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Air Peace: Nigeria,UK clash over landing right in Heathrow

Festus Keyamo, Minister of Aviation and Aerospace Development,  had addressed a diplomatic letter requesting landing slots for Air Peace, at the UK’s Choice airport in Heathrow, to the United Kingdom aviation handlers. 

The media has been abuzz with reports regarding the protest letter written by Minister of Aviation and Aerospace Development, Festus Keyamo, to his British counterpart. The letter was submitted to formally address the UK airport authority’s refusal to grant landing rights to Nigerian airline Air Peace at Heathrow Airport.

Minister Festus Keyamo, in a letter dated August 1, 2024, and addressed to Louise Haigh, the UK Secretary of State for Transport, warned that if Air Peace is not allocated a landing slot at London Heathrow, Nigeria would have no choice but to “reciprocate” by denying British Airways and Virgin Atlantic access to slots at Lagos and Abuja airports. 

Although Heathrow is the UK’s primary airport, Air Peace currently operates from Gatwick Airport, a secondary airport.

The UK’s Heathrow Airport could be compared to Nigeria’s Murtala Muhammed Airport, Lagos and Nnamdi Azikiwe Airport, and Gatwick Airport, UK, may be likened to the Enugu International Airport. Efforts by Air Peace to get a slot at Heathrow, which is closer to the heart of London, have been reportedly unsuccessful. 

Although, Nigeria and the United Kingdom have a bilateral aviation safety agreement in place. This agreement allows for the sharing of civil aviation certifications between the two countries.

The Bilateral Aviation Safety Agreement (BASA) outlines the obligations and cooperative procedures for both nations to avoid redundant evaluations and streamline the certification process for aeronautical products by their respective civil aviation authorities.”

A BASA, therefore, supports trade in aircraft and related products, while ensuring the highest levels of aviation safety. This agreement also allows airport managers to provide equal landing privileges to aircraft from member countries in their domain.

Meanwhile, some industry stakeholders were of the view that the Nigeria-UK BASA agreement promoted designated city destinations rather than specific airports.

The stakeholder said Heathrow cannot be explicitly mentioned in the agreement as it falls outside the purview of the Department of Transport and given the UK government’s lack of involvement in airport slot allocation.

They advised Air Peace to address the issue independently and not escalate it.

Meanwhile, the diplomatic dispute between the two countries took another dimension when Airport Coordination Limited, the independent authority responsible for slot allocation in the UK, disclosed that Air Peace missed two critical deadlines while requesting landing slots.

The company claimed that Air Peace failed to submit its slot requests on time for the Northern Summer 2024 and Northern Winter 2024 scheduling seasons.

The missed deadlines, as disclosed by the slot allocator, have added a new layer of complexity to the situation, raising genuine concerns over the airline’s ability to gain a foothold at one of the world’s busiest airports.

A top officer in the airline, who preferred not to be mentioned considering the current diplomatic nature of the matter, told our correspondent that the airline was not happy with the refusal by the UK authority to allow Air Peace aircraft to land at Heathrow airport.

He noted that the airline would not want to dabble into the matter, adding, “It is important to note that we have done due diligence in ensuring that we get a slot, but they were claiming the crowd was too much for them. Only for us to now start hearing that they claimed that we did not apply for two seasons. The same you that initially claimed no slots were owing to the crowd?

“Just like I said earlier, we have done due diligence and we will continue to do what is right. We pray that God backs the minister to help us get the desired slots from them.”

However, the Nigerian government has continued to allow UK flag bearers to land in Nigeria’s primary airports even while aviation authorities in the UK remained adamant on the matter.

In reaction to the development, Keyamo, through his letter, expressed displeasure over the development.

The diplomatic correspondence, which was leaked to the media, reads partly saying, “The consistent denial of slot” by the UK slot office to Air Peace on the Nigeria-London route to fly into Heathrow, its first choice, since it began operations in the UK in March 2024.

“The airline had made consistent efforts in the past to fly into Heathrow Airport from Lagos but was denied, and only approved to fly into Gatwick Airport from Lagos.

“Following the approval granted the airline by the Nigerian government to fly the Abuja-London route, the airline approached the slot office for slot allocation at the London Heathrow Airport, for flight operations planned to commence in November 2024, during the IATA Winter Season. It is highly disheartening that up till this moment, the airline has not received any favourable response from the slot office.”

He reminded the UK that both British Airways and Virgin Atlantic were operating into Nigeria’s primary airports in Lagos and Abuja without encumbrances placed in their ways.

British Airways has been flying into Lagos since 1936.

“Therefore, it is necessary for Nigerian designated carriers to enjoy similar reciprocity that British carriers are enjoying. It is highly unfair on the side of the British authorities and a discredit to the Nigerian authorities and the Nigerian nation as a whole, for slot allocation to Nigerian carriers to be an issue at all times. We feel betrayed by the British authorities for not reciprocating the good gesture of the Nigerian State and its people,” Keyamo wrote.

The minister told the UK airport authority not to allow the slot allocation issue to be an alibi to deny the existence of a bilateral Air Services Agreement between Nigeria and the United Kingdom, whose hallmark was based on the principle of reciprocity.

Following the minister’s threat, a junior staff member of Air Peace, who did not want to be mentioned because he was not in a capacity to speak for the company told our correspondent, “Obviously, the management is concerned by this development between the UK and Nigerian governments, but we are only taking solace in the possibility that the matter may be resolved before the deadline given.”

Also, when contacted, British Airways’ Regional Country Manager for Nigeria and Ghana, Adetutu Otuyalu, who was initially responding to chats from our correspondent, suddenly went mute after the question was posed to her.

Reactions

The President of the Association of Foreign Airlines and Representatives in Nigeria, Dr Kingsley Nwokoma, backed Keyamo, saying if UK airlines could enjoy Nigeria’s best airports, such privilege should also be reciprocated.

He also called for more diplomacy in resolving the matter.

His words, “If they are enjoying our best airport, since we do not have a national carrier, our current national flag carrier should be allowed to fly to their own best airports too.

“This is not rocket science. Both Nigeria and the UK are parties to BASA. So, why shouldn’t our flag carrier be allowed to land at their best airport?

“This once happened between Air Peace and the UAE and the Nigerian government sat with them and things were resolved so, I want to advise that the same tactics be employed to resolve this matter.”

Also, a commercial pilot with over 30 years of experience, Captain John Okakpu, lauded the minister’s decision to shut the landing space against both British Airways and Virgin Atlantic pending the provision of landing rights to Air Peace.

He recalled that the former military Head of State, Gen. Sani Abacha, once shut airlines from the UK when they once disallowed the defunct Nigeria Airways from landing in the UK’s A’ class airport.

“If they refused to allow Air Peace to land in Heathrow, the minister should also banish the airlines to maybe Enugu or even Ibadan.

“Abacha stopped them from coming to our country at a time. They should also feel what we are feeling. Why should they have 21 frequencies to Nigeria and the less than seven we have, they won’t still allow us to complete it even as Nigeria’s flag carrier?  At least Arik is not as sophisticated as Air Peace and they go to Heathrow. What is the meaning of all these?

“Can you imagine what Nigerians go through when their cargoes get to Gatwick? They always have to transport it to Heathrow after paying so much for airlifting from their primary destination, which cannot continue. When passengers are going to the U.S. from Nigeria, they will be taken to Gatwick and then transported back to Heathrow before getting their connecting flight to the U.S. So why should Nigerians go through this unnecessary pain and extra spending?” he quizzed.

