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Nigeria’s Inflation Climbs to 28.20% in November

By
Rhoda Onuzulike
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Inflation surged to 28.20 per cent in November from 27.33 per cent in October, underscoring a increased cost of living crisis in the country.

In its new ‘Consumer Price Index: November 2023’ released on Friday, the National Bureau of Statistics revealed that headline inflation surged by 0.87 percentage points in November to a new record high in almost two decades.

It said, “In November 2023, the headline inflation rate increased to 28.20 per cent relative to October 2023 headline inflation rate which was 27.33 per cent.

“Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which was 21.47 per cent. This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).”

Nigeria’s Inflation Jumps to 25.80% in July

On a month-month basis, headline inflation in November 2023 was 2.09 per cent. Which was 0.35 percentage points higher than what was recorded in October (1.73 per cent), defeating a recent claim by the Central Bank of Nigeria that inflation is slowing down m-o-m.

Recently, the former apex bank’s Director, Corporate Communications Department, Isa AbdulMumin, said, “Available statistics showed that the first indication of deceleration in prices was recorded in September.

“Further reforms in the money market, which commenced in October had accelerated easing in prices as indicated by the substantial drop in month-on-month changes recorded in October.

“Moderation in month-on-month changes in prices observed in the headline, food, and core components of the consumer basket followed reforms in the money market and relative stability in the FX market.”

Nigeria’s inflation rate is now poised to close 2023 at about 30 per cent, aligning with recent predictions by KPMG and Stears Business.

IMF Seeks Stronger Crypto Regulation

By
Rhoda Onuzulike
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The Managing Director, International Monetary Fund, Kristalina Georgieva has stressed the need for comprehensive regulation in the cryptocurrency space to safeguard global financial stability.

Speaking at a digital currency conference in Seoul, on Thursday, Georgieva highlighted the potential threat posed by widespread crypto adoption, citing concerns about its impact on macro-financial stability.

Georgieva said effective regulation was essential to prevent disruptions in monetary policy transmission, capital flow management measures, and fiscal sustainability, particularly in the face of volatile tax collection.

Kenya Suspends Worldcoin Crypto Over Privacy Concerns

“Our goal is to make a more efficient, interoperable, and accessible financial system by providing rules to avoid the risks of crypto, and infrastructure by leveraging some of its technologies,” Georgieva said at the joint conference with the South Korean government and central bank.

She added that, “Rules are not meant to return us to a pre-crypto world, nor to squash innovation.

On the development of digital money, Georgieva said in a panel discussion that policymakers could either be part of it and help do it better or be left out of it because it would be done anyway.

A recent study from KuCoin found that 35 per cent of Nigerians aged between 18 and 60 were investing or trading in bitcoin or other cryptocurrencies.

In 2022, Nigeria’s Securities and Exchange Commission published a new set of rules aimed at regulating digital assets, signalling a potential change of attitude from the government towards the widespread use of cryptocurrencies.

Israel-Hamas War: Stakeholders call for peace

By
Mana Balagbogbo
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Stakeholders from Nigeria, Senegal, Kenya and Ambassadors of Israel, and Palestinian on Thursday engaged in a dialogue to fashion out ways in fostering peace between the ongoing Israeli and Hamas war, which have affected both countries, killing innocent women and children in the wake.

The stakeholders expressed their grievances at both countries as blame fly both sides during an online discuss, Geopolitics series 4.0 Israel-Hamas War and the way forward, with the topic, ‘Bridging divides for sustainable peace in the middle east and beyond.’

The Ambassador of Israel to Nigeria and the Permanent Representative of Israel to ECOWAS Micheal Freeman delivering his perspective on the issues stressed the inhumane treatment meted on the Israelis, he lamented over the murdering, killings of families, as well as the raping of women as a means of torture in horrific ways.

Freeman disclosed that till date, Hamas has refused to release the  hostages taken during the massacre.

According to the Ambassador, from October 7th till date over 900 missiles have been fired by the  Hamas, maintaining this wasn’t just an attack as people were murdered in their numbers.

He bemoaned the attack of October 7th saying this was the largest single massacre of Jews people since Holocaust, adding  the attack have moved peace talk away  from a generation.

