During a meeting with vehicle component manufacturers aimed at enhancing efficiency and local production in Nigeria's automotive sector, Joseph Osanipin, the Director General of the National Automotive Design and Development Council (NADDC), disclosed a striking statistic: only 6 percent of Nigerians possess vehicles in the country. This revelation, made yesterday, underscores the pressing need to bolster domestic vehicle ownership rates and drive sustainable growth within the sector.

Osanipin emphasized the imperative of leveraging Nigeria's abundant talents and resources to achieve this objective. Comparing Nigeria's vehicle ownership rate to that of South Africa, which stands at 17.4 percent, he highlighted the vast potential for expansion within the Nigerian market.

Recognizing Nigeria's rich array of natural resources as fundamental raw materials for component production, Osanipin outlined NADDC's strategic focus on component parts to catalyze the automotive industry's development. He advocated for the transition of local assemblers from Semi-Knocked Down (SKD) to Completely Knocked Down (CKD) auto manufacturers, positioning Nigeria as a hub for comprehensive vehicle production.

Addressing the assembled component manufacturers, Osanipin urged them to embrace innovation and inclusivity, emphasizing the collective power to shape Nigeria's mobility landscape and pave the way for prosperity for future generations.

Iran fired air defense batteries early Friday morning as explosions could be heard near a major air base near Isfahan, raising fears of a possible Israeli strike following Tehran’s unprecedented drone-and-missile assault on the country.

It remained unclear if the country was under attack, as no Iranian official directly acknowledged the possibility and Israel’s military did not respond to a request for comment. However, tensions have remained high in the days since the Saturday assault on Israel amid its war on Hamas in the Gaza Strip and its own strikes targeting Iran in Syria.

One Iranian government official and later Iran’s state-run television broadcaster suggested sites may have been targeted by drones.

IRNA said the defenses fired across several provinces. It did not elaborate on what caused the batteries to fire, though people across the area reported hearing the sounds.

In particular, IRNA said air defenses fired at a major air base in Isfahan, which long has been home to Iran’s fleet of American-made F-14 Tomcats — purchased before the 1979 Islamic Revolution.

The semiofficial Fars and Tasnim news agencies also reported the sound of blasts, without giving a cause. State television acknowledged “loud noise” in the area.

Isfahan also is home to sites associated with Iran’s nuclear program, including its underground Natanz enrichment site, which has been repeatedly targeted by suspected Israeli sabotage attacks. However, state television described all sites in the area as “fully safe.”

Dubai-based carriers Emirates and FlyDubai began diverting around western Iran about 4:30 a.m. local time. They offered no explanation, though local warnings to aviators suggested the airspace may have been closed.

Iran later announced it grounded commercial flights in Tehran and across areas of its western and central regions. Loudspeakers informed customers of the incident at Imam Khomeini International Airport in Tehran, online videos purported to show.

Iranian state television began a scrolling, on-screen alert acknowledging a “loud noise” near Isfahan, without immediately elaborating.

Hossein Dalirian, a spokesman for Iran’s civilian space program, said on the X social media platform that several small “quadcopter” drones had been shot down. A state television reporter in Isfahan said the same in a live report, saying “several small drones were flying in the sky over Isfahan, which were fired at.”

Meanwhile in Iraq, where a number of Iranian-backed militias are based, residents of Baghdad reported hearing sounds of explosions, but the source of the noise was not immediately clear.

 

AP

ISREAL’S REPORTS

IDF: IDF and ISA forces eliminated a terrorist cell in central Gaza; the terrorist responsible for investigations in Hamas' Internal Security Department was eliminated in the area of Beit Hanoun

This week, following operational information gathered by the Southern Command, an IAF aircraft struck and eliminated the terrorist Yussef Rafik Ahmed Shabat, responsible for investigations in Hamas' Internal Security Department in Beit Hanoun.

Shabat served as a security officer in Hamas' military intelligence wing of the Beit Hanoun Battalion, and his elimination significantly damages the terrorist organization's investigations department.

