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Nigeria’s External Reserves Decline to $33.92 BN

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Nigeria’s external reserves have declined by 0.10 percent day-on-day after marginal recovery in the last week.

Data from the Central Bank of Nigeria (CBN) showed that foreign reserves declined to $33.929 billion as of August 4, 2023, from $33.965 billion recorded on August 2, 2023.

Africa’s largest economy’s reserves had recovered marginally by 0.06 percent to $33.965 billion as of August 2, 2023, as against $33.944 billion recorded on July 25, 2023.

According to the data, Nigeria’s external reserves, the firepower behind the Central Bank’s defence of the naira maintained a steady decline by 8.47 percent year-to-date to $33.92 billion as of August 4, 2023, from $37.06 billion as of January 3, 2023.

Nigeria spends 96.3 percent of revenue on debt servicing in 2022 from 83.2 percent in 2021 which shows how the fiscal deficit has worsened the nation’s public debt stock, according to the World Bank.

Africa’s largest economy’s external reserves by virtue of statute are segregated into three distinctive portions, namely the CBN, the Federal Government of Nigeria (FGN) and the Federation reflecting ownership of the reserves.

The Central Bank receives foreign exchange inflows from crude oil sales and other sources of revenue on behalf of the government. Such proceeds are purchased by the Bank and the Naira equivalent is credited to the Federation account.

These proceeds are shared each month, in accordance with the constitution and the existing revenue-sharing formula. The monetized foreign exchange, thus, belongs to the CBN. It is from this portion of the reserves that the Bank conducts its monetary policy and defends the value of the Naira.

Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise, said the external reserves are used to support the naira and fund imports.

He said the foreign exchange reserves have been declining as a result of pressure to defend the naira through the CBN’s interventions. He noted that the decline has to do with the level of inflows and outflows and the impact of low oil production and oil theft.

“We are hoping that with the ongoing reforms, it will get better, Yusuf told BusinessDay by phone.

Festus Adenikinju, a member of the Monetary Policy Committee said in his March 2023 personal statement that the decline in gross external reserves was driven by the rise in debt service payments and foreign exchange (FX) swap transactions.

He said the FGN’s net fiscal operations resulted in an expansionary fiscal deficit in February 2023 (m-o-m). The overall deficit rose by -N539.01 billion in February 2023 compared to – N417.75 in January 2023. Both government expenditure and revenue declined. FGN Debt increased owing to new borrowings to finance the deficit in the 2022 budget and new loans by subnational governments.

The Nigerian foreign exchange market continues to face challenges with the naira’s depreciation against the greenback even as the oil market continues to show buoyancy with prices rising on global supply concerns, analysts at Cowry Asset Management Limited said.

The FX market closed on Monday with naira losing its value against the dollar by 4.26 percent due to low liquidity.

July 26 Coup: Nigeria-Niger Republic Railway Project At Risk

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The Nigeria-Niger Republic railway project may be at risk after the rupture of the diplomatic ties between Nigeria and Niger following the July 26 coup in which President Muhammed Bazoum was ousted from office by military officers led by Gen. Abdourahmane Tchiani.

This came as over 1,000 trucks conveying goods worth over N350m to Nigeria other West African nations have remained trapped at the borders for over one week following the closure of the respective gateways to the two neighbouring countries.

The Federal Government and the Nigerien junta had ordered the immediate closure of all land borders between the two countries after the political development in the landlocked country.

In 2021, the Federal Government revealed its plan to construct a 284km rail line to the Niger Republic.

According to the former minister of transport, Rotimi Amaechi, the project will cost the country about $2bn and would be funded by Nigeria through loans from external sources.

Earlier in March, the Muhammadu Buhari administration agreed to release an additional N454bn in public funds to continue the construction of the Kano-Niger Railway and other capital projects.

According to the former transportation minister, the N454bn would be used to purchase rolling stock, operation and maintenance equipment for the Kano-Maradi standard gauge rail line, which is currently under construction.

The sum also includes N510.93m for the purchase of four customised fire service/search and rescue vans for seaports in Port Harcourt, Lagos Port Complex, Tin Can Island port, and the Nigerian Ports Authority’s Marina headquarters.

The 248-kilometre rail line will connect Kano to other cities such as Kazaure in Bauchi State, Daura and Mashi in Katsina state, Dutse in Jigawa state, and the border town of Jibia before terminating in Maradi, Niger Republic’s trade and agricultural hub.

