The naira regained some of its lost exchange rate value in the official market as the amount of US dollar transactions decreased on the day. According to spot data from the FMDQ platform, the naira rose by 0.68% and closed at ₦1,678.93 per US dollar on the official market.
The naira exchange rate has risen to N1690 per US dollar due to a lack of foreign cash in the official market. After three days of downward pricing, the naira recovered N11.44 on Tuesday, despite a series of post-devaluation unfulfilled expectations.
Analysts cited limited US dollar liquidity at the Nigerian independent foreign exchange market as a drag on naira value.
However, the Central Bank of Nigeria’s (CBN’s) last auction spot prices demonstrated that the central bank is now satisfied with the official currency rate trading between N1600 and N1700 per greenback.
On Tuesday, the overall daily transaction in the official FX market fell to 128.59 million dollars, down from 173.14 million dollars on Monday. In the Investors and Exporters (I&E) window, the naira traded between N1,698 and N1,631 versus the dollar.
In the parallel market, the naira finished at ₦1,735 per US dollar due to sustained demand for invisible transactions this week. Despite global commodity market uncertainty, external reserves increased to $40.274 billion this week.
Prices of crude oil experienced a slight increase after Ukraine launched longer-range, U.S.-supplied missiles at Russia. As a result, Brent crude rose to $73.83 per barrel, while WTI increased to around $69.65.
Likewise, gold prices advanced for the second consecutive session, reaching a one-week high as escalating tensions between Russia and Ukraine triggered a demand for safe-haven assets, with investors looking for important indicators regarding the Federal Reserve’s interest rate strategies.
Gold was valued at about $2,628.20 per ounce in the commodities market at the close of trading hour on Tuesday.
President Bola Tinubu has submitted the 2025-2027 Medium-Term Fiscal Framework (MTF) and Fiscal Strategy Paper (FSP) to the Senate, hoping for quick legislative approval to speed up the development of the 2025 national budget.
Tinubu acknowledged in a letter to Senate President Godswill Akpabio that the MTF/FSP was approved by the Federal Executive Council (FEC) during its November 10 meeting. The President highlighted that the projected 2025 budget will be based on the budgetary criteria and assumptions indicated in these documents.
“It is imperative to seek the National Assembly’s expeditious legislative action on this submission,” Tinubu stated. “I trust that the Senate will consider the passage of this submission without delay.”
Following the President’s message, Akpabio directed that the MTF/FSP be sent to the Committees on Finance, National Planning, and Economic Affairs for further review. These committees are expected to deliver their conclusions to the Senate for speedy consideration and approval.
During the plenary session, senators unanimously voted to submit the documents to the appropriate committees. The Senate is anticipated to evaluate the committees’ conclusions and issue a budgetary framework resolution in the coming weeks.
The MTF/FSP are vital instruments for Nigeria’s fiscal planning, outlining revenue projections, expenditure priorities, and economic assumptions that shape budget formulation. Their prompt approval is crucial to ensure the smooth preparation and implementation of the 2025 budget.
Local investors have ramped up activity in the secondary market for Nigerian Treasury bills ahead of the Central Bank of Nigeria’s (CBN) primary market auction scheduled for Wednesday. This heightened demand caused the average yield on Treasury bills to decline by 5 basis points (bps), as market participants anticipate higher spot rates to counter the nation’s rising inflation.
Despite improved market liquidity, trading volumes remained relatively low, according to TrustBanc Limited. Investors appear focused on mitigating the adverse effects of Nigeria’s surging inflation, which recently hit 33.88%.
“The market can only compensate investors for committing funds to government securities through higher spot rates. However, there’s ongoing debate over whether the government should pay a premium on these risk-free instruments,” analysts at MarketForces Africa noted.
In a surprising move earlier this week, the Debt Management Office raised marginal rates on reopened Federal Government bonds. This has fueled expectations that spot rates for Treasury bills could also see adjustments at the upcoming auction.
In its market update, Cordros Capital Limited highlighted that yields declined across all tenures. The short (-4bps), mid (-5bps), and long (-5bps) segments of the curve experienced contractions, primarily driven by demand for bills with maturities of 80 days (-5bps), 171 days (-5bps), and 290 days (-6bps).
At AIICO Capital Limited, traders reported sell-offs in far-mid and long-term securities, including the 06 November 2025 Treasury bill. However, buying interest was concentrated in mid-to-long-dated securities, with the 4 September (-6bps) and 9 October (-5bps) papers recording the steepest yield declines. As a result, the average benchmark yield dropped by 5 bps to 24.30%.
Similarly, the average yield in the Open Market Operations (OMO) segment declined by 3 bps to settle at 26.4%.
As Donald Trump embarks on his second term on January 20, 2025, his economic agenda is poised to reshape global financial markets, predicts Nigel Green, CEO of deVere Group, a leading financial advisory and asset management firm. While this agenda may stimulate short-term growth, Green cautions that it will also usher in significant market shifts, presenting both opportunities and risks for investors.
Trump’s key economic policies—tax cuts, deregulation, and a $1.5 trillion infrastructure plan—are expected to trigger market rallies and bolster select sectors. However, broader economic challenges, including rising inflation, protectionist trade measures, and increased market volatility, could temper these gains.
Equities and Inflation: A Balancing Act
The initial months of Trump’s presidency are likely to witness equity market rallies fueled by tax reductions and deregulation. Sectors such as energy, technology, and financial services are expected to benefit significantly from lower corporate taxes and reduced regulatory burdens, fostering investor confidence.
However, Green warns that inflationary pressures from fiscal stimulus and infrastructure spending may offset these gains.
“While tax cuts and deregulation will drive growth, they come with costs,” says Green. “Higher demand for goods and services, coupled with infrastructure investments, will push prices upward.”
