Nigeria’s currency, the naira, which has been depreciating for months in the foreign exchange market, ended this week on a positive note at the rate of N1,431.49 against one US Dollar at the official market.

According to the rate quoted at the Nigeria Autonomous Foreign Exchange Market (NAFEM) where the naira and other foreign currencies are officially traded, this is a 1.50 per cent gain compared to Thursday’s closing rate of N1,453/$1.

According to data published by FMDQ Exchange, the Naira recorded an intra-day high of N1,468/$1 and a low of N1,301/$1. The data also indicated a forex daily turnover of $199.7 million culminating in a total turnover of $1 billion this week alone, reflecting an improved liquidity which experts have said was needed to bring down the rate of exchange which is still high compared to what it was about nine months ago.

On the parallel market where the exchange rate trades unofficially, traders quoted between N1400 and N1480/$1.
The naira has sustained its trend of appreciation since the week began on Monday, 18 March 2024 when it closed trading at N1,572.86/$1 against N1,602.75/$1 it traded on Friday, 15 March 2024 at the official market.
Read more at: https://www.primebusiness.africa/forex-naira-ends-week-on-positives-note-with-n1431-at-official-market/?utm_source=notifications&utm_medium=website&utm_campaign=one+signal

One of the leading cement, producers in Nigeria, BUA Cement, has increased the salaries of its staff by 50 per cent in response to the current economic hardship in the country caused by the high cost of things.
This was confirmed in an internal memo released on Sunday in Lagos, signed by BUA’s Head of Human Resources, Mr. Mohammed Wali.
According to the memo, the salary increase which is for both permanent and non-permanent staff effective from February 1, 2024, is to help cushion the effect of the current economic hardship in the country for the staff.

“The Human Resources and Finance departments are processing the increase to ensure that it is captured in the February 2024 payroll,” the memo stated.

“It is hoped that with this magnanimous gesture, we will be more committed to our duties and put in our very best to justify the confidence reposed in us.”

The increase in staff salaries comes as the price of a 50kg bag of BUA Cement rose by 150 per cent in four weeks.
The Price of 50kg BUA cement was N5,200 in the second week of January. By the third week, it increased to N5,700, only to move to N6,500 by the end of the same week. The price later rose to N7,200 the following week and settled for N9,500 by the end of the fourth week of January. It hovered between N10,000 and N10,500 in the fifth week of January and sold for N12,000 and N12,500 by the end of the first week of February, only to oscillate between N13,500 and N14,700 as of 18 February 2024.

Read more: https://www.primebusiness.africa/how-bua-cement-price-rose-150-in-4-weeks-mgt-jerks-up-staff-salary-by-50/

he United States District Court for the District of Columbia has rejected an emergency application seeking the release of the confidential information that top US law enforcement agencies have on Nigeria’s President, Bola Ahmed Tinubu.

In June, an American, Aaron Greenspan, had filed a suit under the Freedom of Information Act (FOIA) against the Executive Office for United States Attorneys (EOUSA), Department of State, Federal Bureau of Investigation (FBI) Internal Revenue Service, Drug Enforcement Administration, and the Central Intelligence Agency (CIA) to hasten the release of Tinubu’s dossier.

In his complaint, Greenspan accused the law enforcement agencies of violating the FIOA by failing to release within the statutory time “documents relating to purported federal investigations into” President Tinubu and one Mueez Adegboyega Akande, who is now deceased.

According to him, the records being requested were from the Northern District of Illinois and/or Northern District of Indiana “involving charging decisions” against Messrs Tinubu and Akande.

Court filings showed that the EOUSA denied Greenspan’s FOIA request “invoking FOIA Exemptions 6 and 7(c), which protect information that would constitute unwarranted invasions of personal privacy and information compiled for law enforcement purposes that may constitute an unwarranted invasion of the personal privacy of a third party.”

READ MORE: https://www.primebusiness.africa/why-us-court-refused-to-order-release-of-fbi-cias-intel-on-tinubu/

The All Progressives Congress (APC) has asserted that the People’s Democratic Party (PDP) is bound to face a “spectacular and ignominious defeat” in the ongoing battle at the Supreme Court between the APC, PDP, and the Labour party, concerning Bola Tinubu’s declaration as winner of the February 25 election.

