Suicide, a tragic act that has become increasingly prevalent globally, is a complex issue with multifaceted causes. In Nigeria, a country steeped in cultural values that prioritize family, community, and resilience, the act of taking one’s own life can be seen as a betrayal of these principles.
This article explores seven compelling reasons why suicide is not the best answer for a Nigerian, delving into cultural, religious, and psychological perspectives.
1. The Value of Life in Nigerian Culture
Nigerian culture places a profound emphasis on the sanctity of life. From birth, individuals are taught to cherish their existence and that of others. This reverence for life is deeply ingrained in various aspects of Nigerian society, including traditional beliefs, religious practices, and social interactions. Suicide, as a deliberate act of ending one’s life, directly contradicts this fundamental cultural value.
2. The Impact on Family and Community
In Nigeria, family is considered the cornerstone of society. Suicide has a devastating impact on families, causing immense grief, shame, and stigma. The loss of a loved one to suicide can lead to emotional turmoil, financial hardship, and social isolation. Furthermore, the act of suicide can have ripple effects throughout the community, affecting friends, neighbors, and acquaintances.
3. Religious Beliefs and Afterlife
Nigeria is a predominantly religious country, with a significant Muslim and Christian population. Both religions emphasize the importance of life and the afterlife. Suicide is often viewed as a sin or violation of God’s will, with potential consequences in the hereafter. These religious beliefs can provide individuals with a sense of purpose and hope, discouraging them from resorting to suicide.
4. The Availability of Help and Support
In recent years, there has been a growing awareness of mental health issues and increased efforts to provide support services in Nigeria. Various organizations and individuals are working to destigmatize mental health and offer counseling, therapy, and crisis intervention. Reaching out for help is a courageous step, and there are resources available to support individuals who are struggling with suicidal thoughts.
5. The Potential for Recovery
It is important to remember that suicidal thoughts are often temporary and can be overcome with the right support. There is hope for recovery, and individuals can learn to cope with their challenges in healthy and constructive ways. Seeking professional help can provide individuals with the tools and strategies to manage their mental health and prevent suicide.
6. The Importance of Hope and Resilience
Nigerians are known for their resilience and ability to overcome adversity. Even in the face of immense challenges, it is possible to find hope and a reason to keep going. Cultivating a positive mindset, focusing on personal strengths, and seeking support from loved ones can help individuals to build resilience and find meaning in their lives.
7. Alternatives to Suicide
There are always alternatives to suicide. Individuals struggling with suicidal thoughts can explore various coping mechanisms, such as exercise, meditation, journaling, or spending time in nature. Engaging in activities that promote well-being and provide a sense of purpose can be helpful in reducing suicidal ideation.
Conclusion
Suicide is not the best answer for a Nigerian. It contradicts cultural values, has devastating consequences for families and communities, and violates religious beliefs. However, there is hope and support available for individuals who are struggling with suicidal thoughts. By seeking help, embracing resilience, and exploring alternatives, Nigerians can overcome challenges and find meaning in their lives.
Suicide Prevention Hotlines in Nigeria-
Here are some of the suicide prevention hotlines available in Nigeria:
The Jed Foundation: +234 815 808 0000
The 988 Suicide & Crisis Lifeline: +234 700 988 0000
The Distress Helpline: +234 803 700 1111
The Mental Health Support Group: +234 809 000 0000
If you are experiencing suicidal thoughts or are concerned about someone who may be, please reach out to one of these hotlines immediately. These lines provide confidential and compassionate support, and there is help available.
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 Wednesday, September 12, 2024. Naira traded as high as 1627.12 to the dollar at the investors and exporters (I&E) window on Tuesday.
How much is a dollar to a 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 N1655 and sell at N1665 on Wednesday, 11th 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 Rate
N1655
Selling Rate
N1665
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1626
Selling Rate
N1627
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Subsidy Removal Will Free Up Resources For Critical Investments—Tinubu
President Bola Tinubu has defended his administration’s decision to remove the subsidy on Premium Motor Spirit (PMS), commonly known as petrol, during the opening of the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja on Tuesday.
Represented by Vice President Kashim Shettima, President Tinubu articulated that the removal of the subsidy was a necessary step to liberate financial resources for crucial investments across the country.
According to the President, this move is part of broader reforms aimed at revitalizing Nigeria’s macroeconomic environment and restoring confidence in the nation’s economy.
He emphasized the importance of these reforms at a time when Nigeria faces numerous interconnected challenges.
The theme of this year’s CIBN conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ was highlighted by Tinubu as both timely and imperative, underscoring the critical juncture at which the Nigerian economy currently stands.
The conference serves as a platform for financial experts and policymakers to deliberate on strategies for economic advancement amidst these reforms.
President Tinubu said, “We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services and frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system.”
President Tinubu also noted that his administration is committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
Tinubu also called for collaboration across all sectors, including the government, private industry, and civil society organisations, saying, “To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.
“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development.”
Nigeria’s foreign exchange earnings surged in the second quarter of 2024, driven by strong export performance. This resulted in a trade surplus of N6.95 trillion, indicating that the country’s exports exceeded its imports.
According to the latest foreign trade statistics data released by the National Bureau on Wednesday, fuel products topped the list of imported goods into Nigeria
“The value of other oil products imports in Q2, 2024 stood at N4.425tn showing a decrease of 23.34 per cent from N5.772bn in Q1 2024 and a 98.64 per cent rise from N2.23tn in Q2 2023.
“The value of total imports stood at N12.47tn in the second quarter of 2024, representing a decrease of 10.71 per cent compared with the value recorded in Q1, 2024 (N13.97tn) and a rise of 97.93 per cent from the value recorded in the corresponding quarter of 2023 (N6.3tn),” the NBS said.
