Defending the naira has become more expensive as Nigeria's foreign reserves declined by $2.2 billion in October 2018 alone -- the largest monthly drop since 2015.Data from the Central Bank of Nigeria (CBN) has shown that the reserves shed $2,243,157,059 in October, moving from $44,305,099,104 on the last working day of September to $42,061,942,045 as at October 30, 2018.The country's foreign [...]
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Over 1.1 million Nigerians have slipped into extreme poverty in just four months, TheCable can report.This has brought the number of Nigerians living in extreme poverty -- or below $1.90 a day -- to 88 million.In June 2018, the Brookings Institution named Nigeria as the poverty capital of the world, with 86.9 million extremely poor people.Nigeria overtook India as the [...]
My phone beeps, as usual, the notification bar flashes a few new WhatsApp messages from friends, family, colleagues and other contacts. In those few seconds, I gleaned from one of the messages, the following words: "I don Pass!"I quickly unlocked the phone to jubilate with a friend of over a decade, one of the most ambitious and hardworking persons [...]
Boss Mustapha, secretary to the government of the federation (SGF), says Nigeria needs genuine prophets, not doomsayers.According to NAN, he said this while reacting to recent prophecies ahead of the 2019 elections.Mustapha said the primary responsibility of a prophet is to give guidance and correct the nation and the church, adding that God may raise some prophets to play important [...]
Aliko Dangote, Africa's richest man, and his conglomerate, the Dangote Group, have been reported to be responsible for over 10 percent of Nigeria's gross domestic product (GDP).The report, published by TIME Magazine, says Aliko Dangote is currently worth $14.1 billion, but his company's investment is responsible for much more than his net worth.According to the World Bank, Nigeria's GDP stood [...]
Patricia Lamour, the CEO of Aspire Education Group, says Nigeria can learn from Mauritius to teach anti-corruption at primary school level.Lamour, who is also the CEO of Gender Education and Enterprise Development for Africa (GEEDA), made this recommendation while speaking about education in Nigeria with Osasu Igbinedion on The Osasu Show.She said one of the items lacking in Nigeria's educational [...]
Thirty-two countries in Africa have better overall governance than Nigeria, the 2018 Mo Ibrahim Index of African governance has revealed.The report, which was unveiled on Monday, showed that Nigeria ranks 34 out of 54 countries on the continent when it comes to governance over the past 10 years -- and well below the African average.According to the index, which measured human [...]
Oby Ezekwesili, the presidential candidate of the Allied Congress Party of Nigeria (ACPN), says it's a colossal shame to see Vice-President Yemi Osinbajo celebrate bailouts as an achievement.Speaking at the ACPN press conference in Lagos on Monday, and unveiling her party's roadmap for winning the 2019 presidential elections, Ezekwesili said Buhari's legacy is the destruction of Nigeria's wealth."Let us talk about the present [...]
Nation-building is hard, but it need not be as difficult as we make it in Nigeria. Nation-building is also intentional. It doesn’t happen by accident. The real test is in the leadership and the actions that create a real spirit of nationhood, and the willingness of every stakeholder to build a united, stable and cohesive nation. Fifty-eight years after independence, [...]
MTN, Nigeria's biggest telecommunications operator, says it has recorded a 2.5 million increase in user base, despite challenges in its biggest market, Nigeria.According to its latest report released on Monday, MTN said it added 2.5 million new subscribers to hit 225.4 million users in the quarter ended September, 2018.The company added that its mobile money customers grew by 1.7 million [...]
Femi Falana, human rights lawyer, says corruption would have reduced in Africa if western countries do not help in keeping looted funds. He said this at the African non-governmental organisation (NGO) forum held in Banjul, Gambia.The lawyer accused the western media and Transparency International (TI) of failing to join the campaign for the repatriation of the looted wealth of Africa."If the western countries [...]
David Oyedepo, founder of Living Faith Church worldwide, has warned Nigerians and politicians over the killings in the country.Oyedepo gave this warning in a satellite telecast of the church’s prayer session for the nation monitored by NAN on Sunday.The Bishop, while urging politicians to repent and have value for the lives of citizens, said if they do not repent [...]
Oby Ezekwesili, former vice-president of the World Bank, says it is a fact that she was a minister under the Peoples Democratic Party (PDP), but she served in the interest of the people and for good governance.The former minister, who holds the PDP and the ruling All Progressives Congress (APC) responsible for Nigeria's litany of woes, added that all she [...]
Rotimi Amaechi, minister of transportation, says one of the benefits of Chinese investments in Nigeria, is the University of Transportation currently being built by the Chinese in Daura, Katsina state.Speaking at one of the breakout sessions of the just concluded Nigerian Economic Summit (NES24), the minister said the Chinese are building a factory in the University structure."Somebody asked, what are the [...]
Babatunde Fashola, minister of power, works, and housing, says Nigerian banks are not willing to fund infrastructure development in the country.Speaking at the just-concluded 24 Nigerian Economic Summit (NES24), Fashola said only NLNG and Dangote Group have stepped forward within the private sector to fund infrastructure in Nigeria."In terms of our overall infrastructure, there is nothing wrong with our country. [...]
Ghanaian President Nana Akufo-Addo says his country only take loans to create assets that can pay back the loan -- not to burden itself with unserviceable debts.Speaking at the Tony Elumelu Foundation (TEF) entrepreneurship forum on Thursday, Akufo-Addo said his country does not borrow to fund inflated contracts nor ill-conceived contracts.He said borrowing money is not aid, and what President [...]
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