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Scarcity of Cash Crippled Nigeria’s Economy, Says UN

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The United Nations has disclosed that the shortage of the naira in recent times crippled the Nigerian economy.

It stated that the informal sector felt the brunt of the scarcity the most. It noted that the continuing decline of oil production is set to impact the country’s finances in 2023.

The UN disclosed this in its ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ report produced by the United Nations Conference on Trade and Development.

UNCTAD said, “In Nigeria, a shortage of cash, triggered by the replacement of the highest denominations of the country’s currency, hobbled the economy, especially the informal sector.

“Meanwhile, the continuing decline of oil production, accompanied by large-scale oil theft, poses a main threat to strained finances in Africa’s most populous nation.”

According to the organisation, the general African economy is projected to expand 2.5 per cent, which is a drop from last year, and insufficient to curtail poverty levels on the continent. It explained that this is in no thanks to weaker external demand and tighter financial conditions.

It noted that many African economies are at risk of stagflation in 2023, with half of African countries recording double digit inflation in early 2023.

UNCTAD highlighted, “In many instances, these recent inflation spikes relate to the continuing depreciation of several African currencies in early 2023 – often following a loss in 2022 of 10–30 per cent of their value vis-à-vis the dollar.

“Public debt, in many cases standing at levels not seen since the early 2000s, is another worry across the continent. Out of the 38 African countries that are part of the Debt Sustainability Framework of IMF and World Bank, 8 entities are already ‘in debt distress’, while 13 are considered ‘at high risk’ of distress.”

The New York-headquartered agency raised concerns that many African economies are approaching a maturity wall as maturities on international bonds issued in the previous decade peak in 2024 and will remain elevated for the next decade, with most governments unable to tap international capital markets to roll over maturing debts.

The agency added, “Overall, risks remain tilted to the downside. The rising domestic cost of living and a deteriorating security situation remain of a key concern in many parts of the continent. More than 116 million African people are currently in acute food insecurity according to the latest projections of WFP and FAO.”

Recently, the UN revealed that the Nigerian economy will grow to three per cent in 2023 due to its commodities trade and consumer goods and services markets.

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Samsung’s CEO, Han Jong-Hee, Dies at 63

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The co-CEO of Samsung Electronics, Han Jong-Hee, has died of heart attack on Tuesday. He was aged 63.

A spokesperson for the South Korean tech giant confirmed this.

Han, who oversaw Samsung’s consumer electronics and mobile devices businesses became the Chief Executive Officer of South Korea’s biggest company in 2022.

He had joined the tech giant in 1988 after earning a bachelor’s degree in electrical engineering from Inha University. Before he started to run Samsung’s electronics and devices division, he was in charge of the display operations.

In a tribute to the deceased, Samsung said Han dedicated more than 37 years of his life to leading Samsung’s TV business to become a global leader.

The company said, Han as the head of its electronics and appliances businesses, contributed to its growth amid challenging business environment.

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HURIWA Tasks Fagbemi, Onanuga to Prove Fubara’s Alleged Link to Militants

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The Human Rights Writers Association (HURIWA) of Nigeria has criticised the Attorney General of the Federation (AGF), Lateef Fagbemi, and Special Adviser to the President on Information and Strategy, Bayo Onanuga, for alleging that Rivers State Governor, Siminalayi Fubara, is connected to militant activities in the Niger Delta.

The group described the claims as baseless and lacking credible evidence.

In a statement issued on Monday in Abuja, HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, addressed remarks made by Fagbemi last week, accusing Fubara of “tele-guiding militants” to sabotage oil installations.

Onanuga, in a separate opinion piece, supported the Federal government’s declaration of a state of emergency in Rivers State, citing intelligence reports suggesting militant threats linked to the governor.

“These are serious allegations that can destabilise not only Rivers State but the entire Niger Delta, yet no concrete evidence has been made public to substantiate them,” Onwubiko said, faulting the officials’ reliance on unverified intelligence.

HURIWA highlighted Governor Fubara’s denial of the allegations in an official statement earlier on Monday, where he rejected any ties to militant groups and labeled viral videos alleging explosions on oil and gas facilities in Rivers State as “fake and malicious.”