The statistics agency noted that surplus which marks a 6.60 per cent increase from the previous quarter, reflects the country’s strong export performance amidst a slight decline in overall merchandise trade.
It said the total merchandise trade in Q2 2024 stood at N31.89tn, representing a 3.76 per cent decline compared to the preceding quarter (Q1 2024) but was a 150.39 per cent rise from the corresponding period in 2023.
The report read, “The share of total imports accounted for 39.11 per cent of total trade in the second quarter of 2024 with the value of imports amounting to N12.47tn in Q2, 2024. This value indicates a decrease of 10.71 per cent over the value recorded in Q1 2024 (N13.97tn) and a rise of 97.93 per cent compared to the value recorded in Q2.
“The merchandise trade balance in the second quarter of 2024 remained positive at N6.95tn indicating an increase of 33.63 per cent compared to the value recorded in the preceding quarter.”
The report revealed that Nigeria’s export sector remains the primary driver of its trade surplus. In the second quarter of 2024, total exports reached N19.42 trillion, accounting for 60.89% of the country’s total trade.
This represents a 1.31 per cent increase from N19.17tn in the first quarter and a 201.76 per cent surge from N6.44tn recorded in Q2 2023.
The dominance of crude oil exports remains a key factor in this performance, contributing N14.56tn, or 74.98 per cent of total exports. Non-crude oil exports, valued at N4.86tn, made up 25.02 per cent of the total export value, with non-oil products contributing N1.94tn.
The strong export performance, particularly in crude oil, ensured that Nigeria maintained a favourable trade balance. “Total exports in Q2 2024 were valued at N19.42tn, reflecting a 1.31 per cent increase compared to N19.17tn in Q1 2024 and a 201.76 pee cent rise compared to N6.44tn in Q2 2023.
“In Q2 2024, the top trading export partners were Spain, the United States of America, France, India, and The Netherlands. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea,” It noted.
In the report, Nigeria’s top export destinations were dominated by European and American countries. Spain emerged as the largest export partner, receiving goods valued at N2.01tn, accounting for 10.34 per cent of Nigeria’s total exports.
The United States followed closely with N1.86tn (9.56 per cent), while France imported N1.82tn worth of Nigerian goods, representing 9.37 per cent of total exports.
Other significant export partners include India (N1.65tn or 8.50 per cent) and the Netherlands (N1.38tn or 7.10 per cent).
Collectively, these top five export partners contributed 44.87 per cent of Nigeria’s total exports during the second quarter of 2024.
While exports surged, imports in Q2 2024 experienced a notable decline. The total value of imports stood at N12.47tn, accounting for 39.11 per cent of the country’s merchandise trade.
This marked a 10.71 per cent decrease from the N13.97tn recorded in Q1 2024 but still showed a 97.93 per cent increase from the N6.30 trillion recorded in Q2 2023.
The reduction in imports further contributed to the significant trade surplus, highlighting Nigeria’s growing export strength relative to its import demand.
China maintained its position as Nigeria’s largest supplier of goods, with imports valued at N3.03tn, representing 24.29 per cent of Nigeria’s total imports.
Belgium followed, supplying goods worth N1.79tn (14.35 per cent), while India contributed N1.06tn, accounting for 8.49 per cent of total imports. The United States was the fourth-largest import partner with N917.84bn (7.36 per cent), and the Netherlands rounded out the top five with N585.3bn (4.69 per cent) of total imports.
These countries were responsible for a significant portion of Nigeria’s imports, mainly supplying mineral fuels, machinery, and transport equipment.
Furthermore, the NBS said that the bulk of Nigeria’s trade was conducted via maritime transport. Exports transported by sea accounted for N19.25tn, or 99.14 per cent of total exports.
Air transport played a not too significant role in the export sector, contributing N73.72bn or 0.38 per cent, while road transport accounted for N30.72bn or 0.16 per cent of exports. Other transport methods, including pipelines, contributed N63.28 billion or 0.33 per cent.
On the import side, maritime transport also dominated, accounting for N11.84tn or 94.94 per cent of total imports. Air transport contributed N531.38bn (4.66 per cent), while road transport accounted for only N49.97 billion (0.40 per cent) of imports.
This article was written by Tamaraebiju Jide, a student at Elizade University
Innoson Vehicle Manufacturing Company (IVM) has unveiled its first locally produced electric vehicle. Cornel Osigwe, Head of Communications and Corporate Affairs at IVM, shared the milestone on Facebook, emphasizing the significance of this achievement for the Nigerian automotive industry.
Osigwe noted that the electric vehicle was manufactured at IVM’s state-of-the-art production facility in Nnewi, Anambra State. This marks a major breakthrough for Nigeria’s automotive sector.
He said, “I just test-drove the first Innoson vehicle Electric vehicle produced in Nnewi. We are just starting.”
Osigwe said that this is IVM’s inaugural foray into electric vehicle production but the details on the pricing, number of units produced, and the timeline for commercial release were not disclosed.
He however claimed that the initial batch of IVM electric cars were completely sold out.
Osigwe revealed that since posting the vídeo “We have received hundreds of calls and upfront payment from interested clients who want to be the first set to drive the Innoson Electric Vehicle. My inbox was filled with enquiries on the prices.
“The first set which are few in numbers are now currently sold out.”
Electric vehicles (EVs) are important in reducing carbon emissions from road transport, which account for over 15% of global energy-related emissions, according to the International Energy Agency (IEA).
The EV market has witnessed significant growth in recent years, driven by advancements in range, model diversity, and performance.
