Nigeria looks to untapped minerals to diversify economy.
Thursday, November 28, 2024
Video - Nigeria looks to untapped minerals to diversify economy
Video - Nigeria loses nearly 3.7 percent of forest cover annually to logging
Nigeria loses nearly 3.7 percent of forest cover annually to logging.
Wednesday, November 27, 2024
Nigeria boat accident leaves five dead, 20 missing
At least five people were killed and 20 others are missing after a speedboat struck a submerged log and capsized in Nigeria's southern state of Delta, a police spokesperson said on Tuesday.
The incident happened on Friday in the remote Gbaramatu Kingdom of the state's Warri South-West district.
Emergency responders are still conducting a search and rescue operation to find the 20 missing people. Six survivors are receiving treatment at a local hospital.
Related story: Video - Nigerian government to phase out wooden boats to reduce waterway deaths
At least 60 dead in Nigeria boat accident
Oldest Catholic priest in Nigeria dies at 104
Oleghe died in the early hours of Nov. 24, the Solemnity of Christ the King, the bishop of the Diocese of Auchi announced in a statement.
“With gratitude to God for a life well lived on earth I hereby inform you of the passage of the Rt. Rev. MSGR Thomas Oleghe the oldest Catholic priest in Nigeria as of today, to the great beyond at about 2.30 a.m. this morning on the 24th of November, 2024,” Bishop Gabriel Ghiakhomo Dunia wrote in the statement.
The bishop announced that the funeral for Oleghe will be Nov. 27.
“May his lovely and gentle soul continue to rest in perfect peace. Amen,” Dunia prayed.
Born in February 1920, Oleghe was ordained a priest in December 1957. He served in various parishes in the Auchi diocese including St. John The Apostle Igarra Parish where he initiated reforms that laid the foundations of the glorious status of the church today.
In a statement, the former Edo State Governor, Godwin Obaseki eulogized Oleghe as a “great missionary of the Catholic faith.”
“I am deeply saddened by the news of the passing of the oldest Catholic priest in Nigeria, Msgr. Thomas Oleghe,” Obaseki said.
“He was a dedicated and compassionate priest who worked for the growth of the Christian faith and the development of his community. He remained an inspiration to many and a model that a lot of young people looked up to,” he said.
“I celebrate his impactful service to God and humanity, working and commend his work in the Lord's vineyard in Edo State, where he served for many years promoting peace and development,” Obaseki added.
Commiserating with Bishop Dunia and the entire Nigerian Catholic community Obaseki prayed that “God will grant all the fortitude to bear the irreparable loss.”
Meanwhile, the senator representing Edo North, Adams Oshiomhole, expressed sorrow over the passing of the priest.
In a statement, Oshiomhole described Oleghe as a “paragon of priestly humility and a steadfast champion of Christian values.”
He said the late Catholic priest’s life was a “shining testament to the virtues of faith, humility, and devotion.”
“His transition is a profound loss, not just to our diocese but to the nation at large. Even as we mourn him, we are comforted by the assurance that his impactful life resonated with God, who blessed him with
longevity before calling him to eternal rest,” Oshiomhole said.
By Jude Atemanke, CNA
Nigeria Raises Interest Rates Again to Curb Lofty Inflation
The Central Bank of Nigeria raised interest rates for the sixth straight time this year, intensifying its quest to curb surging inflation and support the battered naira.
Governor Olayemi Cardoso told reporters in Abuja, the capital, on Tuesday that the monetary policy committee decided to lift the benchmark rate by 25 basis points to 27.5%. The increase was smaller than the median estimate of six economists surveyed by Bloomberg, who had expected a half-point hike.
He said the decision of the 12-member MPC was unanimous and there was “no going back” in the fight against inflation.
“Members reiterated their commitment to price stability as the bedrock of a thriving Nigerian economy,” Cardoso said. “We expect to see greater results in the first quarter of 2025.”
Nigeria’s annual inflation rate climbed to 33.9% in October, near its highest level since 1996, stoked by fuel and food price increases and persistent currency weakness, which makes imports more costly.
“With Governor Cardoso sounding optimistic that the effects of petrol price hikes and the naira’s large devaluations on inflation will soon fade, we think the monetary tightening cycle is now over,” said David Omojomolo, Africa economist at Capital Economics. “That said, we do not expect a turn to interest rate cuts until the second quarter next year.”
The naira has depreciated around 46% against the dollar this year, in part due to an effort to let it float freely after years of being pegged at an artificially strong exchange rate.
The unit has also suffered from poor liquidity, despite the central bank’s efforts to provide support by supplying scarce dollars to the local market to satisfy domestic demand for the US currency.
Still, Cardoso argued that since June, the naira has been relatively stable against the dollar.
Foreign exchange reform, alongside the rollback of costly fuel subsidies, were introduced by President Bola Tinubu after he took office in May 2023. The steps received plaudits from foreign investors and cries of protest at home, where the moves have inflamed a cost-of-living crisis.
The long-term goal is to make the economy more efficient and attractive to international investors. These fruits have been slow to arrive, though Nigeria surprised with better-than-expected annual growth of 3.5% in the third quarter after its services sector expanded at its fastest pace in almost two years.
By Nduka Orjinmo and Anthony Osae-Brown, Bloomberg
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