Moody’s projects significant increase in Nigeria’s interest spending by 2024
Moody’s Ratings projects a significant increase in Nigeria’s interest spending, estimating a rise of 1% of GDP in 2024. Tighter monetary conditions and higher interest rates are expected to drive interest spending to consume 36% of government revenue. Moody’s warns of risks to fiscal consolidation due to higher oil subsidies and inflation shock, leading to ever-increasing interest expenses.
Nigerian Students to Compete in 2024 Microsoft Office Specialist World Championship
Six students from Nigeria have been chosen to compete at the 2024 Microsoft Office Specialist World Championship in California. The competition, which draws participants from around the world, showcases students’ proficiency in Microsoft Word, PowerPoint, and Excel. This achievement highlights Nigeria’s success in the competition over the years and the importance of ICT skills in today’s business landscape.
Nigeria Introduces HPV Vaccine for Children in National Immunization Program
The Federal Government of Nigeria has introduced the Human Papillomavirus (HPV) Vaccine into the national immunization program targeting children aged nine to fourteen years old. Stakeholders are urged to raise awareness about the importance of the vaccine in preventing cervical cancer, a silent killer with long-term effects. The government is working to make the vaccine accessible to the targeted demographic to enhance disease prevention and public health among children in Nigeria.
Bayern Munich’s Alphonso Davies Reveals Pre-Game Playlist Featuring Davido’s Tracks
Bayern Munich defender Alphonso Davies has shared his top five pre-game songs, including hits from Nigerian artist Davido. Other football stars like Real Madrid’s Aurelien Tchouameni have also expressed their admiration for Davido’s music, showing the impact of music in athletes’ pre-game rituals.
Nigeria to Ban Person-to-Person Cryptocurrency Trading in Naira
Nigeria is set to ban person-to-person cryptocurrency trading in the naira to regulate the industry and protect its local currency. The SEC will introduce new regulations for crypto exchanges and digital asset custodians. This crackdown follows the recent ban on Binance Holdings Ltd. in Nigeria, with two executives arrested. Nigeria’s actions reflect a broader trend in Africa of using cryptocurrencies as a hedge against currency devaluation. The upcoming regulations aim to provide clarity and oversight in the rapidly evolving crypto sector.
Nigerian Pastor Sparks Controversy with Anti-Vaccine Conspiracy Theories
Renowned Nigerian pastor, Chris Oyakhilome, faces backlash for spreading conspiracy theories about vaccines, including the new malaria vaccine in Africa. Despite the positive impact of vaccines in fighting diseases like malaria, Pastor Chris’s anti-vaccine rhetoric raises concerns among medical experts and the World Health Organization about vaccine hesitancy in Africa.
Study Shows Investing in Tuberculosis Prevention is a Sound Economic Decision
Investing in tuberculosis screening and preventive treatment can yield significant health and economic benefits, with a potential return of up to US$ 39 for every dollar invested. The study’s findings provide a compelling investment case for scaling up TB screening and preventive treatment, aligning with the targets set at the 2023 UN High-Level Meeting on TB. The study aims to empower countries to advocate for increased resources and support the expansion of TB control and prevention efforts, serving as a blueprint for similar settings with comparable epidemiological contexts.
Nigerian fintech startup, Zone, secures $8.5 million seed funding for blockchain-powered payment infrastructure expansion
Nigerian fintech startup, Zone, secures $8.5 million seed funding to expand its blockchain-powered payment infrastructure. With backing from leading investors, including TLcom Capital and Flourish Ventures, Zone aims to revolutionize payment transactions in Africa and beyond, leveraging its position as the continent’s first regulated blockchain network for payments.
Nigeria’s Ban on Binance Naira Transactions Sparks Concerns
Nigeria’s ban on end-to-end transactions with the naira on Binance has raised concerns about economic consequences, including increased youth unemployment and exacerbation of the country’s economic challenges. The ban came after accusations of exploitation, devaluation of the naira, and money laundering. Binance has denied any wrongdoing, and the ban has prompted fears of job losses and potential impact on the economy.
Billions Pour Into Nigeria as Tinubu’s Reforms Start to Pay Off
Foreign investor demand for Nigerian assets and remittances from citizens living abroad surged as President Bola Tinubu’s reforms started to pay off. The central bank reported over $1 billion in foreign portfolio investor asset purchases in February, with total receipts for the year reaching at least $2.3 billion. The government’s measures to attract investors and support the naira have led to increased investor interest in short-term sovereign debt and a fourfold rise in overseas remittances. Governor Olayemi Cardoso stated that the measures to boost reserves and create more liquidity in the markets have begun to yield results.