The Nigerian naira is among the worst-performing currencies in Africa, the World Bank has said.It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation.

The global bank explained in its report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28).’

It stated that, “So far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per cent.

“The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions on the official market. For the kwanza, it was the decision of the central bank to stop defending the currency as a result of low oil prices and greater debt payments.”

Other currencies with significant losses so far in 2023, according to the World Bank, included South Sudan (33 per cent), Burundi (27 per cent), the Democratic Republic of Congo (18 per cent), Kenya (16 per cent), Zambia (12 per cent), Ghana (12 per cent), and Rwanda (11 per cent).

It noted that parallel exchange market rates are also compounding inflationary problems for some countries in the African region.

In June 2023, the Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ window of the foreign exchange market, and allow the free float of the naira against the dollar and other global currencies.

Since then, the naira had fallen from N473.83/$ to around N800/$ officially.

Highlighting the widening difference between the parallel and official exchange rates of the naira, the bank stated that this had been the case from March 2020 until June 2023.

It said the parallel rate premium increased to 80 per cent in November 2022, and then to about 60 per cent in June 2023, as the Central Bank’s interventions to restrict foreign exchange demand and keep the exchange rate artificially low were met with declining FX supply from oil revenues.

The unification and liberalisation of the exchange rates in June 2023 allowed the NAFEX rate to converge to the parallel one, closing the gap, it said.

It added, “However, resistance toward the increasing pressure on the Nigerian naira coupled with limited supply of FX at the official window has led to the reemergence of the parallel market premium.”

Nigeria’s growth rate would decelerate from 3.3 per cent in 2022 to 2.9 per cent in 2023, the Washington-based bank highlighted.It stated that the country’s oil production had remained below OPEC+ quota amid capacity issues and lower international oil prices and while non-oil economic activity, particularly industry and services still supported growth, policy actions to remove fuel subsidies and unify the exchange rates might be weighing on these activities in the short term.

The World Bank noted that activity in Nigeria’s manufacturing and services sector contracted in August.

“Weak business confidence and rising input costs are driving the contraction of activity,” it said. It stresses business confidence appears to have weakened in Nigeria.

Commenting on the recent reforms of the new administration of Bola Tinubu, the global bank disclosed that purchasing power of households was expected to suffer in the short term.

It said, “The incoming Tinubu administration implemented a series of reforms that included the removal of fuel subsidies and the devaluation and unification of the exchange rate system. Petroleum prices have more than tripled since the subsidies were lifted at the end of May.

“The naira has weakened by nearly 40 per cent against the US dollar since the mid-June devaluation. Although these measures are intended to improve the fiscal and external accounts of the nation, their inflationary effects in the near term can erode the purchasing power of households and weigh on economic activity.”

Former Super Eagles captain, Austin Okocha, has backed Samuel Chukwueze to succeed at his new Italian club, AC Milan despite his slow start to his Rossoneri career.

Chukwueze, 24, joined AC Milan over the summer after five impressive seasons with Villarreal in Spain but has been slowly integrated into Stefano Pioli’s team so far, with six of his seven Serie A appearances coming from the bench ahead of Wednesday’s Champions League clash with Borussia Dortmund.

The 1994 African Cup of Nations winner and Atlanta 1996 Olympic gold medalist believes the Nigeria international has all the tools to thrive at the San Siro.Speaking with LiveScore, Okocha said, “He’s been outstanding in the last few years now.

The former Eintracht Frankfurt, Paris Saint-Germain and Bolton star also added that the trio Kylian Mbappe, Kevin De Bruyne and Rafael Leao from AC Milan are the current players who reminds him of himself.

“Well, I think things have changed. It’s difficult really for players now to express themselves,” the 50-year-old continued.

“He’s been faced with a new challenge and it’s all about how quickly he can adjust.

“Language is always important because it’s always good to be able to communicate but his talent is never in doubt.

“I think he’s a great addition to the Milan team and I have no doubt that he will do well.”

“I had the luxury to have my identity and to try and show what I can do with the ball. But now they are all limited.

“You can say that maybe (Kylian) Mbappe looks exciting, as well as (Kevin) De Bruyne, (Rafael) Leao from AC Milan as well.