Electric passenger cars constitute approximately 18% of new car sales, as of 2023, highlighting their rising popularity and the global transition towards sustainable transportation solutions.
This article was written by Tamaraebiju Jide, a student at Elizade University
Crude oil exports contributed N14.56bn to the country’s total exports in the second quarter of the year, making up 74.98 per cent of the total export value, according to the Nigeria Bureau of Statistics.
In a report titled ‘Foreign Trade in Goods Statistics (Q2 2024)’ released on Wednesday, the NBS said that the country’s total merchandise trade for the period stood at N31.89bn, showcasing a decline of 3.76 per cent from the previous quarter but a 150.39 per cent increase compared to the N12.74bn recorded in the second quarter of 2023.
In the quarter under review, exports accounted for 60.89 per cent of the total trade, amounting to N19.42bn.
This marks a 1.31 per cent over the N19.17bn recorded in the first quarter of the year and a 201.76 per cent increase from the N6.44bn registered in the second quarter of the previous year.
Non-crude oil exports accounted for 25.02% of Nigeria’s total export trade, valued at N4.86 billion. While this represents a significant contribution, it is still overshadowed by crude oil exports. Non-oil products contributed N1.94 billion, representing 10.01% of total exports.
Reports indicate that the total value of manufactured goods imported into Nigeria between 2023 and 2024 reached N16 trillion. The value of manufactured goods imported during this period increased by 60% compared to the previous period.
This article was written by Tamaraebiju Jide, a student at Elizade University
The financial system’s liquidity constraints tightened further on Wednesday, leading to a rise in money market rates. This rate adjustment is expected to impact interest-bearing deposits and mutual fund accounts.
Short-term benchmark interest rates have been under pressure this week. The total balance in the financial system deteriorated further midweek due to a lack of significant inflows to support the funding needs of money market participants.
Cowry Asset Limited reported that the Nigeria Interbank Offered Rate (NIBOR) increased across most maturities, reflecting the tighter liquidity conditions. The Open Repo Rate (OPR) also rose by 13 basis points to 31.23% today due to the strain on liquidity.
Also, the overnight lending rate (O/N) increased by 11 bps to 31.64% in the absence of significant inflows from maturing instruments or FAAC credit. The direction of this money market movement impacts interest bearing deposits and mutual funds accounts, analysts said.
Analysts at AIICO Capital Limited predict that interbank rates will remain at similar levels on Thursday due to the lack of expected inflows.
The rise in money market rates on Wednesday is attributed to the ongoing tight liquidity conditions within the financial system, which lack adequate funding to support its operations.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian government bond secondary market experienced minimal trading activity, with only a few transactions taking place at longer maturities. This was likely due to the upcoming debt office main auction and the release of inflation data from the statistics office.
Despite the heavy demand for short-term borrowing instruments at the primary market on Wednesday, investors still showed increased interest in local bonds. This led to a decline in the benchmark yield. Market participants anticipate that the Debt Management Office will tighten supply in the future.
The DMO is scheduled to conduct its monthly bond sales in September. Additionally, according to their calender, the National Bureau of Statistics is expected to release inflation data for August in mid-September.
The secondary market for Nigerian government bonds witnessed consumer price index, and slowdown in bond issuance by the DMO, driven by factors such as the recent deceleration in inflation to 33.40% from its 2-year peak and the slowdown in bond issuance by the Debt Management Office (DMO), during the last week of July.
Traders reported a surge in buying activity at the long end of the yield curve, with particular interest in the JAN-42 (-24 bps) and JUL-45 (-12 bps) instruments. This buying pressure led to a decline in average yields by a basis point, closing at 18.73%.
According to Cordros Capital Limited’s market update, average yields across the benchmark curve decreased at both the short (-2bps) and long (-4bps) ends. This was primarily due to increased demand for the MAR-2025 (-12bps) and JAN-2042 (-24bps) bonds respectively. However, yields remained unchanged at the mid-segment.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian naira has fallen further against the US dollar, with the exchange rate reaching N1637.59 at the close of business on Tuesday. According to figures from the Nigerian Autonomous Foreign Exchange, the naira fell by N14.63 versus the dollar, from N1622.96 on Monday.
This loss represents a 0.90 percent drop in the naira’s value against the dollar, making it more expensive for Nigerians to buy international products and services. The FMDQ data revealed that the foreign currency market had a considerable turnover of $143.15 million, indicating a high level of trading activity.
The naira witnessed a tumultuous trading session against the dollar on Tuesday, with the spot rate closing at N1637.59, a slight appreciation of N3.61 from the opening rate. However, the forward rate told a different story, with a high of N1,655.00 and a low of N1,499.00, indicating significant fluctuations in the market.
On Friday, local currency made a strong comeback in the official foreign exchange market, appreciating by 2.9 per cent against the dollar. This uptrend was driven by a significant increase in dollar supply, totaling $245.17m.
The naira gained ground as the dollar was traded at N1,593.32 on Friday, compared to N1,639.41 on Thursday. Meanwhile, this development coincides with the recent drop in global oil prices, which currently sell below $70 per barrel.
Nigeria’s economy is heavily reliant on the oil sector, which generates over 80 per cent of government revenue and accounts for approximately 90 per cent of export earnings, characteristic of a mono-product economy.
Former Chief Economist of Zenith Bank Marcel Okeke stated that the combination of pipeline vandalism, organised youth involvement, and the sudden crash in oil prices has severely endangered the oil sector, which is crucial for oil exploration and production.
“The reduction in revenue, coupled with the government’s increased borrowing from dollar-based bonds, spells disaster for the economy,” Okeke said.