The party said PDP must be thoroughly deluded to imagine that it can get through the court what it deservedly failed to get through the polls.

Earlier, the PDP had in a statement released through its National Publicity Secretary, Hon. Debo Ologunagba, ahead of the hearing of the presidential election petition appeal, expressed optimism and confidence in emerging victorious as they believed that the Supreme Court would fully deliver justice on the matter being “…guided by the provisions of the law, the body of evidence, circumstances and facts presented before it.”
The PDP also expressed hope in the Supreme Court using the “Case to firmly validate the maxim that the judiciary is the last hope of the common man” in order, to meet the earnest expectation of Nigerians and lovers of democracy all over the world who are also optimistic that the Supreme Court would dispense great justice through the application of the law in the matter.

Apparently reacting to PDP’s statement prior to the Supreme Court sitting on Monday, the APC in a statement signed by its National Publicity Secretary, Felix Morka, said that the PDP was hallucinating for expressing confidence in their candidate, Alhaji Atiku Abubakar, emerging victorious in his appeal at the Supreme Court.

According to Morka, ‘’Court Cases are won on the strength of cogent, credible, compelling or substantial evidence, not on hollow, implausible, capricious tales and fabrications of the kind that Atiku Abubakar dumped on the court in the guise of a ‘body of evidence’, evidencing nothing.


Read more: https://www.primebusiness.africa/a-spectacular-and-ignominious-defeat-awaits-you-apc-tells-pdp/

Nigeria’s Senate President, Senator Godswill Akpabio’s, has debunked allegations of being behind the removal of Senator Elisha Abbo from the upper legislative chamber.
Senator Abbo, who represented Adamawa North senatorial district, had hours after his disqualification by the Abuja court of Appeal on Monday, accused Akpabio of being behind his loss.
The three-member panel of the court presided over by Justice C.E. Nwosu-Iheme, ordered the Independent National Electoral Commission (INEC) to issue a Certificate of Return to Amos Yohanna as the duly elected lawmaker representing the area in the National Assembly.
The appellate court vacated the tribunal judgment which had earlier affirmed Abbo of the All Progressives Congress (APC) as the winner of the senatorial election.
Abbo, however, claimed that he was being punished for not supporting the emergence of Akpabio as president of the 10th Senate. Abbo supported Senator Abdullaziz Yari, who later didn’t win following the majority votes cast in favour of Akpabio.
Reacting to Abbo’s allegation, Akpabio’s spokesman, Eseme Eyiboh, in a statement said the Senate President had no hand in the lawmaker’s removal. According to him, “The outcome of any court proceeding is a function of the evaluation of facts and evidence within the province of the rule of law.”
“I strongly reject claims by Senator Elisha Abbo that the Senate President influenced the judgment of the Court of Appeal that sacked him from the Senate.”
“It is uncharitable for Senator Abbo to pour his frustrations on Senator Akpabio or anyone else and his action betrays the bile he has for Senator Akpabio.
“Senator Akpabio for emphasis has no ill-will towards any of his distinguished colleagues and as he has said in the past, the embers of the leadership election have been buried and replaced by the fraternal bond of nation building he shares with the overwhelming majority of senators”.

https://www.primebusiness.africa/akpabio-denies-influencing-court-removal-of-senator-abbo/

Naira Exchange Rate Crisis Strands Imported Vehicles At Seaport- Custom

Nigerian customs authorities have revealed that the ongoing crisis in the Nigeria exchange rate has left imported vehicles stranded at a major Nigerian seaport.

This was revealed by Comptroller Dera Nnadi, the Nigeria Customs Service area controller for the Tin Can Island Command, during a candid conversation with members of the Association of Nigerian Licensed Customs Agents (ANLCA).

The ongoing fluctuations in the Naira exchange rate have given rise to a concerning situation at the port, where importers have been forced to abandon thousands of fairly used vehicles.