“Apart from that, it’s hard for me to pick out one that really has that freedom to express himself.

“It’s now about finding the right moment to do it for the team. Not just for the heck of it!”

He also revealed that his four-year spell at Bolton Wanderers under Sam Allardyce was the most memorable of his career.

He said, “I’m always proud of what I achieved with the boys at Bolton.“Bolton was never really an established Premier League side until we went there and made life difficult for some big boys. I had a great four years there.

“Those moments will always remain happy memories because it was amazing to see how the whole town was then — football impacted their daily lives.

“Sometimes that means a lot more to the people than trophies.”

Philip Poroma of the IBB International Golf and Country Club, Abuja, emerged the overall winner of the 63rd Nigeria’s Independence Anniversary Golf event.

The 63rd Nigeria Independence golf tournament which started last Monday climaxed on Sunday night with the announcement of the winners of different categories.

The handicapped 14 amateur golfer played 80 gross with a net of 66 to outplay over 500 other players to win the converted trophy.

He was also decorated with a green jacket and carted away the star prize, PAN car.

“I also salute all the participants of this year’s event for their doggedness, but I want to say there can be only one winner and that is me”, Poroma boasted.

Minister of Sports Development, Senator John Enoh who teed off the grand finale of the Independence Golf Tournament described golf as a lovely game and applauded the passion, commitment and consistency of the club for hosting the yearly event, pointed out that sports breeds social inclusiveness, enables diplomacy amongst countries, fosters friendship and business networks.

“I am highly elated to emerge the winner of this year’s event. Though I had the dream and I worked tirelessly for it, I am still surprised. I however dedicate the trophy to Nigeria, my country.

Results of the inter-countries match-play show that Nigeria defeated Uganda by eight and a half to six and a half in the double.

In the double match-play against Cameroon, Nigeria scored five and a half against their opponent with one and a half. In the singles, Nigeria outplayed Cameroon by scoring 15 and a half as against three and a half.

It was a victory all the way for the host who won the double match play by 13 and a half to 3 and a half against Ghana, and 19 and a half to 10 and a half in Singles.

Indian police raided the homes of at least eight journalists and activists on Tuesday, local media reported, deepening concerns over a crackdown in a country where media freedom has nosedived.

Those raided are reported to be connected to the English-language news website NewsClick, with Indian authorities filing a case in 2021 alleging the organisation was receiving foreign funding.

The New York Times in August reported that NewsClick was financed by US millionaire, Neville Roy Singham, who it said “sprinkled its coverage with Chinese government talking points” — claims Singham rejected.

NewsClick journalist, Aritry Das, said police “barged into my home” at dawn, questioned her about her reporting and seized her laptop, phone and computer hard disks, she wrote on social media.

Das also said the raid was linked to a case against NewsClick under the Unlawful Activities Prevention Act, a stringent anti-terror law which makes it virtually impossible to get bail.

The Mumbai Press Club expressed its “deep concern” at the raids in a statement, reporting that “multiple journalists affiliated with NewsClick have been subjected to raids”.

It demanded the police stop “from what is perceived as a targeted harassment campaign against these journalists”.

Also raided in connection to NewsClick was historian and activist Sohail Hashmi.

“From the warrant that they reluctantly showed me, the raid at my residence was related to an investigation into NewsClick,” Hashmi told AFP.

Hashmi had to hand over his laptop, phone and hard disks containing more than a decade of his writing, calling the raid a “combination of intimidation and a crackdown on freedom of press and speech”.

There was no immediate response from the police, with raids carried out in both the capital New Delhi and Mumbai.

“I don’t need to justify,” India’s minister for information and broadcasting Anurag Thakur told reporters asking about the raids.

“If anyone has committed anything wrong, search agencies are free to carry out investigations,” broadcaster NDTV quoted him as saying.

Press freedom in India has plummeted since Prime Minister, Narendra Modi came to power in 2014, rights activists and opposition lawmakers say.Reporters Without Borders warns “press freedom is in crisis” in India.