Inflation, currently at 3.7%, could accelerate to 4-5% by mid-2025, potentially reducing disposable income and curbing consumer spending. Rising inflation may also prompt the Federal Reserve to hike interest rates, increasing borrowing costs for businesses and consumers. This combination of inflation and tighter monetary policy could lead to heightened market volatility, requiring a cautious approach from investors.
A Strengthened Dollar and Emerging Market Risks
Trump’s fiscal policies, coupled with rising Treasury yields, are expected to bolster the US dollar. While this strengthens its appeal as a safe-haven asset, it also creates challenges for exporters and emerging markets with significant dollar-denominated debt.
“A stronger dollar poses substantial risks globally,” Green explains. “US exporters may struggle as their goods become more expensive abroad, while emerging markets like Turkey and Argentina could face increased debt servicing costs.”
Emerging economies with weaker currencies or heavy reliance on dollar-denominated loans may experience heightened instability, further fueling global market volatility.
The Trade-Offs of Protectionism
A key feature of Trump’s economic strategy is his commitment to protectionist trade policies, including tariffs on imports. While politically appealing in the short term, Green argues that tariffs can have long-term negative effects.
“Tariffs raise import costs, driving up prices for consumers and making it more expensive for businesses to source materials. They often provoke retaliatory measures, which disrupt global supply chains and hinder economic growth,” he warns.
Industries heavily reliant on international supply chains, such as technology, retail, and automobiles, are likely to bear the brunt of increased tariffs. Higher input costs could lead to reduced competitiveness, slower growth, and higher consumer prices.
Bonds as a Haven
Amid potential volatility in equity markets, bonds may serve as a refuge for risk-averse investors. Rising Treasury yields and a stronger dollar could make US bonds an attractive option, particularly for those seeking stability during uncertain economic times.
“Despite inflationary pressures and potential interest rate hikes, US bonds remain a reliable investment for those looking to hedge against market risks,” Green observes.
Bitcoin’s Momentum
Trump’s pro-crypto stance and growing institutional adoption of digital assets may provide a significant boost to Bitcoin and other cryptocurrencies. Green predicts Bitcoin could surpass $100,000 in the first quarter of 2025, driven by regulatory clarity and increased institutional interest.
“Bitcoin’s evolution as a mainstream asset is accelerating,” says Green. “Trump’s policies will likely fuel its adoption, making it an attractive alternative for investors amid traditional market volatility.”
Strategic Approaches for Investors
Given the complex interplay of risks and opportunities, Green advises investors to adopt a vigilant and strategic approach. Sectors like technology, energy, and infrastructure may benefit from deregulation and fiscal stimulus, but challenges such as inflation, rising interest rates, and trade tensions require careful navigation.
“Proactive, well-informed investors can capitalize on opportunities,” Green concludes. “However, those who overlook the risks—especially inflation, tariffs, and volatility—may face significant setbacks. The first 100 days of Trump’s presidency will set the tone for the rest of 2025 and beyond.”
The Nigerian Senate is poised to approve President Bola Tinubu’s $2.2 billion (approximately $1.77 trillion) loan request today (Wednesday). The loan is part of the external borrowing plan to fund the ₦28.7 trillion 2024 national budget.
In letters presented during Tuesday’s Senate and House of Representatives sessions, Tinubu explained that the loan would address a portion of the ₦9.7 trillion budget deficit for the 2024 fiscal year.
Following the letter’s presentation, Senate President Godswill Akpabio directed the Senate Committee on Local and Foreign Debts to review the proposal and submit a report within 24 hours.
“The Presidential request for $2.2 billion, equivalent to ₦1.77 trillion, is integrated into the external borrowing plan for the 2024 fiscal year,” Akpabio stated. “The Senate Committee on Local and Foreign Loans should give this matter expedited consideration and report back promptly.”
In addition, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to the Senate and House of Representatives.
Akpabio instructed the Senate Committee on Finance, National Planning, and Economic Affairs to analyze the MTEF/FSP documents and provide a report within one week. Key economic parameters in the framework include:
Oil price benchmark of $75 per barrel
Daily oil production target of 2.06 million barrels
Exchange rate projection of ₦1,400 to $1
GDP growth target of 6.4%
These parameters will serve as the foundation for reviewing the proposed ₦47.9 trillion 2025 budget.
In a related development, Tinubu also submitted the Social Investment Programme Amendment Bill to the National Assembly. This bill seeks to improve the framework for implementing social welfare initiatives, ensuring greater transparency and efficiency.
According to the President, the amendment proposes designating the National Investment Register as the central tool for identifying beneficiaries of social welfare programs. This data-driven approach is intended to optimize the delivery of social protections to Nigeria’s most vulnerable populations.
“The amendment will enhance transparency, efficiency, and the overall impact of our social and welfare programs in addressing the needs of vulnerable Nigerians,” Tinubu explained.
The bill, submitted under Section 58(2) of the 1999 Constitution (as amended), has been referred to the appropriate Senate committees for evaluation, with discussions expected to follow in future sessions.
If passed, the amendment will strengthen the administration and delivery of social investment programs, boosting their ability to reduce poverty and inequality across the nation.
This latest move highlights the Tinubu administration’s commitment to leveraging technology and data for more effective social welfare initiatives.
The average yield on Nigeria’s government Eurobonds has risen to 10% in foreign markets, owing to a wave of selloffs fueled by inflation-driven risk aversion.
Foreign portfolio investors (FPIs) have previously boosted their exposure to Nigerian Eurobonds in response to the US Federal Reserve’s interest rate decreases. However, growing domestic prices and economic uncertainty have reversed this tendency.
Nigeria’s inflation rate reached 33.88% in October 2024, despite considerable modifications to the benchmark interest rate. As the Central Bank of Nigeria’s Monetary Policy Committee prepares to meet later this month, Broadstreet analysts anticipate another rate rise.
While monetary policy tightening initially reduced the negative real yield on naira-denominated assets to below 5%, the worsening consumer price index has pushed it back up to around 7%.