The group praised Fubara’s call for security agencies to investigate the videos’ origins and prosecute those responsible.
“Governor Fubara’s insistence on peace and constitutional governance has been clear in all his public engagements. It is disheartening to see such character assassination being perpetuated from the highest levels of the federal government,” Onwubiko stated.

The association questioned why federal authorities have not presented tangible evidence if it exists, arguing, “As far as we are concerned, the dissemination of these unproven claims is not just unprofessional but a dangerous precedent in the democratic space.”

HURIWA also challenged Fagbemi and Onanuga to avoid “pettiness and rumour mongering,” urging them to base their statements on facts.

“It is disgraceful that at a time when Nigerians are yearning for stability and good governance, top officials of the federal government are busy engaging in baseless accusations, further tarnishing Nigeria’s image before the international community,” the statement added.

The group further criticized the state of emergency in Rivers State as “unconstitutional, unnecessary, and politically motivated,” asserting that no evidence of war or a breakdown of law and order, as required by Section 305 of the 1999 Constitution, has been shown. “The AGF and other federal agents must be reminded that the Supreme Court judgment, which is now being used to justify executive overreach in Rivers State, does not license rumour-based governance,” HURIWA noted.

HURIWA urged Fubara to pursue legal action against those making the claims, stating, “even if the judiciary is seen by some as compromised, it is essential to set the record straight by taking advantage of available legal avenues.”

The association called on security agencies to launch a transparent forensic investigation into the allegations and incidents in Ogoniland and other parts of Rivers State, insisting it must remain free of political interference. “The dangerous game of labeling peaceful citizens as militants without evidence is not only reckless but risks plunging Rivers State into avoidable chaos. Nigeria’s democracy deserves better,” the group concluded.

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Dangote Cement Achieves Higher CDP Ratings for Climate Change & Water Security

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Dangote Cement Plc (DCP) has achieved a ‘B’ score in climate change and water security disclosures according to the recently released 2024 CDP results.

CDP (formerly Carbon Disclosure Project) is the world’s largest, most comprehensive dataset on environmental action which empowers investors, companies, cities, and national and regional governments to make earth-positive decisions. Dangote Cement has disclosed its environmental practices annually through the CDP since 2018.

CDP provides a voluntary framework for companies to report on Climate, Water Security, and Forests. It rigorously evaluates corporate environmental performance, assigning scores from A to D based on companies’ transparency, governance, and measurable actions towards sustainability.

Following the release of company scores in February, Dangote Cement’s score on water security which was C was upgraded to B. Similarly, the company’s commitment to supporting a climate resilient future was also demonstrated in its climate change score of B in 2024.

Managing Director/Chief Executive, Dangote Cement, Mr. Arvind Pathak speaking on the new rating said, ‘Dangote Cement leads in Africa as one of few businesses in six states and regions of Africa to disclose through CDP.’ He further stated that ‘the 2024 score is an outcome of ongoing efforts to reduce our carbon footprint, accelerate climate action and promote sustainability across our business and its value chain’.

The Head, Sustainability, Dangote Cement, Dr. Igazeuma Okoroba in her remarks expressed gratitude to all stakeholders who aligned with the Group’s Environmental, Social, and Governance (ESG) strategy overseen by the company’s Board which supported the achievement of an improved rating this year. She stated that ‘this year’s results are evidence that our contribution to create a world where people, planet and profit are truly balanced is paying off.’

Affirming the company’s commitment to decarbonisation, Dr Igazeuma stated that ‘Although this year’s score demonstrates our transparency on sustainability, DCP’s goal is to go beyond disclosure and take meaningful action through tangible solutions, innovations, and projects to close the gap between ambition and reality.’

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta across 10 African countries and operates a fully integrated “quarry-to customer” business with activities in manufacturing, sales, and distribution of cement.

The company is on track to meet its decarbonisation targets through energy efficiency measures, adoption of supplementary cement materials, carbon offsets and other sustainable practices.

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