Since 2014, India dropped from 140 to 161 on its rankings of media freedom, including 11 places since last year.Journalists critical of the government complain of increased harassment, including on social media — where Modi’s ruling party has a powerful presence.

Critics say Modi’s government has sought to pressure rights groups by heavily scrutinising their finances and clamping down on foreign funding.

The Network of Women in Media in India said Tuesday’s “shocking” raids had targeted “prominent voices of dissent”.

Those raided include founding editor Prabir Purkayastha, journalists Aunindyo Chakravarty, Bhasha Singh and Paranjoy Guha Thakurta, as well as satirist Sanjay Rajoura and activist Teesta Setalvad, Indian media reported.

Aboat carrying about 22 passengers from Kasabu in Agwara LGA of Niger to Yauri in Kebbi has capsized.

Salihu Garba, the director-general of the Niger State Emergency Management Agency (NSEMA), disclosed this in Minna on Monday.

He said the agency received a report of the boat mishap on Monday between 11:00 a.m. and 12:00 p.m.

According to him, a survivor of the mishap said the boat had about 22 passengers on board.

He said search and rescue operations were ongoing by the local divers and boat owners under the supervision of the agency’s desk officer in Agwara.

He said no passenger had been recovered yet, adding that the mishap happened on Yauri market day.

Mr Garba added that only after the market would families be able to declare their missing relatives, noting that it takes about 24 hours for any drowned person to surface atop the water.

He attributed the cause of the incident to water hyacinth coupled with strong waves.

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has pleaded with Nigerians to persevere with President Bola Tinubu’s government because of the current economic situation.

On Monday, the Ife ruler appealed to Nigerians during his visitation to his family compound as the grand finale of the Olojo Annual Festival in the Oketase area, Ile-Ife.

He admitted that Nigeria is currently at its trial period when the citizens face many challenges in all ramifications of life.

“I know that people are passing through difficult periods in which they are not finding life easy, and truly, this is a challenging period. But I know that after this festival, normalcy will return to the country, as the problems we’re facing will soon come to an end,” said the Ooni.

He admonished all and sundry to endure more and ensure their support for their leaders, saying by doing this, there would be great achievements.

“We are almost getting there, for gold has to pass through fire before becoming shining. Government alone cannot do it without the cooperation of the masses,” Mr Ogunwusi explained.

“Therefore, let all hands be on deck, for a tree cannot make a forest, neither any nation can get to his promised land without the contribution of the generality.”

The Nigeria Centre for Disease Control and Prevention (NCDC) has registered 1,068 Lassa fever infections across 112 local government areas in 28 states.

On Tuesday, the NCDC said this via its official website in its Lassa Fever Situation Report for Week 37 (September 11 to 17, 2023).

The centre indicated that 75 per cent of the cases were detected in Ondo, Edo, and Bauchi.

According to the NCDC, there are currently 7,352 individuals with suspected cases, and the infection has resulted in the unfortunate loss of at least 181 lives in the country.

The centre said the case-fatality ratio of the infection stood at 16.9 per cent.

“Cumulatively, from week one to week 37, 2023, 181 deaths have been reported with a case fatality rate of 16.9 per cent, which is lower than the CFR for the same period in 2022 (19.1 per cent). In total, for 2023, 28 States have recorded at least one confirmed case across 112 local government areas,” stated the NCDC.

It added, “Seventy-five per cent of all confirmed Lassa fever cases were reported from these three states (Ondo, Edo, and Bauchi) while 25 per cent were reported from 25 states with confirmed Lassa fever cases. Of the 75 per cent confirmed cases, Ondo reported 35 per cent, Edo 29 per cent, and Bauchi 11 per cent.

“The predominant age group affected is 21-30 years (range: one to 93 years, median age: 32 years). The male-to-female ratio for confirmed cases is 1:0.9. The number of suspected cases increased compared to that reported for the same period in 2022.”

It is regretted that in 2023, Lassa fever infected 49 healthcare workers across the country.

The agency said the National Lassa Fever Multi-partner, Multi-sectoral Emergency Operations Centre had been activated to coordinate the response activities at all levels.

