Unrelenting price rises and a brutal insurgency had already made it hard for Nigerians in northeastern Borno State to feed their families. When a dam collapsed in September, flooding the state capital and surrounding farmland, many people ran out of options.

Now they queue for handouts in camps for those displaced by fighting between extremist Boko Haram rebels and the military. When those run out, they seek work on local farms where they risk being killed or raped by local bandits.

“I can’t even cry anymore. I’m too tired,” said Indo Usman, who tried to start again in the state capital Maiduguri, rearing animals for the two annual Muslim holy days, after years of repeatedly fleeing rebel attacks in rural Borno.

The flood washed that all away, driving her, her husband and their six children to a https://pluboard.com/2024/11/14/food/millions-going-hungry-as-borno-floods-worsen-economic-hardship/

Flash floods throughout West and Central Africa have left more than 5 million people in need of humanitarian assistance across Cameroon, Chad, Niger, Nigeria and other countries in the region. Torrential rainfall has disrupted access to essential services and increased the threat of disease, including a regional outbreak of cholera. The humanitarian response has been hindered by extensive damage to infrastructure; meanwhile, local humanitarian responders have themselves been impacted by https://pluboard.com/2024/10/23/environment/climate-change/responders-to-borno-floods-are-themselves-affected-by-crisis/

Dozens are feared dead after a boat carrying nearly 300 passengers, mostly women and children returning from a religious festival, capsized in Niger State.

The tragic incident occurred on Tuesday around 8:30 p.m. (1930 GMT) on the River Niger, according to Abdullahi Baba Arah, the head of Niger State Emergency Management Agency.Rescue workers, alongside local volunteers from Mokwa, have so far rescued around 150 people. However, the search for survivors continues.

“The search and rescue operation is still ongoing to locate more survivors,” Mr Arah said in a statement.

Ismaila Umar, a leader of https://pluboard.com/2024/10/02/nation/150-rescued-about-150-missing-after-boat-sinks-in-niger-state/

A Nigerian soldier, dismissed after accusing senior officers of rape and sexual harassment, has spoken out in a new video, criticizing her treatment by the military.

Ex-private Ruth Ogunleye first made the allegations in January via her TikTok account, where she claimed to have been sexually assaulted and harassed by a general and two colonels, leading to widespread outrage across https://pluboard.com/2024/09/25/gender/nigerian-soldier-sacked-after-accusing-senior-officers-of-rape-speaks-out/

President Bola Tinubu is preparing to reshuffle his cabinet, and the move could take place before October 1, according to his spokesperson.

Bayo Onanuga, the president’s media aide, confirmed the development during a press briefing on Wednesday, as reported by Premium Times.

“The President has expressed his desire to reshuffle his cabinet, and he will do it. I don’t know whether he wants to do it before October 1, but he will surely do it,” Onanuga said.

While no specific timeline has been provided, the reshuffle is expected to see some ministers dropped and others reassigned to different https://pluboard.com/2024/09/25/policy/tinubu-getting-ready-to-change-ministers-aide-says/

The Federal Government has officially increased the monthly allowance for National Youth Service Corps (NYSC) members to ₦77,000, starting from July 2024.

This marks a significant rise from the previous allowance of ₦33,000, in line with the recently enacted National Minimum Wage (Amendment) Act of 2024.

However, when adjusted for inflation and rising food prices, particularly the cost of rice—a staple in Nigeria—the new allowance holds less purchasing power than it did a decade ago.

In 2014, when corps members received https://pluboard.com/2024/09/26/nation/nysc-members-get-new-allowance-in-rice-terms-its-less-than-a-decade-ago/

The Central Bank of Nigeria raised its benchmark lending rate by 50 basis points to 27.25% on Tuesday, marking the fifth rate hike this year.

The decision, announced by Central Bank Governor Olayemi Cardoso, came as a surprise to analysts who had expected the rate to remain unchanged due to a recent decline in inflation and https://pluboard.com/2024/09/24/economy/cbn-surprises-markets-with-another-interest-rate-hike/

Nigeria’s unemployment rate increased to 5.3% in the first quarter of 2024, up from 5.0% in the third quarter of 2023, according to the latest report from the National Bureau of Statistics (NBS) released on Tuesday.