The reduced appetite among foreign investors has led to a decline in Eurobond prices, causing yields to climb. According to market traders, selloffs occurred across short-, medium-, and long-term maturities, resulting in a 24 basis points increase in the average yield to 10%.
The mid-range maturities experienced the most significant impact, particularly the March 2029 and February 2032 bonds, which saw their yields rise by 27 and 26 basis points, respectively, as noted by TrustBanc Financial Group.
Fixed income analysts at AIICO Capital Limited observed substantial selling pressure across African bonds. Following Donald Trump’s recent election victory, market participants adjusted to the reduced likelihood of aggressive rate cuts by the U.S. Federal Reserve.
Despite the bearish sentiment, there was selective buying of longer-term Angolan bonds, supported by a slight increase in oil prices. Meanwhile, the Sub-Saharan African bond curve remained largely bearish, with Egypt being an exception, where mixed market sentiments prevailed.
Analysts now expect a modest recovery in the near term, as current bond yield levels may attract investors seeking value opportunities.
In recent years, the “Japa” phenomenon has become the go-to escape plan for many Nigerians. Whether it’s for better opportunities, a safer environment, or simply a new adventure, the thought of packing bags and heading to foreign lands has become a trending topic across dinner tables and social media timelines.
But what if you can’t—or don’t want to—leave Nigeria? Are you doomed to a life of frustration, constant NEPA heartbreak, and Twitter wars about your country’s GDP? Not at all. Here’s how to not just survive but thrive right here in Nigeria while others are booking one-way tickets.
Turn Your Hustle into Gold Let’s face it, Nigerians are born hustlers. From tech bros coding in cafes to food vendors delivering lunch in traffic, we know how to get things done. Instead of fantasizing about “abroad,” channel that energy into upskilling or starting a side hustle. Learn a high-demand skill online (thank you, YouTube University), venture into e-commerce, or explore agriculture (yes, snail farming is a thing). The opportunities are vast if you’re willing to dig in.
Pro Tip: Always position your hustle as “global.” Add that international flair by marketing your services to clients abroad. Freelance platforms like Fiverr or Upwork could be your golden ticket.
Master the Art of Enjoying Small Wins Life in Nigeria can be unpredictable. One moment you’re celebrating your team’s win, and the next, you’re buying fuel at triple the price. Find joy in the little things: the aroma of suya on a Friday night, the drama of a football match, or even that feeling of charging your phone during NEPA’s brief “visit.” Gratitude and humor are your shields against frustration.
Pro Tip: When life gets tough, remember that Nigerians invented “cruise.” Meme your way through tough times and keep the good vibes rolling.
Tap Into the Growing Tech Ecosystem Tech is the new oil, and Nigeria is bubbling with potential. Whether it’s fintech, edtech, or healthtech, there’s room for everyone. You don’t need a fancy computer science degree to join the revolution. Start with free coding classes, learn product management, or try digital marketing. Even if you’re not tech-savvy, there’s a spot for you in customer service, sales, or social media management.
Pro Tip: Attend tech events and conferences. They’re not just educational but also networking goldmines (plus, free food sometimes).
Embrace Local Tourism While others are taking selfies at the Eiffel Tower, discover the hidden gems right here. From Obudu Cattle Ranch in Cross River to the rolling hills of Idanre in Ondo, Nigeria has breathtaking destinations waiting to be explored. Traveling locally not only saves money but also reconnects you with the beauty of home.
Pro Tip: Don’t forget to try local cuisines at every stop. Your Instagram feed will thank you.
Join the Renewable Energy Movement If you’re tired of the unpredictable power supply, don’t just rant—do something about it. Renewable energy solutions like solar power are becoming increasingly affordable. Start small with a solar inverter or panels for your home. Not only will you save money in the long run, but you’ll also reduce stress (goodbye, noisy generators).
Pro Tip:There are government initiatives and NGOs offering subsidies for solar installations. Research and take advantage.
Get Politically Active The easiest way to feel powerless is to sit on the sidelines while others make decisions for you. Whether it’s attending town hall meetings, registering to vote, or holding your representatives accountable on social media, your voice matters. Remember, change doesn’t happen overnight, but it starts with small, consistent actions.
Pro Tip: If politics feels overwhelming, start by understanding how government policies affect your daily life. Knowledge is power.
Find Your Tribe Surround yourself with people who inspire and uplift you. Whether it’s a professional network, a religious group, or even an online community, having a support system is crucial. The journey is easier when you’re not alone.
Pro Tip: Join communities that align with your goals. Whether it’s a tech meetup or a book club, these groups can provide opportunities, mentorship, and friendships.
Prioritize Your Mental Health Navigating life in Nigeria can take a toll on your mental health, but ignoring it isn’t the solution. Prioritize self-care by setting boundaries, taking breaks, and seeking therapy when needed. Organizations like Mentally Aware Nigeria Initiative (MANI) are working to make mental health resources accessible.
Pro Tip: Don’t wait for burnout to hit. Regular check-ins with yourself can help you stay grounded.
Invest in Financial Literacy Money might not buy happiness, but financial stability sure helps. Learn the basics of saving, investing, and budgeting. Consider exploring cryptocurrencies, mutual funds, or real estate as long-term investments.
Pro Tip: Avoid get-rich-quick schemes. If it sounds too good to be true, it probably is.
Stay Inspired At the heart of it all, hope and resilience keep Nigerians going. Stay inspired by reading success stories, attending workshops, or simply keeping a journal of your achievements. Remember, while “Japa” might be the path for some, thriving in Nigeria is a journey worth celebrating.
Conclusion
Staying in Nigeria doesn’t mean settling for less. With the right mindset and strategies, you can carve out a fulfilling life while contributing to the nation’s growth. So, before you print that visa application, ask yourself: Am I really out of options, or is Nigeria the untapped opportunity I’ve been overlooking?
Life is what you make of it, and in the words of a wise Nigerian proverb: A tree does not make a forest, but every forest starts with a tree.