Nnadi minced no words as he decried the continuous decline in cargo throughput at the command, a trend that has been deeply exacerbated by the sharp fluctuations in exchange rates.

The number of vehicles processed by the command has plummeted from a substantial 32,000 in 2018 to a mere 4,000 units in 2023, marking an astounding 85% drop in just five years.
Read more:
https://www.primebusiness.africa/naira-exchange-rate-crisis-strands-imported-vehicles-at-seaport-custom/

Last week’s collapse of the national electricity grid which is the third time in less than a month, resurrected talks about poor electricity infrastructure across the country and the reality of what Nigerians face on a daily basis in their struggle to have access to what should be a basic amenity for driving socioeconomic activities.

The national grid collapse which occurred on Tuesday, 19 September, came barely five days after the grid collapsed twice within a space of about 12 hours. It dropped from a peak of 3,594.60 megawatts (MW) at midnight to a meagre 42.7mw at 12 noon.

The Transition Company of Nigeria (TCN) had in a statement by its General Manager, Public Affairs, Ndidi Mbah, on 14 September 2023, blamed the grid collapse on a fire incident on Kainji/Jebba 330KV Line 2, adding that the incident is being investigated, with “the view to forestalling future occurrence and invariably further strengthening the grid.” Before then, the TCN had celebrated over 421 days of consistent grid stability.

However, the TCN could not offer an explanation for the subsequent grid collapses.

In 2022, the grid collapsed seven times, with the Federal Government promising to end it.

The latest, no doubt, plunged many Nigerian homes and businesses into total blackout.

The Electricity crisis has been a perennial problem in the country. With over 200 million population, Nigeria rarely boasts of 5000 megawatts (MW) of power successfully generated, transmitted, and distributed since the advent of grid electricity in the country to date.

Despite the unbundling and privatisation of the power sector in Nigeria, not much improvement has been achieved thus leaving a majority of the citizens to resort to alternative energy sources which are most times considered unsafe.

Grid collapses despite funding interventions for transmission infrastructure improvement Nigeria has spent billions of dollars, secured through loans, on funding the transmission infrastructure but keeps experiencing collapses of the national grid.

During the administration of the immediate past President, Muhammadu Buhari, Nigeria secured about $7.5 billion loans to boost transmission infrastructure. The loans were obtained from multilateral institutions such as the World Bank, the African Development Bank (AfDB), the government of Japan, and the Islamic Development Bank (IsDB), among others.

https://www.primebusiness.africa/power-nigerians-in-dilemma-of-national-grid-collapse-and-high-fuel-cost/

Since its inception in 2006, The Headies has played a pivotal role in celebrating and recognizing achievements in the Nigerian music industry. Over the years, it has evolved into the most prestigious accolade in Nigerian music, a testament to the growing influence and creativity of the country’s artists.
To read more visit: https://www.primebusiness.africa/5-major-wins-at-the-headies-awards-2023/

President Bola Tinubu has today, 21 August sworn in 45 ministers recently assigned portfolios. He told the new ministers that they have come to serve the entire country, not a region, state, or ethnic nationality, and should therefore, strive to deliver so that people can once again believe in the ability of government as an agent of positive transformation.
For more on this story, visit: https://www.primebusiness.africa/tinubu-to-new-ministers-your-task-of-nation-building-begins-immediately/

The Nigeria Air Force (NAF) has countered the claim by a notorious terrorist group that it was responsible for shooting down a NAF helicopter on a rescue mission in Niger State on Monday with Ak47 rifle.

The terrorist group linked to one Abdullahi Abubakar, popularly known as Dogo Gide claimed to have shot down the NAF helicopter with AK47 rifles.
for more, visit: https://www.primebusiness.africa/bandits-cant-gun-down-air-craft-with-ak47-rifle-naf/

Former Nigeria’s Minister of Education, Dr Oby Ezekwesili, has stated that with the 2023 general elections over, the fate of the country’s democracy now lies on the outcome of the ongoing judicial process.
For more on the story, visit: https://www.primebusiness.africa/2023-polls-fate-of-nigerias-democracy-lies-on-judicial-process-outcome-oby-ezekwesili/

Nigerian President Bola Tinubu, who is also serving as the ECOWAS Chairman, has advocated the use of diplomacy and dialogue as the preferred strategy over a military intervention to restore democracy in Niger after the recent coup.