The unemployment rate represents the percentage of the labour force that https://pluboard.com/2024/09/24/economy/nigerias-unemployment-rate-rises-to-5-3-in-q1-2024/

Heavy rains have devastated 30 of Nigeria’s 36 states, with the government reporting 269 deaths and more than a million people affected. Over 640,000 have been displaced from their homes.

Maiduguri, the Borno state capital https://pluboard.com/2024/09/18/environment/climate-change/nigeria-floods-claim-269-lives-across-states/

The All Progressives Congress (APC) candidate, Monday Okpebholo, has been announced as the winner of the Edo State governorship election held on Saturday.

The announcement was made on Sunday night by the Independent National Electoral Commission (INEC) Returning Officer, Faruk Kuta, at the
https://pluboard.com/2024/09/23/politics/inec-declares-apc-candidate-winner-of-edo-governorship-election/

The Nigerian government caused a scare after surprisingly delaying coupon payments on two savings bonds for the second time in two months.

As investors voiced alarm this week, authorities attributed the delay to “system and processing issues” and dismissed any claims of financial difficulties affecting its ability to make https://pluboard.com/2024/09/21/economy/nigeria-denies-bond-default-after-delay-scare-but-what-if-it-happens/

President Bola Tinubu, on Sunday, congratulated the All Progressives Congress (APC) candidate, Monday Okpebholo, for his victory in the Edo State governorship election.

In a statement issued by his spokesperson, Bayo Onanuga, Tinubu claimed that the win reflects popular support for his administration’s policies, despite https://pluboard.com/2024/09/23/economy/tinubu-claims-edo-win-shows-nigerians-back-apcs-painful-economic-policies/

Nigerian President Bola Tinubu has acquired a new private jet, an Airbus A330 business aircraft, even as millions of Nigerians continue to struggle with severe economic hardship.

The move has sparked widespread criticism, with many questioning the government’s priorities as the country grapples with its worst economic crisis in decades.

The aircraft, now registered to the Nigerian Air Force, was purchased last month for $100 million, according to Premium Times.

According to data from FlightRadar24, the plane left Abuja for Nice, France, on Monday, marking the president’s latest international trip aboard the newly acquired jet. The jet replaces an older Boeing 737-700 that had been in service for 19 years.

“The new plane, bought far below the market price, saves Nigeria huge maintenance and fuel costs, running into millions of dollars yearly,” Mr Tinubu’s spokesperson, Bayo Onanuga, said in an emailed statement, according https://pluboard.com/2024/08/20/policy/tinubu-buys-100-million-jet-as-nigerians-suffer-severe-hardship/

TotalEnergies, operator of OML 58 onshore license in Nigeria with a 40% interest, together with the Nigerian National Petroleum Corporation Ltd (NNPCL, 60%), have taken the Final Investment Decision (FID) for the development of

Foreign direct investment (FDI) flows to Nigeria more than doubled in 2023, reversing a sharp decline from the previous year and defying both global and African trends, according to a new report by the UN Conference on Trade and Development (UNCTAD).

FDI into Nigeria reached $1.9 billion last year, up from $895 million in 2022, but still below the $3.3 billion recorded in 2021. Since 1990, Nigeria recorded its highest FDI levels in 2009 and 2011, with investments reaching $8.7 billion and $8.9 billion, respectively.

FDI refers to investments made by a foreign entity in the business interests of another country, such as https://pluboard.com/2024/06/21/economy/nigerias-fdi-doubles-in-2023-a-rare-positive-for-tinubu-government/

Pension payments to temporarily unemployed Nigerians surged over the past year, reaching a seven-year high in the first quarter of this year as the country faces its worst economic crisis in a generation.

Between January and March 2024, 8,651 individuals received a total of N14.2 billion from their pension savings contributions under the Contributory Pension Scheme. Federal law permits people under 50 who have lost their jobs and https://pluboard.com/2024/06/19/economy/nigerias-pension-payout-to-unemployed-at-7-year-high-as-economy-falters/

Rivers State has descended into political turmoil after state lawmakers attempted to impeach Governor Siminalayi Fubara, reportedly due to a feud with his political godfather, Nyesom Wike.

