South Africa is projected to briefly surpass Nigeria and Egypt as the largest economy on the continent next year, International Monetary Fund forecasts reveal.

The IMF's World Economic Outlook projects South Africa's gross domestic product to reach $401 billion in 2024, surpassing Nigeria's $395 billion and Egypt's $358 billion, all at current prices.

However, this shift is predicted to be temporary, as South Africa is expected to hold the top spot for just one year before trailing Nigeria once more. By 2026, South Africa is projected to fall to third place behind Egypt, as outlined in the report released last week.

Almost 50 overseas trained nurses and midwives in the UK who 'likely' qualified fraudulently are still being allowed to treat patients while under investigation, MailOnline can reveal.

The Nursing and Midwifery Council (NMC) today confirmed that 48 Nigerian professionals are suspected of paying someone to a sit computer-based exam that tests medical knowledge and is needed to work in Britain.

The NMC said it was 'more likely than not' that those it has identified obtained their result fraudulently.

However, the regulator told MailOnline that they will still be allowed to treat patients while investigations are underway — though not all are necessarily working in healthcare.

Thinktanks today slammed the decision, saying the regulator had a 'duty to protect patients' and their decision could see 'incompetent individuals threaten the health of adults and new-borns'.

The 48 people identified sat the exam, which covers drug dosage calculations and clinical questions for health issues like diabetes, at the Yunnik Technologies Test Centre in Ibadan, south west Nigeria.

An investigation by the NMC found 'evidence of widespread fraudulent activity' at the centre, meaning all the test results it has issued have now been deemed invalid.

While doubts were initially cast over 515 nurses and midwives who were tested at centre, the NMC narrowed the list of 'likely' fraudulent applicants down to 48.

These nurses and midwives will have their case assessed by an independently appointed panel to decide if they gained fraudulent entry to the NMC register.

If the panel determines they did, they would be removed from register losing the right to work as nurse or midwife in the UK.

HopeSpencer:
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They downgraded Nigeria in their useless ratings because investors won't be able to move their dollars out of Nigeria easily. We call it capital flights.

Oyinbo no happy that government won't let them enjoy their spoil in peace.


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Nigeria has been demoted from a frontier market to an unclassified market one year after an annual equity country classification review by FTSE Russell, a subsidiary of London Stock Exchange Group, placed Africa’s largest economy on its watch list of countries monitored for possible reclassification.

The downgrade takes effect from 18 September when Nigerian index constituents will be deleted at zero value from FTSE Frontier Index Series, including the FTSE Frontier 50 Index, FTSE IdealRatings Islamic Index Series, FTSE/JSE All Africa Index Series, FTSE Middle East & Africa Extended Index Series and FTSE/MV Exchange Index.

FTSE Russell equity indices are used by investors across the world as equity benchmarks, allowing them to track the performance of specific market segments.

The decision followed a ratification by the FTSE Russell Index Governance Board and was arrived at after no improvement was recorded in the ability of international institutional investors to repatriate capital at a foreign exchange rate that would be used in FTSE Russell equity indices, a statement said.

“FTSE Russell has received feedback from market participants that although Nigeria has adopted a floating foreign exchange (FX) rate for the Nigerian Naira in the Investors’ & Exporters’ (I&E) FX Window, which is now operating on a “Willing Buyer, Willing Seller” basis, the lack of liquidity in the I&E FX Window continues to adversely impact the ability of international institutional to replicate benchmark changes,” the document said.

NaBanga:
Most paranoid schizophrenic beliefs are culture based. In the far past, it was mostly religious. Now the prevailing one (in the US) is about politicians abusing kids. The one that seems to have always been around is that someone is watching them (walking by, passing by in a car, cameras, cell phones, internet, etc). If you are around anyone with these thoughts, it's best to distance yourself. Not all of them are harmful, but you don't know the schizophrenics who will kill.

itsme01:


You carried your 14th century witch hunting to UK... The Country where Witches and Wizards have Grand Lodge and equal rights as citizens

UK had abolished their Anti Witchcraft laws since 17th century

Well his lawyers claim he has schizophrenia and he is delusional and he would escape death sentence.

A divorced father of three stabbed his mother 21 times after becoming convinced that she was a witch and had put a curse on him, a court heard today.