Russian President Vladimir Putin has signed a decree that significantly broadens the conditions under which Moscow could use nuclear weapons, intensifying concerns over the escalating conflict in Ukraine.
The new nuclear doctrine, signed on the 1,000th day of Russia’s military invasion of Ukraine, comes amid rising tensions following the U.S. approval for Kyiv to use long-range missiles to target Russian military positions.
The updated doctrine outlines that Russia may consider using nuclear weapons in response to aggression from a non-nuclear state if that state is supported by nuclear powers. Kremlin spokesperson Dmitry Peskov stated that this shift aligns Russia’s defense posture with what it views as the current geopolitical situation, particularly with the involvement of the West in Ukraine’s defense.
The decree also introduces the possibility of a nuclear response in the event of a “massive” airstrike, even if only conventional weapons are used. This expansion of nuclear policy comes amid ongoing fears that Russia might deploy its nuclear arsenal as the war with Ukraine persists.
Peskov emphasized that Russia views its nuclear weapons as a deterrent, with the intention of using them only if it feels “forced” to do so. This update signals a firm warning to Western nations, as Moscow continues to perceive itself as being under threat from what it calls the “collective West.”
Despite the heightened rhetoric, Russia’s military doctrine stresses that nuclear weapons would only be deployed in situations of extreme necessity, though these latest adjustments to its nuclear policy have amplified global anxieties about the war’s potential escalation.
The Canadian government has pledged an additional $20.5 million over five years to bolster labour market inclusivity within Francophone and Anglophone minority communities.
This funding, announced by Randy Boissonnault, Minister of Employment, Workforce Development, and Official Languages, enhances the existing Enabling Fund for Official Language Minority Communities Program, bringing its total to $95 million for 2023–2028.
The fund focuses on supporting English speakers in Quebec, French speakers outside Quebec, and other minority groups, including Black Canadians, by fostering community economic development and breaking barriers to employment.
Over the past five years, the programme has facilitated the creation of 60 businesses and 4,500 jobs while assisting over 90,000 individuals and organisations annually, including young people and newcomers.
This announcement, made during the Dialogue Days forum following the Workforce Summit 2024, underpins Canada’s Action Plan for Official Languages, aiming to promote equality between English and French. Boissonnault emphasised that the fund’s expansion provides tools for 14 organisations across provinces and territories to aid communities in securing meaningful employment.
“By addressing language barriers and enhancing support systems, we ensure a more inclusive workforce,” the minister remarked.
As the world observes International Men’s Day 2024 under the theme “Positive Male Role Models,” the focus shifts to celebrating men who lead by example and acknowledging the silent battles they fight daily.
In Nigeria, where societal norms often confine men to emotionally stoic roles, this year’s theme calls for fostering conversations about mental health and creating supportive spaces for men to thrive.
The Silent Burden of Expectations
In Nigeria, traditional cultural expectations often cast men as providers and protectors, leaving little room for emotional vulnerability. Data from the World Health Organization (WHO) reveals that men in Nigeria are disproportionately affected by mental health challenges, with suicide rates among men accounting for over 70% of reported cases globally.
Kunle Adeyemi, a 42-year-old civil servant in Lagos, reflects on his experience:
“As a man, you are expected to have all the answers and provide for your family no matter what. But what happens when you can’t meet those expectations? It’s a weight that many of us carry in silence.”
Navigating Emotional Challenges in a Tough Environment
The economic challenges in Nigeria, including inflation rates peaking at 33.88% in October 2024, have exacerbated financial stress among men. According to a 2023 Statista report, 65% of Nigerian men cite financial instability as their primary stressor, followed by family expectations and career pressures.
These challenges often translate into emotional turmoil, with many men turning to unhealthy coping mechanisms like substance abuse or isolation due to the stigma surrounding mental health.
Celebrating Positive Role Models
Despite these challenges, countless Nigerian men serve as role models in their families and communities, embodying resilience and emotional intelligence. From fathers prioritising their children’s education against all odds to mentors nurturing the next generation, their stories highlight the importance of balance and support.
Take Musa Ibrahim, a teacher in Kogi who mentors young boys in his community:
“I teach them that being a man is not about hiding your emotions but about managing them. They need to see that asking for help is not a sign of weakness.”
Steps Toward Emotional Resilience and Well-being
To help Nigerian men navigate these challenges, here are strategies to balance their roles and protect their mental health:
Encourage Emotional Expression
Promoting open conversations within families and communities can help break the stigma surrounding men’s mental health.
Seek Professional Help
Organisations like the Mentally Aware Nigeria Initiative (MANI) provide accessible mental health support tailored to Nigerian realities.
Build Supportive Networks
Men benefit from strong peer support systems that allow them to share burdens and seek advice without judgment.
Practice Emotional Intelligence
Learning to identify, manage, and express emotions constructively can strengthen relationships and reduce stress.
Promote Role Models in Media and Society
Celebrating men who lead with empathy and emotional balance can inspire others to follow suit.
Creating a Better Tomorrow
International Men’s Day 2024 challenges Nigerians to redefine masculinity by embracing the strength in vulnerability and prioritising mental well-being. By fostering positive role models and creating spaces for open dialogue, society can better support men as they navigate th e complexities of modern life.
As we honour the contributions of men this year, let us also commit to building a future where Nigerian men can thrive; emotionally, mentally, and physically, without the weight of unrealistic expectations.
I understand that 19th November is set aside as International Men’s Day and what a joy this is. Some recognition at last! Even at that, it is not likely that we would see all the hoopla and frenzy that inescapably accompany Women’s Day, Mother’s Day or the International Day of the Girl-Child in the social and traditional media , those flowery and ‘you-are-golden’ poetic verses, as though theirs is the only gender most favoured of God.
Now, at the very least, some of our comedians could have something else to chew other than their envious caricature of women, to whom all our joint offsprings are said to be more compassionately disposed whether in childhood or adulthood!
