Nigerians Face Fresh Inflation Due To Rising Petrol Prices

October 14, 2024

Nigerians may soon face a renewed inflation surge due to continuous rising petroleum prices as announced by the Nigerian National Petroleum Commission, despite the Central Bank of Nigeria’s (CBN) efforts to curb rising prices.

Analysts are predicting that inflation for September could climb to 32.3 percent, primarily driven by higher petrol prices. This comes as CBN Governor Yemi Cardoso continues to battle inflationary pressures amid volatile economic conditions.

In his first year in office, Cardoso has raised Nigeria’s benchmark interest rate five times, amounting to an 850 basis-point increase. This aggressive monetary tightening was aimed at reining in inflation, which had spiralled due to excessive government spending through “ways and means.” As a result, interest rates now stand at a significant 27.25 percent.

These measures appeared to bear fruit in July 2024, when annual headline inflation dipped to 33.4 percent, marking the first decline in 19 months. Inflation further eased to 32.5 percent in August, creating the narrowest gap between the interest rate and inflation seen this year. This led many analysts to expect a pause in further rate hikes. However, the CBN’s Monetary Policy Committee (MPC) opted for a surprise 50 basis-point hike during its last meeting.

Cardoso explained that the decision was based on persistent economic challenges, including food inflation, the impact of widespread flooding on agricultural output, and rising petrol and energy prices. These factors have led analysts to revise their inflation forecasts upward for September.

The Financial Derivatives Company Limited, an economic think tank, projects headline inflation will increase slightly by 0.22 percent to 32.37 percent. This uptick is expected to be driven by recent petrol price hikes, exchange rate volatility, and the impact of flooding on northern Nigeria’s agriculture sector. The report also anticipates a modest month-on-month inflation increase to 2.38 percent from August’s 2.22 percent.

The rising cost of petrol has significantly impacted Nigerian consumers and businesses alike. Last week, the Nigerian National Petroleum Corporation (NNPC) raised petrol prices again, with rates now ranging from N950 to as high as N1,030 per litre in some regions. This is the second petrol price hike in two months, further straining household budgets and pushing up transportation and commodity prices.

Businesses are also feeling the pinch, with many passing on the increased costs of energy and loans to consumers, leading to higher prices across the board. The challenges faced by manufacturers and businesses are further exacerbated by high borrowing costs, as the CBN’s rate hikes have made credit more expensive.

At the core of Nigeria’s inflation woes is the imbalance between monetary and fiscal policies. Cardoso has stressed the need for oil production to be ramped up to support the economy. He also called for greater economic diversification, noting that without solid economic fundamentals, the CBN’s measures can only achieve limited success.

The central bank’s tightening policies have succeeded in attracting foreign portfolio investments, with $3.48 billion flowing into the country during the first half of 2024.

However, the continued depreciation of the naira, which has lost 70 percent of its value under President Bola Tinubu’s administration, remains a concern. The naira currently averages 1,621.12 to the dollar at the Investors and Exporters window.

Nigerian Manufacturers Turn To Local Raw Materials Amid Forex Crisis

Profit Rates On Treasury, OMO Bills Fall At CBN Auctions

October 14, 2024

CBN Reiterates Determination To Phase-out Old Naira Notes

In response to rising demand for naira assets, the monetary authority has begun to reduce interest rates on Nigerian Treasury and OMO bills in the primary market. This week, the market is waiting for inflation statistics. Analysts believe that inflation will continue to have an impact on asset pricing in the debt capital market.

In the fixed income group, the real return difference has narrowed to 4.9% after the monetary authority raised the benchmark interest rate to 27.25% last month to combat inflation of 32.15%.

The Debt Management Office (DMO) issued N81.90 billion in instruments to investors across conventional maturities at the biweekly Nigerian Treasury bills auction on behalf of the Central Bank of Nigeria (CBN).

Last week, a total of N28.47 billion of 91-day bills was offered at the primary market auction conducted by the Apex Bank to investors seeking cover against inflation. The CBN also opened N22.67 billion worth of 182-day Nigerian Treasury bills for subscription and N30.76 billion for the 364-day bills to market participants.

According to Cordros Capital Limited, aggregate subscription settled lower at N271.87 billion, translating to bid-to-offer of 3.3x, compared to the previous auction subscription level of N304.27 billion.

Eventually, the DMO allotted exactly the amount offered – N12.96 billion for the 91-day, N3.91 billion for the 182-day and N65.03 billion for the 364-day papers.

The auction results revealed that stop rate for 91-day treasury bills was priced at old rate of 17.00%, 181-day bills was sold to investors at the old rate of 17.50%. Reflecting previous pattern before benchmark interest rate was adjusted upward, the CBN slashed rate on 364 day bills to 19.86% from 20%.

Also, the CBN also conducted an OMO auction offering instruments worth N300.00 billion across standard maturities to breeds of investors.