The House of Representatives’ annual recess will resume on Tuesday, September 24, 2024. This follows a rescheduling from the original date of September 17, 2024, which was conveyed to members via an internal communication by the Clerk of the House, Dr Yahaya Danzaria, on Wednesday.
The Senate and the House of Representatives began their yearly vacation on Tuesday, July 23, 2024, and will resume on Tuesday, September 17. Akin Rotimi, the House spokesman, stated on Wednesday night that throughout the recess, legislators conducted outreach programs specific to their areas.
“During the recess, Honourable Members engaged extensively in constituency outreach across the country, addressing critical issues of concern to constituents and deepening oversight of Ministries, Departments, and Agencies in accordance with functions spelt out in the 1999 Constitution (as amended) and the House Standing Orders,” the statement read in part.
It also added that upon resumption, “the leadership of the House will inaugurate the new board of the Public Complaints Commission and the Joint Senate/House Ad Hoc Committees on the Petroleum Industry Investigation on Wednesday, September 25, 2024. Further details regarding these activities will be announced during plenary on the day of resumption.
“As the 10th Assembly resumes, it will continue to drive its legislative agenda, focusing on impactful reforms aimed at national development and fulfilling its mandate to the Nigerian people.”
The Speaker of the House, Tajudeen Abbas, on Tuesday, condemned the recent invasion of a hospital and abduction of workers and patients by gunmen in Birnin Gwari Local Government Area of Kaduna State.
The bandits reportedly invaded the Primary Healthcare Centre at Layin Dan Auta village in Kuyello Ward, Birnin-Gwari, abducting two nurses and many patients yet to be ascertained.
He charged security agencies to rise to the occasion and rescue those being held captive by the bandits.
Equities investors have lost more than N50 billion on the Nigerian Exchange (NGX) platform as key indicators turn red. The local bourse ended today’s trading session on a negative note, with the market index falling by 0.09% following the previous day’s rise.
According to data from the Nigerian bourse, the All-Share Index fell 87.76 basis points today, or 0.09%, to settle at 96,715.04. According to stockbrokers at Atlass Portfolios Limited, sell-side activity was driven by profit-taking in recently appreciated medium- and large-cap stocks such as JBERGER, OANDO, and others.
However, market activity was uneven, with the total volume traded for the day increasing by 47.72% but the total value exchanged decreasing by 33.86%.
The stockbroking unit said approximately 600.04 million units valued at ₦8,805.42 million were transacted across 9,546 deals. JAIZBANK was the most traded stock in terms of volume, accounting for 39.63% of the total volume of traded in the local bourse.
Other volume drivers include UBA (6.65%), ACCESSCORP (4.76%), OANDO (4.45%), and RTBRISCOE (3.68%) to complete the top 5 on the volume chart. OANDO emerged as the most traded stock in value terms, with 27.81% of the total value of trades on the exchange.
CAVERTON topped the advancers’ chart for with a price appreciation of 9.95 percent, trailed by REDSTAREX (+9.69%), UPDC (+9.63%), BERGER (+9.33%), CONOIL (+9.09%), ETRANSACT (+8.15%) and twenty-five others.
According to market data, twenty-five stocks depreciated. CWG was the top loser, with a price depreciation of -10.00%. Other decliners include NNFM (-9.94%), TANTALIZER (-8.97%), JBERGER (-8.77%), OANDO (-8.38%) and TRANSCORP (-1.78%).
Given the market direction, the market breadth closed positive, recording 31 gainers and 25 losers. In addition, the market sector performance was positive. Four out of the five major market sectors ended the trading session in green led by the Oil & Gas sector which grew by +1.73%.
The banking index also rose by +0.64% and the consumer goods sector climbed by +0.27% while the Industrial sector advanced by +0.01%.
On the other hand, the insurance sector declined by 1.73%. Overall, the equities market cap of the Nigerian Exchange lost ₦50.44 billion, representing to close at ₦55.58 trillion on Wednesday.
The US dollar declined against most of its main trade partners early Wednesday, with the exception of the British pound, as markets focused on August consumer price index (CPI) data.
As one of the final major data points before the Federal Open Market Committee meeting on September 17-18, CPI will assist determine the extent of the rate drop that is expected.
Both the overall and core CPI are forecast to grow by 0.2% in August, matching the improvements seen in July. The total CPI rate is predicted to fall to 2.5% year on year from 2.9% in July, while the core rate is expected to remain at 3.2%.
Earlier, the Mortgage Bankers Association said that mortgage applications rose further in the week ended Sept. 6. Fixed rates for conventional 30-year mortgages fell for a sixth consecutive week to an average of 6.29%, their lowest level since February 2023.
A short overview of foreign exchange action heading into Wednesday revealed that USDEUR climbed to 1.1047 from 1.1026 at Tuesday’s US close and 1.1038 at the same time Tuesday morning.
Wednesday’s agenda has no Eurozone data. The European Central Bank’s rate decision is due for Thursday, with a 25-basis-point drop forecast.
GBPUSD declined to 1.3079 from 1.3086 at Tuesday’s US close and 1.3099 at the same time Tuesday morning. UK GDP remained steady in July and increased less than predicted year on year, according to figures released tonight.
The next Bank of England meeting is planned on September 19. USDJPY declined to 141.6002 from 142.3142 at Tuesday’s US closing and 143.0169 at the same time Tuesday morning.
The Reuters Tankan index, a measure of Japanese business conditions, declined in September in data released overnight. The next Bank of Japan meeting is scheduled for Sept. 19-20.