But truth be told, a day such as the International Men’s Day offers us a unique opportunity for deep reflection on why men are celebrated with less funfair. My guess is that countless numbers of those who called themselves men do so because of what they carry between their legs, not because of what they truly are!
Going by the dictionary and general interpretation, biologically speaking (mentally and physically), a boy usually becomes a man at the age of 14–15, being usually a fully physically developed man at the age. Please dont laugh!
Sadly, within the Nigerian context that I am very familiar with, there are far more men who stay stunted at this basic stage of mental development even when their physical appearance mirror their true advanced age.
It is the reasons why boys are everywhere but strong-grounded men are in short supply! Here, I am not talking about sheer muscles but well rounded men who are empathetic, responsible and know how to treat their partners right!
If most men were men, there won’t be such innumerable single mothers all over the place, carrying back-bending burdens they never bargained for when they first entertained those sweet talking fine looking hulks!
When men invent excuses for failures they invariably mirror a state of boyhood. Boys look for a girl to sleep with whereas Men look for the ones worth waking up to.Boys break hearts. Men pick up the broken pieces.
How do I know this? I admit to a weakness of an inordinate desire to help the disadvantaged, within and beyond my means, and 8 out of 10 of my beneficiaries are usually women. My family are well familiar with this proclivity such that my first daughter calls me “Baba Gbogbo Aiye’.
This predisposition has been so stretching that I had wished at several moments for a forum of men where we could have heart-to-heart exchanges!
I run a Vocational training centre originally set up as a commercial venture but which inevitably ended up a predominantly charity centre where single mums and indigent girls learn Hairdressing, shoe making, fashion, catering and the likes.
The more of the struggling single mums you pick up, some with twins, the more it appears irresponsible men are multiplying in greater dimensions assailing more victims.
How are these ones men? How could we count them among those the world celebrates in today’s International Men’s Day? Timothy 5:8 King James Version (KJV) But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than Boko Haram.
But, wait a moment. Mothers should not gloat over this piece. How are you raising your young boys?
In many instances, where men turned out right, the credit goes to their mums who ingrained in them the virtues of responsibility. As it was in the beginning, so it is till today. In several families, girls are driven too hard while the boys are over pampered. A boy can’t cook. House chores are not for him. He literally can’t take care of himself but must wait on his parent for every vital decision – a disaster waiting for another woman!
Now the hen has finally come home to roost Little wonder women are in the lead everywhere you look.
Happy Men’s Day! Please Wake Up Guys!
Prince Debo Luwaji is an Educationist, Public Affairs Analyst and Entrepreneur
Noor Takaful Insurance Limited, the pioneer and leading composite Takaful insurance firm in Nigeria, has distributed a total of one hundred and sixteen million, three hundred and three thousand naira (N116,303,000.00) as surplus to an eligible group of policyholders who did not make claims on their insurance during the 2022 financial year.
The surplus distribution was presented on Wednesday, November 13, 2024, during the second edition of the African Takaful and Non-Interest Finance conference held at Lagos Oriental Hotel, Lagos. The conference was well attended by industry practitioners, relevant stakeholders, international insurance experts, brokers, agents, and the media, among others.
A total of 1,211 participants including individuals, financial institutions, and private and public organizations would receive surplus payments
Sterling Bank Plc, Lotus Bank, WAZOBIA FM, Info FM and Cool FM, The Alternative Bank, Berger Paint, The Crescent Schools were presented with N8,497,799.20, N5,227,641.28, N5,085,045.41, N4,669,942.21, N449,930.61 and N232,158.74, respectively.
Delivering his remarks at the event, the Managing Director of Noor Takaful Insurance Limited, Rilwan Sunmonu, disclosed that since the company’s inception of surplus distribution in 2018, more than 5,000 participants have received surplus, totaling more than N400 million.
According to Sunmonu, this milestone is a testament to the unwavering commitment of the company to the principles of Sharia and to its valued participants. He expressed confidence in growing the number of participants so that it would continue to positively impact lives.
Highlighting the decision to present Surplus to participants through a digital transfer simulation—marking a significant shift from the traditional use of dummy cheques—he stated that the new approach is a demonstration of its commitment to innovation and efficiency, which is geared towards delivering seamless experiences to participants. He went further to describe the digital presentation of surplus to customers as a reflection of the company’s vision and commitment to moving forward as a company.
Also, the Vice-Chairman of Noor Takaful Insurance Limited, Aminu Tukur, disclosed that the company, which has 15,000 participants, has paid N9 billion in claims in the last seven years.
Tukur noted that the payment of surplus exemplifies the company’s commitment to offering Sharia-compliant solutions to customers. He disclosed that non-interest finance or Islamic finance, as it is regulated in Nigeria remains the only kind of finance that offers a fairer alternative to customers, urging them to take advantage of it.
President Joe Biden commits $4 billion to the International Development Association (IDA), a branch of the World Bank that provides low-interest loans and grants to the world’s poorest nations. The pledge, announced during a meeting with Group of 20 (G20) leaders in Rio de Janeiro, strengthens IDA’s resources over the next three years.
IDA plays a critical role in financing development projects for about 75 of the poorest countries globally. However, disbursement of the pledged funds requires approval from the U.S. Congress, a process that may face delays until after President-elect Donald Trump assumes office.
Continued Focus on Multilateral Development
Biden’s commitment signals a continued dedication to multilateral development and global poverty alleviation. While former President Trump supported more unilateral approaches, including establishing the International Development Finance Corporation (DFC), his administration still contributed $3 billion to IDA’s fund replenishment in 2019. Trump’s Project 2025 governance blueprint recommended U.S. withdrawal from the World Bank and IMF, but Trump distanced himself from this idea during the election.