In addition, following precise intelligence information, the IDF and ISA directed an airstrike on a vehicle in which there were 10 terrorists.

On Wednesday, IAF fighter jets struck a mortar shell launcher in the area of Rimal from which a number of launches at IDF troops who were operating in the area were launched.

Furthermore, over the past day, the IAF struck dozens of terror targets throughout the Gaza Strip, including terrorists, observation posts, military structures, and additional terrorist infrastructure.

Attached is video footage of the IDF strikes in the Gaza Strip: https://bit.ly/3Q6HRk4

Attached are photos from the IDF's operational activity in the Gaza Strip: https://IDFANC.activetrail.biz/ANC1804202439487645

** IDF: Locating and destroying underground tunnel routes and rocket production facilities; Expanding the operational hold on the Karni Corridor: footage from the targeted operation of the 162nd Division in the central Gaza Strip

Over the past week, the soldiers of the 401st Brigade combat team, together with forces of the Yahalom Unit, cleared and destroyed more than 100 terrorist infrastructure sites and eliminated more than 40 terrorists in close quarters combat and airstrikes. Among the terrorist infrastructure destroyed - several military targets of the terrorist organizations in the Gaza Strip, among them, a facility used for the production of rockets and weapons of the Hamas terrorist organization; and a facility used for the production of long-range rocket missiles of the Islamic Jihad terrorist organization.

The soldiers conducted an operational raid on an underground combat control center located under Wadi Gaza designed to prevent IDF forces from crossing Wadi Gaza. Many weapons belonging toHamas terrorists were found in the combat compound.

During the operation, 17 tunnel shafts were destroyed, including offensive shafts. In addition, the forces located a number of launchers and launching pits used by the terrorist organizations in the Gaza Strip.

Before the troops entered the area and during the operation, the 215th Fire Control Brigade eliminated many terrorists. The forces of the brigade, IAF fighter jets and aircraft targeted dozens of targets. The artillery units targeted terrorist infrastructure in the central Gaza Strip.

At the same time, the Nahal Brigade combat team has been carrying out operational activities in the area of ​​the Karni Corridor for the past three months. The corridor is a route that separates the northern and southern Gaza Strip, from which the forces have carried out targeted raids.

During the divisional operation this week, the forces, acting on intelligence information, eliminated terrorists with precision missiles; located weapons and tunnel shafts; and destroyed an underground route in the area.

So far dozens of targeted raids have been carried out, more than 1,000 terrorists have been eliminated in the area, and more than 20 kilometers of underground tunnel routes in the area of ​​the corridor have been destroyed.

Attached is an animated infographic of footage of the underground tunnel routes and their destruction: https://bit.ly/4aXwId7

Attached is footage of the location and destruction of the tunnel shafts in the area by the 401st Brigade combat team: https://bit.ly/3Uoc93d

Attached is footage from the activity of the Nahal Brigade combat team in the Central Gaza Strip: https://bit.ly/3xDtg9s

Attached is footage of the strikes of the 215th Brigade in the Central Gaza Strip: https://bit.ly/4aCkgjf

Attached is an animation of the activity of the Nahal Brigade combat team in the Karni Corridor: https://bit.ly/3vXahpF

Attached are photos of the tunnel shafts that were located: https://IDFANC.activetrail.biz/ANC09528

 

HAMAS’ REPORTS

Al-Nasser Salah al-Din Brigades: We, in conjunction with the Al-Aqsa Martyrs Brigades, targeted the Zionist military site Abu Mutbiq, east of the Central Governorate, with a barrage of heavy-caliber mortar shells.

** A little while later... Scenes of the missile barrages used by the Al-Quds Brigades destroyed the occupied cities and settlements surrounding the Gaza Strip.

** Hezbollah: After careful monitoring and anticipation of the enemy’s movement in the Al-Marj location, and upon the arrival of the soldiers and vehicles to the specified section, our fighters targeted them with missile weapons and directly hit them, leaving them dead and wounded.

