Video - Nigerian traders say sanctions on Niger are adversely affecting business

Since the announcement of a border closure in July, several cargo trucks carrying goods to Nigeria from Niger, Chad and Mali have been stuck at various border points in the country’s northern region. Traders say they are losing millions of dollars in income.

CGTN

Meta launches Creator Lab in Nigeria

We hosted young, emerging and aspiring creators across lifestyle and entertainment as part of our Creator Lab programme in Nigeria. The first-of-its-kind educational program brought creators together in person to connect with fellow creators, participate in immersive workshops and experience the latest innovations within our ecosystem.

The programme, which took place in Lagos, had over 40 creators and influencers present to learn how to explore creativity and grow on Instagram. As part of the programme, the creators were encouraged to create inspiring content that showcases optimism using the hashtag #PositiveVibesOnlyChallenge.

“We are excited to launch Creator Lab Live in Nigeria, a first-of-its-kind event by Instagram to support emerging and aspiring creators to grow on Instagram. Nigeria already has a thriving creator ecosystem with a global cultural influence and provides an excellent opportunity for us to support them as they navigate their journeys and careers. We recognise the amazing content they create across our family of apps and are committed to helping creators to grow their communities and make a living across our platforms. As we work toward shaping the future of digital content and experiences, we are excited and invested in giving creators a home base to build community and create engaging content through various content formats and creative tools.” – Moon Baz, Creator Partnerships Lead, Africa, Middle East and Turkey, Meta

A fireside chat titled “How to Keep Relevant in the Creator Space” was held during the programme with Amarachi Amusi (ashmusy), who spoke about the importance of staying up-to-date with trends and remaining consistent as a creator.

The Creator Lab Live was attended by several talented content creators including Taaooma, Markangelcomedy, Ayomidate, Frank iTom, Miss Techy, De General, Twinz_love, Lizzy Jay, and Geenafoodiesandspice, who also took part in the #PositiveVibesOnlyChallenge. 

Meta

Nigeria to encourage investments rather than borrowing according to finance minister

Nigeria will seek to encourage investments rather than rely on borrowing to create jobs, Finance Minister Olawale Edun said on Monday, as the new government tries to find a solution to sluggish growth, double-digit inflation and a high debt burden.

Edun, 62, who doubles as coordinating minister for the economy, was speaking to reporters in Abuja after president Bola Tinubu held his first meeting with his new cabinet following last week's swearing-in of ministers.

"The federal government is not in a position to borrow at this time," Edun said, adding that the emphasis is on creating a stable environment to attract both local and foreign investments.

Nigeria's economy has been battered by previously low oil prices and the COVID-19 pandemic, which triggered two successive recessions in 2016 and 2020. The country has since exited that recession but growth is still fragile.

The disruptions weakened Nigeria's public finances and created large deficits, leaving the previous government reliant on both local and foreign loans to plug holes in its budgets.

Tinubu at his inauguration in May vowed to expand the economy by at least 6% a year, lift barriers to investment and create jobs, while also tackling rampant insecurity.

He has embarked on some of the boldest reforms that Nigeria has seen in years, including scrapping a popular but costly petrol subsidy and removing exchange rate restrictions. The naira has weakened to record lows.

The reforms are a gamble to try to kick-start growth but inflation has soared, worsening a cost of living crisis.

Edun, an ex-investment banker, who was special adviser to Tinubu on monetary policy before his appointment as minister, said he will focus on fixing Nigeria's public finances.

He added that the government's naira revenues have increased from crude oil proceeds following a devaluation in June.


"The federation earns dollars and if those dollars are feeding through, at let's say, 700 naira or 750 naira or so to one dollar as opposed to 460 naira where it was before. Clearly, that is repairing the finances of government," Edun said.

"So, that's the plan."

By Felix Onuah, Reuters

Video - Nigeria's women football star Oshoala trains girls at her academy

Nigeria's Super Falcons are just back from the FIFA Women's World Cup where they went out in the Round of 16 and star forward Asisat Oshoala who also plays for Barcelona has been using her break to meet and train with the girls at her football academy in Lagos.

President Tinubu orders immediate resolution to disagreement with Emirates Airline

Nigeria's president, Bola Tinubu, has ordered an immediate resolution to disagreements with Emirates Airline (EMIRA.UL) and visa issuance by the United Arab Emirates, the president's spokesman said on Thursday.

The UAE stopped issuing visas to Nigerians last year after Dubai's Emirates suspended flights due to an inability to repatriate funds from Africa's biggest economy.

Tinubu's office said in a statement on Thursday that he met with the UAE's ambassador to Nigeria, Salem Saeed Al-Shamsi, and that Tinubu is prepared to "personally" intervene in the dispute.

"We must work together. We need to agree on core aviation and immigration issues," Tinubu said in the statement.

Al-Shamsi was quoted in the same statement as saying; "We are getting somewhere. These are small issues, all within a family, and they will be resolved."

Emirates Airline said in March it has "substantial" revenue trapped in Nigeria and has made slow progress in repatriating the blocked funds.


Nigeria has withheld at least $743 million in revenue earned by international carriers operating in the country, global airline industry association IATA said in March.

Nigeria, Africa's top oil producer, faces shortages of foreign currency despite some reforms.

The dollar shortages have made it difficult for some foreign

airlines that sold tickets in the Nigerian naira currency to get their money out of the country.

By Felix Onuah, Reuters