World Bank’s Ambitious Funding Goals
The World Bank targets raising over $100 billion to assist the poorest nations, exceeding the $93 billion raised during the 2021 donor round. IDA funding supports critical projects in health, education, infrastructure, and economic development, benefiting vulnerable communities worldwide. Biden’s pledge reaffirms U.S. commitment to maintaining leadership in international financial institutions, despite potential policy changes under future administrations.
IDA’s Impact in Nigeria
IDA funds several major projects in Nigeria, such as the Nigeria Electrification Project (NEP), which provides reliable electricity to households, businesses, and hospitals through solar systems. The North Core/Dorsale Nord Regional Power Inter-connector links Nigeria with neighboring countries, improving electricity access.
The IDA also funds the Nigeria Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project, aimed at promoting sustainable landscape management in northern Nigeria. Additionally, the ongoing Nigeria Digital Identification for Development (ID4D) project, which provides digital identities to Nigerians, benefits from IDA support along with contributions from other institutions like AFD and the EIB.
The Federal Government of Nigeria plans to allocate more of its budget to debt servicing than capital expenditure between 2025 and 2027, according to the recently approved 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Debt servicing costs are projected to reach N50.39 trillion, surpassing the N48.93 trillion allocated for capital expenditures.
Debt servicing expenses are expected to rise by 26.7%, from N15.38 trillion in 2025 to N19.49 trillion in 2027, raising concerns about the country’s fiscal sustainability. By comparison, the 2027 debt servicing figure represents a 127.7% increase from the N8.56 trillion spent in 2023.
Debt Servicing Surpasses Capital Expenditure
Debt servicing will account for a larger portion of the total expenditure in the coming years. In 2025, debt servicing will represent 32.11% of the total budget, while capital expenditure will constitute 34.44%. However, by 2027, debt servicing is expected to rise to 37.2% of the total expenditure, surpassing capital projects, which will fall to 31.51%.
This trend points to a widening gap: while debt servicing continues to grow, capital investments remain sluggish, potentially worsening Nigeria’s infrastructure deficit and slowing economic growth.
Rising Debt Servicing Costs Explained
The increase in debt servicing costs is attributed to Nigeria’s growing debt burden and higher interest rates following adjustments to the Monetary Policy Rate (MPR), which reaches 27.25% as of September 2024. The MTEF/FSP document outlines that the government will pursue debt restructuring strategies to free up resources for key infrastructure projects, given the decline in household and private sector spending.
The government also plans to explore non-commercial long-term loans with tenors ranging from 10 to 50 years, alongside significant moratoriums of 5 to 7 years, to ease the pressure of servicing debt.
Borrowing to Address Budget Deficits
To finance its fiscal goals, the government plans to borrow an additional N31.24 trillion over the next three years, which could bring Nigeria’s debt stock to nearly N170 trillion by 2027, up from N134.3 trillion in June 2024. The borrowing will primarily address projected budget deficits of N13.08 trillion in 2025, N12.14 trillion in 2026, and N13.76 trillion in 2027.
Domestic borrowing will dominate the debt mix, with N24.98 trillion of the total N31.24 trillion planned borrowing sourced domestically. In 2025, domestic borrowing will account for 80% of the new debt, amounting to N7.37 trillion, while foreign borrowing will total N1.84 trillion. By 2027, domestic borrowing will rise to N10.59 trillion, and foreign borrowing will increase slightly to N2.65 trillion.
The growing debt stock and servicing costs have raised concerns with the Debt Management Office, which warns that this trajectory poses significant risks to Nigeria’s fiscal stability and long-term economic health.
The Average Revenue Per User (ARPU) in Nigeria’s telecommunications industry plunged by 40.87% to $1.85 in Q3 2024 from $3.12 in the same period in 2023, highlighting the profound effects of the naira’s devaluation on the sector.
Financial reports from MTN Nigeria and Airtel Nigeria revealed significant declines in ARPU, with MTN dropping to $2.09 (from $3.24) and Airtel to $1.60 (from $3). Despite these challenges, MTN’s service revenue grew by 33.6% to ₦2.4 trillion for the nine months ending September 2024, while Airtel’s revenue shrank by 46.87% to $755 million.
The naira’s depreciation, driven by the Central Bank of Nigeria’s foreign exchange unification policy, has severely impacted telcos. From N471/$ in June 2023, the naira plummeted to N1,690.37/$ by November 2024, leading to $1.56 billion in foreign exchange losses for telecom firms in 2023.
Operational costs have soared due to inflation, which reached 33.88% in October 2024. MTN reported a 95.87% increase in operating expenses to ₦1.13 trillion for the first nine months of 2024, while Airtel saw a 90% spike in diesel costs. Capital expenditures have also taken a hit, with MTN reducing spending by 27.79% and Airtel cutting by 36.59%.
Gbenga Adebayo, Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON), stressed the urgency of raising tariffs, stating, “We need a long-term, sustainable solution through collaboration with the government.” However, Minister of Communication, Innovation, and Digital Economy Bosun Tijani argued that tariffs alone cannot address the sector’s woes, emphasizing the need for broader reforms.
As telcos explore renewable energy and renegotiate contracts to lower costs, stakeholders warn that reduced investments in infrastructure will further erode service quality. Industry leaders are advocating for a balanced approach to pricing and regulation to ensure the sector’s sustainability.
The Nigerian Communications Commission (NCC) has acknowledged the sensitivity of adjusting tariffs, given the essential role of connectivity in daily life, and is currently reviewing telcos’ requests for price revisions.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has authorised the immediate payment of the new N70,000 minimum wage to all FCT administration staff.
This was confirmed in a statement issued by Anthony Odeh, Press Secretary to the Head of the Civil Service of the FCT, and shared with journalists on Tuesday.
This development follows the signing of the new Minimum Wage Bill into law by President Bola Tinubu in May 2024, which set N70,000 as the benchmark for Nigerian workers. The approval comes amidst mounting pressure from labour unions, including the FCT chapters of the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), which had threatened to embark on a strike on November 30, 2024, over delayed implementation.