Ranking

Although Heathrow is now ranked 12th in the global ranking, slipping from its position at 8th in 2023, a survey by aviation analyst Cirium, which calculated the number of airports each hub served between January and June 2024, showed.

It comes despite the west London airport handling more passengers than any of its European competitors and offering over 4.5 million seats this month, according to OAG Aviation.

It was ranked the world’s fifth busiest airport last year.

Its ranking as best-connected has improved considerably in recent years, as pre-pandemic records revealed the west London hub stood in 18th position, according to the Independent.

In the first half of 2024, it served 221 locations, while London Gatwick Airport served 218 and has been positioned 14th.

It trails Heathrow by two spots despite serving half of the passengers Heathrow does.

In the list whittled down from airports worldwide, Istanbul emerged on top with some 309 destinations on offer. Most are on Turkish Airlines, the carrier with the most extensive route network in the world.

It is followed by Istanbul Frankfurt, Paris Charles de Gaulle and Amsterdam Schiphol, with 296, 282 and 270 locations on their departure screens, respectively.

The only other European airport in the top 10 and  10th position is Rome Fiumicino, with 234 locations.

Meanwhile, Chicago O’Hare is the top non-European airport listed, serving 270 airports next to Dubai International, which serves 269 airports.

Dallas-Fort Worth, Shanghai Pudong and Atlanta occupy seventh, eighth and ninth place in the table, respectively.

PUNCH

Dollar-to-Naira Exchange Rate For 16th September 2024

NIN: Telcos Begin Deactivating Unlinked SIM Cards

Nigerian telecommunications companies are set to disconnect mobile phone lines that remain unlinked to National Identification Numbers (NINs) after the September 14 deadline set by the Nigerian Communications Commission (NCC) expired.

The NCC announced in August that all SIM cards would be deactivated as of September 15 unless verified with a NIN.

Subscribers who had not completed the NIN-SIM linkage process or encountered verification issues were urged to visit their service providers to update their information before the deadline.

As of March 2024, data from the NCC showed 219 million active lines across mobile networks such as MTN, Glo, Airtel, and 9mobile, with 153 million already linked to NIN. This leaves approximately 66 million unlinked lines at risk of disconnection.

Between July 28 and 29, millions of lines were temporarily barred due to unverified NINs, causing widespread disruptions in the country. The NCC had reversed its decision, giving subscribers more time to comply. However, with the deadline now expired, disconnections will commence.

An NCC official, who requested anonymity as he was not authorised to comment on the matter, dismissed any possibility of an extension.

“We will disconnect anyone who refuses to comply; the grace period is over. The reason why we extended the last time was the misconception of Nigerians who claimed that the NCC wanted to frustrate the August 1 protest.”

The official clarified that the commission has no intention of deliberately disconnecting subscribers. “A significant number of Nigerians have opted not to link their SIMs to their NIN for various reasons.

“While there may be challenges at the Centres, it remains crucial to revisit and complete the process. Let me be clear—there will be no further extensions,” the official emphasised.

 Several weeks ago, subscribers voiced frustration over the difficulties they encountered when attempting to upload their information on the National Identity Management Commission (NIMC) portal.

After visiting telecom centers, including MTN and Airtel, Adeolu Ogungbanjo, President of the National Association of Telecommunications Subscribers, described the situation as “terrible”.

He said that the existing portal challenges are obstructing the timely completion of the NIN-SIM linkage, adding, “Without immediate action, subscribers will struggle to meet the deadline.”

He pleaded that the NCC should consider extending the deadline due to the technical issues that marred the process of registration last week.

“NCC must be commended after a series of extensions but I believe they can still do that for maybe one week,” he told Sunday PUNCH.

In March, the NIMC and NCC strengthened their partnership to streamline the NIN-SIM linkage process. Both agencies launched public awareness campaigns, stakeholder training, and the dissemination of accurate information to help citizens comply with the directives.

Based on their first-half 2024 financial results, MTN Nigeria and Airtel Africa barred a combined 13.5 million lines for non-compliance with the NIN-SIM linkage mandate. MTN blocked 8.6 million lines, while Airtel reported that 8.7 million customers had completed verification.

The government initiated the mandatory linkage of NINs with SIM cards in December 2020, ordering telcos to deactivate unregistered SIMs and those without NIN links. After multiple deadline extensions by the NCC, April 15, 2024, was set as the final deadline for fully barring subscribers with four or fewer SIMs having unverified NIN details.

This article was written by Tamaraebiju Jide, a student at Elizade University

Banks See N42.6bn Loss To Fraud, Forgeries Activities In 3-Month

CBN Loans N3tn To Nigerian Banks In One Week

Tinubu Orders Osayande To Investigate CBN, Related Affairs

According to a report by Afrinvest Research, Nigerian banks and discount houses borrowed a significant N3 trillion from the Central Bank of Nigeria (CBN) using the Standing Lending Facility (SLF) in just one week.

However, these same financial institutions also deposited N493.6 billion with the CBN through the Standing Deposit Facility (SDF) during the same period.

The surge in borrowing led to a 4.7% increase in system liquidity, bringing the total to N712.3 billion. The Standing Lending Facility (SLF) and Standing Deposit Facility (SDF) are tools employed by the Central Bank to regulate the money supply and liquidity within the financial system.

The central bank issued a new directive to boost lending to the real sector, which took effect in April, signaling a shift towards a contractionary monetary policy approach.

Recently, the Central Bank lifted the suspension on the Standing Lending Facility for authorised dealers, following a Monetary Policy Committee decision to adjust the upper corridor of the standing facilities to five per cent from one per cent around the Monetary Policy Rate.

Afrinvest added that the surge in borrowing reflected the increased demand for short-term liquidity by banks and discount houses.

However, despite the liquidity boost, inter-bank lending rates displayed mixed results, with the Open Purchase Rate decreasing by five basis points to 31.2 per cent, while the Overnight Rate edged up by three basis points to 31.7 per cent.

In response to rising liquidity, the Debt Management Office reduced interest rates last week to create favourable borrowing conditions.

In addition to the domestic borrowing, Afrinvest Research noted the successful launch of Nigeria’s inaugural dollar-denominated bond. This five-year bond, intended to raise $500 million to offset the 2024 fiscal deficit, was oversubscribed by $400 million, indicating robust investor interest.

Afrinvest analysts interpreted the recent interest rate cut and strong bond demand as signs of increasing investor confidence in Nigeria’s financial markets. They anticipate these developments to shape market dynamics and borrowing strategies as liquidity levels continue to fluctuate.

In an interview with our correspondent, an economist at Ajayi Crowther University, Segun Ogundare, explained that central banks serve as lenders of last resort, usually offering short-term loans at high rates to banks facing liquidity constraints.

He noted that frequent borrowing from the central bank could indicate deeper issues, warning that persistent liquidity shortages could lead to serious financial challenges for banks, including potential liquidation, as seen in the case of Heritage Bank.

“Central banks typically lend at high rates because the loans they offer to banks are short-term. Banks can approach the Central Bank of Nigeria for different reasons. Maybe they are running low on liquidity or have over-traded and need to restore balance. They might also rush to the CBN to cover themselves or take advantage of opportunities in the money market.