The line has 15 stations along its route and is expected to carry 9,364 passengers and 3000 metric tonnes of cargo per day.

The contract was awarded to MSSRS Mota-Engil Nigeria Limited for $984,722,302, which was inclusive of seven and a half per cent VAT with a completion period of four years.

However, the project met with opposition, particularly from lawmakers.

The proposed rail project was criticised by the National Assembly joint committee on land and marine transport in November 2021.

In June 2021, Buhari defended his government’s initiative to build a railway to connect Nigeria and Niger Republic during an exclusive interview on Arise TV.

He said, “I have first cousins in Niger. There are Kanuris, there are Hausas and there are Fulanis in Niger Republic, just as there are Yorubas in Benin Republic.

“You can’t absolutely cut them off. But the rail, look at the plan. If you read the plan, how we are rehabilitating that rail. Niger, they discovered oil too as you know and we don’t want to allow them to go through Benin Republic. We want them to come through Nigeria.

“We hope they will decide when we take the rail up to Maradi. Then they will send all their exports and so on through Nigeria rather than through Benin.”

Recently, Mota-Engil Nigeria Limited stated the 400km railway line would be completed by 2025.

Nigeria’s Power Infrastructure: German Engineering Company To Complete Revamp In Next 5 Years

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Siemens Energy, a German engineering company, says plans to complete the revamping of Nigeria’s power infrastructure will take an additional five years than originally planned due to delays caused by the coronavirus pandemic (COVID-19).

Oladayo Orolu, head of business development and government relations at Siemens Energy, spoke in an interview with Bloomberg.

In July 2019, the federal government signed a power project deal with Siemens AG to deliver 7,000 megawatts (MW) of electricity to the national grid by 2021, and 11,000 megawatts by 2023 — in phases one and two of this initiative, respectively.

The deal was under the presidential power initiative (PPI), a power upgrade and modernisation programme between the Nigerian government and Siemens with the support of the German government.

A year later, the federal government approved the payment of €15.21 million and N1.708 billion as counterpart funding for the project.

In December 2021, the federal executive council (FEC) also approved $1.9 million and €62.9 million for phase one of the project which sought to modernise, rehabilitate, and expand the national grid.

Abubakar Aliyu, the former minister of power, had said the three-phased project would expand Nigeria’s electricity to 25,000MW when completed, and “commence in the first quarter of 2022”.

But the project has since been behind schedule.

Providing updates during the Bloomberg interview, Orolu said the deal to rehabilitate and expand the country’s electricity grid by 2025, will now be concluded in 2030.

“The three-phase project was set back by delays in starting the first phase,” he said.

“When we conceptualised this project in 2018, our plan was within two years we should be done with phase one, but then COVID happened, disrupting supply chains, which meant getting raw materials took longer than before.”

Orolu also said “cost overruns also affected the project’s completion, as we expected electricity output to increase by an additional 2,000 megawatts at the completion of phase one by 2025”.

“We currently have 5000, we are looking at taking that to 7,000,” he added.

“Prices are not at the same level they used to be. In 2020, phase one was projected to cost about €2 billion.

“Some raw material components costs have been doubled, some are still close to where they used to be, some are just marginally higher.”

Meanwhile, former President Muhammadu Buhari, in October 2022, said 20 power transformers and mobile stations will be delivered from Germany and installed in the country by May 2023.

Kano, Lagos, Kaduna Records Highest Registrations, Insuance of NIN

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Kano, Lagos and Kaduna topped the list of states with the highest registration and issuance of national identification numbers (NIN) in 2022, National Bureau of Statistics report reveals.

According to the National Identity Registration statistics report which was released on Monday, the total registration for the 36 states and FCT was 22, 237,022; while registrations in the diaspora were 255,726.

Of the total 22,492,748 registration, 12,643,563 were males and 9,849,185 females.

The state distribution profile shows that the top three states were Kano, Lagos and Kaduna with 2,444,224, 2,097,912 and 1,256,479 respectively, while Bayelsa, Ekiti and Ebonyi recorded the lowest with 100,525, 141,534, 165,375 respectively.

“Total registration and NIN issued stood at 22,492,748 in 2022, with 12,643,563 males and 9,849,185 females.

“Diaspora registrations cover Nigeria nationals residing in other countries. The
registrations and NIN issued to diaspora stood at 255,726 in 2022, with 140,496 males and 115,230 females,” the report stated.