“We are talking about children being killed in the presence of their parents. Parents being killed in the presence of their children.

“This level of brutality have not been seen even by the ISIS attacks and the Hamas were proud of this attack as it was televised. The level of pride displayed and  saying they will do it again.

“For Isreal we want to make sure that Hamas will not do this again. If we have to cease fire, the kidnapped victims will have to be release, it is very easy if they want to end this.

“The Hamas people are not looking at ending this long time, they only want a short term cease fire to allow them regroup, so that they can continue these attacks.

“What Hamas want is to have increased numbers of casualties to use it against Isreal. They have facilities to hide their weapons. 70 terrorist surrendered today from the hospitals they are hiding. They are asking for ceasefire if we do, how do we get the hostages back. How do we stop Hamas from doing this again. Their call for cease fire is just words not intent.

Speaking further, the Ambassador  noted that, Actions from world leaders, Women organisation have condemned the sexual violence against the Isreali women yet they deny that it never happened, “this is even shocking denying that the rape never happened.”

For his part, the Palestinian Ambassador to Nigeria Abdullah Shawesh said, the recent attack by Hamas cannot be discussed from the event of October 7th, without going back to history.

According to Shawesh, the event dated as far back as 1917 when the United Kingdom sowed the seed of discord.

He said, alot of lies have been peddled as regard the Oct 7th. Althogh Isreal said it is war against Hamas, he questioned the innocent Palestinian children and women that are being killed, however he denied the allegations of rape, stating that never happened.

“The Isreali settlers are the ones burning and burying Palestinians. The Ambassador claimed many women were raped but that is not the truth. This did not happen.

“We will not disappear from our land, they have tried to finish us but they will not succeed this has been happening since 1953 to expel is from us from our land.

“We acknowledge the right of the Isreali people to live and we do not teach our children to hate the Jewish. This is not true.

“One thing is that the Isreali supremacy is deeply rooted in their leaders and over time they have made remarks in regards to this.

Responding to questions on way forward, the Isreali Ambassador, Freeman insisted that, “Before we talk about dialogue to the  solution of  this situation there are questions we need to consider before we sit at the table.

“Firstly, have they condemned what happened on the Oct 7th. Despite the fact that it was televised so many of their officials have denied that this act never happened.

“The Palestinian need to stop the education of their children to kill the Jewish people seeing them as pigs that have to be slaughtered. No Palestinian have condemned the attack on the Isrealis people.To have peace Palestinian leaders will have to stand up to condemn, the actions of Hamas, release the hostages and recognizes the Jewish people. What we are seeing is much more disturbing.

“We recognize that the Palestinian people are there we can only work together when there is a compromise

On the reports that Isreali is killing innocent Palestinian civilians, Freeman apologized for the incident stating, we are sorry to say that there have never been a war without  civilian casualties. The only way is to create safe zones to minimize  the casualties which the Isreali have done, we have  produced maps, fliers with necessary information.

While proffering solutions to foster.peace, The Palestinian Ambassador asked that an inquiry commission be established to independently investigate the claims of Isreal, stating anyone found guilty should be punished.

Shawesh said, None of the Isreali is ready to settle for peace, because you cannot be talking about peace and still be building and expanding on Palestinian lands. The Isreali settlers are known for their attacks and no one is talking about it. More than 25000 Palestinian have been killed in this attack.

“We need an inquiry commission by the international organization; the ICC to run an independent investigation on the precedents in this region, and who ever is found guilty should be made to face the consequences. What Isreal is doing is a war crime but they have denied that it is not a war crime.

“We are calling on the African union to be involved in this resolution. Since the Oct 7th attack alot have happened, we do not have anything against the Jewish people and they know this, we have a common background

An American-Isreali activist Shoshanna Keats Jaskoll lamented the sorry.state of affairs in Isreal after the attack as people are volunteering daily for funerals as parents, children are being buried.

Jaskoll stated that Hamas is not a solution for anyone who wants peace as it has to go for peace to reign.

The activist almost in tears, lamented the effect of the war on women and girls. She disclosed that young girls were found with evidence of  sexual assault after the attack.

