The inaugural Confederation of Africa Canoe Sprint and Para Canoe qualifiers for the 2024 Olympic games in Paris begun in Nigeria. Nearly 15 nations are competing for Olympic berths, with the International Canoe Federation hailing the continent for the enthusiastic turnout.
Tuesday, November 28, 2023
Video - Canoe and para canoe 2024 Olympic qualifiers underway in Nigeria
Cabinet of Nigeria approves $1 billion African Development Bank loan
Nigeria's cabinet has approved a $1 billion concessionary loan from the African Development Bank (AfDB) to support financing the budget and improve foreign exchange supply, Finance Minister Olawale Edun said on Monday.
The AfDB loan will fetch an interest rate of 4.2% for 25 years with eight-year moratorium, Edun told reporters after a cabinet meeting in the capital city, Abuja.
Nigeria's cabinet on Monday revised the country's 2024 budget upwards by 1.5 trillion naira to 27.5 trillion naira ($32.76 billion), after increasing the oil price benchmark and lowering the naira exchange rate assumption.
"(Federal Executive Council) approved a $1 billion concessionary loan for general budget support and to be used to improve forex availability in the country," Edun said.
"The $1 billion loan from AfDB is a budget support fund for ongoing economic reforms. It is to support government programs ... in power sector, social inclusion and the fiscal policy reforms as a whole sector policy initiative."
The cabinet approved a limit of 2 trillion naira for use to refinance expensive government debt and save on debt servicing cost, Edun said. Nigeria has been spending the bulk of its revenue on debt service due to low tax collection.
"The view is that there will be an opportunity to save about 50 billion naira or more in debt servicing over time by giving back expensive debt, refinancing it with cheaper funding," Edun said.
President Bola Tinubu has embarked on Nigeria's boldest reforms in decades by scrapping a popular but costly subsidy on petrol and a system of multiple exchange rates that had kept the currency artificially strong, curbing trade and growth.
Tinubu is trying to rebuild Nigeria's economy and attract investors to revive growth, which has been sluggish for almost a decade, tackle a high debt burden, and lower double-digit inflation.
By Felix Onuah, Reuters
Monday, November 27, 2023
Video - Over 100 kidnapped from four villages in Nigeria
Media in Nigeria reported that nearly 100 people were abducted in Zamfara state, in the northwestern part of the country. Bandits are said to have raided four villages, where they kidnapped residents for allegedly failing to pay protection levies imposed on the communities.
Related stories: Video - Is Nigeria's security crisis out of control?
Dozens kidnapped by motorcycle 'bandits' in Nigeria
Dozens kidnapped by motorcycle 'bandits' in Nigeria
At least 100 people have been abducted by gunmen in Nigeria's northwest, residents have said.
Locals told the BBC that armed men on motorcycles stormed villages in Zamfara state.
The residents were kidnapped after the villages failed to pay a "tax" imposed on them by the gunmen, witnesses said.
In recent years, kidnapping for ransom has become rife in north-western Nigeria.
Armed gangs, referred to locally as bandits, target villages, schools, and travellers, demanding millions of naira in ransom.
According to the Reuters news agency, a local village head said one resident was killed in Friday's attack.
The BBC heard from a resident from the village of Mutunji, who said he was abducted by the gunmen but managed to escape.
"We are trying to collect the money... but suddenly the bandits came in and robbed people. They took more than 100 people - most of them were women and young people," the resident said.
Locals told the BBC the gunmen's leader is named "Damana".
They said Damana controls most of the region in the absence of state security forces.
"The terrorists are in control of the area - they send us to the forest to work as agricultural labourers, and when we come back they come into the town to eat meat, tea and bottled goods without paying," one villager complained.
Nigeria faces multiple security challenges: the jihadist insurgency in the north, deadly clashes between animal herders and farmers, a separatist insurgency in the southeast as well as militants in the Niger Delta demanding a greater share of oil profits.
President Bola Tinubu, who took office in May, has yet to detail how he will tackle the insecurity. During his election campaign, Mr Tinubu's office acknowledged the challenge, touting his experience as governor of north-eastern Borno state, home to many Islamist militant groups and the Boko Haram insurgency.
Related stories: Video - 7 killed, others kidnapped in Nigeria
Video - Gunmen kidnap more than 30 people in Zamfara state, Nigeria
Friday, November 24, 2023
Daughter of Richard Pryor Shooting Nollywood-Hollywood Film In Nigeria
Rain Pryor, the daughter of American comedian and actor, Richard Pryor, has commenced shooting of her Nollywood-Hollywood film project in Nigeria.
The untitled film centers around the Yoruba Ifa Mythology, a subject she has studied over the years, then decided to make a movie about.
As an actress, Rain has featured in several film and TV credits and sitcoms including Head of the Class and Rude Awakening.
The film, which is her debut directorial role, is a cross-cultural affair that unites Nollywood and Hollywood talents, with Nollywood actor, Odunlade Adekola in the lead role as Oba Fagbemi.
“I am a fan of Nollywood. In the last year and a half, Nollywood has flooded the United States through Netflix and other streaming platforms, and I have watched King of Boys, Jagun Jagun among others. I have also watched Adekola’s acting range and what he can do and believe he possesses what is needed for the character of Oba Fagbemi in the film, and that’s why I chose him,” said the 53-year-old actress who was renamed Osunyemi Oriomodun (Osun Priestess).
For Rain, the project is life-changing as it was for her late father who had visited Africa during his lifetime.
“I have a family that is rich in tradition and culture, and when I travelled to Nigeria to learn about the Yoruba culture, predominantly Ifa, I thought how can I collaborate with Nigerians and Black Americans to create something that is a mixture of Hollywood and Nollywood? My father made profound changes in his life when he came to Africa, and felt that he found his soul and himself, and here I am, doing the same thing, finding my place.”
Arguably the first of its kind, in terms of magnitude of the collaboration between the two film industries (Nollywood and Hollywood), Rain is confident it will excite viewers in the United States and Nigeria with its rich and cross-cultural plot.
Working closely with her to achieve this feat are Nigerian filmmaker Bola Attah, and Arts Consultant, Chike Nwoffiah. Both serve as executive directors in the project contributing their expertise to the success of the film.
By Samuel Abulude, Leadership
Related stories: Video - Why is Nigeria’s Nollywood failing to make awards shortlists?
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