Addressing concerns, the Acting Head of the FCT Civil Service, Mrs Grace Adayilo, revealed that Wike’s decision also includes payment of three months’ arrears effective from November 2024. She commended the minister’s efforts, stating, “This gesture will further motivate the entire administration staff to align with the minister’s vision and support the Renewed Hope Agenda of President Tinubu.”
The minister’s move underscores his commitment to improving workers’ welfare and fostering a more efficient FCT workforce. It is also seen as a timely intervention to avert disruptions from the planned industrial action.
Labour leaders and civil servants across the FCT have welcomed the announcement, expressing optimism about its positive impact on staff morale and productivity.
The Nigerian Exchange (NGX) equities market saw a minor rise on Monday, with the All-Share Index (ASI) rising by 0.03%, resulting in a ₦15 billion increase in market capitalization. Improved market mood fueled the gain, extending the positive momentum from last Friday’s session.
The ASI finished at 97.747.27 points, up 24.99 basis points. This success was aided by renewed purchasing activity in mid- and large-cap equities, including top performers like WAPCO and OANDO.
Market Activity Highlights
Market activity was uneven, with total trading volume growing by 40.03% to 413.35 million units and total trading value falling by 21.15% to ₦5.34 billion. These trades were spread among 9,004 deals.
JAPAULGOLD emerged as the most frequently traded stock by volume, accounting for 43.35% of all shares traded. Other big volume drivers were CONHALLPLC (8.92%), ACCESSCORP (7.66%), UBA (4.20%), and UCAP (2.46%). ACCESSCORP topped the value chart, accounting for 14.55% of total trade value.
Gainers and Losers
The market breadth remained positive, with 29 gainers outperforming 21 losers.
Top Gainers: JOHNHOLT topped the list with a 9.97% price appreciation, followed by EUNISELL (+9.92%), BETAGLAS (+9.92%), WAPCO (+9.52%), and TANTALIZER (+9.33%).
Top Losers: MECURE led the laggards with a 9.65% price decline, trailed by THOMASWY (-8.85%), CHAMPION (-6.88%), GUINNESS (-4.62%), and UPDC (-3.38%).
Sector Performance
Sectoral performance was mixed:
Declining Sectors: The Banking (-0.58%), Consumer Goods (-0.27%), and Oil & Gas (-0.08%) indices closed in the red, dragged by losses in stocks such as ACCESSCORP (-3.03%), GUINNESS (-4.62%), and CONOIL (-0.35%).
Gaining Sectors: The Industrial Goods (+0.66%) and Insurance (+0.42%) indices advanced, driven by gains in WAPCO (+9.52%) and CONHALL (+6.38%).
Market Capitalization
The equities market capitalization increased by ₦15.27 billion, closing at ₦59.23 trillion, reflecting sustained investor confidence in select sectors and stocks. Investors are expected to monitor market trends closely as key performance indicators show mixed signals amid evolving trading dynamics.
2024 is coming to an end soon, and you’re still stuck in a job you hate. Every morning feels like a mini-existential crisis as you drag yourself out of bed, make a cup of resentment-flavored coffee, and look into the void of your 9-to-5. You’re wondering, “How did I get here?” Why am I still here? Can I leave?” You are not alone.
Many people find themselves in this circumstance, torn between financial obligations, dread of the unknown, and the need to remain stable. However, working a job you despise can have a negative impact on your mental health, self-esteem, and general well-being. While you may not be able to escape quickly, you do not have to languish in despair.
Here’s the good news: there are ways to navigate this phase, regain control, and eventually find work that aligns with your passion and purpose. Let’s unpack why people end up in jobs they hate and dive into actionable strategies to help you thrive while plotting your next move.
Why Do People Stay in Jobs They Hate?
Before diving into the tips, let’s address the elephant in the room. Why do so many of us remain in jobs we despise?
Financial Security: Bills, rent, and daily expenses don’t stop just because your job is draining your soul.
Fear of Change: The thought of diving into the job market can be intimidating. What if you fail to find something better?
Lack of Clarity: Sometimes, you know you hate your job but aren’t sure what you’d rather be doing.
Toxic Workplace Culture: Toxic bosses and coworkers can drain your energy, leaving you too burnt out to even job hunt.
Societal Expectations: Pressure to stick with a “stable” career path can make you feel guilty for wanting to leave.
10 Tips to Navigate a Job You Hate
Whether you’re actively plotting your exit or just trying to survive for now, here are ten tips to help you reclaim some control and peace of mind.
Reframe Your Perspective
As much as you hate your job, it’s paying the bills right now. Focus on the positives—no matter how small they may seem. Does it allow you to learn a new skill, network with professionals, or build savings? Shift your mindset from “I’m trapped” to “This is a stepping stone.”
Identify the Root of Your Discontent
Is it the work itself, the people, or the lack of growth opportunities? Pinpointing the exact source of your dissatisfaction helps you understand whether leaving is your only option or if changes within the role could improve your experience.
Set Clear Goals
Use your current job as a launching pad. Where do you want to be in one year? Five years? Having clear goals can help you stay motivated while you work toward your next move.
Upskill and Explore
Take advantage of online courses, webinars, and workshops to learn new skills or explore potential career shifts. Platforms like Coursera, Udemy, and LinkedIn Learning offer affordable options. Think of it as your escape plan in motion.
Network Like Your Career Depends on It (Because It Does)
Attend industry events, join LinkedIn groups, and connect with mentors. Building relationships can open doors to opportunities you didn’t even know existed.
Create Boundaries to Protect Your Mental Health
Don’t let your job consume you entirely. Avoid overworking yourself and make time for hobbies, exercise, and socializing outside of work. These activities can help you recharge and keep your spirits high.
Start a Side Hustle
Channel your frustration into something productive by starting a side hustle. It could be freelancing, blogging, creating art, or even selling products online. Not only can this provide extra income, but it could also pave the way to a full-time gig.