She called for the need for women to be at the decision making tables when the gate of the people are determined as women bear the brunt of war more.

Jaskoll said, ” it  is important for women to be on the committee who are making decision, women with creative ideas. We need peace for our children.

“Invest your time infighting for a future for your children. Acknowledge the fact that none of us is going anywhere,” she stressed.

Earlier in her welcome address, Agnes John Thomas of West Africa Democracy Radio stated the need to advocate for unity as both sides have witnessed profound loss.

Thomas emphasised that true peace can only be achieved through dialogue as both sides needs to listen to each other.

She said, “road to lasting peace may be difficult but it is insurmountable. Together let us build bridges for peaceful coexistence as the world need peace.

House Advocates Establishment Of Nigerian Shipping Commission

By
Rhoda Onuzulike
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The Chairman House Committee on Shipping Services, Abdussamad Dasuki, has assured that the committee will assist in seeking legal backing for the establishment of a Nigerian Shipping Commission.

He also pledged the sincere support of his Committee towards the timely implementation of the International Cargo Tracking Note.

Dasuki said this at the opening ceremony of a two-day strategy retreat for senior executives of the Nigerian Shippers’ Council (NCS) on Thursday in Lagos.

The retreat had the theme: “Strengthening the Economic Regulation of the Marine and Blue Economy for Sustainable Development.”

Examining Nigeria’s Maritime Industry And Blue Economy

According to Dasuki, this move aims to bolster and regulate the country’s maritime sector, echoing the urgent need for an independent regulatory body.

Abdussamad Dasuki emphasized the urgency of legislative backing and echoed the call for expeditious action to enact a dedicated law providing the necessary legal framework for the Council’s operations.

He stressed that the committee members are committed to swift parliamentary processes to realize this vital legislation by next year.

“I believe one of our takeaways here is we should have a Nigerian Shipping Commission, not a council.

“You are to be independent, you are to be a commission. You are the regulator of this very important mission.

Dasuki lamented the disparity in the sector’s existing contribution to the national Gross Domestic Product (GDP) hovering around a meager one percent and the anticipated 20 percent.

He stressed the need for strategic interventions to bridge the gap and maximise the industry’s economic potential.

Tinubu Admits NASS Support In Economic Transformation

By
Rhoda Onuzulike
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President Bola Ahmed Tinubu says both the executive and the legislature will jointly assess the challenges facing the country in order to develop practical solutions for the benefit of Nigerians.

Speaking at a colloquium to mark the 61st birthday of the Senate President on Thursday in Abuja, President Tinubu said efforts of his administration to transform Nigeria’s economy are yielding results with the support of the National Assembly led by Senate President Godswill Akpabio and the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas.

Applauding the Senate President’s leadership qualities, the President highlighted that the Chairman of the National Assembly has consistently demonstrated dedication to national progress.

Tinubu Meets 3 Major Counterparts In Economic Development

President Tinubu recalled Senate President Akpabio’s beginning days as a commissioner in Akwa Ibom State, the President stated that he learnt from Lagos, formulated a plan, and successfully executed it during two terms as Executive Governor.

“I believe in the person of Sen. Godswill Akpabio. He is truly in God’s will for his life. I was governor in Lagos State from 1999 to 2007, and he was a commissioner.

“As a commissioner, he was extremely inquisitive about what was going on in Lagos. I didn’t know then that he wanted to be a governor. As governor, he transformed Akwa Ibom tremendously,’’ the President stated.

The President recalled how some of the economic and social programmes initiated by Senator Akpabio, when he was governor developed the state, noting that the drainage system Senator Akpabio constructed had saved many lives and livelihoods.

In his remarks, the Senate President commended President Tinubu for his visionary leadership, most recently demonstrated in the quality of decisions taken so far to ensure improved security and a revamped economy.

Akpabio assured the President that the National Assembly would work with him to transform the country, adding that, “we did not come for a boxing bout. We came to transform Nigeria.”

The Speaker of the House of Representatives appreciated the President for articulating his economic vision clearly for the National Assembly, departing from what he described as “impulsive programmes.”

