Wednesday, November 27, 2024

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

Activists, lawmakers in Nigeria coalesce against gender-based violence

Hundreds of people, including women’s rights activists, Nigerian lawmakers, and other participants, chanted as they walked from the National Assembly through the streets of Abuja on Monday.

The rally was part of Nigeria's participation in the United Nations-backed "16 Days of Activism," a campaign against gender-based violence, running from November 25 to December 10.

It also was an opportunity to announce the latest efforts by authorities to address gender-based violence — also referred to as GBV — in Nigeria.

Abbas Tajudeen, Nigeria's speaker of the House of Representatives, led lawmakers to the rally. It took place on the 25th anniversary of the International Day for the Elimination of Violence Against Women.

"Every 10 minutes a woman is being killed across the world. This is an unacceptable trend; this is an unforgivable trend," said Tajudeen. "We in the parliament must have to unite more than ever before with relevant authorities, particularly the law enforcement in ensuring that we cut this dangerous trend to the barest minimum."

Gender-based violence is a global problem. Nigerian authorities say about one-third of women between 15 and 49 experiences physical and sexual assault in their lifetimes.

The country also accounts for approximately 20 million GBV survivors — or about 10% of the global total.

Poor awareness, a low rate of reporting, cultural and religious biases, and trust deficits in the justice system are some of the challenges hampering efforts to address GBV in Nigeria.

Raquel Kasham Daniel is the founder of the non-profit "Beyond the Classroom Foundation," which promotes the rights of girls through education and advocacy.

"I think that policies that protect women and put the perpetrators behind bars will be very helpful," said Daniel, whose foundation is championing the sexual harassment bill in tertiary education. "That will be a very good one to pass, we hope that it gets the presidential assent soon."

Nigeria had previously launched a "sex offenders” registry to name and shame perpetrators of violence against women.

On Monday, Women Affairs Minister Imaan Suleiman-Ibrahim announced the launch of a national electronic dashboard system to improve data collection and accountability.

Suleiman-Ibrahim said that besides preventive measures, authorities will review existing laws to ensure they protect survivors of gender-based violence.

"This occasion provides us yet another opportunity to renew those commitments and take deliberate actions to protect the rights, safety and dignity of women, girls and vulnerable people across Nigeria, said Suleiman-Ibrahim.

As authorities continue to make efforts to address the problem, many hope the new intervention offers a lifeline to millions of vulnerable people. Africa recorded the highest rates of intimate partner and family-related femicide last year, followed by the Americas and Oceania, according to the United Nations’ Office on Drugs and Crime.

By Timothy Obiezu, VOA

Monday, November 25, 2024

Video - Nigeria pushes to replace foreign cartoons with local ones



Nigerian officials say foreign cartoons are contributing to cultural dilution among the youth. To address this, the country's National Orientation Agency plans to support the production of more local content, a move experts believe could also create jobs and grow the film industry.

CGTN

Video - Manufacturing sector weighed down by economic downturn in Nigeria



The country's local manufacturing body, Manufacturers Association of Nigeria blames the situation on inflation, the removal of petrol subsidy, and the devaluation of the local currency, which have all combined to suppress demand.

CGTN

Inside the fertilitly scam in Nigeria

Chioma is adamant that Hope, the baby boy she is holding in her arms, is her son.  After eight years of failed attempts to conceive, she sees him as her miracle baby.


“I’m the owner of my baby,” she says defiantly.

She’s sitting next to her husband, Ike, in the office of a Nigerian state official who spends the best part of an hour interrogating the couple.

As the commissioner for women affairs and social welfare in Anambra state, Ify Obinabo has plenty of experience in resolving family disputes - but this is no ordinary disagreement.

Five members of Ike’s family, who are also present in the room, do not believe Hope is the couple’s biological child, as Chioma and Ike claim.

Chioma claims to have “carried” the child for about 15 months. The commissioner and Ike’s family are in disbelief at the absurdity of the claim.

Chioma says she faced pressure from Ike’s family to conceive. They even asked him to marry another woman.

In her desperation, she visited a “clinic” offering an unconventional “treatment” - an outlandish and disturbing scam preying on women desperate to become mothers that involves the trafficking of babies.

The BBC was allowed by authorities to sit in on the commissioner's discussion with Chioma as part of our investigation into the cryptic pregnancy scam.

We have changed the names of Chioma, Ike and others in this article to protect them from reprisal in their communities.

Nigeria has one of the highest birth rates in the world, with women often facing social pressure to conceive and even ostracisation or abuse if they cannot.

Under this pressure, some women go to extremes to realise their dream of motherhood.

For over a year, BBC Africa Eye has been investigating the “cryptic pregnancy” scam.

Scammers posing as doctors or nurses convince women that they have a “miracle fertility treatment” guaranteed to get them pregnant. The initial “treatment” usually costs hundreds of dollars and consists of an injection, a drink, or a substance inserted into the vagina.

None of the women or officials we spoke to during our investigation know for sure what is in these drugs. But some women have told us they led to changes in their bodies - such as swollen stomachs - which further convinced them they were pregnant.