On zonal distribution, North-West had the highest registrations, and NIN issued 7,207,695, followed by the South-West with 4,825,143.

While South-East had the least registrations, and NIN issued 1,793,373.

According to the report, Niger state had the highest registrations and NIN issued in the North-Central with 368,131 males and 229,047 females. While Kogi state had the least registrations and NIN issued with 163,721 males and 144,960 females.

Similarly, Bauchi state recorded the highest registrations and NIN issued in the North-East with 476,042 males and 288,184 females, while Taraba state had the least registrations and NIN issued with 202,471 males and 132,470 females.

“In 2022, Kano state recorded the highest registrations and NIN issued in the North-West with 1,322,194 males and 1,122,030 females. In contrast, Zamfara state had the least registrations and NIN issued with 358,029 males and 125,228 females.

” Abia state recorded the highest registrations and NIN issued in the South-East with 359,119 males and 154,375 females. In contrast, Ebonyi state had the least registrations and NIN issued with 90,346 males and 75,029 females.

Rivers state recorded the highest registrations and NIN issued in the South-South with 338,291 males and 310,198 females, while Bayelsa state had the least
registrations and NIN issued with 58,063 males and 42,462 females.

Also, Lagos state recorded the highest registrations and NIN issued in the South-West with 1,104,042 males and 993,870 females, while Ekiti state had the least registrations and NIN issued with 76,199 males and 65,335 females.

Israel To Power Zambia with $100m. Solar-Wind Energy Project

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A significant renewable energy project is underway in Zambia to establish a power station capable of generating 71 megawatts of electricity, which is a joint effort between Israel’s Gigawatt Global and Gigawatt Wind. The unique aspect of this project is that it aims to harness both solar and wind energy, with each contributing half of the total power output
The $100 million investment in the power station was finalized last week during the visit of Zambian President Hakainde Hichilema to Israel.


The journey towards this milestone has been extended, spanning seven years of negotiations and efforts by the involved companies. However, progress was finally accelerated with the president’s visit, whose approval last week provided the crucial green light the companies had eagerly awaited.
The companies now have an Investment License with Zambia Development Agency and an Implementation Agreement with the Energy Ministry. The president gave Zambia’s power utility company an executive order last week to provide the final signature

West African Leaders to Meet On Niger After Junta Defies Deadline

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West African leaders say they will meet on Thursday August 9, to discuss the crisis in Niger after the country’s military rulers defied a deadline to reinstate the ousted president or face a possible military intervention.
The Economic Community of West African States (ECOWAS) said it would hold an extraordinary summit Thursday in Abuja, the capital of neighboring Nigeria, according to spokesperson Emos Lungu.
After the ECOWAS deadline passed Sunday for Niger’s military to stand down and restore President Mohammed Bazoum, military leaders there issued a pledge to defend the country and closed Niger’s airspace.


“Niger’s armed forces and all our defense and security forces, backed by the unfailing support of our people, are ready to defend the integrity of our territory,” a junta representative said in a statement on national television.
The spokesman said any attempt to fly over the country will be met with “an energetic and immediate response.”
International airlines have begun to divert flights around Niger’s airspace. The United Nations said its humanitarian flights have also been grounded because of the closed airspace.
Also Monday, neighboring Mali said it and Burkina Faso would send a delegation of officials to Niger to show support for the military rulers.
Both countries – which have fallen to military coups in recent years – have said military intervention in Niger would be tantamount to a declaration of war.
Nigeria’s Senate urged the bloc to focus on political and diplomatic options instead of the use of force.
Italy urged ECOWAS to extend the deadline for the Niger’s military leaders back down and called for a diplomatic solution.

Resident Doctors Begin Nationwide Protest Amid Strike

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Nigerian Doctors under the aegis of the Nigerian Association of Resident Doctors (NARD) begins nationwide peaceful protest on Wednesday the 9th of August 2023 amid ongoing strike action.

Hundreds of patients across Nigeria are currently experiencing delay or denial in accessing healthcare due to yet another indefinite strike action by the doctors which began last Wednesday the 26th of July. 

NARD Says It has commenced daily peaceful protests and picketing of the Federal Ministry of Health, Office of the Head of Civil Service of the Federation.

The protest, which will begin by 10am, will also take place at all federal and state tertiary health institutions nationwide. The association stressed that their action had become necessary to press home their demands which had been largely neglected by the Federal Ministry of Health and the Federal Government.