Kayode Kuye tortured and killed Christina Kuye, 69, because he believed she had ruined his life with a black magic spell, the Old Bailey was told.

Unemployed Kuye, 50, of Edmonton, north London, pleaded guilty to manslaughter on the grounds of diminished responsibility.

Judge Christopher Moss locked up the paranoid schizophrenic indefinitely under mental health laws and described it as a "brutal" killing.

Kuye attacked his mother after letting himself into her home in Finchley, north London, with a key in May last year, the court heard.

After a lengthy argument he knifed her 21 times to the upper body, also slashing her arms and hands as he tried to defend herself.

He was later arrested covered in blood at Finchley Central station, laughing as he said: "I have had an argument with my mother."

Officers forced their way into her home where they found her body in her bedroom.

Kuye later told psychiatrists that his purpose was "to torture his mother to try to prevent her from continuing what he perceived to be black magic upon him," said Alan Kent QC, prosecuting.

Mr Kent said: "The motivation behind his attack was his paranoid and deluded belief that his mother had cursed him through witchcraft and had ruined his life."

Mrs Kuye came to Britain from Nigeria in 1961 with her husband, who died on 1984. She had eight children, including the defendant, and 20 grandchildren.

She herself believed in witchcraft and her son became increasingly interested in the subject during the four years before he killed her.

His mother helped him get in touch with a witch doctor she knew in Nigeria and he would send him money "for advice and medicine", the court heard.

Two years before the killing he began to blame her for all his problems, saying she had "sacrificed him as a child and had put a curse on him".

He believed that "he was a king and should be rich but the curse prevented this from happening".

For about a year before his mother's death he had been saying he was going to kill her, as well as other family members.

On the day of the stabbing he had been "ranting and raving" at his ex-wife and told her that "he had to go and do what he had to do", the court heard.

A mentally ill man may be locked up for the rest of his life after today admitting killing his mother because he believed she was practising black magic against him.

Nicholas Aina, 28, had stopped taking medication for his paranoid schizophrenia because he thought it would help him lose weight.

But instead he fell into severe psychosis and embarked on a knife rampage through the home he shared with his family.

Aina handed himself in to police minutes after killing 64-year-old Caroline Adeyelu and injuring his 23-year-old sister Angel Adeyelu at their home in Dagenham, east London, last October 30.

He was delusional about witchcraft, electric voltage and being the 'king of Africa', the court was told.

Aina admitted the manslaughter of his mother by diminished responsibility and unlawfully wounding his sister.

Today he was handed a hospital order without limit of time by Judge David Aubrey KC at the Old Bailey.

The judge told him: 'You have a psychotic illness, namely paranoid schizophrenia, which is a severe and enduring illness

Cannibalism and the Nigerian mafia
D’Agostino cites several interventions that point the finger at African immigration and Nigerian immigration in particular, quoting a passage which speaks of the Yoruba ethnic group, one of the largest in the African country:

Yoruba, Nigeria: Cannibalism, closely linked to the trade in human flesh, is still practiced in some areas of Nigeria, including the area where the Yoruba tribe lives. The reasons are linked to the persistence of ancient superstitions, but also to beliefs in the medical field. There are open markets where you can buy fresh human meat products as well as some body parts.

nairalanda1:



I liked your comment, but at the same time, the idea does not work in practice.

Remember 2022? Last year....government had a set budget for subsidy. All set in stone. Then Ukraine war happened...and crude oil prices went sky high, meaning subsidy costs went up. THEN...the weather ran amok from August onwards...raising transport costs....

At the end, subsidy costs had risen beyond what the budget could cover. Meaning government had to take money from other parts of the budget and borrow and borrow again, and even then, the government had to raise fuel prices twice

grandstar:


Partial removal of the petrol prices has never really worked here.

Now, what if the government partially removed subsidy and pegged the price at N400, will the present drop in the Naira and inflation not make the N400 outdated?

You see citizens stating that government removed 80% of subsidy at such a time, how come the subsidy is high today? All the masses want is cheap petrol.

Though petrol is no longer subsidized, the price is not deregulated. Government needs to go the whole nine yards. Anyway, you did mention a need for caution which might also have steadied the government's hand. There's a limit to the amount of suffering the masses are prepared to tolerate.

grandstar:


How do you remove petrol subsidy gradually in an economy plagued with double digit inflation and a product whose international price is volatile?