The President conveyed this message during the ECOWAS meeting held in Abuja on Thursday.
For more on this, visit: https://www.primebusiness.africa/niger-coup-tinubu-calls-diplomatic-approach-against-military-action/

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the Nigerian government to take necessary steps towards creating a conducive environment for businesses and reverse the ugly trend of companies collapsing in the country.

NACCIMA made the call while reacting to the recent news of the exit of GlaxoSmithKline, a major British Pharmaceutical manufacturing and distribution company, from Nigeria.

The ongoing crisis between Russia and Ukraine has continued to pose a significant negative impact on the global economy with supply chain disruptions on countries that depend on imports from the two nations.

This time, African countries including Nigeria may have to grapple with a fresh surge in food prices said the United States Agency for International Development (USAID).
https://www.primebusiness.africa/how-russias-withdrawal-from-black-sea-grain-deal-may-escalate-food-shortages-in-african-countries/

Leaders of the military junta in Niger Republic have named Ali Mahaman Lamine Zeine as the new prime minister of the country, nearly two weeks after seizing power from the democratically elected president, Mohamed Bazoum.

for more, visit: https://www.primebusiness.africa/meet-nigers-new-prime-minister-ali-mahaman-lamine-zeine-announced-by-coup-leaders/

As Nigerians grapple with the prevailing challenges, President Bola Tinubu has reiterated the resolve of his administration to deal with the issues and restructure the economy for long-term gain.
To read more, visit https://www.primebusiness.africa/well-brace-the-odds-to-reengineer-nigerias-economy-tinubu/

As Nigerians grapple with the prevailing challenges, President Bola Tinubu has reiterated the resolve of his administration to deal with the issues and restructure the economy for long-term gain.
To read more, visit https://www.primebusiness.africa/well-brace-the-odds-to-reengineer-nigerias-economy-tinubu/

Former Nigeria’s Minister of State for Health, Professor Muhammad Ali Pate, says Nigeria has the capacity to begin the production of vaccines to tackle cancer and other communicable and noncommunicable diseases in the country.

Pate said the country needs to strengthen the healthcare system, noting that what happened during the COVID-19 pandemic shows that health security is part of national security and equally has a link with the economic wellbeing of a nation.
For more on the story visit: https://www.primebusiness.africa/nigeria-can-begin-vaccines-production-to-tackle-cancer-other-diseases-ali-pate/

Many sick Nigerians are now unable to visit hospitals for serious medical conditions and patients are unable to afford prescription drugs due to inflation.

Important drugs are largely imported and the continuously dwindling value of the local currency, the Naira, due to foreign exchange (FX) scarcity and other regulatory issues have ensured that local prices of drugs, medical equipment and pharmaceutical products remain high.
To read more, visit https://www.primebusiness.africa/rising-cost-of-drugs-takes-toll-on-nigerian-patients-as-fx-scarcity-hits-hard/

Obi-Datti Media Office has criticized the report released by the Economist Intelligence Unit (EIU) which predicted that the Presidential Election Petition Tribunal is likely to uphold the declaration of Bola Tinubu as winner of the last presidential poll.
EIU which in its latest report projected that the tribunal won’t overturn Tinubu’s victory as declared by the Independent National Electoral Commission (INEC), also predicted that the presidential candidate of the Labour Party (LP), Mr. Peter Obi would emerge a formidable force in 2027.
To read more, visit: https://www.primebusiness.africa/obi-datti-blasts-eiu-for-predicting-tinubus-victory-at-tribunal/[color=#000099][/color]

Germany has suspended financial aid to Niger as well as development cooperation following last week’s coup.
The announcement also warned that Germany could take further measures...
For more, visit: https://www.primebusiness.africa/niger-coup-germany-suspends-financial-aid-development-cooperation/
[color=#000099][/color]