“Sometimes, customers come in large numbers, and banks might find that more money is leaving than coming in. This can cause an imbalance. If this becomes a regular occurrence, it can become a big problem. If not handled properly, some banks could even go into liquidation, as we have seen with cases like Heritage Bank,” he added.

A broker and board member of Highcap Securities, David Adonri, noted that banks typically resort to borrowing from the CBN’s Standing Lending Facility to address temporary liquidity shortages or to seize short-term financial opportunities.

According to Adonri, system liquidity could rise whenever maturing short-term public debt is redeemed, Federation Account Allocation Committee funds are distributed, or deposit liabilities increase.

He noted that those actions inject funds into the banking system, which could elevate overall liquidity levels.

 “CBN is a lender of last resort. Banks usually have recourse to SLF to borrow from CBN to meet temporary liquidity shortfalls or to finance emerging short-term opportunities. Whenever maturing short-term public debt is redeemed or FAAC is distributed or deposit liability increases, system liquidity can rise,” he remarked.

He further highlighted that an increase in borrowing through the Standing Lending Facility could boost banking system liquidity in the short term.

However, he warned that this could come at a cost to the banks, saying, “The interest obligation arising from such borrowing can harm a bank’s treasury if the on-lending does not cover the interest expenses.

“Moreover, the injection of large sums of money into the banking system within a short period may contradict the CBN’s policy goals.”

Adonri emphasized that this could hinder the central bank’s attempts to increase the Cash Reserve Ratio (CRR) and potentially negate the impact of contractionary monetary policies.

Concerning the CBN’s control over bank liquidity, he gave a remark stating, “Bank liquidity is controlled by the CBN’s policy on liquidity ratio. As the aggregate assets of banks increase, aggregate liquidity amounts also rise. Liquidity is a moving target.”

Reports indicate that commercial and merchant banks increased their reliance on the Central Bank for liquidity in 2023. Borrowings from the Central Bank rose by 32.07% to N19.81 trillion, compared to N15 trillion in 2022.

This article was written by Tamaraebiju Jide, a student at Elizade University

NNPC Reveals Yet Another Estimated Petrol Price Breakdown

NNPC To Sell Dangote Petrol N1,019/Litre In Borno, N950 in Lagos

The Nigerian National Petroleum Company Limited has announced that it will sell petrol from the Dangote Refinery in the far north for more than N1,000 per litre.

Olufemi Soneye, the NNPC spokesperson, said this on Monday in a statement headlined ‘NNPC Ltd. Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.

Soneye explained that the price might be as high as N1,019 per liter in Borno State and N999.22 in Abuja, Sokoto, Kano, and other areas.

In Oyo, Rivers, and other southern districts, the price will be N960 per litre. According to an infographic released by the NNPC, the lowest price in Lagos and surrounding areas is N950.

“The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery), in its retail stations across the country.

“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government but negotiated directly between parties at an arm’s length,” he stated.

The company explained that the product it loaded on Sunday was paid for in dollars.

“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as naira transactions will only commence on October 1, 2024.

“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public,” the statement added.

He stated that the estimated pump prices of PMS were obtained from the Dangote Refinery and will be across NNPC retail stations in the country, based on September 2024 pricing. Recall that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at N898, but it failed to release its price list.

Additionally, NNPC has indicated that if any dispute arises over the quoted pricing, it would welcome any potential discounts from Dangote Refinery. Any such reductions would be passed directly to the public, ensuring transparency and fairness in pricing.

 The petrol prices for other states are listed below; 

  • Sokoto State: N999.22
  • Kano State: N999.22
  • Kaduna State: N999.22
  • Abuja: N992.22
  • Borno State: N1,019.22
  • Oyo State: N960.22
  • Imo State: N980.22
  • Rivers State: N980.22
  • Lagos State: N950.22
Dollar-to-Naira Exchange Rate For 16th September 2024

Banks See N42.6bn Loss To Fraud, Forgeries Activities In 3-Month

Due to lapses in management, Nigerian banks have lost a significant amount of money to fraud and forgeries, as perpetrators escalate their efforts to defraud local lenders.

According to the Financial Institutions Training Centre (FITC) Q2 2024 Fraud and Forgeries report, which was released on Saturday, N42.6 billion was lost as a result of fraudulent activities, including forgeries, between April and June 2024.

The analysis, based on fraud and forgery reports from 28 deposit money institutions throughout the country, revealed a concerning increase in fraudulent activity.

The figure eclipsed the total amount lost due to fraud in 2023, which was N9.4 billion. Further analysis revealed that the Q2 loss is an 8,993 percent increase over the N468.4 million lost in Q1 2024. This also reflects a 637 percent increase compared to the N5.7 billion loss recorded in Q2 2023.

The data revealed that miscellaneous and other fraud types constituted the largest loss, representing 96.46 percent of the total amount lost, with a value of N41.14 billion.

This was followed by losses from fraudulent withdrawals and computer/web fraud, amounting to approximately N781.2 million and N400.7 million, respectively.

FITC urged Nigerian banks to strengthen access controls to settlement files.

“Access controls should also be strengthened by limiting access to settlement files to only a small, vetted group of authorised personnel given the appropriate clearance and regularly trained on the latest security protocols.

“The implementation of multi-factor authentication and role-based access controls can aid in reducing the risk of unauthorized changes to settlement files,” FITC stated.

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Dollar-to-Naira Exchange Rate For 16th September 2024

Dollar To Naira Exchange Rate For 5th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1665.50 per $1 on Monday, September 16, 2024. Naira traded as high as 1646.12 to the dollar at the investors and exporters (I&E) window on Tuesday.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1660 and sell at N1665 on Sunday 15th September 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1660
Selling RateN1665

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1645
Selling RateN1646

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Onyeama Hails President Tinubu, Keyamo For Signing Cape Town Convention Practice Directions

The Chief Executive Officer of Air Peace, Allen Onyema, has praised President Bola Tinubu and the Minister of Aviation, Festus Keyamo, as Nigeria signed Cape Town Convention (CTC) Practice Directions for the aviation sector.

Allen Onyema said the signing of the CTC Practice Directions is a revolution in the aviation sector.

He stated that the appointment of Keyamo as Aviation Minister was one of the best decisions the President made in his administration.

Speaking in an interview with Arise TV on Sunday, on the benefits of Nigeria signing the Cape Town Convention (CTC) Practice Directions, Onyeama explained that the country’s aviation sector would benefit more from the signed agreement.

Onyeama said, “What he has done is nothing short of revolutionary. This is revolution, nothing short of revolution. It has never happened before to us. By midwifing the signing of this practice direction, he has kind of helped the airlines- the local airlines now to up their capacity.

“I said sometime ago and I told Mr. President when he invited me for Iftar, I told him, I said the ease of doing business in the Aviation sector has come back, thanks to the kind of appointment you made. Festus Keyamo is nothing short of awesome.

“Keyamo is causing a revolution. I told Mr. President there that when people were criticising Keyamo for going to Airbus, on the sideline, whatever they were doing there was just. The main thing that took him to Airbus was this kind of thing.

“It took him to Boeing three weeks ago, Air Peace was there with him in America, he was brokering all these. I told Mr. President that at the end of the day, you will celebrate making this guy your aviation minister. Festus Keyamo has been in the trenches out there trying to get this thing sorted, midwifed it, and the vice-president was there to make sure everything happened.”

