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IMF revises Nigeria’s economic growth forecast for 2022

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The International Monetary Fund (IMF) has increased its growth forecast for Nigeria’s economy in 2022 from 2.7 percent to 3.4 percent, up from 2.7 percent in January.

The IMF announced the new projection in its World Economic Outlook update released on Tuesday.

It also projected the country’s economy to grow by 3.1 per cent by 2023 from the 2.7 per cent it earlier projected.

It, however, reduced the global growth projection to 3.6 per cent for 2022 and 2023, given the Russia/Ukraine War.

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“Global economic prospects have worsened significantly since our last World Economic Outlook forecast in January. At the time, we had projected the global recovery to strengthen from the second quarter of this year after a short-lived impact of the Omicron variant. Since then, the outlook has deteriorated, largely because of Russia’s invasion of Ukraine—causing a tragic

the humanitarian crisis in Eastern Europe—and the sanctions aimed at pressuring Russia to end hostilities,” IMF said.

The lender projected Russia’s economy to shrink by 8.5 per cent in 2022 while Ukraine’s economy is projected to decline by 35 per cent.

The Fund has raised concerns about how the pandemic might have caused the interdependence between banks and governments which can eventually lead to a “doom loop” for emerging economies.

A doom loop is a phenomenon by which weak banks can destabilise governments that support them and over-indebted governments can push banks that hold their bonds over the edge.

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“Governments around the world have spent aggressively to help households and employers weather the economic impact of the pandemic. Public debt has mounted as governments have issued bonds to cover their budget deficits. The average ratio of public debt to the gross domestic product—a key measure of a country’s fiscal health—rose to a record 67 percent last year in emerging market countries, according to Chapter 2 of the IMF’s April 2022 Global Financial Stability Report,” the report said.

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“Emerging-market banks have provided most of that credit, driving holdings of government debt as a percentage of their assets to a record 17 percent in 2021. In some economies, government debt amounts to a quarter of bank assets. The result: emerging-market governments rely heavily on their banks for credit, and these banks rely heavily on government bonds as an investment that they can use as collateral for securing funding from the central bank.”

It said emerging-market economies are now at greater risk than advanced economies for two reasons.

“For one, their growth prospects are weaker relative to the pre-pandemic trend compared with advanced economies, and governments have less fiscal firepower to support the economy.
“For another, external financing costs have generally risen, so governments will have to pay more to borrow,” the fund said.

It advised that policymakers should develop resolution frameworks for sovereign domestic debt to facilitate orderly deleveraging and restructuring in case they are needed.

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Two Americans, One Dane Win Chemistry Nobel

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The Nobel Chemistry Prize was on Wednesday awarded to a trio of chemists from the US and Denmark who laid the foundation for a more functional form of chemistry.

Americans Carolyn Bertozzi and Barry Sharpless, together with Denmark’s Morten Meldal, were honoured “for the development of click chemistry and bioorthogonal chemistry,” the jury said.

The award marks the second Nobel for 81-year-old Sharpless, who won the chemistry Nobel in 2001.

READ ALSO: Recent Winners Of The Nobel Physics Prize

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Only four other individuals have achieved the feat, including Polish-born Frenchwoman Marie Curie.

Click chemistry “is an elegant and efficient chemical reaction that is now in widespread use,” the jury said in a statement.

“Among many other uses, it is utilised in the development of pharmaceuticals, for mapping DNA and creating materials that are more fit for purpose,” it added.

“This year’s Prize in Chemistry deals with not overcomplicating matters, instead working with what is easy and simple,” Johan Aqvist, Chair of the Nobel Committee for Chemistry, said in the statement.

The trio will share the Nobel award sum of 10 million Swedish kronor ($917,500), will receive the prize from King Carl XVI Gustaf at a formal ceremony in Stockholm on December 10, the anniversary of the 1896 death of scientist Alfred Nobel who created the prizes in his last will and testament.

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Sharpless, a professor at Scripps Research in California, “started the ball rolling” and “coined the concept of click chemistry” around 2000, the jury said.

“Shortly afterwards, Morten Meldal and Barry Sharpless –- independently of each other –- presented what is now the crown jewel of click chemistry: the copper catalysed azide-alkyne cycloaddition,” the jury said.

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Meldal, 68, is a professor of chemistry at the University of Copenhagen.

Bertozzi, who is a professor at Stanford in the United States, then took it to “a new level.”

“She developed click reactions that work inside living organisms. Her bioorthogonal reactions take place without disrupting the normal chemistry of the cell,” the jury said.

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“I’m absolutely stunned, I’m sitting here and I can hardly breathe,” Bertozzi told reporters via telephone, minutes after the announcement.

Last year, the academy honoured Germany’s Benjamin List and US-British dual national David MacMillan for their development of a precise tool for molecular construction known as asymmetric organocatalysis.

On Monday, the medicine prize went to Swedish paleogeneticist Svante Paabo for his discoveries on the genomes of extinct hominins and human evolution.

Then on Tuesday, physicists Alain Aspect of France, John Clauser of the United States and Austria’s Anton Zeilinger were given the physics prize for developing experimental tools that helped prove quantum entanglement — a phenomenon Albert Einstein dismissed as “spooky action at a distance”.

The chemistry prize will be followed by the highly watched literature and peace prizes, announced on Thursday and Friday respectively.

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The peace prize is expected to hold a special significance this year given the Russian invasion of Ukraine.

