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IMF Concludes Consultation with the Kingdom of Lesotho
MASERU —The Executive Board of the International Monetary Fund (IMF) yesterday concluded the Article IV consultation with the Kingdom of Lesotho.
Since 2010, the economy has been performing well with growth of real Gross Domestic Product (GDP) averaging over 5 percent a year and inflation held to single-digit levels. International reserves have recovered to close to 5 months of import coverage after dipping to 3½ months of imports in 2012 in the wake of the balance of payments and fiscal crisis caused by the sharp drop in revenues from the Southern African Customs Union (SACU) in fiscal years 2010/11 and 2011/12. The recovery from the crisis was achieved with the help of a sustained fiscal adjustment effort supported by the IMF with a three-year arrangement under the Extended Credit Facility (ECF), which was successfully concluded in September 2013.
The economic outlook for Lesotho is positive with strong economic growth and low inflation. Economic activity is expected to be supported by large public investment projects, including the second phase of the Lesotho Highland Water Project. The authorities are also taking steps to strengthen the role of the private sector. However, there are risks, most notably from the high volatility of SACU revenues.
Despite the recent strong growth, unemployment remains high and poverty is widespread, while some social indicators on primary and secondary education and HIV/AIDS highlight the future challenges.
In the near term, the authorities are faced with the issue of domestic tax performance. In 2013/14, the domestic tax revenue experienced a shortfall of 4 percent of GDP and resulted in the overall fiscal deficit of more than 1 percent of GDP, compared with a strong surplus the previous year. On the spending side, Lesotho is faced with an extraordinarily high government wage bill—the highest in sub-Saharan Africa (relative to GDP)—which to some extent crowds out public investment projects needed to promote inclusive growth under the National Strategic Development Plan (NSDP).
Executive Directors commended Lesotho’s robust economic growth with moderate inflation, and welcomed the recovery of international reserves on the back of a period of fiscal adjustment. The outlook is positive, but the economy faces risks from the volatility of revenues from the Southern African Customs Union, while unemployment remains high and poverty widespread. A strengthening of fiscal policies and stepped up reform implementation will therefore be needed to enhance resilience and promote private sector-led inclusive growth.
Directors saw a need for a tighter fiscal stance consistent with maintaining an adequate level of international reserves and creating space for priority social and capital spending. They encouraged the authorities to improve revenue administration and tax policy, including in mining, and to contain recurrent expenditure, notably the wage bill. In this regard, Directors urged completion of the ongoing pilot payroll audits and extension of the exercise to the entire civil service while strengthening control over hirings. They also encouraged the authorities to step up public financial management reforms.
Directors noted that substantial financing will be needed for the second phase of the Lesotho Highlands Water Project, and encouraged the authorities to pursue a prudent debt policy to ensure sustainability. They recommended prompt submission of the new public debt management bill to parliament.
Directors observed that the loti’s peg to the South African rand has successfully anchored Lesotho’s macroeconomic stability. They encouraged the authorities to consider moving toward a transparent and predictable rules-based fiscal framework, which, in addition to maintaining a sufficient stock of international reserves to secure the peg, would further reduce risks.
Directors welcomed the soundness of the banking sector. They emphasized the need for financial sector deepening to enable private sector-led growth, and recommended further strengthening the regulatory and supervisory framework, including effective cross-border supervision with South Africa, and establishing a functional credit reference bureau. Implementation of the Financial Sector Development Strategy will be important in this regard.
Directors encouraged the authorities to step up implementation of the National Strategic Development Plan to improve the business climate, raise competitiveness, and promote broad-based growth and poverty reduction.
Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa.
The experts cited the Group’s impact on job creation, import substitution, foreign exchange conservation and economic competitiveness.
They voiced their thoughts at the Lagos Economic Summit themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.
President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group’s sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.
He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment.
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Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remains the most effective path to sustainable economic development.
He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.
Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.
In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production.
He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.
Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa’s growing youth population.
Photo Caption: From Left – Chief Economist, Dangote Industries Limited, Dr. Hassan Mahmud; Lady Maiden Alex-Ibru; Chairman of Occasion/Special Guest of Honour, Samaila Zubairu; Key Note Speaker Session 1, Bismarck Rewane; during the Real Deal: Africa’s Greatest Investment Opportunity, Sponsored by Dangote Industry Limited in Lagos on Thursday 3, September 2026.
Social media critic Martins Vincent Otse, popularly known as VeryDarkMan (VDM), has released what he described as his first piece of evidence after the Nigeria Police Force challenged him to substantiate his allegations that some police officers allegedly collaborate with kidnappers.
