A recent study shows that 80% of small and medium enterprises in Nigeria don't make it to their 5th birthday. Despite the sector's significant contribution to Nigeria's economy, small and medium enterprises face many challenges that slow down the country's overall potential.
Friday, June 30, 2023
Video - 80% of small businesses in Nigeria die in under five years
Wednesday, June 28, 2023
According to World Bank Nigeria could save $5.1 billion this year from reforms
Nigeria could save up to 3.9 trillion naira ($5.10 billion) this year alone after reforms to its foreign exchange market and the removal of a petrol subsidy, the World Bank said on Tuesday, but warned of growing inflationary pressures in the short term.
Nigerian President Bola Tinubu is embarking on the country's biggest reforms in decades, including scrapping the popular but expensive petrol subsidy and unifying the country's multiple exchange rates.
World Bank lead economist for Nigeria Alex Sienaert said during a presentation in the capital Abuja that savings from the reforms did not amount to a fiscal windfall.
"They stop Nigeria from going over what you might call the fiscal cliff. They really set the stage for a new and an upward trajectory in terms of Nigeria's development path," Sienaert said.
Nigeria's economy was expected to grow 3.3% this year and 3.7% next year, he said.
The World Bank and International Monetary Fund had for years called on Nigeria to remove the petrol subsidy, which cost $10 billion last year, and free its exchange rate.
To deepen foreign exchange reforms, Siernaet said Nigeria should remove restrictions on a list of 43 items, including sugar and flour, that the central bank says cannot be funded from official dollar sales.
Tinubu's monetary policy advisor Wale Edun said the naira, which has weakened to record lows after forex restrictions ended, was expected to stabilise just below 700 to the dollar.
Inflation, which hit 22.41% in May, would rise further following the reforms, Siernaet said, adding that some four million more Nigerians may have been driven into poverty in the first five months of this year due to high prices.
Labour unions are pressing Tinubu's government to raise the monthly minimum wage more than sixfold to cushion workers against the impact of the fuel subsidy removal.
Nigeria has the second-largest population of poor people in the world and is one of the least developed countries globally, the World Bank says.
By Chijioke Ohuocha, Reuters
Student from Nigeria stabbed in Scarborough, Canada
The victim of a stabbing in Scarborough Sunday evening has been identified as Ifeanyichukwu Oseke, 28, a student from Nigeria, Toronto police say.
Police said they received a call for a stabbing in the Eglinton Avenue East and Brimley Road area just after 7:10 p.m. on Sunday.
According to police, two men were involved in an altercation in a parking lot.
When officers arrived they found a man with signs of trauma. He was transported to hospital where he died.
In a news release on Tuesday, police said the suspect is a man with medium-length dark hair. He was wearing a light-coloured tank-top, pants and shoes. The suspect was last seen getting into a dark-coloured sedan travelling south on Brimley Road from Eglinton Avenue East, police said.
Anyone with information is asked to contact Crime Stoppers.
Tuesday, June 27, 2023
Video - 5,000kg of cannabis seized in Lagos
June 26 is the International Day Against Drug Abuse and Illicit Trafficking. The day was created to strengthen action and cooperation in achieving a world free of drug abuse with this year's theme focused on stopping stigma and discrimination.
Nuhu Ribadu promises to stabilise Nigeria
Ribadu, who was appointed by President Bola Tinubu on June 19, took over from retired Maj.-Gen. Babagana Monguno.
“This is a work for Nigerians and we intend to continue with what has been done".
“We will stabilise this country, we will secure our country and we will make Nigeria peaceful,” the new NSA said.
He said that the administration of President Bola Tinubu has the firm belief that “time has come for this country to enjoy peace, restore order and rule of law just like any other country in the world.
“Securing the nation is a continuous process. We will look at what has been done and build on it. We will count on your support in the course of discharging our responsibilities.
“Mr. President has a huge commitment to securing every inch of our country. We will work with all stakeholders to deliver on this vision."
“This enormous task of securing our country is that of all Nigerians, and all friends of Nigeria.”
Ribadu solicited the full cooperation of all servicemen and women, as well as all Nigerians.
He said there was need for Nigerians to unite to accomplish the administration’s quest for a more stable, peaceful and prosperous nation.
In his remarks, the former NSA said “Ribadu is well equipped, well qualified, well educated and have a very deep understanding of the complexity of the security challenges confronting the Federal Republic of Nigeria”.
He added that the new NSA has the capacity to tackle whatever challenge that he might encounter having served in various related positions.
Monguno said he had submitted comprehensive handover note to his successor and briefed him extensively.
“For me, I want to give gratitude to the Almighty God for giving me the grace to serve for such a long time.
“And also allowing me to depart in good health and enjoy the rest of my life in an atmosphere that is bereft of the type of pressure that are associated with this all important office.
“I am also wishing in the same vein, that Mallam Nuhu Rubadu will have a very successful tenure and depart in good health when the time comes for him to depart.”
Monguno said the ever changing 21st security environment demand complex approach.
“Today we are dealing with a situation in which we have terrorists and insurrectionists.
“The way and manner you will deal with the situation is such that you will have to rely on collection of competent staff,” he added.
He urged the staff to support and cooperate with the new NSA to achieve the desired national security oobjectives.
Related stories: Nuhu Ribadu uncovers large scale oil fraud
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