The keynote speaker, Olisa Agbakoba (SAN), thanked the President for his courage and diligence in leading the nation on the path of growth and recovery with innovative ideas and for appointing competent hands to run the affairs of the country.

CIBN Counsels CBN On Fraudulent Transactions

By
Rhoda Onuzulike
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The Chartered Institute of Bankers of Nigeria says the Central Bank of Nigeria ought to come with policies that can check fraudulent transactions within the banking industry.

Making the call was the Ogun State Chairman of CIBN, Isaac Arokun. He said this at venue of  a debate organised for higher institutions in the state at as part of activities marking the Annual Bankers’ Week.

CIBN Launches Agency Banking Certification Programme

Speaking to newsmen, he said, “The CBN can bring a lot of policies that will ensure that it does not allow frivolous transactions in the banking industry. CBN should also engage in advocacy and public enlightenment to ensure that policies that are put in place are explained to the people for them to protect their funds in the bank.

“They should also encourage banks to bring policies on cyber security so that they can protect their website and all the transactions passing through the banks should be secured to ensure that intruders are not invading personal information.”

Somalia Gets World Bank, IMF $4.5bn Debt Relief

By
Rhoda Onuzulike
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Somalia Prime Minister, Hamza Barre, disclosed that the country has been granted a debt relief of $4.5 billion by the International Monetary Fund (IMF) and the World Bank.

Barre noted that the relief is “equivalent to relieving every Somali person of a debt of more than $300,” adding that it’s a “testament that our country and our people are financially viable, attracting foreign investment, and we are no longer debt-ridden.”

The PM said the relief is monumental as it will allow Somalia to invest in development programs, revitalise the economy and borrow money from international lending institutions.

Reports had it that the Somalia government held celebrations in the capital, Mogadishu after the debt relief announcement.

IMF Secures Sufficient Pledges To Provide Comprehensive Debt Relief To Sudan

In 2005, to accelerate progress towards the United Nations’ Sustainable Development Goals, the HIPC Initiative was supplemented by the Multilateral Debt Relief Initiative.

This allows countries completing the HIPC Initiative process to receive 100 per cent relief on eligible debts by the IMF, the World Bank, and the African Development Fund.

The IMF and the World Bank, in a joint statement titled, ‘IMF and World Bank Announce US$4.5 billion in Debt Relief for Somalia,’ revealed that their executive boards “have approved the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion.”

The statement noted that “Somalia’s external debt has fallen from 64 per cent of GDP in 2018 to less than 6 per cent of GDP by end 2023.”

According to reports, in 1996, the IMF and the World Bank launched the Heavily Indebted Poor Countries Initiative to ensure that no poor country faces an unmanageable debt burden.

EU Partners With Nasarawa State To Diversify Economy

By
Rhoda Onuzulike
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0

The European Union (EU) has disclosed plans to collaborate with the Nasarawa State Government in the fields of digital economy and green energy to guarantee the state’s economic diversification for growth and development.

The European Union Ambassador to Nigeria, Samuela Isopi, made the disclosure during her maiden visit to the Nasarawa State Governor, Abdullahi Sule, at the Government House, Lafia.

According to her, the purpose of the visit was to deepen the relationship with the state and engage in a multi-dimensional partnership that included climate change issues, economic relations, cooperation on democratic governance, peace and security, among others.

Isopi, who is also the EU Ambassador to ECOWAS, explained that the EU’s interest was to work together closely to support each other in addressing challenges affecting them.

She said, “We are an important development partner, definitely the first development partners of Nigeria in terms of grants.

“We have a multi-dimensional cooperation which goes from peace, security, governance and migration to human development, education and health to green and digital economy.

“We will support in agriculture, which is a very important sector for the economy of Nasarawa State. We will also support in the field of green energy, innovation and many other fields.

“We are also active in renewable energies through a project, through which we support rural electrification and we work in particular with a few partners in the state.”

The EU Ambassador, therefore, called on the Nasarawa state government to support them in order to actualise their set goals in the state.

On his part, Governor Abdullahi Sule expressed gratitude to the EU Ambassador for the visit, noting that Nigeria and Nasarawa State share the same values with the EU, such as peace and security, as well as upholding the tenets of democratic process and social cohesion.

