trust and accord. 

"To all who care to listen, I declare that if you come to the table to discuss important matters in good faith, you will find Nigeria and ECOWAS already sitting there waiting to greet you as the brother that you are," President Tinubu said.

On education, which is the theme of this year's summit, the President said education is the core ingredient in the process of evolving creative solutions to the unique challenges long confronting the continent. 

"In helping to achieve the Agenda 2063 objective of a peaceful, united and prosperous Africa, I consider African education, not only in the narrow context of the benign use of science and technology to improve the material standards of our people, but also in the nuanced appreciation of the fact that Africa must also become better educated in the humane art of democratic practice, diplomacy, and conflict resolution without violence.

"This year’s theme encourages us to remodel our educational systems to fit these goals. In Nigeria, my administration is devoting ample resources to education at all levels. From redesigning our school feeding programmes and academic curricula to making ourselves an Information and Communication Technology hub, through which we shall bring more youths into the classroom and furnish them with the tools required to flourish in the global economy of the 21st century," he said. 

The President used the occasion to extend invitation to the Africa Counter-Terrorism Summit scheduled to take place in April 2024, in Abuja, stating that the summit aims to expand discussions beyond military and law enforcement remedies to comprehensively tackle the root causes of violent extremism, such as poverty, inadequate political access, and the propagation of hateful ideologies.

Chief Ajuri Ngelale 

Special Adviser to the President 

(Media & Publicity)

President Bola Tinubu says Africa must forge partnerships that transcend borders and sectors, leveraging on collective expertise, knowledge, resources, and the private sector to address the complex challenges confronting the health sector. 

Speaking at the Ministerial Executive Leadership Programme on the margins of the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union in Addis Ababa, Ethiopia, on Saturday, President Tinubu said Africa's effective collaboration with the rest of the world to tackle existential health challenges is not merely a strategic choice, but a moral imperative. 

The President, who was appointed as the AU Champion for Human Resources for Health and Community Health Delivery Partnership, said the challenges confronting the continent are too complex and multifaceted for any one entity to tackle alone. 

"Together, we can catalyze meaningful change and unlock new opportunities for innovation and impact in our continent. Not Africa in isolation, but a global Africa, engaged in respectful and well-considered partnerships with the rest of the world.

"Our continent still grapples with numerous health issues that require urgent attention. Infectious diseases remain a significant burden, such as malaria, HIV/AIDS, tuberculosis, and cholera, and threats of re-emerging infectious diseases that can devastate communities and entire economies. Access to essential healthcare services remain limited, especially in many rural areas, due to factors such as inadequate infrastructure, financial barriers, and more seriously, an acute shortage of trained manpower that is aggravated by workforce migration to wealthier countries.

"Noncommunicable diseases, including diabetes, cardiovascular diseases, and cancer, are on the rise in our continent, further straining healthcare systems that are already struggling to cope. There still remains the critical need to address maternal and child health, as high maternal and child mortality rates continue to claim precious lives," he said.

President Tinubu posited that addressing these challenges requires a multi-faceted approach, involving robust investments in healthcare infrastructure, training, re-training, skilled manpower retention, improving access to essential medicines, and promoting preventive healthcare measures. 

The President linked the continent’s capacity to successfully address these problems with its ability to adopt a whole-of-government approach, recognizing that health outcomes are intrinsically linked to a myriad of socio-economic factors, adding: "For instance, a healthy population is essential for a thriving economy as it leads to increased productivity and reduced healthcare costs. Similarly, education plays a crucial role in improving health outcomes by empowering individuals to make informed decisions about their health and well-being."

The President emphasized that healthcare professionals are the backbone of the healthcare system, and as such, investments must be made not only in training but also in creating conducive environments that enable healthcare professionals to thrive. 

He said community health delivery must be the cornerstone of Africa's efforts, fostering partnerships with local stakeholders and empowering individuals to take charge of their own health, adding that the true measure of the continent's success lies in its ability to reach the most vulnerable members of its communities.

"In our quest for universal health coverage, equity must be our central guiding principle. Health disparities, rooted in socio-economic inequality, gender discrimination, geographic isolation, and other systemic injustices, demand political will and targeted interventions to address them. We must listen to the voices of marginalized communities, amplifying their concerns and aspirations as we strive to build more prosperous, just, and inclusive societies.

"In Nigeria, we are making significant efforts, aimed at enhancing healthcare accessibility, affordability, and quality for all citizens, irrespective of socio-economic standing. This initiative is driven by a multi-faceted approach focusing on strengthening leadership and governance within the health sector, optimizing quality service delivery for efficiency and effectiveness. 

"The Nigeria Health Sector Renewal Investment Initiative (NHSRII), which I unveiled last December, stands as a pioneering endeavour, deployed through a Sector-Wide Approach, to improve health outcomes at scale. This initiative is strategically crafted to swiftly improve health indicators and unlock the economic potential embedded within Nigeria's healthcare value chain. Central to its mission is the unleashing of the nation's human capital, alongside the potential economic boon that has been long dormant in the healthcare sector. The Federal Government, under my leadership, has already signed a Compact with State Governments and Development partners in this multi-stakeholder effort to improve health in Nigeria," the President stated.