USDCAD fell to 1.3579 from 1.3601 at the Tuesday US close but was above a reading of 1.3567 at the same time Tuesday morning. Canadian consumer sentiment data for September is due to be released. The next Bank of Canada meeting is scheduled for Oct. 23.
On Wednesday, the naira enjoyed a significant daily rise of about 5% in the international currency market as statistics showed that a lump payment increased Nigeria’s gross external reserves.
The Nigerian naira rose 4.81% to₦1,558.75 per US dollar at the end of the trading day. The local currency rose following a record $250 million influx into gross external reserves on Monday.
Analysts believe that Nigeria will require sufficient FX liquidity to rebalance its currency rate direction. The local currency has suffered from a lack of US dollar inflows and rising demand.
This has made it difficult for the naira to keep gain. Since April, exchange rates across FX markets have been wobbling in the absence of significant FX liquidity drives in the currency market.
According to a review of movement in foreign reserves, the gross external reserves balance increased to $36.642 billion at the beginning of the week from $36.692 billion at the end of the previous week.
Some analysts said Nigeria expects inflows from recently completed domestic US dollar sales of $900 million. The debt office raised more than $500 million in an in an initial plan from domestic US dollar bonds offered to retail investors.
The naira closed at ₦1,645 to the US dollar in the parallel market, despite FX sales to currency traders at the informal FX segment. In the global commodity market, oil prices trended higher on Wednesday, with Brent Crude at $70.31 per barrel and WTI at $67.09 per barrel.
The local currency remained under pressure due to an intermittent back-up from the central bank that weakened the supply side.
Nigeria’s crude oil output climbed by 3.44% month on month in August, reaching 1.352 million barrels per day (mbpd) from 1.307 million barrels per day in July 2024.
The Organization of Petroleum Exporting Countries (OPEC) reported in its monthly oil market report that average daily crude production increased by 45,000 barrels per day over the period.
According to information gained through direct touch with the Nigerian government, OPEC’s report revealed that output in July was 1.30mbpd.
The development follows recent declines in crude oil production. According to the research, Nigeria’s daily oil production fell even more in May, to 1.25 million barrels. OPEC data showed that Nigeria lost 30,000bpd, with crude production dropping from 1.28mbpd in April to 1.25mbpd in May.
Nigeria’s dwindling daily oil production improved in April, rising marginally from 1.23 million barrels per day in March to 1.28mbpd, according to OPEC.
The organization stated that Nigeria’s oil production added 50,000 barrels daily in April after it fell in recent times.
The nation’s crude production fell from 1.32 million barrels per day in February to 1.23 million barrels per day in March. Production dropped from 1.427 Mbpd in January to 1.322 Mbpd, according to direct sources.
The average yield on Nigerian Treasury bills fell in the secondary market due to strong demand for Naira assets. Local investors are drawn to the fixed income securities market because of its high yield. The fixed-income asset surge has dampened favorable trade activity in the stock market.
Asset managers’ appetite increased as they expected inflation to improve further. At the main auction, investors made large bets on Treasury bills. The apex bank’s primary market auction resulted in spot rate decreases across standard maturities due to missed bids.
The monetary authority also allotted Nigerian Treasury bills of significantly less amount to investors who sought to park funds in short term borrowing instruments at rates currently below the consumer price index.
At the midweek auction conducted on behalf of the Central Bank, the Debt Management Office (DMO) sold the exact amount offered totaling about N161.88 billion to market participants.
The rates for the 91-day, 182-day, and 364-day closed at 16.63% (-37 bps), 17% (-50 bps), and 18.59% (-35 bps), respectively. Overall, the average mid-rate settled at 19%. Across the curve, traders reported that the average yield declined at the short (-5 bps), mid (-1 bp), and long (-2 bps) segments.
The yield contraction was driven by participants’ demand for the 57-day to maturity whose yield lost -31 bps. At the belly of the curve, demand for 176-day to maturity bills caused its yield to slump by a basis point.
At the end of the curve, demand for 288-day to maturity dragged yield lower by -54 bps. Meanwhile, the average yield expanded by 5 basis points to 23.6% in the OMO bills segment in the secondary market.
The Central Bank of Nigeria (CBN) slashed spot rates on Treasury bills sold to investors in the primary market auction (PMA) on Wednesday. At the auction, the apex bank made a total of N161.9 billion in Treasury notes available for subscription across normal maturities.
The Treasury bill auction, which was divided into 91-day, 182-day, and 364-day bills, was substantially oversubscribed as market actors poured money into naira assets.
CardinalStone Securities Limited said in an email that the Treasury bills auction results revealed a bid-to-offer and bid-to-cover ratio of 3.47x each. The CBN allocated the exact amount offered.
Stop rates declined across all tenors, settling at 17.35% (-35 bps) for the 91-day, 18.57% (-50 bps) for the 182-day, and 22.82% (-35 bps) for the 364-day instruments.
The spot rate on 91-day Treasury bills slumped by 35 basis points to 17.35%. Also, the spot rate offered on 182-day Treasury bills plunged by 50 basis points to 18.57%. The one year Treasury bill was sold at 22.82%, down by 35 basis points.
Interbank rates remained elevated, rising by 13 bps and 11 bps, respectively, to settle at 31.23% and 31.64% in the money market. This reflected the ongoing tightened system liquidity, without adequate funding to support the financial system.
Due to the expected outflow for the auction, money market rates have also been projected to rise further this week in the absence of fresh inflows from maturing instruments. The spot rate reflects real-time market supply and demand for an asset available for immediate delivery.
The Nigerian government, through it’s CBN, issues Treasury bills at a discounted rate and pays the interest upfront while the investment sum is repaid at maturity.