Sule said the state was welcoming investment in oil and gas, agriculture, clean energy, and solid mineral development, with a focus on lithium development.

He noted that in order to address unemployment and help young people become self-reliant, the state was supporting education, skills, and vocational training.

INEC declares Governor Sule Winner of 2023 Gov election in Nasarawa

The Governor highlighted some of the agricultural potentials in the state that investors could take advantage of to invest.

According to him, Nasarawa is number one in sesame production in the country with a lot of investors already showing interest in sesame processing with immense benefit to the state and the people.

“By early next year, we are going to have the first sesame seed processing company in the state,” he said

He also mentioned the potential in cassava and sugar cane production with the Dangote Sugar Company coming on board to attract investors interest in ethanol production for energy generation.

Governor Sule, therefore, assured that the state government would work closely with the EU in order to promote the economic development of the state, among others areas.

Investors Gain N86bn on Positive Market Sentiment

By
Rhoda Onuzulike
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0

The pattern of positive trading on the Nigerian Exchange Limited entered the fifth day on Thursday resulting in N86bn gain for investors.

The NGX has been trading positive since Friday and has sustained the mood into the fourth trading session in the week, despite bearish sentiments in some sectors.

Both the All-Share Index and the market capitalisation rose by 0.21 per cent to close at 72,455.83 and N39.649tn, steadily bringing it closer to the historic N40tn milestone.

Although the volume of traded stocks increased by 3.09 per cent to 446,582,797, the value of traded stocks declined by about 10 per cent to N7.26bn compared to the previous day’s record of N8.08bn. The shares were exchanged in 6,845 deals.  The number of stocks traded closed at 123.

Market Breadth which measures investors’ sentiment was slightly flat resulting in 26 gainers and 27 losers.

NGX Benchmark Index Sustains Upward Trend

The advancers include Infinity Trust Mortgage Bank which gained 9.83 per cent to close at N2.57 per unit, John Holt gained 9.73 per cent to close at N2.03, Ikeja Hotel’s shares rose by 9.20 per cent to close at N4.75, Daar Communications gained 7.69 per cent to close at N0.42 and ETranZact gained 7.69 per cent to close at N7 per unit.

Leading the losers’ table was RT Briscoe with a 9.84 per cent decline to close trading at N0.55. UPDCREIT lost 9.78 per cent to close at N4.15. The stocks of Mutual Benefit shed 9.43 per cent of their value to close at N0.48 per unit, Omatek lost 7.79 per cent to close at N0.71 and Sovereign Insurance lost 7.69 per cent to close at N0.36.

For the fourth trading session this week, banking stocks dominated as the top five traded stocks on Thursday include AccessCorp with 77.25 million units of shares worth N 1,75bn traded, followed by FCMB with 45.24 million shares valued at N318.61m. Zenith Bank saw 37,289,741 units of its shares worth N1.38bn exchanging hands, United Bank for Africa had 29,300,628 units of shares amounting to N724.06m  and Fidelity Bank saw 27512103 units of its shares valued at N257.28m traded.

Federal Govt. Plans Mortgage Scheme for Diaspora Nigerians

By
Rhoda Onuzulike
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0

The Minister of Housing and Urban Development, Ahmed Dangiwa, says the mortgage scheme for Nigerians in the United Kingdom, United States and Canada will be launched in February, 2024.

Dangiwa stated this ahead of the proposed launch in February 2024 of the Diaspora Mortgage Housing Scheme in the UK, USA and Canada, when he received the Chairman, Nigerians in Diaspora Commission Hon. Abike Dabiri-Erewa, and some management staff in his office in Abuja.

The minister, in a statement signed by Gabriel Odu from the Protocol Unit, NiDCOM, on Wednesday, said “The overall goal is to ensure that as our brothers and sisters sojourn abroad, they also have a decent shelter over here in Nigeria to call their home.”

427,962 Nigerians in Diaspora Get NIN

Dangiwa added that the Federal Housing Authority was also committed to delivering on the tripartite mandate of a Diaspora City Project in partnership with NIDCOM, FHA and FCT.

“The project is situated at Maitama 2, with over 675 hectares of land,” the statement noted.

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