NCDC explained that prevention of Lassa fever involves avoiding contact with rodents and their droppings, practising good personal hygiene and taking precautions when caring for infected individuals.

The centre also mentioned that early diagnosis and prompt medical care are crucial in managing the disease and preventing complications.

The Kebbi government has commiserated with members of immediate families, the Yauri Emirate Council, and the LGA over a boat mishap involving 30 traders.

Twenty-three people were feared dead.Ahmed Idris, the governor’s chief press secretary, disclosed this in a statement on Monday.

The government appealed to the affected families to accept the will of God in good faith and prayed to Allah to grant the deceased persons jannatul firdaus (paradise).

“I want to urge you to see what happened as the will of Almighty Allah that nobody can question. Therefore, accept it in good faith. We should also continue to pray to Allah to forgive their shortcomings and grant them Jannatul Firdaus,” said the statement.

The government prayed for quick recovery of those who sustained injuries during the ugly situation and prayed to God to end the recurrence of such events.

It was learnt that the boat, loaded with 30 traders and their goods, was sailing from Kasabo on Monday to Yauri town for commercial activities when it capsized.

Seven people were rescued alive while 23 others were still missing as the rescue operation was still ongoing.

Adamu Tanko (PDP-Niger) says tackling ‘Japa Syndrome’ will entail getting Nigerians already resident abroad to contribute to Nigeria’s ailing economy.

On Monday, he said this at an empowerment programme he organised to mark his 100 days in office held at the Suleja Township Stadium.

Mr Tanko is the chairman of the House Committee on Diaspora and represents the Suleja/Tafa/Gurara federal constituency.

“At the committee level, our responsibility is to make sure we maximise the benefit of Nigerians in diaspora for the benefit of those resident in Nigeria. There are very influential Nigerians living everywhere in the world and are holding influential positions, and they have the means to contribute to nation-building back home,” stated Mr Tanko.

The legislator added, “If you mobilise Nigerians in the diaspora sufficiently to do this, that will be a very efficient way to mitigate japa syndrome.”

Mr Tanko added, “We intend to embark on massive mobilisation, publicity campaigns and sensitisation on Nigerians across the world to give back some portion of what they have to make citizens leaving this country to others to stay back home.”

The police command in Taraba on Monday confirmed the electrocution of a family of four around the Dinyavo area of Jalingo, the state capital.

Abdullahi Usman, the command’s public relations officer, confirmed the incident in a statement in Jalingo.

He said the command was notified at about 11:00 a.m. that the house was on fire, suspected to be from a power surge.

“Detectives from GRA Police Division were quickly deployed to the scene and, on arrival, found the four victims with burns suspected to be from electrocution.

“The victims are Remond Ofonbuk, 44, his wife, Mfonbong Remond, Hevean Remond, 15, and First Remond, 13 years old,” he said.

M Usman said the command received information that the transformer serving the area blew up when power was restored.

“We learnt that many houses within the neighbourhood experienced high electric voltage, which might have led to the fire outbreak that inflicted burns on the victims.

“Our detectives quickly evacuated the victims to Federal Medical Centre, Jalingo, for treatment, but they were confirmed dead on arrival,” he said.

Mr Usman said the corpses had been deposited at the hospital’s mortuary for autopsy while an investigation had commenced to ascertain the real cause of the incident.

Head Coach Jose Santos Peseiro has recalled defenders Kenneth Omeruo and Bright Osayi-Samuel, as well as midfielder Alex Iwobi and forward Terem Moffi to the Super Eagles squad.

A statement by Ademola Olajire, NFF’s director of communications, said the call-up was for this month’s international friendly matches against Saudi Arabia and Mozambique in Portugal.

The players were absent from the team that demolished Sao Tome and Principe in last month’s 2023 AFCON qualifier in Uyo.

“Midfielder Fisayo Dele-Bashiru, of Hatayaspor FC of Turkey gets his first-ever invitation, while Peseiro has decided to retain the trio of Francis Uzoho, Adebayo Adeleye and Olorunleke Ojo in goal.

“Yet-to-be-capped defender Jordan Torunnarigha is also called.