Women given the “treatment” are warned not to visit any conventional doctors or hospitals, as no scan or pregnancy test would detect “the baby”, which the scammers claim is growing outside the womb.

When it’s time to “deliver” the baby, women are told labour will only begin once they are induced with a “rare and expensive drug”, requiring further payment.

Accounts of how the “delivery” happens vary, but all are disturbing. Some are sedated only to wake up with a Caesarean-like incision mark. Others say they are given an injection that causes a drowsy, hallucinatory state in which they believe they’re giving birth.

Either way, the women end up with babies they are supposed to have given birth to.

Chioma tells commissioner Obinabo that when her time to “deliver” came, the so-called doctor injected her in the waist and told her to push. She does not spell out how she ended up with Hope, but says the delivery was “painful”.

Our team manages to infiltrate one of these secretive “clinics” - connecting with a woman known as “Dr Ruth” to her clients - by posing as a couple who have been trying to conceive for eight years.

This so-called "Dr Ruth" runs her clinic every second Saturday of the month in a dilapidated hotel in the town of Ihiala, in the south-eastern Anambra state. Outside her room, dozens of women wait for her in the hotel corridors, some with visibly protruding stomachs.

The whole atmosphere is buzzing with positivity. At one point, huge celebrations erupt inside the room after a woman is told she is pregnant.

When it’s our undercover reporters’ turn to see her, "Dr Ruth" tells them the treatment is guaranteed to work.

She offers the woman an injection, claiming it will enable the couple to “select” the sex of their future baby - a medical impossibility.

After they turn down the injection, "Dr Ruth" hands them a sachet of crushed pills as well as some more pills for them to take at home, along with instructions on when to have intercourse.

This initial treatment costs 350,000 naira ($205; £165).

Our undercover reporter neither takes the drugs nor follows any of "Dr Ruth’s" instructions and returns to see her four weeks later.

After running a device that looks like an ultrasound scanner across our reporter’s stomach, a sound like a heartbeat is heard and "Dr Ruth" congratulates her on being pregnant.

They both cheer with joy.

After delivering the good news, "Dr Ruth" explains how they’ll need to pay for a “scarce” and expensive drug needed for the baby to be born, costing somewhere between 1.5 and two million naira ($1,180; £945).

Without this drug, the pregnancy could extend beyond nine months, "Dr Ruth" claims with disregard for scientific fact, adding: “The baby will become malnourished - we’d need to build it up again.”

"Dr Ruth" has not responded to allegations the BBC has put to her.

The extent to which the women involved genuinely believe the claims is unclear.

But clues as to why they would be susceptible to such brazen lies can, in part, be found in online groups where disinformation around pregnancy is widespread.


A network of disinformation

Cryptic pregnancy is a recognised medical phenomenon, in which a woman is unaware of her pregnancy until the late stages.

But during our investigation, the BBC found widespread misinformation in Facebook groups and pages about this type of pregnancy.

One woman from the US, who dedicates her entire page to her “cryptic pregnancy", claims to have been pregnant “for years” and that her journey cannot be explained by science.

In closed groups on Facebook, many posts use religious terminology to hail the bogus “treatment” as a “miracle” for those who’ve been unable to conceive.

All of this misinformation helps solidify women’s belief in the scam.

Members of these groups are not only from Nigeria, but also from South Africa, the Caribbean, and the US.

The scammers also sometimes manage, and post in, these groups, enabling them to reach out to women expressing an interest in the "treatment".

Once someone expresses readiness to start the scam process, they are invited into more secure WhatsApp groups. There, admins share information about “cryptic clinics” and what the process involves.

 

‘I’m still confused’

Authorities tell us that to complete the “treatment”, the scammers need new-born babies and to do that they seek out women who are desperate and vulnerable, many of them young and pregnant, in a country where abortion is illegal.

In February 2024, the Anambra state health ministry raided the facility where Chioma “delivered” Hope.

The BBC obtained footage of the raid, which showed a huge complex made up of two buildings.

In one were rooms containing medical equipment - apparently for clients - while in the other were several pregnant women being kept against their will. Some were as young as 17.

Some tell us they were tricked into going there, unaware their babies would be sold to the scammer’s clients.

Others, like Uju, which is not her real name, felt too scared to tell their family they were pregnant and sought a way out. She said she was offered 800,000 naira ($470; £380) for the baby.

Asked if she regrets her decision to sell her baby, she says: “I’m still confused.”

Commissioner Obinabo, who has been part of efforts in her state to crack down on the scam, says scammers prey on vulnerable women like Uju to source the babies.

At the end of a tense interrogation, commissioner Obinabo threatens to take away baby Hope from Chioma.

But Chioma pleads her case, and the commissioner eventually accepts her explanation that she is a victim herself and that she hadn’t realised what was going on.

On this basis she allows Chioma and Ike to keep the baby - unless the biological parents come forward to claim him.

But unless attitudes towards women, infertility, reproductive rights and adoption change, scams like this will continue to thrive, experts warn.

By Yemisi Adegoke, Chiagozie Nwonwu, and Lina Shaikhouni, BBC

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