In a move aimed at fortifying Nigeria’s foreign exchange reserves, the Central Bank of Nigeria (CBN) has successfully sold Treasury Bills worth a staggering N1.3 trillion. This unprecedented sale, predominantly targeted at attracting overseas investors, comes amidst mounting pressure on the Naira due to dwindling forex reserves. The recent scarcity of foreign exchange has significantly strained the Naira’s value, necessitating swift action from the CBN. By offering compelling interest rates on these Treasury Bills, the central bank endeavors to lure foreign investors into injecting much-needed dollars into the economy, thus alleviating the forex scarcity and potentially stabilizing the Naira’s exchange…
Author: Editor Francis
In the latest Foreign Trade Statistics released by the National Bureau of Statistics (NBS), it was revealed that petroleum oils and oils obtained from bituminous mineral crude dominated Nigeria’s exports in the fourth quarter of 2023. Representing a staggering 81.23% of the country’s exports during this period, this sector emerged as the largest contributor to Nigeria’s export economy. The data showcased the prominence of ‘Petroleum oils and oils obtained from Bituminous minerals crude’ as the primary export, with a substantial value of N10,310.70 billion. Following closely behind were ‘natural gas’ and ‘Urea, whether or not in aqueous solution,’ with N1,015.84…
In the global landscape of travel, the quest for passports granting hassle-free access to numerous countries has intensified, attracting the attention of business professionals, celebrities, avid travellers, and those with extensive international connections. The VisaGuide.World Passport Index has introduced a groundbreaking methodology for ranking passports, considering a broader spectrum of factors than traditional indexes. Throughout 2023, countries worldwide actively pursued agreements to simplify visa processes, aiming to empower their passport holders and strengthen diplomatic ties. The year witnessed significant fluctuations in passport power, with some nations soaring to unexpected heights while others faced challenges in maintaining their positions. According to…
In a strategic move aimed at enhancing its economic standing on the global stage, the Federal government of Nigeria is actively considering submitting an application for membership in the influential international organization, BRICS. The announcement, shared by an international union on social media platform X (formerly Twitter) on Friday, revealed Nigeria’s intentions to join the ranks of major world powers like China and Russia, as well as influential regional players such as South Africa and Brazil. BRICS, known for its collective economic prowess and significant geopolitical influence, boasts a combined population of approximately 3.5 billion people, representing a substantial 45%…
Nigeria sets a new course for economic prosperity with the inauguration of the Midstream Downstream Gas Infrastructure Fund (MDGIF), Governing Council. Led by the Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, the council is committed to unlocking the potential of Nigeria’s gas sector. During the inaugural meeting in Abuja, Minister Ekpo, who also chairs the council, emphasised the importance of collaboration among all stakeholders, both domestic and international. This initiative aligns with the executive orders on petroleum sector reform recently signed by President Bola Tinubu, aiming to stimulate investment in the oil and gas industry.…
The tech giant Microsoft disclosed that it fell victim to a significant breach by Russian state-backed hackers, surpassing previous assessments of the intrusion’s severity. The revelation, made on Friday, underscores a broader and more serious compromise of its core software systems than initially acknowledged. According to reports from CNN, Microsoft stated that hackers, believed to be supported by the Russian government, utilized stolen data from the company’s corporate email systems to infiltrate “some of the company’s source code repositories and internal systems.” Source code, the fundamental architecture of software, is highly sought-after by both corporations and espionage entities due to…
The Federal Government of Nigeria has announced the suspension of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as revealed in a statement issued by Dele Kelvin Oye, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), on Friday. The decision to suspend the levy implementation comes in the wake of a successful Trade and Investment outreach led by President Bola Ahmed Tinubu in Qatar. This outreach facilitated a productive meeting between President Tinubu, Minister of Industry, Trade and Investment Doris Aniete, and Minister of Interior Olubunmi Tunji-Ojo. Attended…
The Nigeria Labour Congress (NLC) has been persistent in its demand for a living wage for workers, urging the federal government to ensure that salaries are in line with the cost of living. This call was reiterated by the NLC President, Joe Ajaero, during the 11th Quadrennial Delegates Conference of the Medical and Health Workers Union of Nigeria. Ajaero highlighted the dire economic situation faced by workers, emphasizing that many are struggling to afford basic necessities, leading to desperate measures such as raiding food trucks and warehouses. He criticised the government for failing to address the plight of the people…
A devastating fire engulfed Kpakpando FM, located in Mbaukwu, Awka South Local Government Area of Anambra State, on Thursday evening around 9:30 PM. The blaze ravaged the office building, causing partial damage to the studio equipment. Fortunately, there were no casualties reported in the inferno, though the cause remains undetermined. State Fire Chief, Engr Martin Agbili, confirmed the incident, commending the swift response of his team, which managed to salvage some equipment and parts of the building. Agbili stated, “At approximately 9:39 PM on Thursday, March 7, 2024, Anambra State Fire Service received a distress call regarding a fire outbreak…
The United Nations Children’s Fund (UNICEF) has strongly condemned the recent abduction of students by bandits in Kaduna State, labeling it as part of a concerning trend of attacks on educational institutions across Nigeria. Over 280 pupils and teachers were reportedly taken from Government Secondary School and LEA primary school in Kuriga, Kaduna State. In a statement issued by UNICEF Representative in Nigeria, Cristian Munduate, the organization expressed deep concern over the frequency of such incidents, emphasizing the urgent need for action at all levels of government and society. Munduate described schools as supposed sanctuaries of learning and growth, decrying…
President Macky Sall of Senegal has declared March 24, 2024, as the new date for the country’s presidential elections. This decision, reported comes after weeks of intense political unrest, with citizens demanding the expedited scheduling of the vote. The announcement on Wednesday followed a cabinet meeting, which was convened in light of a ruling by Senegal’s highest court in February. The court had found President Sall’s proposal to delay the election until after his term ends on April 2 to be in violation of the constitution. In a move that further heightened the day’s tensions, President Sall also dissolved his…
In commemoration of this year’s International Women’s Day, President Bola Tinubu has lauded Nigerian women, hailing them as the cornerstone of the nation’s progress. Recognising the pivotal role of women in nation-building, President Tinubu unequivocally asserts that Nigerian women are indispensable to the nation’s development, growth, and overall greatness.Chief Ajuri Ngelale, the Special Adviser to the President on Media & Publicity, conveyed the President’s message on thursday Highlighting the remarkable achievements of Nigerian women across various fields, the President underscores their resilience, strength, courage, and ingenuity, which serve as a beacon of hope and possibility for women globally. Aligning with…