The House of Assembly, controlled by the Peoples Democratic Party, on Monday sacked the majority leader, Edison Ehie, a loyalist of the governor, with most members reported to have endorsed an impeachment notice against Gov Fubara.

It is not clear what charges the lawmakers raised against the governor who came to office on May 29. Fubara denied wrongdoing.

“Let them come out and tell Rivers people
https://pluboard.com/2023/10/30/politics/rivers-state-in-crisis-as-lawmakers-move-to-impeach-gov-fubara/

Nigeria aims to nearly double its revenue in 2024 to N17 trillion, the country’s highest ever, which could reduce the budget deficit to its lowest level in years. But raising that much could be problematic, as with past years.

The government has proposed a budget of N26 trillion for next year but will provide full details to the National Assembly by the middle of November. The proposed 2024 revenue of N17 trillion compares to N9.73 trillion in 2023 and N8.12 trillion in 2022.

Ben Akabueze, the head of the budget office, provided more insight on Monday on what the spending plan might look like.

“We are going to spend 26 trillion and
https://pluboard.com/2023/10/24/economy/tinubus-ambitious-revenue-plan-for-2024-faces-a-peculiar-challenge/

The Senate has proposed changes to Nigeria’s electoral laws to make the electronic transmission of election results compulsory from the 2027 polls.

The current law allows the Independent National Electoral Commission (INEC) to determine the mode of transmission, which could be electronic.

Ahead of the 2023 general elections, the electoral body repeatedly promised to upload election results from polling units online to improve transparency but refused to do so during the Feb. 25 presidential election. It claimed its systems suffered a “technical glitch”, details of which it has failed to provide.

Main opposition parties, Peoples Democratic Party and Labour Party, said the failure to electronically transmit results
https://pluboard.com/2023/10/23/politics/senates-new-proposal-could-put-inec-in-legal-jeopardy-in-2027/

The death toll from an earthquake that struck Morocco late Friday surpassed 1,000 on Saturday as rescue workers continued to comb through the rubble, the country’s interior ministry said.

The magnitude 6.8 earthquake, the strongest to hit the area in 123 years, left at least 1,200 people were injured, the government said. Officials warned the death toll was expected to rise.

The quake struck about 11:11 p.m. local time (11:11 p.m. Nigerian time) in the province of Al Haouz and was
https://pluboard.com/2023/09/09/africa/death-toll-exceeds-1000-from-morocco-earthquake/

President Bola Tinubu has appointed Olanipekun Olukoyede as new chairman of the anti-graft body, Economic and Financial Crimes Commission (EFCC).

Mr Olukoyede will replace Abdulrasheed Bawa, who is currently being held by the State Security Service over “weighty allegations of abuse of office levelled against him,” as described by the government in June when he was arrested.

The president’s spokesperson, Ajuri Ngelale, said in a statement on Thursday that Mr Bawa resigned. He did not say when that happened.

Mr Tinubu also appointed Muhammad Hassan Hammajoda as
https://pluboard.com/2023/10/12/policy/tinubus-efcc-chair-appointment-breaks-with-tradition-and-law/

The Central Bank of Nigeria has lifted a ban on 43 items that were previously restricted from accessing forex, a bank spokesperson said on Thursday.

The bank said it will boost the supply of foreign currency as pressure over chronic shortage of the dollar pushes the naira to record lows. The currency exchanged at 1040 to a dollar on the parallel market, and N759.20 on the official market on Thursday.

The bank advised buyers of foreign currency to quote rates from its website, FMDQ, and other recognised or appointed trading systems.

“As part of its responsibility to ensure price stability, the CB will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to
https://pluboard.com/2023/10/12/economy/textile-maize-importers-can-get-forex-as-cbn-unbans-43-items-see-full-list/

The Nigerian government says it will henceforth issue passports within two weeks, a huge improvement from the months-long wait in the past.