** Leader of the Yemeni Ansar Allah group, Abdul Malik al-Houthi:

- There will be no stability as the Israeli enemy occupies Palestine and commits crimes in Gaza.

- The Israeli enemy will not succeed through genocidal crimes in achieving an image of victory for its army.

- The Israeli enemy intensifies its crimes in the West Bank in an attempt to displace the Palestinians from it.

During 7 months of aggression, tens of thousands of civilians were killed, including many children and women.

Western support for the Israeli enemy does not stop.

** Izz al-Din al-Qassam Brigades:

After their return from the battle lines, our mujahideen confirmed that they had detonated two booby-trapped tunnels in the Zionist engineering forces, leaving them dead and wounded in the Al-Mughraqa area in the central Gaza Strip.

After their return from the battle lines, our mujahideen confirmed that they had detonated a minefield in enemy vehicles penetrating the Al-Mughraqa area in the middle of the Gaza Strip, destroying a number of them and leaving their crews dead and wounded.

** Martyr Abu Ali Mustafa Brigades: “The missile unit targets enemy concentrations east of the Central Governorate with a missile salvo in response to the occupation’s crimes against our people.”

 

Israel Defense Forces/Hamas Brigade al-Qassam

RUSSIAN PERSPECTIVE

Russian missiles strike Ukrainian airbase

Drone footage has emerged of multiple Russian missiles striking Aviatorskoe, an air base of the Ukrainian armed forces in Dnepropetrovsk Region.

The footage shows several MiG-29 fighters and transport aircraft at the airfield getting caught in blasts by what appear to be cluster munitions, delivered by an Iskander-M missile. Nearby hangars and munitions depots were also struck. 

Another video shows a direct hit on the S-300 air defense system deployed near the base, which did not engage the incoming missiles. The footage was captured by observation drones.

Aviatorskoe is located just south of the city of Dnepr, over 100 kilometers from the frontline.

 

WESTERN PERSPECTIVE

NATO working on more air defences for Ukraine, Stoltenberg says

NATO is working to send more air defence systems to Ukraine, Secretary General Jens Stoltenberg said on Thursday, adding that delays in providing such aid were harming Kyiv's efforts to resist Russia's attacks.

"We have compiled data about the different air defence systems we have in NATO and focused on the Patriot systems. And we are working with allies to ensure that they redeploy some of their systems to Ukraine," he told reporters on the sidelines of a meeting of G7 foreign ministers in Italy.

"We are working at the possibility of more Patriot batteries to Ukraine. We are in dialogue with some specific countries," Stoltenberg said, calling supply of the Patriot "critical" as it is the most advanced defence system the alliance can count on.

Stoltenberg said other defence systems might also be provided to Ukraine, including the NASALS surface-to-air missile system.

"Delays in the delivery of air defence mean that more Russian missiles will hit their targets in Ukraine. Delays in delivery of ammunition mean that Russia will be able to push more along the front line," he added.

Stoltenberg said a meeting of the NATO-Ukraine Council would take place on Friday and that Ukraine's President Volodymyr Zelenskiy was expected to participate virtually.

"I am encouraged by the commitment and the determination by NATO allies to stand up for Ukraine," he told reporters, adding there were encouraging signs that the U.S. Congress might soon unlock an aid package for Ukraine worth $60.84 billion.

 

RT/Reuters

This was the question a friend of mine in his late 20s asked me when we woke up on April 14 to the news that Iran had launched over 300 drones and missiles towards Israel.

Apart from video war games, the young man has not seen any wars. Nigeria’s civil war ended nearly two and a half decades before he was born. Of course, you don’t have to experience war to feel it. There’s a sense, for example, in which the more recent wars in the West African subregion or the more distant ones in Northeastern Africa or Europe tend to reach us, wherever we are. 

Our televisions and phones bring the horrors of war right into our living rooms. A generation for which these smart devices have become a playground is right to be concerned that the flare-up in the Middle East could lead to something more serious. 