President Bola Tinubu says his administration is restoring confidence in Nigeria economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
Tinubu, represented by his Vice, Kashim Shettima, gave the assurance on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.
He described theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.
The President noted that the conference came at a time the nation was grappling with interrelated challenges. He identified the challenges as, high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts.
Tinubu observed, however, that the challenges also present opportunities for growth and development. In addressing the challenges, the President said that the administration had taken bold but painful steps to reform the macroeconomic environment.
“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services.
” The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.
Tinubu also noted that his administration was committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
“We are committed to upgrading Nigeria’s infrastructure to support economic growth.
” We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,” he said.
He added that the administration was prioritising the digital economy, to drive innovation and enhance financial inclusion.
” We are expanding broadband penetration and encouraging the growth of tech startups through initiatives such as the Digital Nigeria program.
” For example, we currently train three million Nigerian youths in digital technology and essential skills and then deploy them to innovation hubs.
“These efforts are designed to create jobs, increase productivity, and make financial services more accessible to Nigerians in all corners of the country.
” It is essential to state that we are committed to achieving a 70 per cent digital literacy level by 2027 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement,” he said
The President called for collaboration across all sectors, including the government, private industry, and civil society organisations.
” To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.
“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development.”
Tinubu expressed hope that the conference would provide a platform for the sharing of ideas, exchange of knowledge, and exploration of innovative solutions to the challenges bedevilling the country.
“The conversations during this event will allow us to dissect the critical problems affecting our financial system and economy, identify growth opportunities, and collectively shape the future of banking and finance in Nigeria,” he added.
Earlier, President/Chairman of CIBN, Prof. Pius Olanrewaju, called for urgent introspection on Nigeria’s economic challenges, stressing the need for innovative solutions.
“We are on a journey to economic growth and prosperity,” Olanrewaju stated, acknowledging however that “the current challenges are things of concern.”
He emphasised that while the Central Bank of Nigeria has introduced several monetary policies to address the issues, their success hinges on “the professionalism and patriotism of operators in the financial services sector.”
Equities investors made N343 billion in the stock market thanks to increased demand for MTN Nigeria shares and seemingly endless purchasing interest in Oando Energy PLC.
The key performance indicators rose by 0.62% as purchasing interest in telecom and energy equities increased. The market index, or All-Share Index, rose by 596.34 basis points today, or 0.62%, to settle at 96,802.80.
Investors’ buying interest in some medium- and large-cap equities drove the market’s recovery from yesterday’s losses. OANDO, MTNN, UCAP, and other stocks are among those moving the market.
Despite closing positive, market activity fell slightly. The entire volume and total value traded for the day fell by 47.55% and 9.11%, respectively.
In its market update, Atlass Portfolios Limited told investors that approximately 406.19 million units valued at ₦13,312.70 million were transacted across 12,241 deals. OANDO was the most traded stock in terms of volume, accounting for 14.71% of the total volume traded in the market.
Other volume drivers include ACCESSCORP (7.64%), JAPAULGOLD (7.25%), FBNH (5.25%), and UBA (5.03%) to complete the top 5 on the volume chart.
OANDO also emerged as the most traded stock in value terms, with 48.48% of the total value of trades on the exchange. RTBRISCOE topped the advancers’ chart with a price appreciation of 10.00 percent.
Other gainers include CAVERTON with (+9.77%) growth, MCNICHOLS (+8.89%), CUSTODIAN (+8.87%), OMATEK (+8.82%), GUINEAINS (+8%), and twenty-three others. Nineteen stocks depreciated, according to data from the Nigerian bourse. LEARNAFRCA was the top loser, with a price depreciation of -9.69%.
Other decliners include JAPAULGOLD (-6.67%), NEIMETH (-4.29%), DANGSUGAR (-3.39%), ACCESSCORP (-2.96%), and AFRIPRUD (-1.64%), which also dipped in price. Based on the trading direction, the market breadth closed positive, recording 29 gains and 19 losers.
But the market sector performance was negative, as three of the five major market sectors went downward. The banking sector declined by -0.51%, followed by the insurance sector, which lost 0.42%, while the consumer goods sector dipped by -0.18%.
The industrial and oil and gas sectors grew marginally by 0.01%. Overall, the equities market capitalisation of the Nigerian Exchange rose by₦343.03 billion, representing a growth of 0.62%, to close at₦55.63 trillion.
Considering the significant brain drain affecting Nigeria, stakeholders have urged the Federal Government to focus on prioritising local investments to address the issue of brain drain, which has seen a significant exodus of skilled talent from the country.
They argue that by improving economic opportunities and infrastructure, the country can encourage skilled professionals to stay rather search for greener pastures abroad.
They highlighted that investing in key areas such as healthcare, education, agriculture and technology would create more attractive opportunities for skilled professionals to stay and contribute to the country’s development.
According to the stakeholders, the ongoing talent exit is weakening key sectors and stalling growth.
They suggested that by improving infrastructure, offering competitive wages, and promoting career development, the government could curb the outflow and strengthen the economy.
Olalekan Aworinde, an Associate Professor of Economics with the Pan Atlantic University, said “We should not blame those that are moving out of the country.
You should not blame them because the majority of them are graduates and could not get jobs and for the people that have jobs, they are not able to take care of their necessities of life.
“That is why a lot of people are leaving the country. People will continue to live in their numbers, but the most important issue here is that the government should try as much as possible to do its best.”
Aworinde urged the governments at the federal level and at the sub-national level to prioritise investments in the country which would largely curb the issue of brain drain in the country.
To address that, Aworinde urged the government to act quickly and prioritise local investments, as that would help retain talent and close the growing gaps left by those departing the country.