The Apex Bank opened bid for N25.00 billion for the 95-day OMO bills for subscription. The CBN also offered to sell N25.00 billion of 179-day OMO bills and N250.00 billion worth of 361-day OMO Bills to investors.

Investors maintained previous positioning pattern at the longer end of the curve. Total subscription settled at N908.23 billion, translating to bid-to-offer ratio of 3.0x.

The CBN allotted N905.23 billion for the 361-day OMO bills at a stop rate of 24.3% while no sales were made of the 95-day and 179-day OMO bills, Cordros Capital Limited said.

“Based on our expectation of a possible liquidity deficit in the coming week, we expect yields in the Treasury bills secondary market to trend higher as participants in the market look to fulfil their funding needs,” the investment firm added.

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Nigerian Banks Raise N4.4trn To Fund Operations

October 14, 2024

Names Of Forex Policy Defaulters Will Be Published, Banks Tell Customers

Nigerian commercial banks raised N4.4 trillion from the Central Bank’s standing lending facility (SLF) as liquidity problems remained. Deposit Money Banks increase borrowing from the Central Bank of Nigeria’s window to fulfill short-term finance needs while increasing investment in government assets.

The CBN continues to monitor liquidity levels in order to control inflation. Recall that the SLF rate, which banks use to borrow short-term money from the CBN, was raised to 31.75% in August 2024 to reflect the current high interest rate environment.

According to data from the FMDQ platform, the banking system’s constrained funding levels drove interbank rates to rise to the 33% range last week.

While the financial system balance saw inflows, banks betting on Nigerian Treasury and OMO Bills auctions caused a squeeze in the funding profile.

The debits for Treasury bills, OMO bills, and FX auctioned by the CBN last week reduced balance in the financial system, apart from additional outflows relating to cash reserve ratio maintenance.

Analysts at Cordros Capital saw weak naira liquidity, as evidenced by the bank’s excessive activities at the CBN’s SLF window totaling N4.40 trillion.

Details revealed that the CBN debited local banks for additional deposits taken as part of loan-to-deposit ratio maintenance. The financial market also experienced outflows relating to the settlement of N500 billion in OMO bills auctioned by the CBN.

Specifically, analysts said CBN’s 50% cash reserve ratio activities exacerbated the illiquidity, resulting in a significant rise in interbank rates.

The open repo rate increased by 33 basis points to settle at 32.36% on Friday, data from the FMDQ platform confirmed.

Also, the overnight lending rate rose by 60 basis points to settle at 33%. The huge OMO auction debit and FX swap outflow dwarfed net inflows from OMO maturities worth N54.45 billion, thus further pressuring system liquidity.

Thus, the average liquidity closed at a net short position of N651.32 billion, according to Cordros Capital Limited, as against a net short position of N174.26 billion in the prior week.

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Nigerian Manufacturers Turn To Local Raw Materials Amid Forex Crisis

October 14, 2024

Amid Nigeria’s most severe foreign exchange crisis in nearly a decade, local manufacturers are increasingly sourcing raw materials domestically to mitigate the impact of rising dollar demand and limited supply.

The crisis, aggravated by the naira’s depreciation of over 70 percent following the 2023 currency float, has significantly raised costs for manufacturers reliant on imported inputs such as hot-rolled steel and chemical gums.

In response, companies are shifting towards local alternatives to sustain production. FrieslandCampina WAMCO, a notable example, collaborates with over 20,000 pastoralists across various states, including Oyo, Osun, Ogun, Ondo, and Kwara, to source raw milk for its products.

This move aligns with the broader industry trend of minimizing exposure to foreign exchange volatility.

Nigerian Breweries, another industry giant, has invested N78 billion over five years in cultivating sorghum and cassava, key ingredients for brewing beer.

Hans Essaadi, the company’ manager, emphasised the firm’s commitment to advancing local sourcing, expanding partnerships with farmers, and enhancing agricultural output through research initiatives aimed at boosting yields in northern Nigeria.

Similarly, Nigeria’s cement industry has embraced local sourcing, with Dangote Cement, BUA Cement, and Lafarge Africa utilizing domestically sourced limestone, gypsum, clay, and silica for production. Meanwhile, Nestlé has made strides in developing local suppliers for ingredients like onion powder and turmeric, and PZ Wilmar has successfully tapped into domestic palm oil plantations, contributing significantly to PZ Cussons’ profits.

However, despite these backward integration efforts, rising costs of processing and importing essential raw materials persist, fueled by high energy prices, logistics challenges, and foreign exchange constraints. In the first half of 2024, raw material costs for major manufacturers, including BUA Foods, Nigerian Breweries, and Dangote Sugar Refinery, surged by 121 percent to N1.27 trillion compared to the previous year.