Apart from the war in Ukraine and the underreported conflicts in Sudan and Central Africa, no other war in recent times has riveted the world like the one in Gaza. For all the talk about the potential escalation into a wider regional conflict, it didn’t seem likely that the Israeli-Palestinian war would spread beyond shadow attacks by Hezbollah and other Iranian proxies, until Israeli air strike killed seven Iranians in the Iranian Embassy in Damascus and six Syrians.

An unusual response

That was when the threat of escalation became real. Not even during the Yom Kippur War in 1973, did Iran, a regional power, take a direct aim at Israel the way it did in its revenge attack on April 14. If half the drones and missiles aimed at Israel had hit their target, Israel would be reeling from a devastation worse than anything that happened on October 7. The world might have been a different place today.

It may be convenient to dismiss concerns about a possible outbreak of a Third World War as far-fetched, and perhaps even childish. Yet, remembering a few of the things that led to two world wars might help us not to take too much for granted. 

The immediate cause of WW1, for example, was the murder in Sarajevo of Archduke Franz Ferdinand by a Serbian nationalist, prompting the Austro-Hungarian empire, supported by Germany, to declare war on Serbia. Russia, Serbia’s ally, joined. It wasn’t long before Germany declared war on Russia and invaded France, drawing Britain into the war.

Of course, the murder of the Archduke may have been the tipping point, but a web of other factors also contributed, from the competition for territories and economic rivalries to militarism, and from the unstable alliances to the crisis in the Balkans. The Sarajevo murder was only the last straw. 

Rules-based system

God knows just how many more straws before we reach another breaking point. We like to think that we have a rules-based system; that the world is wiser today, restrained as much by competing interests as it is by the assurance of mutual destruction. 

The two world wars claimed the lives of a population nearly the size of Ethiopia’s 120m and left millions more ruined forever. And yet, since the last two years we have seen, starting from the Russia-Ukraine war, traces that the world is going mad again.  

If by the death of one man – the Archduke – the world descended into chaos, was it irrational to fear that Israel’s killing of 13 people, including seven Iranians in Iran’s embassy in Damascus and the destruction of the embassy was sufficient to spark a wider regional conflict? Has anything really changed or the world learnt anything new 110 years after WWI?

Fewer warmongers?

Some studies suggest so. One interesting study, for example, points to demographics as a good predictor of civil conflicts. The study, famously called the “youth bulge” suggests a strong correlation between countries prone to civil conflicts and those with fast-growing youth populations. So, the older the population, the theory goes, the less likely its appetite for a hot war.

It suggests that in spite of the sabre-rattling in the world’s former war-mongering capitals – Washington, Berlin, London, Paris, Tokyo and Moscow – the dominance of older, wealthier populations in these countries combined with concerns about managing their ageing populations have reduced their appetite for war. 

A few like the US, Britain and France, may press the world to the edge of a frenzy with the sort of disgraceful complicity seen in the Middle East. But just before madness finally takes over, the theory argues that the leadership in countries with older, wiser populations would dial back and make the kind of last-minute call to Prime Minister Benjamin Netanyahu that saves the world for another day.

There have also been those, like foreign affairs columnist, 

Jonathan Power, who argue that in spite of the Russia-Ukraine war, the war in Gaza, and the under-reported deadly conflicts in Sudan and Yemen, the world has never been at greater peace with itself than it is. 

Although Ukraine is not too far from becoming a meat grinder and the death toll in Gaza has topped 32,000 (minus hundreds unaccounted for) studies suggest that, thanks to the better angels of our nature, there has been a reduction in battle deaths per 100,000 in state-based conflicts since the Second World War.  

Spells of peace

War historians say that outside the Pax Romana, and the Golden Age of Islam, the post-World War II era is probably the most peaceful time in world history. 

A number of other reasons have also been given why a Third World War is improbable. It’s believed that the end of colonialism, the prioritisation of human rights, the general rise in global prosperity/literacy, and particularly the establishment of the United Nations, have accounted for the longest spell of peace in human history and might yet keep the world from descending into another catastrophic war.

Maybe – and that’s a big maybe. The safeguards of our sanity are already fraying at the edges and we may just have entered a violent new era. 