VDM released a video on his Instagram handle on Thursday, August 27, 2026, shortly after the police invited him to provide evidence supporting the claims he made at the 66th Annual General Conference of the Nigerian Bar Association (NBA) in Port Harcourt.
SEE MORE: ‘Provide Evidence’ — Police React to VDM’s Explosive Kidnap Allegation
The activist captioned the video: “My evidence number 1.”
Recalled that VDM, who was a panellist at the NBA conference on Tuesday, had alleged that some police officers manning checkpoints along major highways provide kidnappers and bandits with information about travellers.
According to him, the officers allegedly relay details about the identities and movements of travellers to criminal groups, thereby facilitating abductions for ransom.
The allegation triggered a response from the Nigeria Police Force, which denied the claim and challenged VDM to substantiate his allegations.
The police invitation came as the force sought evidence to support the serious claims made by the social media critic.
In response, VDM released the video, describing it as his “evidence number 1”, signalling that he may provide further material to support his allegations.
The development has continued to attract attention, with the controversy placing renewed focus on allegations of possible collaboration between security personnel and criminal groups involved in kidnapping and banditry.
A former Permanent Secretary of the Federal Civil Service Commission, Goke Adeboroye, has questioned how an alleged fake presidential agency was able to gain access to government facilities, budgetary provisions and office space without being detected.
Adeboroye spoke on Channels Television’s Inside Sources following the discovery of the alleged Presidential Foreign Intervention Promotion Council by the Independent Corrupt Practices and Other Related Offences Commission.
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The ICPC had said the purported agency had no legal basis and operated with forged appointment letters and other official documents.
The commission also said its alleged Director-General, Adeniyi Matthew, was never appointed by the Federal Government.
The anti-corruption agency further disclosed that its investigation into the PFIPC led to the discovery of the National Brands Development and Made in Nigeria Special Project Office, which it alleged was operating within the Office of the Secretary to the Government of the Federation without proper authorisation.
Reacting to the development, Adeboroye described the situation as a major failure of the government’s bureaucratic system.
“The exposure of that fake presidential agency is a major lapse to say that somebody can actually come into the system, get in on the budget, get offices, and all of that,” he said.
The former permanent secretary identified weaknesses in the bureaucratic structures supporting key offices in the Presidency, including the Office of the Secretary to the Government of the Federation, the Office of the Chief of Staff to the President and the Office of the Head of the Civil Service.
According to him, the bureaucracy in these offices should be strong enough to support the President’s policies while also ensuring that fraudulent or unlawful directives do not gain effect.
“The bureaucracy in those offices are not strong enough to be able to help the President drive the vision at the speed and with the efficiency that he wants,” Adeboroye said.
He also stressed the importance of having professional and experienced civil servants who can scrutinise directives issued by political office holders.
Adeboroye said civil servants should be able to recognise suspicious communications purportedly coming from the Presidency because they are familiar with the official channels through which presidential approvals are transmitted.
“Whether the person brings fake or whatever, you as the civil servant should be trained to be able to detect what should be a genuine communication from the State House. You work in that system,” he said.
He explained that presidential approvals usually pass through established channels involving senior government officials.
“When the President approves anything, he always minutes to about three people. He goes to the Chief of Staff, he goes to SGF, and if he has something to do with civil service, the Head of Service will have it.”
Adeboroye recalled an incident from his time as Permanent Secretary in the Ministry of Interior involving a former governor who claimed to have presidential approval for a diplomatic passport.
He said the then Comptroller-General of the Nigeria Immigration Service, Ude, cross-checked the purported approval before taking action and subsequently sought clarification on whether the former governor, who was no longer in office, should receive the diplomatic passport.
“That’s somebody using the experience of the system to ensure that you are not outplayed,” he said.
The former permanent secretary said similar verification could have been carried out in the alleged fake agency case through a simple phone call to the relevant government offices.
“So we would have expected that on a simple phone call, when I was working in the office of Ekaite, Secretary of Government, I could pick a phone, call any minister, call this, it’s just a phone call from the office of whoever to say, Chief of Staff, is this true? And that would have actually corrected it,” he said.
Meanwhile, the controversy surrounding the National Brands Development and Made in Nigeria Special Project Office has continued.
The chairman of the project office, Musa Aliyu, had alleged that the office was allocated space within the OSGF premises without presidential authorisation.
However, the National Coordinator and Executive Director of the project office, George Nwabueze, denied the allegation, insisting that the office is a project office under the OSGF and has existed for 16 years.
Nwabueze also produced an appointment letter purportedly issued by the OSGF, conveying approval of his appointment as National Coordinator/Executive Director of the Made in Nigeria Project Office.
The conflicting claims have continued to raise questions about the authorisation and status of the project office and the alleged involvement of public officials in its operations.
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