The manufacturing sector faces further pressure from Nigeria’s high interest rate environment. In September 2024, the Central Bank of Nigeria raised the monetary policy rate to 27.5 percent, pushing borrowing costs for manufacturers to over 35 percent, compounding their financial strain. Industry leaders, such as Segun Ajayi-Kadir of the Manufacturers Association of Nigeria (MAN), have warned that these rising costs threaten to undermine competitiveness and reduce production capacity.

With 767 manufacturers shutting down operations in 2023, the sector is in urgent need of reforms. Ike Ibeabuchi, an emerging markets analyst, highlighted the critical need for single-digit interest loans and stable electricity tariffs to stabilize the sector. He also urged manufacturers to explore new markets to enhance forex earnings and alleviate the ongoing crisis.

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Interswitch Fetes Employees At Blue Denim-themed Strategy And Culture Party

October 14, 2024

On Friday, October 4, 2024, Interswitch hosted its employees to a Blue Denim-themed Strategy & Culture Party at the Landmark Event Centre in Victoria Island, Lagos.

The atmosphere was set with the perfect blend of cocktails, games, food and laughter as employees from Germany, Kenya, Uganda, and Nigeria converged. Dressed in blue denim bottoms paired with white, black, or red tops, the laid-back dress code matched the celebratory yet purposeful vibe of the event, creating a seamless fusion of style and strategic discussions.

The event kicked off with a deep dive into strategy and organizational culture. Company leaders and team members shared valuable insights on how culture plays a crucial role in advancing Interswitch’s long-term goals. The sessions highlighted how fostering a shared culture across all offices can drive collaboration and ensure collective success.

As the strategy discussions ended, the room transitioned into a lively after party where employees networked, played games, and enjoyed a spread of delightful cuisine. With music, laughter, and shared memories, the event wasn’t just about unwinding; it was about strengthening bonds within the global Interswitch family. The celebration was a perfect mix of fun, reflection, and team spirit—a night to remember!

LBS Breakfast Session Report: Not All That Glitters Is Gold!!!

LBS Breakfast Session Report: Not All That Glitters Is Gold!!!

October 13, 2024

Presented by Bismarck Rewane on September 4, 2024

The LBS Breakfast Session began with a comprehensive analysis of the present economic situation. Bismarck Rewane conducted a “What-If” analysis, investigating possible situations and their ramifications for several sectors. The stock market came under investigation, with Rewane analyzing recent trends and forecasting future movements. He also discussed how proxies and the creative economy influence market dynamics.

The discussion shifted to politics, with an emphasis on the most recent changes and their possible economic implications. Rewane concluded by delivering his September prognosis, which included important insights into the projected economic condition. Overall, the lecture provided a thought-provoking study of the complex economic world, reminding audiences that not everything that appears valued is actually valuable.

Download the full report Here

Elon Musk Reveals Optimus Humanoid Robot

October 13, 2024

Tech magnate Elon Musk has introduced the next-generation humanoid robot, Optimus, showcasing its seemingly limitless capabilities and marking the dawn of a new era in robotics.

The announcement took place during the much-anticipated “We, Robot” event on Thursday night, where Musk also revealed his company’s latest advancements in autonomous vehicles: the Cybercab robotaxi and the Robovan.

Musk boldly claimed that Optimus “can do anything you imagine,” underscoring the robot’s potential to transform daily life. He suggested that the robot could handle a variety of tasks, such as walking pets, babysitting, mowing lawns, and even serving drinks.

Looking ahead, Musk shared his vision for the robot, projecting its future price between $20,000 and $30,000. He confidently described Optimus as “the most important product ever created,” hinting at a future where everyone may want their own “Optimus companion.”

The idea for Optimus was first introduced by Tesla in 2021, with the aim of creating a versatile robot capable of handling tasks that are hazardous, repetitive, or tedious for humans.

The newest version, Optimus Gen 2, boasts improvements in walking speed, hand dexterity, and sensor technology, enabling it to tackle more intricate tasks like folding clothes.

Although still under development, Musk’s ambition is to lead the charge in robotics, much like Tesla has in the electric vehicle and autonomous transportation sectors.

The “We, Robot” event, held at the Warner Bros. studio near Los Angeles, saw Musk, dressed in a leather jacket, share bold predictions about the future of autonomous vehicles. He asserted that self-driving cars could be “10 times safer than human drivers” and last significantly longer on the road.

“The future of autonomy is already here,” Musk proclaimed, emphasizing, “Autonomy gives you back your time.”

In previous statements, Musk discussed plans for a fleet of self-driving Tesla taxis, which passengers could summon via an app. He also suggested that individual Tesla owners might be able to list their cars as robotaxis to generate income. However, no updates regarding the app were provided during Thursday’s event.