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PalmPay Begins USSD Service To Empower Users

Fintech Founders Must Strengthen Investor Confidence To Attract More Investment In Africa – PalmPay MD

PalmPay, a leading financial platform with over 30 million users on its smartphone app in Nigeria, today announces the launch of its USSD code.

This service offers Nigerians an additional way to manage their finances without the need for internet connectivity. With the PalmPay USSD code, customers can now perform a wide range of banking transactions by dialing *861# from their mobile phones.

PalmPay has been operating in Nigeria since 2019 under a Mobile Money Operator license issued by the CBN. The fintech pioneered a model that provides financial services such as money transfers, bill payments, credit services and savings via a one-stop-shop financial ‘superapp’.

Customers without access to smartphones are able to make transactions via a nationwide network of over 500,000 Mobile Money Agents. The addition of a USSD access point is designed to further enhance the accessibility and convenience of its platform for consumers in a market where data network outages are common.

Chika Nwosu, Nigeria Managing Director, emphasized the company’s commitment to financial inclusion “At PalmPay, we aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission.

“Our platform ensures seamless connectivity for our users.” he said. “In addition, our USSD platform comes with a security feature which allows our customers to remotely freeze their accounts in case their phone is lost or stolen, providing an extra layer of protection to safeguard their finances.”

PalmPay has achieved significant milestones in Nigeria, reaching over 30 million registered users on its app and connecting 1.1 million businesses through its network of mobile money agents and merchants.

The company has been a key driver of financial inclusion in Nigeria, with a third of PalmPay users reporting that they opened their first-ever financial account through the platform.

Recently, PalmPay was recognized as one of the world’s top 250 fintech companies in 2024 by CNBC and Statista. With its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions, PalmPay continues to solidify its position as a major player in Nigeria’s fintech ecosystem.

Dollar-to-Naira Exchange Rate For 12th September 2024

Naira Balances As CBN Sells FX To Banks, Clears Forward Contracts

Federation Account Amasses Over ₦5trn In 6months- RMAFC

In a stunning turn of events, the Nigerian naira has been repriced positively against the dominant US dollar in the foreign exchange (FX). The official currency rate increased, while the parallel market declined due to supply and demand imbalances.

In the past week, the market has seen some moves that indicate increased interest in backing the naira versus the US dollar, threatening domination. The naira’s swift and substantial weekly rise was a result of the Central Bank of Nigeria’s (CBN) foreign currency market intervention.

Last week, the monetary authorities sold $121 million to authorized dealers banks to increase FX market liquidity amid persistent pressure on the local currency. With little effect in the illegal market exchange rate, the CBN had sold $20,000 at N1580 to Bureau de Change (BDCs) operators as US dollar volume at the informal currency remained tight.

FX inflows into the economy is expected to boost investors’ confidence following the completion of $900 million raised from Nigeria’s inaugural domestic US bond that was significantly oversubscribed due to juicy rate. The naira appreciated by 3% against the US dollar to settle at N1,546.41 on Friday, according to FX spot data from the FMDQ platform.

At the parallel market, the Naira depreciated 0.3% against the dollar to ₦1,650. Meanwhile, activity level in the Nigerian autonomous foreign exchange window improved by 6.2% last week to $1.3 billion from $1.2 billion in the prior week.

At the FMDQ Securities Exchange (SE) FX Futures Contract Market, the total value of open contracts of the Naira settled at $111.7 billion, according to Afrinvest Capital Limited.

The investment firm stated that there remain no changes, save maturity of contracts, given that the Central Bank of Nigeria (CBN) has now cleared all Non-Deliverable Forwards (NDFs) open contracts. The move came shortly after the CBN rendered contracts for tenors between one and twelve months inactive in response to reforms in the NAFEM window.

“We expect rates to trade within a tight band across different segments of the market as we remain confident of CBN’s ability to ensure system liquidity by sustaining FX interventions”, Afrinvest said in a note.

This week, Nigeria’s FX reserves recorded accretion, as the gross reserves level increased to USD36.865 billion, possibly reflecting inflows from the proceeds of the recently concluded domestic FGN US Dollar bond.

In the forwards market, the naira rate decreased across the 1-month and 3-month contracts, but increased across the 6-month and 1-year contracts. Forward contract for one month depreciated to N1, 668.65 per US dollar while three month contract falls by 0.2% to N1,738.32.

A forward contract for six months appreciated by 0.2% to settle at N1838.87 per US dollar, while contract for one year gained 1.1% to close at N2,052 per greenback. The naira is likely to remain under pressure despite recent efforts by the CBN to stabilize the currency, analysts at Cordros Capital Limited said in a note.

“We expect market demand may continue to outweigh supply given the CBN’s mild intervention and weak foreign portfolio investment (FPI) inflows.”

Elsewhere, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s crude oil production, including condensates increased for the fifth consecutive month, rising by 2.4% to 1.57 million barrels per day in August from 1.53 mbpd in July.

Analysts said they attribute the improvement in the period to higher production volume recorded across the Forcados (up by +16.0%), Bonny (up by +6.4%) and Odudu (up by +4.6%) production terminals. There was a slide at Qua Iboe (-8.0%), Agbami (-6.4%) and Escravos (-4.4%) terminals last month, according to data released.

Despite the improvement, analysts at Cordros Capital Limited note that overall crude oil production remains below pre-COVID levels of 2.14 mbpd.

Analysts attribute this to the lingering effects of insecurity, infrastructure decay as well as low investment in the sector exacerbated by the exit of international oil companies (IOCs) and unresolved issues regarding the approval of oil asset transfers.

“While progress is still underway as regards the fight against crude oil theft and pipeline vandalism, we believe that challenges plaguing the sector still pose downside risks to crude oil production in the near term”.

Cordros Capital analysts maintained its average crude oil production estimate at 1.52 mbpd in 2024 as against 1.78 mbpd budgeted by the government.

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Lifting Petrol From Dangote Refinery Is A Step To Industrialization, Local Refining (FG)

The Federal Government has claimed that petroleum lifting from the Dangote Petroleum Refinery and Petrochemicals will signify a return to Nigerian industrialization and local refining.

This declaration came yesterday, as a fleet of trucks from the Nigerian National Petroleum Corporation Limited (NNPCL) began hauling Premium Motor Spirit, also known as petrol, from the world’s largest single-train refinery, which is located in the Ibeju-Lekki district of Lagos State.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, led the government delegation and called the event as historic and a renewed hope for Nigerians in industrialization and local refining.

“This is the resumption of Nigeria’s march toward industrialisation. It represents a return to what we once had—local refining and local supply of petroleum products in the Nigerian market. It has been decades since we last achieved this, but we have it today,” he said.

The minister, who was accompanied by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee on naira-based crude sales to local refineries, also stated that the initiative will ensure energy self-sufficiency and security in Nigeria. He explained that the product’s availability to Nigerians will end perennial scarcity and long queues. He noted that this aligns with President Bola Tinubu’s vision of adding value to raw materials before they leave the country. He said that Tinubu originated the free trade zone concept during his term as governor of Lagos State.

