The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has called on Christian clerics across the country to strive towards diligence and godliness as work ethics and potent weapons against economic and financial crimes and other acts of corruption.

He made this call in Abuja on Tuesday, April 16, 2024, while receiving the Founder and Chaplain of Voice of God Chaplaincy, Reverend Francis Obioha who paid him a courtesy visit at the corporate headquarters of the Commission.

According to Olukoyede, priests play significant roles in nation-building through their prayers, accountable conduct, diligence, and righteous way of life. “It is a privilege when we have men of God in our midst, we believe in prayers and doing the right thing. Fighting corruption is a calling, asking people to do the right thing is also a calling, so our mandate is similar to your mission. Let us work diligently and righteously at all times and we will be able to save our nation”, he said.

The EFCC’s boss pointed out that preaching and practicing what is good has more impact on people. “Let us talk to ourselves because doing the right thing also begins with us. You can`t be preaching to people when you are not showing examples. Let’s do the right things more than we preach it, for righteousness exalts a nation” he said.

He went further to commend Obioha for taking the initiative to establish Christian chapels in law enforcement environments in the Federal Capital Territory, Abuja. He pledged that the EFCC will support the mission by making sure that anti-corruption messages are passed across the country.

The International Monetary Fund has adjusted Nigeria’s economic growth forecast to 3.3 per cent in 2024.

The revised forecast for April was disclosed on Tuesday in IMF’s World Economic Outlook.

The updated forecast marks an increase of 0.3 percentage points from the previous 3.0 per cent growth prediction published in the IMF’s January 2024 World Economic Outlook.

However, the IMF has a firm stance for 2025, reducing Nigeria’s economic growth forecast to 3.0 per cent, a slight decrease from the 3.1 per cent projected earlier in January.

Within the broader Sub-Saharan Africa region, the IMF has maintained its 3.8 per cent economic growth forecast for 2024 but has revised the 2025 forecast downward to 4.0 per cent from the previously projected 4.1 per cent.

“The projection for 2024 is revised up by 0.1 percentage point from the January 2024 WEO Update and by 0.3 percentage point to the October 2023 WEO forecast. Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 per cent, reflecting restrictive monetary policies, withdrawal of fiscal support, and low underlying productivity growth, ” the Washington-based stated.

The Nigeria Employers’ Consultative Association (NECA) has called for a close monitoring of inflation dynamics, to promote economic resilience and inclusive growth.

In a statement on Tuesday, its Director-General, Mr Adewale-Smatt Oyerinde, also sought assessment of the impact of currency movement and advocated evidence-based policies.

His statement came on the backdrop of the Consumer Price Index released by the National Bureau of Statistics (NBS) for March 2024 that reveals another increase in the inflation rate.

According to NBS, the inflation rate surged to 33.01 per cent, an increase from 31.7 per cent recorded in February, indicating a 1.31 percentage point increase over the period.

Oyerinde said: “While the tightening measures of the Central Bank of Nigeria have led to the recent appreciation of the Naira, there is noticeable a decelerating increase in the recent inflation figure.

“With time and the introduction of supplementary measures from the fiscal authority addressing supply chain fundamentals, the inflation figure would begin to decline.”

The director-general said that in spite of currency appreciation typically dampening inflation by reducing import costs, other factors were exerting stronger upward pressure on prices.

He said that supply chain disruptions, logistical challenges and rising production costs continued to drive up prices across various sectors, amplifying inflationary expectations.

“However, there is hope that once the Dangote refinery commences production and distribution of petroleum products, transportation costs and other production expenses will significantly reduce, “ he said.

Oyerinde urged policymakers to adopt a holistic approach to address inflationary pressures and promote economic stability.

According to him, this includes implementing prudent monetary and fiscal policies to address supply-side constraints.

“Also, to enhance productivity and stimulate investment in critical sectors such as agriculture and infrastructure.

“There is need for government intervention at all levels to address factors disrupting food supply, support domestic firms to boost local production, and synergise monetary and fiscal policies effectively to combat inflation,“ Oyerinde said.