‘Petrol Can Not Sell Below ₦1350 ’ – Official

Indonesia Tightens Visa Regulations for Tourists

October 13, 2024

Indonesia updates its visa regulations, introducing stricter penalties, enhanced patrols, and improved enforcement measures to protect tourism and curb illegal migration. According to TravelBiz, these changes aim to ensure compliance with visa laws and bolster national security.

Table of Contents

Key Updates

The new regulations underscore the government’s dedication to a secure immigration system, featuring:

Harsher Penalties: Offenses that previously resulted in a one-year prison sentence now carry potential sentences of up to 20 years for visa violations.
Operation Jagratara: Launched by the Department of Immigration, this initiative focuses on enforcing visa rules and combating illegal activities nationwide, enhancing border security and deterring violators.
Deportations: So far in 2024, Indonesia has deported over 400 individuals for immigration violations, sending a clear message to those contemplating illegal activities.

Officials emphasize the importance of safeguarding both tourists and residents from the challenges associated with illegal immigration. Visitors adhering to regulations, such as the 30-day visa on arrival or 60-day extensions, will not be affected by the new rules, which primarily target overstayers and visa abusers.

Strengthened Enforcement

To enhance compliance, the government assigns 125 new immigration officers to Bali, a popular tourist destination, to deter illegal activities and maintain the island’s positive reputation. Officers are now equipped with 20 Jeeps and 20 motorcycles for effective patrols, allowing for quicker responses to violations.

Furthermore, officers are authorized to carry firearms during enforcement operations to ensure their safety when facing potentially dangerous situations related to transnational crime. Silmy Karim, the Directorate General of Immigration, states that these stricter measures are vital for protecting both tourists and residents from serious threats.

The updated visa regulations also address transnational crime and immigration violations, as the government seeks to mitigate the impact of organized crime and create a safer environment for travelers. By increasing checkpoints, authorities aim to monitor the movement of people entering and leaving the country, facilitating better management of immigration and security risks.

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Canada Updates Guidelines for Post-Graduation Work Permit

October 13, 2024

Immigration, Refugees and Citizenship Canada (IRCC) announces updated guidelines for the Post-Graduation Work Permit (PGWP). Starting November 1, international graduates will encounter new requirements tied to their fields of study to qualify for the PGWP.

Table of Contents

These changes aim to align the work permit process with Canada’s labor market needs, ensuring that the program effectively supports employers and the economy.

Eligible Fields of Study

The new PGWP eligibility criteria focus on specific fields that align with the Express Entry categories introduced in 2023. These fields include:

Agriculture and Agri-Food
Healthcare
Science, Technology, Engineering, and Mathematics (STEM)
Trade
Transport

Each field is classified using the Classification of Instructional Programs (CIP), a system similar to the National Occupation Classification (NOC) used for job categorization. Examples of eligible programs include:

Agriculture and Agri-Food: Agricultural business management (CIP 01.0101), animal health (CIP 01.0903)
Healthcare: Exercise physiology (CIP 26.0908), physical therapy assistant (CIP 51.0806)
STEM: Computer programming (CIP 11.0201), chemical engineering (CIP 14.0701)
Trade: Electrician (CIP 46.0302), plumbing technology (CIP 46.0503)
Transport: Air traffic controller (CIP 49.0105), truck driver (CIP 49.0205)

The IRCC encourages graduates to visit its website for a full list of eligible programs.

Confirming Eligibility

To verify program eligibility, international graduates can follow these steps:

Visit the Statistics Canada webpage for the 2021 CIP.
Use the search bar to enter relevant keywords for their program or browse through field links.
Access sub-categories related to their field.
Select the appropriate sub-category to view detailed program information.

This process helps graduates confirm their eligibility for the PGWP based on their educational credentials.

New Language Requirements

Alongside field of study criteria, the IRCC introduces language requirements for PGWP applicants, varying by level of education:

University Degrees (Bachelor’s, Master’s, Doctoral): A minimum of Canadian Language Benchmark (CLB) 7 in English or NCLC 7 in French across all language areas.
Other University Programs: Same language requirements, focused on eligible fields of study.
College or Non-University Programs: Must achieve CLB 5 in English or NCLC 5 in French across all areas, along with graduation from an eligible program.

International students taking the NCLC test can find accredited centers through government-recognized organizations like the Centre for Canadian Language Benchmarks.

Graduates applying for a PGWP before November 1 do not need to meet the new field of study criteria but must comply with existing language requirements.

Ogun State Launches Construction Of Gateway Inland Dry Port In Ewekoro

Ogun State Launches Construction Of Gateway Inland Dry Port In Ewekoro

October 12, 2024

The Ogun State Government kicks off the construction of the Gateway Inland Dry Port in Itori, Ewekoro. The groundbreaking ceremony takes place with Minister of Marine and Blue Economy, Adegboyega Oyetola, and Ogun State Governor, Dapo Abiodun, in attendance.