“Today, you have taken an important step towards energy self-sufficiency in Nigeria. We have advanced toward energy security and the implementation of the government’s policy of boosting domestic investment. It is President Tinubu’s vision that no raw material should leave Nigeria’s shores without some form of value being added. Commendation is due to His Excellency, Bola Ahmed Tinubu, who facilitated the supply of crude to local refineries in naira by ensuring that NNPC provides crude to these refineries,” he added.

Edun lauded the President of Dangote Industries Limited, Aliko Dangote, and his team for restoring Nigeria’s status as a producer of refined products, nearly three decades after the country ceased local refining. He praised Dangote for his patriotism and for exemplifying the can-do spirit of Nigeria, despite skepticism from many quarters about the feasibility of establishing a refinery.

“We congratulate Dangote, Africa’s foremost businessman and industrialist, and arguably one of the top investors in the world, on this day of triumph and success. They said it couldn’t be done, that we could not produce PMS from this facility, but today we are all witnesses to the commencement of PMS loading here.

“This refinery is producing PMS that is. sufficient for the entire Nigerian market, with a surplus for export. We call on other domestic refiners to not only supply the local market but also to change the narrative by producing petroleum products for the sub-region and beyond. This will generate additional foreign exchange revenue for the betterment of the economy. We are thrilled that this day has arrived,” he said.

Praising the quality of the products from the refinery, Edun noted that the facility’s global competitiveness enables it to export its products and sets a benchmark for Nigerian companies to compete favourably on the international stage.

He also commended the technical sub-committee on naira-based crude sales to local refineries for finalising all formalities, ensuring a smooth supply of crude to local refineries. The Minister added that President Tinubu is also focusing on enhancing food security.

Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, stated that the commencement of PMS production from the refinery fulfills Dangote’s vision of addressing energy supply challenges in Nigeria.

He emphasised that it is a point of pride that a Nigerian company has designed and built the world’s largest single-train refinery complex, which will not only make Nigeria self-sufficient in refined products but also a net exporter.

“If you consider the refinery’s capacity for PMS alone, processing 52,000 barrels of crude each day generates more than 54 million litres of PMS. Additionally, the refinery can produce other products. Specifically, 44% of the refinery’s capacity can meet 100% of domestic needs, while 56% is allocated for export. It is indeed a massive refinery,” he said.

Edwin maintained that the refinery would significantly benefit the country’s economy by reducing Nigeria’s foreign exchange demand by at least 40 percent while also generating foreign earnings through exports.

“It will not only substitute imports but also boost forex generation through export. We will save foreign exchange in two ways: first, by reducing expenditures on importing petrol, jet fuel, diesel, and other products, and second, through the revenue generated from exports,” he said.

He also addressed concerns about tankers overwhelming the Ibeju-Lekki area, as seen in Apapa. Edwin assured that the refinery has made provisions for loading petroleum products via its jetty and emphasised that it includes a self-sufficient marine facility capable of handling the world’s largest vessels.

Nigeria Aims To Generate $100 Billion From Creative Economy

Dangote Says He Isn’t Selling Petrol To NNPCL At N898

Why We Further Increase Petrol Prices -Marketers

Dangote denied selling petrol to NNPC Limited for N898, according to an official statement in response to the privatized state oil company’s public disclosure.

“Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL,” Dangote Group spokesperson Anthony Chiejina stated.

Chiejina stated that the NNPCL statement is both deceptive and mischievous, with the intention of undermining the milestone success accomplished today, September 15, 2024, in tackling energy shortage and instability, which has plagued the economy for the past 50 years.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars”.

It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing, the official statement reads.

US Citizen Sentenced To 40 Years For Killing Tech Entrepreneur

NGX Equities Investors Make N608bn As Banks, Oil Stocks Rally

Stock Exchange Closes Trading Week With N30bn Gain

Equities investors in Nigeria’s stock market saw a weekly gain of almost N608 billion as buying enthusiasm mounted on banks and energy sectors. Nigerian stocks performed well, rising in three of the last five trading sessions.

According to Cowry Asset Limited, the increase was driven by equities investors’ optimism about anticipated macroeconomic changes.

Market watchers said higher expectations for favourable fiscal and monetary policies from expected inflation statistics in the next week ahead of the monetary policy committee meeting, as well as stronger corporate profits from dividend-paying banking companies, spurred optimistic sentiment.

Stockbrokers reported that the Nigerian Exchange benchmark index soared by 1.06% week on week, crossing the 97,000 mark to close the week at 97,456.62 points due to renewed optimism across all market sectors.

Given the positive investor sentiment witnessed across the sectors, the year-to-date return rose to 30.34%. The local exchange recorded 52 gainers as against 31 decliners as the weekly average traded volume advanced by 20.7% week on week to 2.58 billion with a total value of N51.21 billion.

However, the weekly deals nosedived by 8.9% week on week to 50,617 trades in the current week. The weekly performance was underscored by positive momentum across key sectors such as banking, consumer goods, and oil & gas.

The Banking index was the leading gainer this week with 5.12% week on week uptick. This was propelled by price rises in FBNH, ETI, ACCESS and FIDELITYBNK respectively.

Also, upbeat in momentum from position taking in OANDO and ETERNA led to a 2.00% weekly gains for the Oil & Gas index and was followed by insurance (1.59%), the consumer goods (1.47%) and industrial goods (0.17%).

At the close of the week, stocks such as CAVERTON (59.7%), RTBRISCOE (42%), UPDC (37%), FBNH (32%), and ETRANZACT (30%) emerged as the weekly top advancers on the back of positive price movements.

On the other hand, the likes of LEARNAFRICA (22%), JULIUS BERGER (18%), PZ CUSSONS (18%), DAARCOMM (12%), and SOVRENINS (11%) all reported adverse price movements as investors rebalance their portfolio ahead of strong expectations for a favourable macros.

Overall, the equities market capitalisation of the Nigerian Exchange increased week on week by 1.10% to N56 trillion as investors saw N607.8 billion in weekly gains.

Market Expectation

As Nigeria’s macro landscape continues to evolve, the bourse is poised for further activity in reaction to the changing fundamentals and technical even as we expect continued volatility and entry opportunities for savvy investors, Cowry Asset Limited told investors.

The investment firm expects positive sentiment to rule the local bourse in the coming week on portfolio rebalancing, and position taking in value – giving and fundamentally sound stocks given the relative strength of the market index trading above the T-line.

Nigeria Aims To Generate $100 Billion From Creative Economy

The Role of Tempo In Musical Interpretation: A Case Study Of Church Hymns

By Barnabas Akindele – Church Organist, Classical Musician and Communications expert.

Music has the power to stir the soul, communicate emotions and connect people to something greater than themselves. In no other context is this more evident than in church hymns, where the beauty of melody, lyrics and harmony combines to create a deeply spiritual experience. One crucial yet often overlooked element in this dynamic is tempo.

Tempo, or the speed at which a piece of music is performed, plays a significant role in shaping how hymns are interpreted, felt and understood. In this article, we’ll explore how tempo influences musical interpretation, using church hymns as our case study.

Tempo: More Than Just Speed

At first glance, tempo may seem like a simple technical aspect of music, defining how fast or slow a song should be sung. However, tempo does much more than dictate speed—it influences the overall atmosphere and emotional delivery of a hymn. For example, a hymn sung at a slower tempo can evoke a sense of solemnity, reverence or deep reflection, while some other hymn performed at a faster tempo might inspire joy, praise and a more jubilant expression of faith.