If after 77 years, Israel would still not accept the UN’s two-state solution to the problem in Palestine, preferring instead to kill over 30,000 Palestinians in pursuit of the last Hamas; if recourse to the International Criminal Court (ICC) cannot restrain Israel from the widespread carnage in Gaza; if the US, Britain and France will veto the UN’s condemnation of the attack on the Iranian Embassy in spite of the significant casualties – a crime they would not accept if it had been done to them; if the US keeps showing by its conduct that might is right, then the world is not too far from another world war.

Global institutions expected to keep the fragile balance for peace have almost all broken down, and all five veto-wielding members of the UN have gone rogue: Russia in Ukraine; China in Taiwan; and the US, Britain and France in the Middle East, and indeed anywhere else they please in pursuit of their strategic interests.

To continue to ignore the impotence of and disdain for the global institutions supposed to preserve peace and still believe that nothing would happen, is foolish and dangerous.

** Ishiekwene is Editor-In-Chief of LEADERSHIP

 

Plant just a few trees. Don't be afraid to reject your own ideas. Humble brag in a journal.

This is some of the advice we heard last week when about 1,500 people who try to make our planet a better place – from scientists and philanthropists to activists and entrepreneurs – descended on Oxford, England. In big forums and little coffee shops, they discussed what to do about some of the world's biggest problems and swapped advice from their work on the front lines. The Skoll World Forum brought these people together in a bid to "accelerate innovative solutions."

We pulled a few of the participants aside and asked for their wisdom. We wanted to know their advice for the next generation of altruists. And with the "keep calm and carry on" motto of England in mind, we also asked what keeps them going when things get tough.

Their answers have been edited for length and clarity

Zolelwa Sifumba: Be honest and vulnerable

Advice to those just starting out: Look at the pain that brought you [to your work] – it could be your own pain, it could be pain of people around you, pain that you witnessed. Look at that pain and don't ignore it.

I am someone who wasn't allowed to express themselves growing up. But that changed when I contracted multidrug-resistant tuberculosis as a medical student. They took us to a TB hospital, but when we got there they didn't give us protection [such as a mask since TB can be transmitted through airborne particles]. So it was from there that I learned that my health and my wellness isn't a priority in the health system. But after I spoke to a second year group [of medical students], they told the faculty that if you don't protect us, we're not going anywhere. And so that was a powerful example of what my words could do.

Getting TB can be deadly, but it also saved my life because I finally got to use my voice. And I've never stopped talking. I've never stopped. And it really feels good to be honest and to be vulnerable.

Julian Gerhart: Humble brag in a journal

How to 'keep calm and carry on': I'm going to be practical because entrepreneurs love specific steps and takeaways. So what I do is that I have a journal and I write my small successes in that journal. And it could be anything. It could be one student coming up after our workshop and telling us he loved the workshop. A small thing, but it's very heartwarming.

When I feel bad, when I feel depressed, when things are not going my way and I start scrolling [through my journal], that's how I calm myself very quickly. You start to realize how much impact you have. And it sounds pretty obvious but when you feel depressed your mind kind of forgets about positive things. If I didn't write these things down, if I didn't codify them, my mind would just forget them. So it's very important to celebrate these things, to document them.

Irma Sitompul: Plant a tiny forest – or do anything that's small to boost your odds of success

Advice to those just starting out: When there's a system that needs to be transformed, reformed, reshaped, it can take decades, sometimes generations. When we know that from the beginning, it will help prevent us from getting burnt out. So my advice would be to identify some small things, some small objectives that you can really focus on.

I wanted to build more forest in my homeland, Indonesia. And I started doing it in 2020 with my husband. I plant mini-forests, tiny forests – sometimes just 4 by 4 square meters. Now, we've already planted 3,000 trees on my land, on the community's land, on other peoples' land and on businesses' land. It's been a great way to reforest our urban areas because we don't need a huge piece of land. I started to take action, and I can see the results within my lifetime.

Rana Dajani: Ask yourself 'what can I do now?'