Oyetola highlights that the Inland Dry Port aims to become a vital logistics hub, enhancing the flow of goods throughout Nigeria. The project is projected to generate over 5,000 direct jobs and 15,000 indirect jobs, while reducing congestion at major seaports like Apapa and Tin Can Island.

“This initiative lays the groundwork for a logistics center that streamlines the movement of goods across the country,” Oyetola states. He adds that it will attract investments, fostering regional development that benefits Ogun State and beyond.

The minister emphasizes that the project aligns with the administration’s goals of promoting innovation and economic growth. Inland dry ports provide a faster, more efficient alternative for transporting goods, relieving pressure on Lagos’ coastal seaports and supporting the national economy.

Governor Dapo Abiodun points out that the Gateway Inland Dry Port signifies a major step in Ogun State’s evolution into a logistics and industrial hub. He asserts that the project will bolster development within the state and serve as a critical transport and logistics center for Nigeria, facilitating goods movement regionally and nationally.

“This development transforms Ogun into a leading logistics and commercial center in Nigeria and West Africa,” Abiodun remarks, noting the port’s potential to impact regional trade positively.

He also highlights the strategic location of the port in Kajola, Itori, as essential for boosting industrial activity and manufacturing in Ogun State. Upon completion, the facility is expected to improve Ogun’s standing on the ease-of-doing-business index, attracting both local and international investments.

The governor reiterates his administration’s dedication to industrialization and economic growth, emphasizing that the Gateway Inland Dry Port will create jobs, attract investments, and benefit the region as a whole.

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Nigeria’s PoS Terminals Reach 3.04 Million In July 2024, Says NIBSS

October 12, 2024

The number of Point of Sale (PoS) terminals across Nigeria increases to 3.04 million as of July 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS). This marks a 32% rise from 2.3 million in the same period last year.

The latest data reveals that 744,533 new PoS terminals are deployed between August 2023 and July 2024. However, this figure remains below the total number of registered terminals. As of July 2024, NIBSS reports a total of 4.06 million registered PoS machines, indicating that about 1.02 million terminals are either not yet deployed or inactive.

The value of PoS transactions in Nigeria reaches N1.01 trillion, reflecting a significant shift towards cashless payments. This figure shows a marked increase from N930.76 billion in June 2024 and N923.37 billion in July 2023, driven by the expanding network of PoS terminals.

In March 2023, transaction values peaked at N1.15 trillion, largely due to a cash shortage that led many Nigerians to opt for electronic payments. The ongoing growth in transactions is fueled by rapid merchant adoption and the convenience of using agents for withdrawals, especially amid limited Automated Teller Machines (ATMs).

To strengthen the monitoring of electronic transactions, the Central Bank of Nigeria (CBN) recently issues new guidelines for Payment Service Providers (PSPs), requiring compliance with enhanced routing procedures for PoS transactions. This directive, announced on September 11, 2024, is part of CBN’s initiative to diversify the Payment Terminal Service Aggregator (PTSA) model.

The Corporate Affairs Commission (CAC) is also addressing the registration of operators, having recently surpassed its compliance deadline. The CAC plans to take strict measures, including shutting down unregistered PoS businesses, amid concerns over potential illegal activities among unregistered operators.

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NNPC Partners With Shell, Total, And Agip for Brass Methanol Plant Gas Supply

October 12, 2024

The Nigerian National Petroleum Corporation (NNPC) Limited teams up with Shell, TotalEnergies, and Agip to secure a gas supply agreement for the Brass Fertilizer & Petrochemical Company’s methanol plant. This pivotal deal, finalized in Abuja on Friday, comes nearly nine years after the project was first announced.

Petroleum Resources Minister Ekperikpe Ekpo highlights the agreement as a key step in leveraging Nigeria’s extensive gas reserves. The partnership enables the Brass Fertilizer & Petrochemical Company to kick off construction of the $3.3 billion facility, set to be located on Brass Island in Bayelsa State. NNPC and its partners will supply around 270 million standard cubic feet of gas daily to the plant.

Once operational, the government anticipates the project will generate over $1.5 billion annually from exports of fertilizers and petrochemicals. Ekpo notes that this initiative not only boosts exports but also cuts fertilizer imports by 30%, saving Nigeria about $200 million in foreign exchange each year.

As Africa’s largest crude oil producer, Nigeria aims to diversify its economy by tapping into its vast gas reserves, estimated at 200 trillion cubic feet. Currently, much of the country’s gas is either flared or re-injected.

In a related move, Brass Fertilizer & Petrochemical Company recently partners with COSCO Shipping Lines to acquire 16 new methanol-powered vessels for transporting products to global markets.

At the recent Forum on China-Africa Cooperation, the China Road and Bridge Corporation (CRBC) finalizes a significant agreement with Brass Fertilizer and Petrochemical Company Ltd., focusing on the development of the Brass Industrial Park and methanol complex, projected to inject $3.3 billion into Nigeria’s economy.