“Wilfred Ndidi, who captained the team against Sao Tome and Principe, as well as Raphael Onyedika and forwards Moses Simon, Ademola Lookman, Victor Osimhen, Taiwo Awoniyi and Kelechi Iheanacho have also been invited,” the statement said.

The Super Eagles take on the Green Falcons of Saudi Arabia in the city of Portimão, Portugal on Oct. 13, starting at 5.00 p.m. before a clash with the Mambas of Mozambique in the same city three days later.

The statement also said the players were all expected to arrive in Faro, Portugal, on Oct. 10.

It noted that both encounters had been arranged as tune-up games for the Eagles ahead of the commencement of the 2026 FIFA World Cup qualifying matches.

The three-time African champions will play Lesotho’s Crocodiles in Uyo on Nov. 17 before travelling to play Zimbabwe four days later.

Full list of all invited players:Goalkeepers: Francis Uzoho (Omonia FC, Cyprus); Olorunleke Ojo (Enyimba FC); Adebayo Adeleye (Hapoel Jerusalem, Israel).

Defenders: Olaoluwa Aina (Nottingham Forest, England); Bright Osayi-Samuel (Fenerbahce FC, Turkey); Jordan Torunarigha (KAA Gent, Belgium); Kenneth Omeruo (Kasimpasa FC, Turkey); Oluwasemilogo Ajayi (West Bromwich Albion, England); Calvin Bassey (Fulham FC, England); Jamilu Collins (Cardiff FC, Wales); Bruno Onyemaechi (Boavista FC, Portugal).

Midfielders: Wilfred Ndidi (Leicester City, England); Raphael Onyedika (Club Brugge, Belgium); Joe Ayodele-Aribo (Southampton FC, England); Frank Onyeka (Brentford FC, England); Alex Iwobi (Fulham FC, England); Fisayo Dele-Bashiru (Hatayaspor FC, Turkey).

Forwards: Kelechi Iheanacho (Leicester City, England); Samuel Chukwueze (AC Milan, Italy); Moses Simon (FC Nantes, France); Ademola Lookman (Atalanta FC, Italy); Victor Osimhen (SSC Napoli, Italy); Taiwo Awoniyi (Nottingham Forest, England); Terem Moffi (OGC Nice, France); Victor Boniface (Bayer Leverkusen, Germany).

The Nigeria Customs Service (NCS), Ogun 1 Area Command, has condemned the incessant attacks of its operatives by suspected smugglers, calling on youths to assist in stemming the tide.

The Area Controller, Ahmadu Bello Shuaibu, said the attacks had claimed lives and left many disabled.

Shuaibu disclosed this during the 5th annual independence symposium organised by the Ipokia Local Government Youth Forum (IPYF) in conjunction with the NCS Ogun 1 Area Command.

The symposium held at Idiroko, Ipokia Local Government Area of Ogun State was themed, ‘Smuggling And Hoarding of Petroleum Products: Effects on Border Communities And National Security.’Shuaibu regretted that the command had recorded attacks ranging from mob actions, blocking of access roads and various confrontations with suspected smugglers and their sympathisers, sometimes leading to loss of lives.

Represented by Deputy Comptroller, Charles Ogunesan, the Area Controller opined that smuggling activities do not only disrupt economic development and social wellbeing, but also endanger national security.

“Over the years, the Command had recorded series of horrible and unwanted experiences in our line of lawful duties.

“We have lost scores of officers to death and permanent disability while our dear communities had also lost many of their members to the evil of this unfortunate demon called smuggling. It is high time we say no to smuggling considering the dangers inherent in it,” he said.

Shuaibu informed that the command made seizure of goods worth N1.5billion in the last nine months, stating that if the amount had been spent on legitimate trading, it would have aided the growth the economy of the area.

The Customs boss, therefore, called on youths and other stakeholders in the area to support the NCS in combating smuggling.

Benue State Governor, Hyacinth Alia, has said that the state is owing N359 billion as opposed to N187.7bn that his predecessor, Samuel Ortom presented to him as the debt profile of the state.

Governor Alia disclosed this at the Interdenominational Church Service organised to mark the 63rd Independence Anniversary celebration at the Methodist Church, South Bank, Makurdi on Sunday.