Practice Gratitude
This might sound cliché, but gratitude works. Write down three things you’re thankful for each day, even if it’s just a decent cup of coffee at the office. Gratitude can shift your focus and help you navigate tough times with a more positive outlook.
Seek Support
Talk to trusted friends, family, or a career coach about your frustrations. Sometimes, an outside perspective can offer clarity or even solutions you hadn’t considered.
Plan Your Exit Strategy
If it’s clear that your current job is not for you, start planning your exit. Update your resume, polish your LinkedIn profile, and begin discreetly applying for new roles. Be strategic about your job search to ensure you don’t jump from one toxic situation to another.
Why it is important to act.
Hating your work is more than simply an annoyance; it may have an influence on your emotional and physical health, as well as your relationships. Prolonged discontent at work can result in burnout, despair, and even medical ailments. Taking action—whether it’s improving your present position or planning your escape—is critical to your well-being.
Final Thoughts
Being stuck in a job you despise in 2024 may seem like a nightmare, but it does not have to define your whole year. You have the ability to improve your situation, even if it takes time. Remember, it’s normal to get frustrated, but don’t let it immobilize you. Use this time to learn, grow, and create a better future for yourself. Keep an eye on the horizon, and who knows? By this time next year, you might just be thriving in a career you love. So, take a deep breath, grab a notebook, and start sketching your next move. The only thing worse than working a job you hate is staying in it forever. You’ve got this!
The Central Bank of Nigeria (CBN) issues a public warning to Nigerians about fraudulent individuals claiming to hold award letters for construction contracts and special financial interventions allegedly issued by the bank.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN clarifies that these claims are false and intended to deceive the public. The bank emphasizes that it has discontinued direct involvement in development interventions and special project funding as part of its current management strategy.
The statement reads: “CBN has not authorized public notices for such interventions on social media or through any other news outlets. Any such claims are fraudulent and should be ignored.”
Reaffirming Its Core Mandate
The CBN reaffirms its commitment to its primary role, which includes maintaining monetary and price stability, and ensuring a sound and efficient financial system in Nigeria. It urges Nigerians to remain cautious and report any suspicious activities to the relevant law enforcement authorities.
The bank also encourages the public to verify information before engaging with any individuals or entities claiming to represent it.
Rising Threat of Fraudulent Schemes
The warning comes as fraudsters continue to target individuals and businesses across Nigeria. In addition to fraudulent contract schemes, there is a rise in attacks on personal and business accounts, where criminals attempt to steal funds from unsuspecting bank customers.
In response, the CBN, in collaboration with the Bankers’ Committee, launches several awareness campaigns to educate Nigerians about common and emerging scams. One such campaign, recently published by the bank, advises the public to stay informed about the latest tactics used by fraudsters:
“As a diligent individual, it is your responsibility to stay updated on the methods scammers use to steal money from innocent victims. Protect yourself with knowledge and be cautious when making transactions on e-commerce sites or with mobile money agents.”
The bank also warns Point of Sale (POS) operators about chargeback fraud, where scammers make a legitimate transaction and later falsely claim it was unauthorized or that the wrong amount was debited. It urges POS operators to remain vigilant and contest any fraudulent claims within the 48-hour window provided by banks.
In addition, the CBN advises POS business owners to carefully monitor transactions, particularly when customers change the amount to withdraw while inputting their PIN.
The CBN’s warning serves as a timely reminder for Nigerians to be vigilant against fraud and exercise caution when engaging in financial transactions.
The Nigerian Railway Corporation (NRC) begins operations at the newly inaugurated Aremo Olusegun Osoba Station in Olodo, Odeda Local Government Area, Ogun State. The station, located along the Lagos-Ibadan Train Service (LITS) route, is named in honor of former Ogun State Governor, Aremo Olusegun Osoba.
The NRC announces the development through its official X (formerly Twitter) account, stating: “Aremo Olusegun Osoba Station (Olodo) is now open for operational use on Lagos-Ibadan Train Service (LITS).”
Strengthening Regional Connectivity
The opening of this station marks a significant step in the NRC’s ongoing efforts to improve rail transportation in Nigeria. Positioned strategically along the Lagos-Ibadan rail corridor, the station provides modern facilities aimed at enhancing passenger comfort while promoting regional economic growth.
The Lagos-Ibadan Train Service plays a critical role in reducing travel time, alleviating road congestion, and fostering economic activity. The addition of the Aremo Olusegun Osoba Station further bolsters the network’s ability to serve commuters effectively.
Advancing Rail Operations
The NRC continues to expand and optimize its operations for the Lagos-Ibadan Train Service. On October 14, 2024, the corporation issues a three-year license to the China Civil Engineering Construction Corporation (CCECC) to operate freight services along the Lagos-Ibadan railway, making it the first company authorized for such operations in Nigeria.
Valid through October 2027, the license aims to unlock the railway’s economic potential by offering businesses a reliable and cost-effective logistics solution, boosting trade and economic activity along the corridor.
Features of the Lagos-Ibadan Railway
The Lagos-Ibadan Railway, completed by CCECC and launched in June 2021, covers 157 kilometers with an additional 7-kilometer branch line. It connects Lagos, Nigeria’s economic hub, to Ibadan, the capital of Oyo State, with trains running at speeds of up to 150 kilometers per hour.
The railway has safely operated for over 1,000 days as of March 2024, transporting more than 2 million passengers. Through technical expertise, staff training, and managerial support, the project has generated employment and developed a skilled workforce in Nigeria’s rail sector.
Enhancing Travel Options
In November 2024, the NRC introduces an extra weekend trip on the Lagos-Ibadan route, increasing Friday and Saturday services from two trips to three. This adjustment meets the rising demand for rail travel and offers passengers greater flexibility.
The Aremo Olusegun Osoba Station’s opening reflects the NRC’s dedication to expanding Nigeria’s rail network, improving commuter experience, and driving sustainable development through enhanced transportation infrastructure.
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