The Brass Oil and Gas City project aims to position Nigeria as a premier hub for downstream oil and gas manufacturing in Africa. Located on Brass Island, this initiative strives to become a leading global center for petrochemicals, fertilizers, and hydrocarbon processing, with $3.5 billion already committed to various projects in the area.

The Brass Methanol Project, initiated by Brass Fertilizer & Petrochemical Company Limited (BFPCL), is a collaboration involving DSV Engineering Limited, NNPC, and the Nigerian Content Development & Monitoring Board (NCDMB), with BFPCL overseeing the operations.

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Advocacy Group Launches Initiative To Address Challenges Facing Girl child, Women In Nigeria

October 11, 2024

In commemoration of the International Day for the Girl Child, a leading advocacy group has launched a programme aimed at addressing the critical challenges faced by girls and women across Nigeria.

Speaking to female students on International day for the girl child, at Okoto High School on Thursday, Mabel Abel-Onaiwu, an advocate for girl-child education and women’s empowerment, highlighted the importance of educating, empowering, and promoting the well-being of every girl.

Abel-Onaiwu explained that the SHE initiative, which means Safety and Health Initiative (SSHI),is a non-governmental organisation, committed to ensuring that no woman or girl is left behind as they work towards a safer, healthier, and more equitable society.

She emphasised that the initiative aligns with the 2024 theme, “The Girl’s Vision for the Future.” Where every girl child’s has the right to dream and become whatever she wants to become in a positive scheme of life.

Abel-Onaiwu highlighted SSHI’s alignment with key United Nations Sustainable Development Goals (SDGs) 3, 4, 5, and 17, which focus on good health and well-being, quality education, gender equality, and partnerships for development.

She noted that the organisation seeks to combat pressing issues such as gender-based violence, inadequate maternal healthcare, workplace hazards, and limited educational opportunities for women and girls in Nigeria and beyond.

“Through SSHI’s diverse programmes, women and girls will gain access to healthcare services, empowerment initiatives, and educational resources that promote leadership in health, safety, and security sectors,” she added.

The advocate further outlined the NGO’s plans to launch nationwide workshops focused on occupational safety, self-defense training, and healthcare awareness campaigns in underserved areas.

“Additionally, mentorship programmes will be established to guide young girls into traditionally male-dominated fields, fostering their leadership and professional development.” She concluded.

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French Government Imposes Midnight Curfew Amid Protests

October 11, 2024

The French government in Martinique has imposed a midnight curfew in an effort to curb protests against escalating inflation and the rising cost of living.

The curfew, which runs from 9 pm to 5 am, was implemented on Thursday as tensions on the Caribbean island grew amid widespread unrest. The curfew, along with a ban on public gatherings, will remain in place until October 14, 2024.

Protests erupted following anger over soaring inflation, resulting in looting and clashes with the police. Several stores were looted, and arson attacks were reported, with at least three stores and numerous vehicles torched in the capital, Fort-de-France. Roads were blocked with burnt-out cars, and the unrest has led to the shutdown of Martinique’s airport and schools.

Flights are being redirected to the neighboring island of Guadeloupe after around 50 protesters stormed the runway.

The French government has also prohibited the sale of materials that could be used for arson attacks to prevent further violence.

While there have been reports of a man being shot during the protests, police confirmed that they had not opened fire during the confrontations. Eight arrests have been made so far, with authorities warning that false rumors about the deployment of French riot police are contributing to the unrest.

The protests highlight growing discontent in Martinique over economic hardship, which mirrors similar frustrations seen in other parts of the world facing the pressure of rising living costs.

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Nigeria Records Over 1,000 Confirmed Lassa Fever Cases, 172 Deaths In 2024

October 11, 2024

Lassa Fever in Nigeria — 3 Die From Lassa Fever, Nigeria Records 12 Fresh Cases

The Nigeria Centre for Disease Control and Prevention (NCDC) has reported a total of 1,018 confirmed cases of Lassa fever across 28 states in the country, resulting in 172 deaths as of September 29, 2024.

The figures are part of a broader pool of 8,411 suspected cases recorded from January to the end of September.

According to the NCDC’s latest Lassa fever situation report, the Case Fatality Rate (CFR) stands at 16.9%, slightly higher than the 16.8% CFR for the same period in 2023. The report highlighted that Lassa fever remains a serious public health threat, particularly in states such as Ondo, Edo, and Bauchi, which together account for 68% of all confirmed cases.

Lassa fever, an acute viral hemorrhagic illness, is transmitted through exposure to food or household items contaminated by the excreta of infected Mastomys rats.

According to the World Health Organization (WHO), the disease is endemic in parts of West Africa, including Nigeria, Ghana, Liberia, Sierra Leone, and Guinea, with the potential to exist in other countries across the region.