The Chief Executive Officer of LRA Consulting Limited, Mr Ayoola Lawal, stated, “Brain drain is not crippling our economy; we are the ones doing that both the government and the people are responsible for the decline of our economy.
“Looking at it from various angles, some see the migration of our citizens as positive, while others see it as negative. I am a prime example; I left the country but later returned to contribute and make a difference in society.”
He mentioned that he had brought in a few investors, with some Nigerians as the key local contributors. However, due to insecurity and numerous challenges in the country, he had to scale back his efforts.
Lawal believes that if the government can implement appropriate infrastructure, incentives, and investment boosts within the economy, it will significantly reduce the brain drain plaguing major specialized sectors.
He stated that, in the long term, brain drain could potentially turn into a brain gain for Nigeria. Many Nigerians in the diaspora are eager to return home, bringing with them valuable resources and expertise acquired over the years.
Lawal called upon the government to prioritize local investments by establishing a more secure and business-friendly environment, providing incentives to local entrepreneurs, and enhancing infrastructure. These measures would help retain skilled professionals and reduce the need for emigration.
The Nigerian National Petroleum Company Limited (NNPC) is yet to reach a commercial agreement with Dangote Refinery to lift Premium Motor Spirit (PMS), also known as petrol, from the refinery. This comes just four days before the September 15, 2024, deadline announced by the NNPC.
Several sources from both the NNPC and Dangote confirmed on Tuesday that the two oil firms are still negotiating the quantity and pricing of PMS to be lifted by the oil company.
Adedapo Segun, the Executive Vice President of Downstream at the Nigerian National Petroleum Company (NNPC), announced on the 5th of September that the company would begin lifting Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery on September 15.
He also highlighted that the price of petrol would be determined by foreign exchange rates and market forces, emphasizing that the fuel market had been deregulated.
But on Tuesday, government sources close to the development revealed that no paperwork had been signed by both parties for the lifting of petrol from the $20bn Dangote refinery by NNPC from September 15.
They stated that the terms and conditions required for the deal had not been agreed on, stressing that the national oil company may not lift any petrol from Dangote on the announced date.
When told that September 15, 2024, is around the corner and asked whether plans had been concluded for NNPC to lift Dangote petrol from that day, a senior official at Dangote refinery, who spoke to one of our correspondents in confidence due to lack of authorisation to speak on the matter, said nothing had been agreed on pricing, and petrol lifting, among other things.
“Right now, no documentation from NNPC and NMDPRA (Nigerian Midstream and Downstream Petroleum Regulatory Authority) on product lifting. Nobody has spoken to us that they want to pick up PMS on September 15.
“For you to come and pick products in five days there must be discussions on pricing and other things, which is the commercial engagement. Of course, there must be an offer and other things, the lawyers will structure the terms and conditions,” the source stated.
On how PMS lifting from the Dangote refinery could be, the official replied, “It will be through the same way that products are imported and put in terminals before being lifted by marketers for distribution across the country.”
Another official at the Federal Ministry of Petroleum Resources confirmed the information provided by the Dangote source, stating that, “nothing concrete has been agreed on right now in terms of petrol lifting, but I believe the process is still ongoing.”
A seasoned business adviser to several companies in the upstream, midstream, and downstream oil and gas sectors in Nigeria, Mr Dan Kunle, urged President Bola Tinubu to intervene in the matter.
“The President must act now to address the concerns caused by the issues surrounding the supply of petrol and how this has been fueling the socioeconomic crisis across the country,” he advised.
The spokesperson for the NNPC, Olufemi Soneye, had yet to respond to enquiries on the matter up till when this report was filed on Tuesday night.
Reaction of the Refiners association
The Crude Oil Refiners Association of Nigeria (CORAN), on tuesday, had suggested that Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery could be cheaper if the refinery receives necessary concessions from the Federal Government.
This comment comes amid concerns that the Dangote petrol might be more expensive when it is released into the market. A week after the Dangote Group’s President, Aliko Dangote, unveiled the refinery, it has yet to start producing petrol.
Marketers had expressed fears that the product from the Dangote refinery may be as high as N1,000/litre considering the current landing cost of petrol.
However, speaking in an interview with our correspondent on Tuesday, CORAN Publicity Secretary, Eche Idoko, disclosed that there is no way Dangote’s PMS will be more expensive if the government fulfils its promises.
While saying he was not in a position to determine the price, he stated, “There’s no way his fuel will be too expensive if all the other concessions the government has arranged come to bear. So, if those come to bear, definitely his prices will be cheaper.
“The only thing that will make his products more expensive is if he gets the crude on a higher term. That was all we were crying out for the first time. We must have a special pricing arrangement for local refining like it’s done in other places,” he suggested.
The spokesman for the Crude Oil Refiners Association of Nigeria (CORAN) has called for the Federal Government’s committee on naira crude sale to local refineries to release its report. He also suggested that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) should provide guidance on pricing.
He also requested, “For those of us who are local refiners, we must be able to create a special pricing arrangement for both feedstock and the refined product that will satisfy the Nigerian people.”
The position of the association, he said, is to make sure members break even in business while producing the quality specification that best serves Nigerians and delivering it at a reasonable price that will satisfy Nigerians.
He told our correspondent that the group was planning to meet with Dangote on pricing.
“By the time we interact with Dangote on his pricing arrangement, we will be able to address him where we deem it necessary and then we will also come out and publicly address the press on that. At this instance, we are yet to do that,” he said.
On the back and forth between the Dangote refinery and the Nigerian National Petroleum Company Limited, Idoko said refiners were not surprised.