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Tobi Amusan returns to Celestial Church of Christ for thanksgiving

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Many do not even know that Tobi Amusan, the iconic athlete whose basket of global victories and laurels, is overflowing and bursting at the seams, is a member of the Celestial Church of Christ Worldwide. The track queen, who was recently bestowed with the national award of Officer of the Order of Niger (O.O.N.) by President Muhammadu Buhari, is not just a member of the C.C.C. but also an active member of the choir.

Amusan’s many wins include the following: – Winner of the World Athletics Diamond League. – Gold Medalist from the World Athletics Championships 2022 in Eugene Oregon, U.S.A. – First Nigerian World Record Holder in Athletics, Eugene Oregon, U.S.A. – Triple Gold Medalist from the Commonwealth Games. – Double Gold Medalist from the African Athletics Championships.

Recently, Tobi Amusan returned to her spiritual fountain, the Celestial Church of Christ , to worship and to give thanks to God during a glorious Sunday Service

“C.C.C. Worldwide celebrates one of our own, Sister Tobi Amusan. We are very proud of you and we would not stop celebrating you. This is just the beginning. God’s glory in your life would continue to abide and multiply in the mighty name of Jesus. Amen,” SE Kayode Ajala, the head of CCC Worldwide media, wrote.

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VSE Joseph Olorunishola – Forgiven But Not Restored

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The official report of the meeting of VSE Joseph Olorunnishola and Rev. Pastor EMF Oshoffa on Thursday, September 29th, 2022.

Following a letter of apology from VSE Joseph Olorunnishola to Pastor EMF Oshoffa, a meeting was arranged for VSE Olorunnishola to apologize in person to the Spiritual Head and Pastor of Celestial Church of Christ Worldwide.

The meeting took place at the New York Parish, Brooklyn before the CCC 75th Anniversary Service of the Founding of Celestial Church of Christ on September 29th.

VSE Joseph Olorunnishola was at the meeting with five of his elders and the USA diocese was also represented by total of six elders.

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Chiefly at the meeting, presided by the Pastor EMF Oshoffa, and sitting on the high table with Pastor were the Pastor’s head of Administration Worldwide, VSE S.F. Adeniyi and the Head of USA Diocese, VSE Olaitan Balogun.

Also at the meeting were the HOD deputies
VSE Solomon Yusuf and Sup. Evg. Ayo Homer-Williams. AVSE Kehinde Akano, Sup. Evg Oluwafemi Sanyaolu, and Sup. Evg. Felix Oziegbe.

Venerable Superior Evangelist Olaitan Balogun, Head of U.S.A Diocese, C.C.C. Worldwide.

Present at the meeting with VSE Joseph Olorunnishola was; Sup. Evg. Yomi Dodo Williams, Sup Evg. Victor Adewusi, MSE Sam Adebayo, Sup. Evg .Timothy Olatokun and Sup Evg Badmus.

The meeting lasted over 4 hours.

Summary:

  1. The meeting started with an opening prayer by the Pastor EMF Oshoffa
  2. The Pastor reiterated the need for peace and oneness in the diocese
  3. VSE Joseph Olorunnishola prostrated to apologize to the Pastor and everybody in the meeting also prostrated alongside VSE Olorunnishola for total forgiveness and spirit of oneness.
  4. The Pastor asked VSE Joseph Olorunnishola to explain himself.
  5. VSE Joseph Olorunnishola stated that he did not do anything wrong as he was simply carrying out the decision made by his then Executive Council members in the infamous March 5, 2021 memorandum of 7-point demand and Declaration of Independence notably from the Pastor.
  6. Superior Evangelist Homer Williams, Superior Evangelist Akande and Superior Evangelist Oziegbe all indicated their efforts at urging VSE Joseph Olorunnishola to rescind the letter as requested by the Pastor. But VSE Olorunnishola blatantly refused and responded to each of the above peace makers with a common “over my dead body”.
  7. VSE Joseph Olorunnishola requested to still be in control of the parishes under his leadership.
  8. The Pastor then requested VSE Olorunnishola to come to Nigeria for further discussions while the Pastor will consult with the elders of the church in Nigeria.
  9. VSE Joseph Olorunnishola replied that he does not have the grace to travel to Nigeria.
  10. The Pastor then asked VSE Olorunnishola to call him when the Pastor returns back to Nigeria.
  11. Superior Evangelist Sanyaolu reiterated at the meeting that for there to be true peace and truce, VSE Joseph Olorunnishola has to withdraw all his court cases with the USA diocese because VSE Olorunnishola is not the owner of Celestial Church of Christ in America. And that the Pastor is both the Spiritual and Administrative Head of Celestial Church of Christ Worldwide as per the Constitution.
  12. The meeting ended with closing prayer by the HOD VSE Olaitan Balogun
  13. The grace said by Pastor EMF Oshoffa
  14. It was gathered that after the grace, VSE Joseph Olorunnishola while walking away then said the status quo remains of which the Pastor did not respond.
  15. VSE Joseph Olorunnishola was asked by some representatives of the diocese to take back his false conclusion of the meeting that “the status quo remains” and a small skirmish ensued.
  16. VSE Joseph Olorunnishola, in his own mind, falsely concluded that the status quo remains, which perhaps could be his primary objective for coming to the meeting and thereby creating some form of legitimacy.
  17. VSE Joseph Olorunnishola was forgiven by the pastor but not restored.
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It is our prayer that the spirit of arrogance and disobedience will be cast away in our midst. And the owner of His church will continue to uphold and strengthen His church, in Jesus mighty name. Amen!

The Publicity and Media Team of the USA Diocese stands by the veracity of this report (Zechariah 8:16-17).

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Together, we move to higher glory.

The Publicity and Media Team
CCC USA Diocese

Venerable Superior Evangelist Joseph Olorunishola.

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