The NCDC report indicated that between weeks 1 and 39 of 2024, Ondo State recorded 28% of all confirmed cases, Edo State accounted for 23%, and Bauchi recorded 17%. The majority of cases affected individuals aged between 31 and 40, with the male-to-female ratio being evenly distributed. No new cases among healthcare workers were reported during the week 39 update.

In response to the outbreak, the National Lassa Fever Technical Working Group, comprising multiple partners and sectors, continues to coordinate activities aimed at managing the epidemic at both the federal and state levels. Preventive measures, including enhanced infection control protocols, are emphasized, especially in healthcare settings.

The NCDC continues to urge the public to take precautions, such as maintaining proper hygiene and keeping homes free from rodents, to reduce the risk of infection.

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Africa Must Play a Key Role in AI Regulation – Kashifu Inuwa

October 11, 2024

Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA), asserts that Africa needs to actively engage in regulating Artificial Intelligence (AI) to prevent the technology from serving only the interests of developed nations. He shares these insights during a keynote address at Nigeria Fintech Week 2024.

Inuwa emphasizes that Africa’s involvement in AI governance is vital to ensure the technology benefits all people, not just the privileged few. Represented by Mr. Emmanuel Edet, NITDA’s Director of Standard, Regulation, and Framework, he highlights that AI is not merely another technological advancement but a transformative force that can impact various sectors, including healthcare, education, agriculture, and governance.

Inuwa points out the challenges that come with AI, including data privacy, algorithmic bias, job displacement, and geopolitical tensions. He stresses the importance of creating a fair and inclusive regulatory framework that prioritizes the voices of the Global South, especially Africa.

He notes existing regulatory efforts in regions like the United States, China, and the European Union, which are often shaped by local contexts. However, he calls for African perspectives to be central in developing global AI regulations, recognizing that the challenges faced in cities like Lagos, Nairobi, and Johannesburg differ significantly from those in Silicon Valley.

To establish Africa as a significant player in global AI regulation, Inuwa highlights the necessity of investing in local capacity. This includes developing AI talent, supporting research and development, and fostering homegrown innovations. He advocates for indigenous AI solutions that address Africa’s unique challenges in sectors like agriculture and healthcare, enabling the continent to contribute effectively to global AI standards.

Inuwa acknowledges the obstacles faced by many African nations, including limited digital infrastructure and financial resources. He views these challenges as opportunities for collaboration among Global South nations to strengthen their collective influence in global AI governance.

Notably, his call for equitable participation in AI regulation aligns with a recent United Nations report, which highlights that only seven countries currently shape AI governance decisions affecting others. The report emphasizes the need for broader representation in technology governance, stressing that many communities have historically been excluded from discussions that impact them.

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TikTok Lays Off Hundreds As It Shifts to AI for Content Moderation

October 11, 2024

TikTok, the widely used social media platform under China’s ByteDance, announces the layoffs of hundreds of employees globally, including a substantial number in Malaysia. This decision marks a shift toward greater reliance on artificial intelligence (AI) for content moderation.

Initial reports suggest over 700 job cuts in Malaysia, but TikTok later clarifies that fewer than 500 employees are affected, primarily those involved in content moderation. Sources indicate that notifications were sent via email late Wednesday.

In a statement to the media, TikTok confirms the layoffs, emphasizing that they are part of a broader initiative to enhance its content moderation capabilities. The company currently employs a mix of automated systems and human moderators to manage the content on its platform. A spokesperson states, “We’re implementing these changes to strengthen our global content moderation model.”

TikTok plans to invest $2 billion this year in global trust and safety efforts to boost efficiency, with 80% of content violating guidelines removed by automated technologies. While the exact number of global layoffs remains unspecified, ByteDance employs over 110,000 individuals across 200 cities, and further job reductions may follow as the company streamlines its operations.

Key Insights

The layoffs at TikTok bring attention to the potential impact of AI on employment, echoing trends seen in the tech industry. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), warns that nearly 40% of jobs worldwide could be affected by AI, with 60% of jobs in advanced economies at risk. While AI may enhance productivity in some roles, it could also lead to job losses in others.

Goldman Sachs estimates that AI has the potential to replace 300 million jobs globally, impacting two-thirds of positions in the US and Europe, with a quarter of those jobs potentially becoming fully automated. OpenAI and the McKinsey Global Institute further predict that AI will affect half of the job tasks for 20% of the workforce.

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NCC Plans Revised Governance Code Mandating Sustainability Reporting For Telecom Operators

October 11, 2024

The Nigerian Communications Commission (NCC) prepares to launch a revised corporate governance code, updating the 2016 version to include mandatory sustainability reporting for telecom operators. This initiative aims to align the sector with global environmental, social, and governance (ESG) standards, enhancing transparency and promoting sustainable development in Nigeria’s telecommunications industry.