President Tinubu urged Africa's leaders to commit to concrete actions and policies that will drive positive change in healthcare delivery within their respective countries and regions, declaring: "Together, we can build a prosperous, healthier, more equitable future, for all Africans, in line with Agenda 2063."

Chief Ajuri Ngelale 

Special Adviser to the President 

(Media & Publicity)

February 17, 2024

The Yoruba socio-political group, Afenifere, says the blame and anger over the current parlous and troubling state of the nation should be directed at former President Muhammadu Buhari and the ex-Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.

Afenifere said the atrocious and disastrous economic policies of Buhari’s administration plunged Nigeria into its current hardship.

The association’s position was contained in a statement on Friday, signed by its Publicity and Organising Secretaries, Jare Ajayi and Kole Omololu.

Afenifere stated that Buhari’s administration failed to make provisions for subsidies in the last budget, leading to President Bola Tinubu hastily removing the subsidy on fuel.

Afenifere also accused Buhari of not doing anything to tackle kidnapping, banditry, and terrorism during his administration.

The group recalled how a probe panel accused the former CBN governor of printing N22.7 trillion through ways and means, while the federal government was borrowing to pay salaries and pensions during the past administration.

Afenifere said during Buhari’s government, some ministers had suggested the removal of subsidies, but he refused.

The statement read partly: “President Buhari could not rein in his critical officials like the then Governor of CBN, Mr Godwin Emefiele, who was printing money rather than facing the reality of taking the difficult decisions, which were postponed till the evil day.

“He even wanted to contest the presidential election! There were no penalties for his infractions by President Buhari. These inactions and false lives continued till May 29, 2023, when the new helmsman, Asiwaju Ahmed Tinubu, was sworn in as president.

“President Tinubu wasted no time amending his inauguration address and declaring the subsidy regime over. This was obvious as there was no appropriation for subsidy from June 2023.”

Super Eagle’s goalkeeper Stanley Nwabali, has seen his transfer value skyrocket to a whopping N3.8 billion following his outstanding performance in the Africa Cup of Nations (AFCON).

Nwabali saved two penalty shots in Nigeria’s semi-final match against South Africa.

The goalkeeper, who played a pivotal role in Super Eagle’s successful campaign during the African Cup of Nations, has garnered attention from several clubs both locally and abroad, resulting in a considerable increase in his market worth.

Following a couple AFCON matches, Nwabali was valued at 250,000 pounds on the transfer market.

Stanley Nwabali is now worth two million pounds (more than N3.8 billion), according to insiders at Chippa United.

Rumor has claimed that the South African team wants to maximize profits from the Nigerian goalkeeper.

Brilla.net reports that many clubs, including Union Saint Gilloise, are interested in Nwabali’s services.

Pooja, a sports photojournalist, also wrote about it on X:

“Nwabali now worth over £2m after AFCON. One month the tournament & his worth skyrocketed. Mr. Composure.”

City FM is inviting you to a scheduled Zoom meeting.

Programme: CITY TALKS WITH REUBEN ABATI

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Topic: "NLC two-day protest over economic hardship"

Date: 17th February, 2024
                         
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The African Development Bank (AfDB) has issued a warning that an increase in commodity and fuel prices may lead to social unrest, particularly in response to government policies such as subsidy removal.

The bank’s macroeconomic performance and outlook for 2024 highlighted potential challenges for the continent, projecting higher economic growth than the 3.2% recorded in 2023.

The report emphasized the vulnerability of Africa to global supply chain disruptions, citing geopolitical tensions in Eastern Europe and the Middle East, coupled with the El Nino phenomenon.

It said the disruptions could exacerbate energy and food inflation, with potential consequences for social stability.

The AfDB cautioned that regional conflicts and political instability, triggered by disruptions in constitutional governments, could divert resources from development and social support to security and defense.

The report also underscored the negative economic implications of an unconstitutional takeover of the government, leading to sanctions.

It stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.

“For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya, and Nigeria and the resulting social costs have led to social unrest driven by

The Ekiti State Police Command says it has arrested eight kidnappers who abducted the Apostolic Faith School children and their teachers in Emure-Ekiti, Ekiti State.

The Commissioner of Police, Mr. Adeniran Akinwale, while parading the kidnappers on Friday at the police headquarters in Ado-Ekiti, said one of the gang members was killed during a gun duel with the police operatives.

Akinwale further said that the gang members were also responsible for the abduction of the APC chairman, Hon. Paul Omotoso in 2023.

The CP said, “Initial investigation revealed that Sumo Karami, and his gang members were responsible for the kidnapping of the pupils and their teachers in Emure-Ekiti on January 29.

“The phone used to demand ransom for the release of the pupils and the teachers was recovered from the suspects and efforts intensified led to the arrest of two gang members in Owo forest in Ondo State.

“Many exhibits were recovered from them including one AK-47 assorted rifle, one pump action gun loaded with five lives cartridges, 21 AK-47 live ammunition, among others.”

The CP implored the citizens to cooperate with the police by supplying timely and credible information that could lead to the arrest of criminals in the state.