Interior minister Olubunmi Tunji-Ojo announced the new timeline in Abuja Wednesday. He had in early September given the Nigeria Immigration Service two weeks to clear a backlog of more than 204,000.

The minister apologised the service could not meet the deadline but said they have made great progress.

Quote

“On Sept. 7, we made a promise to sort out the backlogs in two weeks, but we made it in three weeks and I sincerely want to apologise
https://pluboard.com/2023/10/04/nation/nigeria-aims-to-issue-new-passports-in-two-weeks/

At least 37 people were burned to death after an explosion at an illegal oil refinery in Rivers state, a local security official and community leader said on Tuesday.

The victims included two pregnant women, Reuters reported.

The incident happened in the early hours of Monday in the Ibaa community in Rivers, Rufus Welekem, the head of security in the community said.

A Reuters witness saw charred remains of 15 people at an open space surrounded by burnt palm trees and a motorbike.

“Thirty five people were caught in the fire. Two people who were lucky to escape also died this morning in
https://pluboard.com/2023/10/03/nation/explosion-kills-37-at-illegal-refinery-in-rivers/

Investment company, Risevest, which allows Nigerians invest in local and foreign securities using apps, has acquired its competitor, Chaka, for an undisclosed amount.

The companies confirmed the sale on Wednesday.

“Today, we are thrilled to share some exciting news that will shape the future of financial services for our valued users. Risevest has officially acquired Chaka, and together, we are embarking on a journey to build a more formidable and comprehensive financial partner for our users’ financial journey,” they said in a statement.

Chaka and Risevest will remain separate products, they said.

Risevest founder Eke Urum was earlier quoted by TechCrunch as
https://pluboard.com/2023/09/28/markets-investing/risevest-buys-chaka-firms-speak-on-how-investors-will-be-impacted/

Tomato maker Erisco Foods Ltd. has refused to back down from its controversial decision to go after a customer over an unfavourable review of its product, vowing to sue for N5 billion if she failed to apologise publicly.

Founder and chief executive Eric Umeofia said Chioma Egodi Jnr apologised to the company in writing before she was released from a police detention instigated by the firm.

He said the customer agreed to post the apology online but has yet to do so days after her release.

“People should go and read what she posted to show you that she is determined to kill us. So why must I leave her?” he said during an interview with Arise TV on Thursday.

Asked how much his company would be suing for, Mr Umeofia said “N5 billion.”

“I have credit lines of $15 million from two customers and now it is suspended. From China. Because they say I’m not likely to pay them the credit if they give me,” he said.

“She signed the apology letter and she has
https://pluboard.com/2023/09/28/consumer/erisco-doubles-down-threatens-customer-over-tomato-review/

Nigeria’s digital quality of life has fallen for consecutive four years since 2020, dipping in global ranking from 81st to 88th this year, according to a new report by cybersecurity company Surfshark.

The Digital Quality of Life (DQL) Index 2023 examined 121 nations based on internet affordability, internet quality, electronic infrastructure, electronic security and electronic government.

Nigeria ranked 62nd in internet quality, 73rd in electronic security and 88th in electronic government this year. It scored 93rd in electronic infrastructure and 108th in internet affordability.

Overall, Nigeria came 88th in 2023, down from 81st in 2020, 82nd in 2021, and 86th in 2022. It improved in three of the indicators from last year.

Not that bad
Nigeria did better than Ghana, which came 96th in the world, dropping by eight places from last year. Nigeria ranked
https://pluboard.com/2023/09/25/infrastructure/nigerias-digital-quality-of-life-declines-for-fourth-straight-years/

The Central Bank of Nigeria has postponed its monetary policy meeting.

It comes a week after President Bola Tinubu appointed Olayemi Cardoso as CBN governor, and as the naira fell to record lows.

The MPC meeting scheduled for Sept. 25-26, was postponed until further notice, the central bank said in a statement on Thursday. It gave no reason for the shift.

The central bank announces its benchmark interest rates at the MPC meetings, and uses the rates to try to address inflation, drive growth and stabilize the naira.