Church hymns, being a crucial part of Christian worship, are designed to evoke a range of emotions, from the meditative to the celebratory. This makes the choice of tempo vital in church services, where the aim is to foster a meaningful connection between the congregation and the divine.

Tempo as a Medium for Emotional and Spiritual Connection

Hymns like “Amazing Grace” or “Abide with Me” are often performed at a slow, contemplative tempo. These slower tempos allow the worshippers to reflect on the words, creating an atmosphere of introspection and awe. The steady, unhurried pace gives space for the congregation to meditate on the grace of God, His mercy, and the relationship between the divine and the individual. Here, tempo becomes more than just a musical tool—it becomes a medium for spiritual communion.

On the other hand, hymns such as “Joyful, Joyful, We Adore Thee” or “When the Roll is Called Up Yonder” are often rendered at a faster tempo, igniting a sense of excitement and celebration. In this context, the quicker pace serves as a conduit for the outpouring of joy and communal praise. A faster tempo breathes life into the lyrics, encouraging the congregation to actively participate in worship, not just through their voices but also through their emotions and physical expressions.

Tempo and Lyrics: A Symbiotic Relationship

Lyrics are the soul of any hymn, conveying theological truths, expressions of faith and spiritual reflections. The tempo of a hymn should reflect the message in its lyrics. For instance, hymns like “It Is Well with My Soul” or “My spirit on thy care” carry lyrics that are deeply reflective, emphasizing trust in God’s providence and the comfort found in faith. A slower tempo allows the congregation to meditate on these profound words, giving space for each lyric to resonate fully in the heart and mind of the listener.

Conversely, hymns with lyrics that express joy, triumph, or praise—such as “How Great Thou Art”, “My Faith has found a resting place” or “O Happy Day”—often benefit from a faster tempo. In these cases, a more upbeat pace underscores the celebratory nature of the words, heightening the sense of collective praise and excitement within the congregation.

The interplay between lyrics and tempo can transform a hymn from a simple song into a powerful spiritual experience. By carefully considering the content of the lyrics, worship leaders can choose a tempo that not only fits the music but also deepens the emotional and spiritual engagement of the congregation.

The Impact of Tempo on Congregational Participation

Tempo not only shapes the emotional landscape of hymns but also influences how congregations engage with the music. When the tempo is appropriate for the context and the hymn, congregants feel more inclined to sing along, clap, or sway to the rhythm. For instance, during a solemn church service, a slower tempo helps maintain a spirit of reverence and unity, allowing for collective introspection. In contrast, during festive occasions, a faster tempo encourages more vigorous participation, lifting the energy in the room and creating a shared moment of celebration.

It is important to note that tempo should be carefully chosen based on the message of the hymn and the setting of the service. A mismatch between tempo and the hymn’s lyrical content can lead to disengagement. For example, a reflective hymn sung too quickly may seem rushed and leave no room for spiritual reflection, while a joyful hymn performed too slowly can feel stilted, dampening the intended mood of praise.

Tradition vs. Interpretation: A Balancing Act

Another aspect of tempo in hymns lies in the balance between traditional tempos and modern interpretations. Some congregations prefer to stick to the traditional, established tempos that have been passed down through generations. These tempos carry a sense of continuity and respect for the church’s musical heritage. However, there is also room for creative interpretation, especially in contemporary worship settings where church musicians experiment with different tempos to refresh old hymns.

The beauty of church hymns is that they can be interpreted in various ways, depending on the context and the needs of the congregation. A hymn that is sung slowly during a funeral service might be rendered more briskly in a celebration of life, showing how flexible tempo can be as a tool of interpretation. This versatility allows worship leaders and musicians to mold the musical experience to suit the occasion, making the hymn more impactful and relevant to those in attendance.

Conclusion

In the realm of church hymns, tempo plays a crucial role in shaping the spiritual and emotional atmosphere of worship. It is not merely a technical detail but a powerful medium of musical interpretation that can evoke feelings of reverence, joy, reflection, or celebration. Whether slow and meditative or fast and jubilant, tempo enhances the hymns’ capacity to engage worshippers, making them not just passive listeners but active participants in the worship experience.

As we continue to appreciate the rich tradition of hymns in church services, it’s essential to recognize the thoughtful role tempo plays in delivering the message of the music. Understanding and harnessing the power of tempo can transform hymns into deeply moving experiences, elevating the collective worship of God and strengthening the connection between heaven and earth.

Nigeria Aims To Generate $100 Billion From Creative Economy

Nigeria Aims To Generate $100 Billion From Creative Economy

The Nigerian government has outlined a strategy to boost its creative economy, aiming to generate at least $100 billion annually and create , from Nigeria’s creative economy yearly, over two million jobs.

Minister of Art, Culture, and the Creative Economy, Hannatu Musawa, unveiled the government’s eight-point plan and roadmap at a roundtable for investors in Lagos. She highlighted the industry’s immense potential, noting that it currently contributes only $5 billion to the economy despite its various developing sub-sectors.

She said statistics from the National Bureau of Statistics indicated that Nigeria’s creative economy has a very low contribution to overall GDP in comparison with benchmark countries, with the industry contributing just 1.2 per cent to Nigeria’s GDP in 2022, the least when compared to other African countries like Morocco (2.7 per cent), South Africa (3.0 per cent), and Egypt (4.3 per cent).

Also, she noted that Nigeria ranked low (1.0 per cent) in its ability to earn government revenue from the sector, compared to South Africa’s 12.5 per cent.

To achieve its ambition, Musawa said, “The ministry has identified 14 pivotal initiatives that will drive the sector’s growth and significantly boost government revenue $10bn – $20bn.”

She grouped these initiatives under four unique pillars, which include technology, infrastructure and funding, international culture promotion, and intellectual property monetisation.

The minister outlined plans to provide Nigerian creatives with improved and discounted digital tools, launch the Nigeria Content Distribution Initiative, conduct a study to size the creative industry and expand internet access in underserved regions to support these initiatives.

For infrastructure and funding, she said this entails cataloguing existing infrastructure for the Arts, Culture and Creative Economy and its current state, developing the appropriate infrastructure needed for the industry and leveraging public-private partnerships to fund development, providing incentives to stakeholders in the creative economy to boost investment and adoption of strategic initiatives, and launching a creative accelerator program to provide capital, and capacity building to creative companies.

Under international culture promotion, Musawa said, “The ministry will establish a culture promotion office collaborating with Nigerian embassies abroad, to promote Nigerian arts, culture and creative economy, and leverage AFCTA to boost Nigerian creative output export regionally and globally.”

To monetize intellectual property, Musawa said the ministry plans to establish international standard collection management organizations for most sectors and partner with the Nigeria Communications Commission on a copyright oversight initiative to improve tracking, monitoring, and enforcement.

He added that the ministry will develop an intellectual property framework and operationalize Nigeria’s IP licensing framework.

Musawa said, “Nigeria’s creative economy has the potential to grow by 400 per cent by 2027, positioning the sector to leapfrog in the long term and deliver the vision for the sector.”

She further revealed that the Ministry has already created several initiatives and entered collaborations towards the realisation of its set goals.

This article was written by Tamaraebiju Jide, a student at Elizade University

Initiative To Curb Unemployment By 20% In 5 Years – FG

US Citizen Sentenced To 40 Years For Killing Tech Entrepreneur

Tyrese Haspil, a 25-year-old American man, has been sentenced to 40 years to life in prison for the murder of his former boss, Fahim Saleh, who was 33 years old. Saleh was the founder and CEO of Gokada, a Nigerian transportation company.

