Video - Techpreneurs ease operations for SMEs in Nigeria

A team of young techprenuers in Nigeria has developed a financial service platform to enhance transactions and record keeping among small scale businesses. Digital communication experts say using such platforms to boost business processes have the potential to improve the country's economy.

CGTN

Suspect arrested in stabbing death of Nigerian student in Canada

Toronto police have arrested a suspect wanted in connection with the deadly stabbing of a Nigerian international student in June.

On June 25, 28-year-old Ifeanyichukwu Oseke was stabbed in a Scarborough parking lot after an altercation with another man. He later died in the hospital.

A Canada-wide warrant was issued on July 1 for Tamar Cupid, on the charge of second-degree murder, police said.

Police arrested and charged Cupid, 25, hours into the warrant. He is scheduled to appear before the Toronto Regional Bail Centre on Sunday.

By Santiago Arias Orozco

Related story: Student from Nigeria stabbed in Scarborough, Canada

 

Nigerians warned against eating Ponmo due to Anthrax outbreak

Following an outbreak of anthrax disease in the West African nation of Ghana, Nigerian authorities have urged citizens to halt consumption of cooked animal hides, a delicacy also known as “ponmo” in the country. Gibson Emeka has this story from Abuja, Nigeria, narrated by Salem Solomon.

By Gibson Emeka

Related stories: Video - Government of Nigeria says cow skin or "ponmo" should be worn, not eaten

Video - Nigeria’s ponmo cuisine under threat as the leather sector seeks growth

Nigeria to ban consumption of cow skin ‘ponmo’ for lacking nutritional value

 

 

Video - 80% of small businesses in Nigeria die in under five years

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.

CGTN

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