Advice to those just starting out: I'm a biologist. I have to talk about science [to give advice]. Every human being is unique. Nobody's DNA is like anyone else who has ever lived, who lives today or will live in the future. So you're special.

And because you are special, you have a special perspective on life. So whatever bothers you, go try to find a solution yourself. Trust your gut feeling. And don't worry about changing the world. Think small. It's those small steps that make a difference.

How to 'keep calm and carry on': I'm an optimist. My husband says I see an ocean in a drop of water. [When confronting a challenge,] I think: "What can I do?" and I draw this from my religion as a Muslim. Islam tells me: It doesn't matter what happens in the end. What matters is what you do now. And so I start thinking, "What can I do now?" And that gives me a purpose. And because I have a purpose, I get into action. And because I'm getting into action, it gives me hope. There's a saying: If you can imagine it, then it can happen. And so I do that. And the other thing is I reach out to people. Nobody can solve anything alone. It's about collective humanity.

Gabriel Marmentini: Consistency is more valuable than a really high IQ

Advice to those just starting out: I am hiring people who are 18 or 20 years old and the way they think is different from [my way of thinking] and I'm just 31. The younger generation wants results tomorrow. They are so immediate. They want things now. I see them changing clothes, changing relationships, changing work. But this is a real challenge for people that want to build things that are going to last. You need to have discipline and put in effort. So why have I been successful? It's because I've been disciplined for nine years. It is not because my mind is illuminated or my IQ is really high. It's not. It's just that I do things consistently. And I know you're not going to find all the answers with ChatGPT or TikTok.

Bernard Chiira: Don't be afraid to change your mind

Advice to those just starting out: I mentor entrepreneurs, and I would say be very open to learning and be flexible to actually changing your mind. You may end up building a completely different solution to what you had thought was the solution. [Entrepreneurs] will naturally have a bias to love their ideas. And sometimes it can be very challenging to kill it and say, "I was wrong. It's not going to work." It can be heart-wrecking but, remember, the good thing is that entrepreneurs are like idea factories. You can always get more ideas.

 

NPR

Commercial banks, grappling with the Central Bank of Nigeria's (CBN) monetary tightening measures aimed at curbing persistent inflation, find themselves constrained in extending credit to bolster the faltering economy.

As per analysis by Daily Trust, mandatory reserve deposits with the central bank surged by 70.37 percent to N17.26 trillion by December 2023, up from N10.13 trillion the previous year. This surge in the Cash Reserve Requirement (CRR) compels banks to park a growing portion of local currency deposits with the central bank, limiting their lending capacity as these reserves are only accessible for intervention purposes.

Notably, Zenith Bank leads with N3.90 trillion in mandatory reserve deposits, followed by Access Bank with N3.10 trillion, and other major players holding substantial amounts, indicative of the profound impact of the CRR on the banking sector.

With Nigeria's CRR standing at 45 percent, among the highest globally, the stringent liquidity conditions further intensified with the CBN's revision of the loan-to-deposit ratio (LDR) from 65 percent to 50 percent to align with the ongoing monetary tightening.

In a circular titled "Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy," the CBN, through its acting director of the banking supervision department, Adetona Adedeji, announced this adjustment, emphasizing the need for banks to adhere to the revised LDR to stimulate lending.

However, analysts at KPMG caution that these elevated rates could impede banks' ability to support the economy's growth aspirations, casting doubt on the feasibility of government economic objectives.

Given the challenging liquidity environment, achieving desired economic growth becomes increasingly arduous, particularly as small businesses, reliant on affordable loans, face closures while new ventures struggle to emerge. Afrinvest analysts see the reduction in LDR as a reprieve for banks, allowing them to navigate the regulatory landscape while optimizing asset utilization without undue risk.

However, the broader impact of these policies on economic recovery remains a subject of scrutiny and concern.

The management of the Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Akintunde Sawyerr, has shed light on why students from private institutions and incarcerated individuals are excluded from the upcoming student loan fund launch. Addressing journalists at UNILAG, Sawyerr emphasized the fund's focus on aiding "indigent" students.