Naira fall
The naira has fallen more than 60% since the new government of President Bola Tinubu in June removed controls and allowed the currency trade more freely.

On Wednesday, the currency traded at 985 to the U.S. dollar on the black market, and at ₦770.7 on the official market.

Nigeria’s inflation rate jumped to a more than 18-year high on rising energy and food prices in August, with consumer prices climbing an annual 25.8% in August, compared with 24.1% the previous month.

Annual food inflation quickened to 29%. The increases led to expectations the CBN would increase its lending rate further to try to cool prices,
https://pluboard.com/2023/09/21/economy/cbn-postpones-interest-rate-meeting-as-old-leadership-resigns/

In the early hours of Sunday, March 26, Quadri Tella woke up to an emergency phone call that left him confused. The caller informed him that his girlfriend of three years had been rushed to the hospital and they needed to make an advance payment for care to be administered.

“They took her to the hospital at about 2 am. She had been sick with a high fever, and the nurse available said it was food poisoning. They were asking for N25,000,” Tella recalled highlights of the telephone conversation.

With only N15,000 in his account, the 32-year-old Lagos-based factory worker said he was left with no other options than to patronise an online lending company for the remaining N10,000.

The last loan shark he borrowed from had sent abusive and threatening messages to him and his contacts for failing to pay back. This time, he decided to try a new one.

He went for NINECASH, which operates on browsers and not on Google Playstore or App Store. Such apps can be downloaded from Android Package Kit (APK), and because they have fewer Know Your Customer (KYC) requirements, they are popular among young Nigerians in
https://pluboard.com/2023/09/21/consumer/how-chinese-linked-loan-sharks-evade-google-ban-to-target-nigerians/

Naira fell to a record low on the black market on Wednesday, edging closer to 1000 to a dollar, as Nigeria’s foreign exchange problems fails to improve.

The currency traded at 980 to the U.S. dollar compared to 965 on Tuesday, according to AbokiFx, a website which publishes black market exchange rates for the currency,

The official market closed Wednesday at ₦770.7.

“The current free fall of the naira is mostly driven from speculation as the black market premium has reached 23.3%,” Reuters quoted a trader as saying.

“The pressure also shows that liquidity in the official market is unable to support about $400 million petroleum importers need monthly to import refined fuels, given their 70% control of the market,” he said.

Big fall
The currency has fallen more than 60% across both markets since the new government of President Bola Tinubu in June removed
https://pluboard.com/2023/09/20/economy/naira-hits-record-low-inches-closer-to-1000-against-dollar/

Naira fell to a record low on the black market on Wednesday, edging closer to 1000 to a dollar, as Nigeria’s foreign exchange problems fails to improve.

The currency traded at 980 to the U.S. dollar compared to 965 on Tuesday, according to AbokiFx, a website which publishes black market exchange rates for the currency,

The official market closed Wednesday at ₦770.7.

“The current free fall of the naira is mostly driven from speculation as the black market premium has reached 23.3%,” Reuters quoted a trader as saying.

“The pressure also shows that liquidity in the official market is unable to support about $400 million petroleum importers need monthly to import refined fuels, given their 70% control of the market,” he said.

Big fall
The currency has fallen more than 60% across both
https://pluboard.com/2023/09/20/economy/naira-hits-record-low-inches-closer-to-1000-against-dollar/

Sixty-nine people arrested in Nigeria for allegedly holding a gay wedding party have been granted bail and are to pay N500,000 each for their release, their lawyer said.

The individuals were paraded by the police in Delta state on Aug. 27. Police said they were arrested at Ekpan community in Uvwie local government area (LGA) of Delta during a same-sex wedding ceremony.

They were taken before a state high court on Sept. 4.

Nigeria has stringent anti-gay laws. The Same Sex Marriage Prohibition Act, enacted in 2014, criminalizes same-sex marriage and public display of same-sex relationships. It punishes such acts with prison sentences of up to 14 years.

The law also punishes establishing, supporting, and participating in gay organizations with up to
https://pluboard.com/2023/09/20/nation/nigerian-court-sets-bail-at-half-a-million-naira-for-69-lgbtq-suspects/