Dr. Aminu Maida, Executive Vice Chairman and CEO of the NCC, announces this at the 2024 Annual Corporate Governance Conference, themed “Corporate Survival and Sustainability: The New Face of Governance.” He explains that sustainability reporting requires telecom companies to disclose their ESG performance, providing stakeholders—such as investors and regulators—with insights into how they manage sustainability-related risks and opportunities. This includes reporting on carbon emissions, resource usage, labor practices, and data privacy.

Dr. Maida emphasizes that sustainability becomes crucial for the long-term success of telecom companies. He shares findings from an NCC analysis of corporate governance, which assesses indicators like board composition, diversity, effectiveness, and compliance. The analysis reveals a strong link between effective governance and regulatory compliance, indicating that good governance is vital for sustainable business success.

Key components shaping the future of governance in the telecom sector include

Adaptability: Governance frameworks need flexibility to keep pace with digital transformation and emerging technologies.

Data Privacy and Security: As telecom operators manage vast amounts of sensitive data, robust data protection measures become essential. Dr. Maida warns that data breaches can have severe consequences, underscoring the need for strong internal policies and compliance protocols.

He concludes that “corporate governance is not just a regulatory requirement; it serves as the foundation for the success and sustainability of our industry.”

In discussing the NIN-SIM linkage initiative mandated by the federal government in 2020, Dr. Maida acknowledges the challenges faced in linking all phone numbers to verified National Identification Numbers (NINs). He highlights the initiative’s success in ensuring every phone number associates with a verified NIN, aiming to prevent the use of unregistered SIM cards.

Reflecting on the growth of Nigeria’s telecommunications sector since its liberalization in 2001, Dr. Maida notes the increase from 305,000 active phone lines to over 150 million subscribers today, showcasing the industry’s significant contribution to Nigeria’s economy.

Lastly, he addresses the rising issue of fraud in mobile financial transactions. With mobile banking becoming increasingly prevalent, the NCC collaborates with the Central Bank of Nigeria (CBN) to establish a framework to combat fraud in mobile financial services. He points out that the current system lacks effective penalties for phone numbers linked to fraudulent activities, highlighting the need for stronger enforcement measures.

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FG Signs Landmark Gas Deal For $3.3 Billion Brass Methanol Project

October 11, 2024

Nigerian Govt Spends N60bn Annually On Pipeline Repairs

The Federal Government, through the Nigerian National Petroleum Company Limited (NNPCL), has formalised a gas sales agreement with key international energy firm, Shell, TotalEnergies, and Agip for the $3.3 billion Brass Fertilizer & Petrochemical Company Limited project.

This accord was signed on Friday in Abuja to improve Nigeria’s effort to commercialize its extensive reserves and boost economic development. The Minister of State for Petroleum Resources, Ekperikpe Ekpo, described the agreement as a key step in transforming the country’s natural gas resources into industrial opportunities.

“This signing signifies a major leap in utilizing our vast gas reserves to stimulate industrialization and economic progress,” he said.

Ekpo emphasised the project’s potential to attract Foreign Direct Investment (FDI) and create thousands of job opportunities for Nigerians. The Brass Methanol Project, located on Brass Island in Bayelsa State, is set to receive a daily supply of 270 million standard cubic feet of gas, supporting the development of a large-scale methanol and fertilizer production facility.

The project’s completion is expected to generate over $1.5 billion annually through the export of fertilizers, petrochemicals, and other gas-based products. Moreover, it will significantly reduce Nigeria’s dependence on imported fertilizers by 30%, saving an estimated $200 million annually in foreign exchange.

In addition to its financial and economic benefits, the project aligns with Nigeria’s “Decade of Gas” initiative, aimed at making natural gas the cornerstone of the nation’s industrial growth and energy security.

Ambassador Nicholas Ella, Permanent Secretary of the Ministry of Petroleum Resources, highlighted that the Brass Methanol Project would contribute approximately $600 million annually to Nigeria’s GDP, potentially boosting related industries with an overall economic impact of $2 billion per year.

The initiative is also closely tied to Nigeria’s environmental goals, particularly the commitment to ending routine gas flaring by 2030. The project will create over 5,000 direct jobs and 35,000 indirect jobs, significantly improving the livelihoods of people in the Niger Delta region, a key gas-producing area.

Oritsemeyiwa Eyesan, NNPC’s Executive Vice President for Upstream, added that the agreement will facilitate the development of a 10,000-methanol plant, positioning Nigeria as a major player in the global methanol industry.

With the sales agreement now in place, the parties are poised to push forward to achieve financial close and commence construction, bringing the long-anticipated project closer to fruition. The Federal Government, through the Nigerian National Petroleum Company Limited (NNPCL), has formalised a gas sales agreement with key international energy firm, Shell, TotalEnergies, and Agip for the $3.3 billion Brass Fertilizer & Petrochemical Company Limited project.