Recall that a few days ago, the Federal Ministry of Health, through its Director of Hospital Services, Dr Andrew Noah, directed Chief Medical Directors and medical directors in the federal tertiary hospitals to invoke a ‘no work, no pay’ policy against striking members of NARD.

The ministry also directed the hospitals to maintain an attendance register for all resident doctors willing to work.

This is coming after the doctors’ association commenced a nationwide indefinite strike on July 26, 2023.

According to the president Nigerian Association of Resident Doctors (NARD) Dr. Emeka Orji, a lot of hospitals across the country are oweing their doctors months of salaries, even up to six months.

However, the impact of the strike has been immediate and damaging as most emergency patients are left unattended to. The incessant strikes by doctors and health workers have furthers worsened the situation of the health sector which is already crippled by the ongoing exodus of doctors abroad, causing massive brain drain.

Dr Emeka further stated that doctors and nurses have left in droves in search of greener pastures or better living condition. Currently, there’s only one doctor to every 4000 patients in Nigeria, falling bellow who’s recommendation of one doctor to every 600 patients. 

The Nigeria Medical Association NMA, says at least 50 doctors leave Nigeria every week to work abroad. Poor working conditions, coupled with bad pay and the rising cost of living are the main factors. 

Even though doctors in Nigeria’s public hospitals have started a “total and indefinite strike” Over what they describe as the government’s failure to address their grievances, this would not be the first time doctors are going on strike in Nigeria. 

Read Also: Resident doctors meet FG amid looming nationwide protest

Recall that in 2020, right in the heart of the Covid19 pandemic, Nigerian doctors walked out from their jobs three times, with other professional unions such as the Nigerian Labour Congress (NLC) threatening to follow suit.

In July, Doctors had issued a two-week ultimatum to the government before embarking on an initial strike in which they demanded the implementation of the one-for-one replacement policy for healthcare workers; the Medical and Dental Council of Nigeria to discontinue the downgrading of the membership certificate issued by the West African Postgraduate Medical and Surgical Colleges; the immediate payment of all salary arrears since 2015; the implementation of the Consolidated Medical Salary Structure (CONMESS); a new hazard allowance; the immediate payment of the 2023 Medical Residency Training Fund (MRTF) and the domestication of the Medical Residency Training Act; among others.

Recall also that the Nigerian Association of Resident Doctors (NARD) earlier last week rejected a 25 per cent basic salary increase offered by the government. The association also rejected the 25,000 naira peculiar allowance approved for medical and dental doctors in the federal public service.

The Bola Tinubu Administration, last Wednesday, approved the rate as peculiar allowance for health workers, few hours after the doctors’ association began its national indefinite strike.

The government conveyed the approval of the allowance to the striking doctors via a letter dated 26 July and signed by the chairman of the National Salaries, Incomes and Wages Commission (NSIWC), Ekpo Nta.

The letter reads in part; “The federal government has approved the payment of an accouterments allowance of 25,000.00 naira per quarter to medical and dental doctors in hospitals, medical centres, and clinics in the federal public service. The allowance is to be paid from the overhead budget.”

The President of NARD, Emeka Orrji, in a statement to press on Saturday, said the National Executive Council (NEC) of the association observed the “paltry 25 per cent” Increment in the basic salary of doctors as contained in the circular released by NSIWC in the wake of the strike, as well as the accouterments allowance.

Mr Orji said NEC rejects the increase and calls for the fulfillment of the agreement between the doctors and the Nigerian government.

“NEC vehemently rejects the paltry 25 per cent increment in the basic salary of doctors, as well as the accouterments allowance,” Adding that the association’s earlier demand is “for full restoration of the consolidated medical salary structure to its right value as at the time of the approval of the structure in 2009,” He said.

He said the strike continues indefinitely “until reasonable progress is made by the government” To address the association’s demands as contained in the ultimatum earlier issued to the federal government.

The doctors have now embarked on an indefinite industrial action in the early hours of Wednesday 9th of August following what they described as the failure of the Nigerian government to meet their demands.

The resident doctors comprise the bulk of medical personnel in Nigeria’s tertiary hospitals; hence health activities are mostly crippled when they are on strike. Bearing in mind the effects of the strike actions on patients, especially pregnant women, if prolonged, the Nigerian goverment is now under immense pressure to, as a matter of urgency, to resolve issues surrounding the industrial actions embarked upon by Nigerian Association of Resident Doctors. 

One of such issues is to soften the blow of the cost of living made unbearable by the hike in fuel price and by extension, goods and services in the country.