He said the outrageous debt left by previous administrations was too much burden for the state to bear.

Gov Alia said his administration is committed and undeterred in efforts to fix the state and save it from indebtedness caused by the misplaced priority of the previous administration in the state.

Alia said: “As we speak, the debt burden of our state stands at N359billion. If we are repaying that, how long will it take us to do that. But before we came in we knew that the pot was already broken. So we will take action to fix it because that is why our people elected us.”

Governor Alia added that his government had already taken steps to ensure that Benue workers got their salaries on the 25th of every month and if pensioners were forgotten in the past, they have now been resurrected.

He said his administration was prepared to confront issues stampeding development in the state às God brought him to power for a reason and he ensures maximum development of the state.

Governor Alia urged the people of the state to invest in farming where they have comparative advantage because of the enormous wealth in the sector.

He advised them to take advantage of cassava farming, as the state is known as one of the biggest producers of cassava and yams in the country.

Governor Alia also decried the activities of illegal miners in some parts of the state and it was sitting on huge wealth and yet to fully exploit it and promised measures will be taken by admnistration to exploit the sector.

“So all the illegal mining in the state must stop forthwith. Any truck coming into the state for that purpose must be with the approval of the Federal and state governments,” he said.

He admonished the clergy and traditional rulers to take the lead in ensuring an end to all forms of criminality in the state including banditry and kidnappings as well as the disruption of farming activities in the state.

Former Nigerian Minister of Petroleum, Diezani Alison-Madueke, on Monday, appeared in a London court over charges of receiving bribes in the form of cash, flights on private jets, luxury goods and the use of high-end properties in Britain in return for awarding oil contracts.

Making her first court appearance at Westminster Magistrates Court, Alison-Madueke spoke only to give her name, date of birth and address.

The 62-year-old was not asked to enter a plea.

The charges against her, read out in court, all related to events alleged to have taken place in London during her time as a minister in Nigeria.

Prosecutor, Andy Young alleged that Alison-Madueke accepted a wide range of advantages in cash and in-kind from people who wanted to receive or continue to receive the award of oil contracts which he said were worth billions of dollars in total.

This is coming a few weeks after the former finance minister in Nigeria was charged with bribery offences by the UK National Crime Agency (NCA).

Alison-Madueke was arrested in London in 2015, shortly after stepping down as minister.

She has spent the past eight years on police bail, living in St John’s Wood, an expensive area of London.

She was Nigeria’s Minister for Petroleum Resources between 2010 and 2015, during the administration of former president Goodluck Jonathan.

She is the second high-profile Nigerian politician to face prosecution in Britain in recent years, following James Ibori, a former Delta State governor.

Arsenal have received a major injury boost ahead of their next Premier League clash with Manchester City on October 8.

This comes after forward Bukayo Saka trained with Arsenal on Monday morning following another injury scare with midfielder Thomas Partey joining him after his recent layoff.

Arsenal had defeated Bournemouth 4-0 on Saturday with Saka scoring for the Gunners.

The England international had been an injury doubt having limped off the previous weekend against Tottenham Hotspur and was one of a number of players unable to train ahead of the visit to Bournemouth.

The 22-year-old was seen limping in the second-half against Bournemouth at the Vitality Stadium and was replaced on 76 minutes by Fabio Vieira.

Arsenal manager Mikel Arteta explained in his post-match interview that Saka had suffered ‘a bad knock’ during the win against Bournemouth.

Despite the worrying update, Saka trained as normal on Monday ahead of the Man City clash and also their midweek UEFA Champions League tie against RC Lens.

Governor Abba Yusuf, in his Independence Day broadcast, said the stipend is to encourage the girls to attend school.He revealed that over 45,000 schoolgirls would benefit from the pilot scheme.

“To support girls-child education and encourage parents to send their daughters to school, we are issuing a stipend of N20,000 to over 45,000 girl-child as a pilot scheme to support them to continue schooling.

“We are also re-introducing the girl-child school buses to transport them to and from schools,” the Governor said.

The Kano State government has announced a N20,000 stipend for every schoolgirl girl the state