NAIJAFEED

Wednesday, February 28, 2024

Nigeria building collapse kills six, with others feared trapped

A shopping plaza under construction in Nigeria's southeastern Anambra state collapsed late on Monday, killing at least six people, with others feared trapped in the rubble, the emergency agency said.

The building, with more than 120 shops, collapsed in the city of Onitsha, the National Emergency Management Agency (NEMA) said on Tuesday.

"Some of the rescued persons have been taken to different hospitals in Onitsha for treatment," NEMA said.

A search was under way for other survivors, it said.

Building collapses are frequent in Africa's biggest economy and top oil producer due to lax regulations and often substandard construction materials.

By Ahmed Kingimi, Reuters

Building collapse in Lagos, Nigeria kills 30

Nigeria unveils big rate hike as hardship prompts worker protests

Nigeria's central bank delivered its largest rate hike in absolute terms in around 17 years on Tuesday to tame soaring inflation, amid nationwide trade union protests over price rises that have left people struggling to meet their basic needs.

Central Bank of Nigeria Governor Olayemi Cardoso said the 4-percentage-point increase to 22.75% was needed as previous rate hikes had not cooled price pressures enough.

Inflation has reached almost 30%, its highest in almost three decades, driven by a steep fall in the naira currency , the removal of a fuel subsidy, fiscal deficits and conflict in food-producing parts of Africa's most populous nation and biggest economy.

Labour unions protesting on Tuesday said two of President Bola Tinubu's key reforms - allowing the naira to devalue twice in less than a year and scrapping the fuel subsidy - were making people's lives a misery.
"We are suffering in Nigeria. It was not like this before. There is real hunger," said fashion designer Surijadeen Idayat at a protest in the capital Abuja.

In a sign of the desperation, a deadly stampede broke out at a food distribution site on Friday, authorities said.

"This was not the situation a year ago. I have to cut down the number of meals in the family," said Ibrahim Mamuda, a 56-year-old resident of the northern city of Kano who said he has twelve children and that they are only eating one meal a day.

Tinubu has defended his bold but unpopular reforms, which he hopes will help him double Nigeria's growth rate to 6% annually from roughly 3% now.

In an effort to ease the pressure on vulnerable households, his government this week approved the resumption of direct cash transfers to those in need.

MAMMOTH HIKE

Tuesday's mammoth rate hike brings Nigeria closer to Ghana, which defaulted on its debts in 2022 and cut interest rates from 30% to 29% in January, and the insurgency-hit Democratic Republic of Congo, which has an interest rate of 25%.

Nigeria's international dollar bonds initially rose as much as 0.5 cents on the dollar as Cardoso spoke, before falling to again trade below their previous closing price.

Capital Economics analyst David Omojomolo said that Cardoso had "stepped up to the plate" by showing greater appetite to tackle Nigeria's inflation problem than the central bank had done previously.

But he said further inflation surprises or naira weakness could force another hike.

By Chijioke Ohuocha and Elisha Bala-Gbogbo, Reuters

Video - Nigeria vows to address rising cost of living amid protests

Nigeria imposes annual levy on expatriate workers

Nigeria has imposed a mandatory annual levy for organisations employing expatriate workers, requiring them to pay $15,000 (£12,000) for a director and $10,000 for other categories.

The move is meant to encourage foreign companies to employ more Nigerian workers.

Staff of diplomatic missions and government officials are exempt.

President Bola Tinubu has warned that the levy should not be used to frustrate potential investors.

He spoke while launching the Expatriate Employment Levy (EEL) handbook on Tuesday, adding that the government was expecting to improve revenue and indigenisation.

He said that its aim was to balance employment opportunities between Nigerians and expatriates.

"The goal is to close wage gaps between expatriates and the Nigerian labour force while increasing employment opportunities for qualified Nigerians in foreign companies in the country," he said.

There are more than 150,000 expatriates in Nigeria, according to local media citing data from the interior ministry.

They mostly work in the oil and gas, construction, telecommunication and hospitality sectors.

Nigeria is one of Africa's biggest oil producers. Its oil and gas exports account for 90% of foreign exchange earnings, according to the International Monetary Fund.

The move comes as Nigeria is experiencing its worst economic crisis in a generation, which has led to widespread hardship and anger in recent months.

Labour unions and government workers on Tuesday held demonstrations to protest against economic hardships.

Mr Tinubu acknowledged that Nigerians were going through a difficult period.

He said efforts were being made to improve the country's finances and grow the economy.

The levy applies to employees who work for at least 183 days in a year.

The scheme imposes fines of up three years and jail terms of up to five years for a person or organisations that do not comply, including failure to provide accurate information.

The Nigerian Immigration Service will be responsible for enforcing the levy.

Local media quoted Interior Minister Olubunmi Tunji-Oj as saying that it would be operated on a public-private partnership model between the government, the immigration service and a private firm.

Nigerian economist Abubakar Abdullahi says the levy is good for the country and won't frustrate potential investors as "they'll love to see the country grow as well"."I believe Nigeria stands to benefit from this levy as more companies will start looking inwards as there are qualified Nigerians from all sectors," he says.

By Basillioh Rukanga, BBC

Nigeria suffering from medical brain drain

Tuesday, February 27, 2024

Video - Rising Food Prices spark protests and smuggling in Nigeria

Nigeria is on the brink of a food crisis as skyrocketing prices, exacerbated by smugglers, leave millions struggling to afford basic necessities. The situation has prompted trade unions to call for protests against the government's handling of the crisis. The cost of food has risen by almost 40% in the past year alone, leaving many Nigerians unable to feed themselves or their families. With no end in sight to the crisis, the country is facing an uncertain future.

Al Jazeera

Video - Nigeria sees hundreds hit the streets over growing crisis

The eco-entrepreneur sparking the electric vehicle revolution in Nigeria

Mustapha Gajibo is driving change in Nigeria with his groundbreaking company, African Motor Works. The entrepreneur is transforming Nigeria's transportation sector while focusing on affordability and sustainability.

"Our main reasons for building electric vehicles are the high cost of mobility, cost of energy and carbon emissions," Mustapha Gajibo, Founder and CEO of African Motor Works, tells SCENES.

The young business owner's interest in electrifying Nigeria's transport options was sparked by the constant problems with the country's electricity supply.

"We spent weeks, sometimes months, even up to a year without electricity. So that has really motivated me to come up with this company," explains Mustapha.

The start-up company manufactures 200 vehicles monthly and produces mass transit vehicles such as large buses, minibuses and tricycles. Each vehicle has a simple battery-swapping system and can be fully charged in less than 40 minutes.

African Motor Works employs 24 workers and plans to expand its workforce. According to the electric vehicle creator, building a solid team is the key to his company's success.

"I don't call them staff. I call them family. Whatever glory we achieve, we achieve together," says Mustapha.

The reputation of African Motor Works is gaining momentum in Nigeria, and Mustafa hopes his venture will inspire other manufacturers across Africa. He dreams of one day seeing his African vehicles driving through the streets of New York, Beijing and other cities worldwide.

By Gregory Ward & Hillary Ebele Nnoruka, EuroNews