According to reports from People.com, Haspil, who served as Saleh’s executive assistant, was found to have been embezzling funds from his employer. In a bid to avoid detection, he killed Saleh. 

Haspil’s sentencing followed his conviction by a New York State Supreme Court jury two months prior. He was found guilty of first-degree murder, second-degree grand larceny, and other related charges.

Haspil’s sentencing followed his conviction by a New York State Supreme Court jury two months ago.

 He was found guilty of first-degree murder, second-degree grand larceny and other charges.

The Manhattan District Attorney, Alvin Bragg Jr., in a press release on Tuesday, said, “Today, Tyrese Haspil is facing accountability for brutally murdering and decapitating Fahim Saleh, a kind, generous, and empathetic person who positively impacted the world.

“Even after the defendant stole from him to fund a lavish lifestyle, Mr. Saleh still gave him a second chance. While today’s sentence won’t bring Mr. Saleh back, I hope it provides his family a sense of closure as they continue to mourn his painful loss.”

According to prosecutors, surveillance footage captured Haspil entering Saleh’s apartment building in Lower Manhattan on July 13, 2020, and following him into the elevator.

Upon exiting the elevator, which led directly into Saleh’s apartment, Haspil deployed a taser against Saleh’s back and then repeatedly stabbed him in the neck and torso with a knife, resulting in his death.

The next day, Haspil returned to the apartment where he “dismembered and decapitated Mr. Saleh’s body using the saw and placed the body parts in pre-ordered construction bags,” as stated in the release.

Saleh’s cousin made the discovery after visiting his apartment to check on his welfare, having not received any communication from him in 24 hours. She immediately notified the police.

Prosecutors stated that Haspil left the apartment to obtain a battery charger for the saw but did not return after observing police in the building.

He was arrested four days later at an Airbnb location he had rented to celebrate his girlfriend’s birthday.

The Gokada founder had discovered Haspil’s embezzlement of thousands of dollars from his accounts, to which Haspil had access as his executive assistant since 2018.

The district attorney’s office said that Haspil set up a Paypal account and a corporate bank account to funnel Saleh’s money.

Haspil generated fake financial statements and used a name that closely resembled those of legitimate transactions, making it difficult for Saleh to detect the embezzlement.

“Haspil resigned in May 2019, knowing Mr. Saleh would learn about the embezzlement, yet continued to steal money [and] increasing the amounts,” prosecutors said.

Prosecutors at district attorney’s office allege that Haspil, who had embezzled an estimated $400,000 from Saleh, repaid him through the Paypal scheme. He then plotted to murder Saleh three times before finally carrying out the crime in July 2020.

They believe Haspil intended to eliminate Saleh to cover up the embezzlement and prevent him from testifying against him.

Saleh’s company issued a statement after his passing, describing his dedication to Nigeria and its youth as “immeasurable.”

“He believed young Nigerians are extremely bright and talented individuals who would flourish if just given the right opportunity.

“Fahim also believed that technology can transform lives and improve safety and efficiency. He built Gokada to act upon these beliefs,” the statement read.

Gokada, a Nigerian ride-hailing service that launched in 2017, expanded its offerings in 2020 to include logistics and food delivery.

This article was written by Tamaraebiju Jide, a student at Elizade University

 Cardi B And Offset Welcome Baby Number Three

Initiative To Curb Unemployment By 20% In 5 Years – FG

The Federal Government has launched a revolutionary initiative designed to combat youth unemployment and equip young people with valuable skills for the future, the National Youth Skills Programme (NYSP). 

This announcement was made by Dr Jamila Ibrahim, Minister of Youth Development, during the program at a launch event in Abuja on Thursday. The NYSP aims to address the challenges of unemployment and provide young people with the necessary skills to succeed in the job market.

“The key goals are to reduce youth unemployment by 20 per cent in the next five years and achieve up to a 50 per cent increase in youth-led enterprise.

“Through regular assessment, feedback loops and data analysis, we will adjust our strategies as needed to ensure that we stay on track and that no one is left behind.

“With the right skills and training,  our youth cannot only find  employment but also become the driving force behind these sectors, creating a ripple effect of job opportunities.’’

According to her, beyond technical skills, the government is committed to empowering the youths with financial tools to succeed.

“It is not enough to be skilled; we must ensure these young men and women have access to the capital they need to start their business.

“Through the Nigerian Youth Investment Fund, we have already allocated 110 billion naira for the 2024 fiscal year to support youth-led businesses.

“With the upcoming National Youth Development Bank, we will expand this, providing more youth with the grants, loans and mentorship they need to turn their ideas into thriving enterprise.’’

The minister said that woman and persons with disabilities were often left out of the economic conversation.

“That is why we are committed to ensuring that 50 per cent of programme participants will be female and we have designed specific pathways for young women to thrive in sectors like technology, healthcare and entrepreneurship.’’

Ibrahim said that the framework would also allow them to track key performance indicators such as the number of jobs created, the success rate of youth-led businesses and the overall contribution to national economic growth.

“We have also partnered with local and international organisations to ensure that persons with disabilities have full access to all training programmes, with necessary accommodation as well to be provided.

“We will also measure long-term impacts such as income growth and poverty reduction.’’

According to Ibrahim, NYSP is designed to target 11 key sectors crucial to Nigeria’s development– agriculture, renewable energy, digital economy and manufacturing.

She listed others as healthcare services, creative arts, sustainable mobility, circular economy, teaching skills, mining and gemstone processing, and blue economy.

“This dual focus on skills and financial support aims to address the gaps in previous initiatives that lacked sufficient backing.

“The programme will also ensure nationwide outreach, utilisng digital platforms to connect with both urban and rural areas,’’ she said.

More so, Dr  Aminu Abdullahi, Senior Special Adviser to the  Minister, reiterated the programme’s alignment with President Bola Tinubu’s Renewed Hope Agenda.

Abdullahi said that the programme was aimed at equipping more than 5 million youth with employable skills and fostering entrepreneurship and innovation.

According to him, the NYSP will establish a comprehensive monitoring and evaluation framework aimed at tracking progress and measuring impact. This framework will focus on assessing key performance indicators, including job creation, business success rates, and economic contributions, along with conducting annual evaluations.

Abdullahi emphasized that this approach would ensure transparency and facilitate continuous improvement, allowing for lessons learned from past experiences to better support the youth. He urged private sector partners, government agencies, and international organizations to collaborate in driving the success of the NYSP.

This article was written by Tamaraebiju Jide, a student at Elizade University

Nigeria Joins Cape Town Convention On Aircraft Leasing

 Cardi B And Offset Welcome Baby Number Three

Belcalis Marlenis Cephus, American rapper and singer, popularly known as Cardi B,  has welcomed her third child with her partner, Offset, over the weekend.

This announcement was made via a post on her official Instagram page on Thursday.

“The prettiest lil thing,” she wrote in the post, followed by the date September 7, which she accompanied with photos of her beaming with joy and holding the newborn in a hospital. Cardi also shared a photo of herself breastfeeding her newborn and her family.

Along with their newborn, Cardi B and Offset have two other children together: 6-year-old daughter Kulture and 2-year-old son Wave.