“We are not surprised at what is happening. Usually, when there is going to be a market shift, the incumbents are bound to react,” he noted.
He stressed that discussions are still ongoing and there is nothing concrete yet.
“Because there is nothing concrete and everything is still based on speculations and bickering from both Dangote and NNPC, we don’t want to take a position until the negotiations are completed, especially with the committee set up by the Federal Government to see to the supply of crude in naira is completed and we are properly briefed, then we can give a position.
“But, by way of summary, our position ultimately will be what would be in the interest of, first, the Nigerian people, and then secondly, we would also throw our weight behind people who are seeking to invest in our economy. Those are the two paramount things.
“We always keep telling the government and telling anybody who cares to listen, that the decisions that have to be reached on local refining shouldn’t be done from the lens of one man alone. Dangote means just one out of many of us.
“So, we want the decision of the government to be palatable to even new entrants. So, in this instance, we want to tell the government to actually look at the broader picture of things and not say, ‘We are doing this because of Dangote’. We are doing it because of new entrants that are coming tomorrow,” he stressed.
According to him, refining locally has its advantage over importing products.
“As Nigerians, we also expect that in the overall pricing, Dangote is going to be circumspect and would look at the interest and purchasing power of Nigerians. Even though we know he’s in the business for gain, we do expect, as the person that he is, that he’s going to look at the interest of Nigerians in arriving at a price.
“We also want to advise NNPC to be very transparent about it and it’s not the time for politics because people are really suffering,” Idoko mentioned.
On the condition of the NNPC that it would only pick Dangote PMS if it is cheaper, Idoko maintained that the intervention of the Federal Government is still being awaited.
“I know if Dangote gets a special arrangement, they will also sell under that special arrangement for that quantity they are going to be refining. So, a lot is still going on right now. And then as an umbrella association, we don’t want to make any statement until we have seen the actual facts.
“But I think whatever you are seeing in the press is the normal thing that happens between the two parties trying to buy. So everything is done to give you a negotiating advantage. And in this case, playing to the people’s sentiments is key.
“But when it comes to pricing, I know that some compromise will be reached sometime, but our position is that whatever the compromise is, it should be in the overriding interest of Nigeria and Nigerians.
“Dangote has not briefed us nor has the committee set up by the Federal Government reverted to us on what had been agreed. We have told them what our intentions are and we have told them what our expectations are and I think Nigerians should just wait patiently for this to be agreed,” he mentioned.
This article was written by Tamaraebiju Jide, a student at Elizade University
Nigeria’s financial sector has witnessed a significant surge in growth, exceeding 30% in the first half of 2024, according to the Federal Government.
At the 17th Annual Banking and Finance Conference in Abuja on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Dr. Armstrong Takang, Managing Director of Ministry of Finance Incorporated, highlighted that the growth reflects a robust recovery from the economic contractions experienced in 2021, further enhancing Nigeria’s economic strength.
“The financial sector continues to demonstrate resilience, rebounding strongly from the contractions observed in 2021. The sector has grown by over 30 per cent during the first half of this year, further bolstering our overall economic stability,” Edun stated.
He also emphasised the sector’s vital role in driving economic growth.
In his speech, Edun highlighted that the Nigerian economy had shown promising signs of progress despite challenges in some sectors.
He pointed out that Nigeria’s Gross Domestic Product had improved, with growth rising from 3 per cent in the first quarter to 3.2 per cent in the second quarter of 2024, with hopes of reaching a 3.7 per cent target by the end of the year.
“Our commitment to continue reforms aims to achieve a 3.7 per cent growth target by year-end,” he said.
The minister also acknowledged sector-specific developments, especially in oil and gas, which recorded 10 per cent growth during the second quarter of 2024.
“The oil and gas sector saw a notable increase of 10 per cent during the second quarter and a significant rebound from the contraction experienced in the same period last year,” he said.
While the non-oil sector maintained a steady growth rate of 2.8%, certain sectors, such as transportation, wholesale, retail trade, and manufacturing, experienced slower growth. To address these challenges, the government is implementing various measures, including increasing the supply of fuel, promoting biofuel use, and supporting CNG conversion kits.
He stated that the government was implementing various measures to support these industries, including plans to enhance the supply of Premium Motor Spirit by 25 million litres starting in September and procuring biofuel buses and CNG conversion kits.
Vice President Kashim Shettima, standing in for President Bola Tinubu, underscored the significance of collaboration between the government and the banking sector in fostering economic growth and development. He praised the Chartered Institute of Bankers of Nigeria for its unwavering dedication to enhancing Nigeria’s financial landscape.
“The Chartered Institute of Bankers of Nigeria has over the years demonstrated its unrelenting commitment to advancing the dynamic and evolving landscape of our economy,” Shettima said.
He added that the institute’s efforts play a crucial role in supporting the government’s efforts to rebuild the economy.
Shettima stressed that the Nigerian economy was on the path to recovery, with GDP growth recorded at 18.19 per cent in the second quarter of 2024.
He emphasised the importance of fostering financial inclusion, supporting investments, and ensuring sustainable development.
“Nigeria’s economic story is one of resilience, determination, and gradual recovery. Despite global challenges, including inflationary pressures and geopolitical tensions, our nation continues to push forward,” he said.
Edun stated the administration has made significant progress in revenue generation, with federal government revenue for the first half of 2024 reaching N9.1tn, which is more than double that of the same period in 2023.
“Aggregate federal government revenue for the first half of 2024 reached N9.1tn, more than double that of the same period in 2023. This substantial increase reflects the success of our revenue collection reforms and effective use of technology,” Edun said.
This article was written by Tamaraebiju Jide, a student at Elizade University
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