Resident Doctors Meet FG Amid Looming Nationwide Protest

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The Nigerian Association of Resident Doctors (NARD) has met with the federal government Tuesday amid the ongoing strike action and looming nationwide protest.
The NARD President, Emeka Orji, while speaking to newsmen on Tuesday, said the outcome of the meeting would determine if the doctors would embark on the planned protest.
Recall that the association had embarked on an indefinite strike on July 26 over the failure of the government to implement the demands of members.


Some of the demands of the resident doctors include payment of the 2023 medical residency training fund (MRTF); immediate release of the circular on one-for-one replacement and upward review of the consolidated medical salary structure (CONMESS).
Others are payment of outstanding arrears of consequential adjustment, hazard and skipping allowance.
The NARD had announced that its members will embark on peaceful nationwide protests from Wednesday, August 9.

Spain Drought Empties Reservoirs, Forces Limits On Water Use

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Several heatwaves recorded in Spain and wider Europe this summer have worsened the drought, lowering reservoirs’ levels as water evaporation and consumption increased, says Ruben del Campo, spokesperson for Spain’s meteorological agency AEMET.

People sunbathed on the reservoir’s newly-exposed shore, where a few specks of grass have cropped up. Some visitors tried to paddle-surf.

Catalonia’s authorities last week imposed new water usage restrictions on 22 villages around the reservoir, near the French border, as the aquifer supplying them is also emptying.

Spain registered the driest start to a year in the first four months of 2023 since records began in the 1960s, with Catalonia and southern Spain’s Andalusia being the most affected.

The 22 villages, plus two others in southern Catalonia, which account for around 25,000 residents in total, are in a state of water emergency.

This means they must lower their consumption to a daily average of 200 liters of water per resident from a prior cap of 230.

Authorities are not limiting water for human consumption yet, but watering for agricultural purposes will be largely banned, and water use for industrial and recreational purposes has to drop by 25 percent.

The village of Agullana with 900 residents has been keeping its water usage below the 200-liter cap for several months, but its mayor said further steps will be implemented.

Lagos State Government Completes Construction Of Modern Floating Jetty At CMS-Marina

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The Lagos State Government (LASG) has completed the construction of a modern floating jetty at CMS-Marina to enhance safe and comfortable commuting for residents and visitors.

It is also designed to serve as a strategic connection point to the recently commissioned CMS-Marina Blue Line Rail System.

According to the Managing Director of LAGFERRY, Hon. Abdoulbaq Ladi Balogun, the project is in tandem with the T.H.E.M.E.S PLUS Agenda of the Governor Babajide Sanwo-Olu’s administration well as the State Government’s commitment to improving facilities for a safe water transportation system aimed at the provision of reliable alternative mode of transportation and improved productivity of the residents.

“The new floating jetty will enable our boats to anchor easily, provide easier access to different parts of the city, boost economic activities along the Lagos waterways and make passenger disembarkment more comfortable and safer”, he stated.

While assuring that the present administration is fully committed to achieving the multimodal transport system of connectivity between the road, rail and water, Balogun informed that the Floating Pontoon Jetty is made from strong, durable materials and safe choice for all weather conditions and can ride out a storm without resistance from the water and will not cause damage to boats due to the changing tides, being too high or too low.

The floating jetty constructed for the Lagos Ferry Services (LAGFERRY) and other Boat Operators, is built to international standards with all safety features such as a fire extinguisher compartment, safety lifebuoys, an inbuilt fender on the side of the fingers, gangway for disembarkation and boarding.

The CMS-MARINA corridor, apart from being one of two major points with a seamless connection between Bus Rapid Transport (BRT), the Blue Line Rail Transport and Water Transport, is the waterways hub with huge ridership in thousands on a daily basis; linking several coastal areas such as Badore-Ajah in Eti Osa Local Government; Ipakodo, Ibeshe, Ijede in Ikorodu Local Government; Ilaje Bariga Waterfront in Somolu / Bariga Local government; Liverpool, Ajegunle and TinCan Island in Apapa / Ajeromi Ifelodun Local Government; Mile 2, Sabonkoji, Ilashe, Ibeshe, Ikare, Ijegun Egba in Amuwo-Odofin / Oriade Local Government; Ebute Ojo, Ijanikin / Oto-Awori / Agbara in Ojo Local Government and Apa, Topo, Iworo-Ajido and Ebute Miller Marina in Badagry Local Government, among other.