If it was a product whose price was static and in an economy where inflation was low such as 2%, such would be feasible.

Shock therapy was needed. The government purse is empty. The subsidy was estimated to cost 2.3% of GDP this year alone, in a country where tax collection is barely 10% of GDP, this was clearly high.

As you yourself pointed out, Nigeria debt sustainability is poor. Shock Therapy was necessary and the markets rewarded its removal.

seunmsg:


We’ve been doing phase removal of subsidy since 1999 and we never got to remove it fully until Tinubu came in. The problem with removing subsidy is not whether it should be gradual or at once but our willingness to allow market forces determine the price.

Labour fully accepted the removal of subsidy when price was moved to N537. Now that market forces have pushed the price above N600, they want to go on strike. Do we need anybody to explain to Labour leader that forcing government to bring down the price is a return to subsidy?

TheBillyonaire:


They monitor every economy now, not just those that seek lending, boy.

Spying for the highest bidder.

nedu666:


Define short and long term using number of years

inoki247:
Is like IMF are on drugs after telling us to remove Subsidy remove this and that we don remove now they're still yarning jargons...

The International Monetary Fund has projected that Nigeria’s economic growth will decline in 2023 and 2024 due to security issues in the oil sector.

It stated that the country’s economy would grow at 3.2 per cent in 2023, before declining to 3.0 per cent in 2024.

The IMF disclosed this in its latest ‘World Economic Outlook Update: Near-Term Resilience, Persistent Challenges (July 2023)’ report.

Nigeria’s growth is below projections for the Sub-Saharan African region which is expected to grow by 3.5 per cent in 2023 and 4.1 per cent in 2024, according to the report.

LagosFirstSon:
The killing continued because Tinubu promised to continue from where Buhari stopped

grandstar:


Why the crash? Should the CBN defend the Naira? Should a new competent CBN head, preferably a western trained economist be appointed? Or is this Naira Shock therapy?

Edit: I chose to re-read the article and it provided reasons for the problem. The revelation here is that there was simply pent up demand for forex, a massive overhang from the Emefiele era. The CBN might need to increase supply of dollars to the market to cool it down.

Would an increase in interest rates by the CBN cool it down, or should the Naira be allowed to find its true value no matter how low it goes?

CodeTemplar:
Wonderful. I hope it comes down as economists have predicted.

We are short Tingo Group Inc (NASDAQ:TIO) because we believe the company is an exceptionally obvious scam with completely fabricated financials.

Tingo, headquartered in New Jersey, claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria

Tingo was founded and is spearheaded by “Dozy” Mmobuosi, CEO of the key holding company entity. Dozy is regularly described by the media as a billionaire and made waves earlier this year when he attempted to acquire the now-Premier League soccer team Sheffield United.

We’ve identified major red flags with Dozy’s background. For starters, he appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria. We contacted the app’s actual creator, who called Dozy’s claims “a pure lie”.
Dozy claimed to have received a PhD in rural advancement from a Malaysian university in 2007. We contacted the school to verify the degree. They wrote back saying no one by his name was found in their verification system.

In 2017, Dozy was arrested and faced an 8-count indictment over issuance of bad checks, according to the Nigerian Economic and Financial Crimes Commission. He later settled the case in arbitration.

In 2019, Dozy claimed to have launched “Tingo Airlines” and posted social media messages encouraging customers to “fly with Tingo Airlines today”. Media outlets later uncovered that Tingo had photoshopped its logo onto pictures of airplanes. Dozy later admitted to never owning any actual aircraft.

We strongly suspect Tingo’s cash balance, which it conveniently claims is held in Nigeria, is fake. The company collected only ~12% of the interest income one would expect from its claimed cash balances.

Overall, we think Tingo is a worthless and brazen fraud that should serve as a humiliating embarrassment for all involved. We do not expect the company will be long for this world

IamV:
Seun Osewa,the owner of nairaland opinion on the increase of minimum wage in respect to the increase in fuel price on twitter today got many talking .
Here's his opinion on increasing the minimum wage ;


If I may ask,what do you think about his opinion on this issue?