He clarified that private institution attendees aren't deemed financially disadvantaged and stressed the fund's aim at redistributing wealth to deserving candidates, monitored via mechanisms like BVN verification.

Regarding inmates pursuing education, Sawyerr cited challenges in loan recovery from individuals serving lengthy sentences.

Executing a transparent selection process, NELFUND plans to disburse funds directly to institutions and students, considering factors like tuition and geography.

Sawyerr disclosed plans to analyze applicant data and outlined requirements, anticipating loan disbursement from one percent of the gross revenue of Federal Inland Revenue Service’s revenue.

The student loan initiative stems from the Access to Higher Education Act, 2023, entrusting NELFUND with loan administration and recovery.

An influential global body has forecast Russia's economy will grow faster than all of the world's advanced economies, including the US, this year.

The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.

Oil exports have "held steady" and government spending has "remained high" contributing to growth, the IMF said.

Overall, it said the world economy had been "remarkably resilient"

"Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops," the IMF said.

The IMF is an international organisation with 190 member countries. They are used by businesses to help plan where to invest, and by central banks, such as the Bank of England to guide its decisions on interest rates.

The group says that the forecasts it makes for growth the following year in most advanced economies, more often than not, have been within about 1.5 percentage points of what actually happens.

Despite the Kremlin being sanctioned over its invasion of Ukraine, the IMF upgraded its January predictions for the Russian economy this year, and said while growth would be lower in 2025, it would be still be higher than previously expected at 1.8%.

Investments from corporate and state owned enterprises and "robustness in private consumption" within Russia had promoted growth alongside strong exports of oil, according to Petya Koeva Brooks, deputy director at the IMF.

Russia is one of the world's biggest oil exporters and in February, the BBC revealed millions of barrels of fuel made from Russian oil were still being imported to the UK despite sanctions.

Away from Russia, the IMF downgraded its forecasts across Europe and for the UK this year, predicting 0.5% growth this year, making the UK the second weakest performer across the G7 group of advanced economies, behind Germany.

The G7 also includes France, Italy, Japan, Canada and the US.

Growth is set to improve to 1.5% in 2025, putting the UK among the top three best performers in the G7, according to the IMF.

However, the IMF said that interest rates in the UK will remain higher than other advanced nations, close to 4% until 2029.

The group expects the UK to have the highest inflation of any G7 economy in 2023 and 2024.

Chancellor Jeremy Hunt said the IMF's figures showed that the UK economy was turning a corner.

"Inflation in 2024 is predicted to be 1.2% lower than before, and over the next six years we are projected to grow faster than large European economies such as Germany or France - both of which have had significantly larger downgrades to short-term growth than the UK," he said.

Conflict in the Middle East

Economists at the IMF warned that if the Israel-Hamas conflict escalates further in the Middle East it could lead to rising food and energy prices around the world.

Continued attacks on ships in the Red Sea and the ongoing war in Ukraine could also affect the so far "remarkably resilient" global economy, it said.

A potential spike in food, energy and transport costs would see lower-income countries hardest hit, it added.

 

BBC

At least 10 passengers in a commercial vehicle have reportedly died after the automobile encountered an improvised explosive devise (IED) planted at a roadside in Borno state.

Zagazola Makama, a counter-insurgency publication focused on Lake Chad region, said the incident occurred along Baga road in Kukawa LGA of Borno on Wednesday.

The publication said 20 other persons sustained injuries.

“The IED was believed to have been laid for the troops of Sector 3 Operation Hadin Kai, around the Mosquito camp by the Islamic State West Africa Province (ISWAP),” Makama said.

The publication added that those who sustained injuries were taken to a healthcare facility in Monguno for medical attention.

ISWAP is a faction of the Boko Haram terrorist group that broke away after a leadership dispute.

The group has been involved in various violent activities, including attacks on citizens, security forces, and kidnapping among other criminal operations in the north-east, north-west and north-central parts of the country.

 

The Cable