In one touching moment, Kulture is seen cradling her new baby sister while Offset tenderly holds the infant.

Although the couple has yet to reveal their daughter’s name, the arrival has added joy to a challenging time for their relationship.

The 31-year-old rapper and singer Cardi B announced her pregnancy last month, surprising fans as she also filed for divorce from her husband, Offset. The couple, who had secretly got married in  2017, are seen together in photos on social media, with Offset holding their newborn child.

Cardi B has requested primary custody of their children and child support from Offset, a well-known rapper and member of the Migos. The couple’s relationship has been marked by public ups and downs.

This article was written by Tamaraebiju Jide, a student at Elizade University

Nigeria Joins Cape Town Convention On Aircraft Leasing

inDrive Enhances User Experience, Introduces New Features

inDrive.Freight Records Growth, Plans Expansion To Abuja

in Drive, the world’s leading ride-hailing platform has rolled out an amazing new feature to ramp up efficiency and take user experience to the next level for drivers and passengers in Nigeria and South Africa.

Now, with the latest update, users can enjoy the convenience of making voice calls directly within the app, revolutionizing communication during trips and making the experience even more seamless.

This awesome new feature offers two fantastic ways to connect: users can make calls using mobile data or Wi-Fi, or opt for traditional mobile network calls in areas with limited internet access. This means that no matter where you are, staying connected has never been easier!

But that’s not all – inDrive has also prioritized user privacy and security by implementing phone masking technology, ensuring that personal phone numbers are always kept confidential during calls.

Dimeji Timothy, the Senior Business Development Representative of inDrive in Nigeria, enthusiastically shared that “this update underscores our dedication to continuously enhance our users’ experience by providing solutions that prioritize convenience and safety.” Get ready for a smoother, safer, and even more awesome ride with inDrive!

inDrive is a global mobility and urban services platform. The inDrive app has been downloaded over 240 million times and was the second most downloaded mobility app in 2022 and 2023. In addition to ride-hailing, inDrive provides an expanding list of urban services, including intercity transportation, freight delivery, task assistance and courier delivery.

 Nigeria’s External Reserves Grow By $490 Million In A Week – CBN
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NECA Set to Hold 4th Annual Employers Excellence Award

NECA Applauds FG, Dangote Refineries For Landmark Agreement

Nigeria Employers’ Consultative Association (NECA), the umbrella organisation of employers and the foremost business membership organisation in the country is set to hold the 4th edition of the Annual Employers Excellence Award.

The event will be held on Friday, November 22, 2024, at the Balmoral Convention Center, Sheraton Hotel, Ikeja, Lagos. This annual event aims to recognise and celebrate outstanding organisations and employers in Nigeria who have demonstrated excellence in workplace practices, innovation, leadership, and corporate responsibility.

The NECA Employers’ Excellence Awards has become a benchmark for corporate excellence in Nigeria. It provides a platform to honour companies that have set themselves apart through their contributions to the nation’s economy and their commitment to fostering employee welfare, diversity, and sustainability.

Speaking on the theme “Defying The Odds”, the Director-General of NECA, Mr. Adewale-Smatt Oyerinde, emphasized the importance of rewarding organizations who prioritize not only profitability but demonstration of tenacity due to the tough economic terrains as well as the well-being of their employees and the wider society.

“The Employers’ Excellence Awards has become a beacon of inspiration for companies in Nigeria. It showcases how businesses can succeed by nurturing their workforce, investing in innovation, and giving back to the community,” he stated.

Oyerinde called on stakeholders to actively participate and support the event through sponsorship. He emphasised the importance of showcasing excellence in Nigerian businesses and noted that participation in the award is free.

He explained that the 2024 edition will feature several key categories, including the Employer of the Year Award, Innovation in Employee Development Award, Corporate Social Responsibility (CSR) Excellence Award, and Diversity & Inclusion Award.

The NECA Employers’ Excellence Awards has become a benchmark for corporate excellence in Nigeria, providing a platform to honor companies that have set themselves apart through their contributions to the nation’s economy and their commitment to fostering employee welfare, diversity, and sustainability.

The 2024 Employers Excellence Award is expected to draw a diverse audience of industry leaders, CEOs, HR professionals, and policymakers, making it a prime opportunity for networking and fostering partnerships.

Nigeria Joins Cape Town Convention On Aircraft Leasing
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Nigeria Joins Cape Town Convention On Aircraft Leasing

The Nigerian government has finally signed the Cape Town Convention on aircraft leasing, after over 20 years.  Vice President Kashim Shettima led the signing ceremony, attended by key aviation stakeholders including Allen Onyema, Chairman of Air Peace.

The Cape Town Accord, which entered into force over two decades ago, aims to streamline the financing and leasing of aviation equipment. By joining the treaty, Nigeria can now benefit from expanded financing opportunities, reduced costs, and increased efficiency in the aviation sector.

At the Presidential Villa, reports reveals that the signing of the Accord will enable Nigerian airlines operators to access aircraft dry leases, potentially leading to lower flight rates for passengers. This development marks a positive step for the country’s aviation industry and its economic growth.

More details would be revealed later…

This article was written by Tamaraebiju Jide, a student at Elizade University

Get The Best Rates At The Best Site To Sell Bitcoin In Nigeria

 Nigeria’s External Reserves Grow By $490 Million In A Week – CBN

BREAKING: US, FG Sign Agreement To Return $23m Abacha-loot

 The Central Bank of Nigeria (CBN) reported that Nigeria’s external reserves increased by $490 million in the week following the successful issuance of domestic dollar bonds by the Debt Management Office (DMO).

As of September 10, 2024, data from the CBN shows the reserves stood at $36.73 billion, up from $36.24 billion on September 2, 2024.

bolster the economy, the Nigerian Government issued $500 million on August 19, 2024, the initial tranche of the $2 billion domestic US dollar bond offering to investors.

During the hybrid roadshow of the domestic US dollar bond in Lagos on August 15, 2024, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the move would enhance foreign currency reserves.

The naira on Wednesday recorded 5.06 percent gain on the official foreign exchange (FX) market following an increase in dollar supply to $221.24 million in one trading day.

After trading on Wednesday, the naira appreciated by 5.06 percent as the dollar was quoted at N1,558.75 compared to N1,637.59 quoted on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

 The Federal Government achieved a significant milestone by raising over $900 million from investors through a domestic dollar bond issuance. This landmark transaction, which was oversubscribed by 180%, underscores the increasing investor confidence in Nigeria’s economic prospects.

He stated the government aims to utilize these funds to stabilize the exchange rate, manage inflation, and ultimately reduce interest rates. 

We are very pleased to announce the successful launch of this crucial domestic issuance of Federal Government U.S. dollar bonds to the investing public and other stakeholders. Under President Bola Ahmed Tinubu, the macroeconomic reforms have made bold and courageous strides to stabilize the economy while fostering innovation, creativity, and imagination among all economic actors, including those in the financial markets,” Edun said.

He included, “This historic issuance will provide essential foreign exchange liquidity and boost reserves, which will help stabilise the exchange rate, manage inflation, and eventually lower interest rates. It will also lay the foundation for increased investment by both domestic and foreign direct investors.”

More details later…

This article was written by Tamaraebiju Jide, a student at Elizade University

President Tinubu Meets King Charles III At Buckingham Palace
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