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Latest News in Nigeria Today, August 16, 2023

Investors King has put together the latest news in Nigeria today, August 16, 2023, to ensure you stay atop trending news and happenings in the business world.

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Investors King has put together the latest news in Nigeria today, August 16, 2023, to ensure you stay atop trending news and happenings in the business world.

President Bola Tinubu Weighs “Temporary Subsidy” to Petrol Woes Amid Soaring Prices

As the global oil markets and foreign exchange rates continue their tumultuous dance, President Bola Tinubu is reportedly considering a “temporary subsidy” on petrol to alleviate the mounting economic burdens faced by Nigerians.

Following the removal of the petrol subsidy earlier this year, citizens have grappled with escalating financial challenges. While there has been no definitive decision reached, reliable sources within the presidency affirm that the proposal is firmly under consideration. Read more here.

Oil Prices Slip as China’s Economic Slowdown Undermines Recovery Hopes

Oil prices faced a downward slide on Tuesday as lackluster Chinese economic data coupled with skepticism over the impact of Beijing’s surprise reduction in key policy rates weighed on the prospects of a robust post-pandemic revival.

Brent crude oil, the international benchmark for Nigerian oil, declined by 54 cent to $85.67 a barrel while U.S. West Texas Intermediate crude dropped by 74 cents to reach $81.77. Read more here.

Nigeria’s Inflation Roars to 24.08%, Triggered by Fuel Subsidy Removal and Exchange Rate Shift

Inflation in Nigeria continues its relentless ascent as it hits 24.08% in the month of July amid foreign exchange scarcity and high pump prices.

The represents a 129 basis-point increase when compared to the previous month’s 22.79%. Read more here.

Federal Government Dissolves ASP Secretariat Amidst Controversial Billboard Scandal

The Secretariat of the Advertising Standard Panel (ASP) has been dissolved by the Federal Government following its authorization of billboards that have been characterized as attempts to exert pressure on the Presidential Election Petition Tribunal. The billboards bore the caption: ‘All Eyes on The Judiciary.’

Dr. Olalekan Fadoləpo, the Director-General of the Advertising Regulatory Council of Nigeria (ARCON), conveyed the dissolution of the Panel through an official statement issued on Tuesday. Read more here.

Credit Scoring Services Set to Reach $44 Billion by 2028

Juniper Research, the definitive authority in financial technology markets, has unveiled a study forecasting an unprecedented surge of 67% in credit scoring services, propelling the industry to an astonishing $44 billion by 2028.

The study’s focal point is the monumental transformation expected in emerging markets as African and Middle Eastern regions are anticipated to spearhead a remarkable 117% expansion, culminating in a projected expenditure of $3.7 billion by 2028. Read more here.

Naira’s Slide Spurs Exchange Rate Battle as Government Vows Crackdown on Speculators

As the Nigerian naira continues its downward trajectory, sparking concerns over currency speculation and round-tripping, the acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, has issued a stern warning that the government will take firm action against those involved in underhand practices within the foreign exchange market.

The naira’s value depreciated both in the official Investors and Exporters’ (I&E) window and the parallel market, driving the arbitrage gap to a staggering N206/$1. Read more here.

Foreign Exchange Crisis and VAT Surge Push Diesel Prices to N900-N950/Litre: Manufacturers Fear Job Losses

Diesel prices in Nigeria have surged to alarming levels, with oil marketers revealing that the dual impact of the foreign exchange crisis and the recent implementation of a 7.5% Value Added Tax (VAT) on Automotive Gas Oil (diesel) has led to costs ranging between N900 and N950 per litre in multiple states. This price escalation has prompted concerns about the future of local manufacturing industries, which fear potential factory closures and subsequent job losses.

At a press briefing held in Abuja, representatives of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) expressed their challenges in accessing US dollars for diesel imports due to the prevailing forex crisis. Read more here. Read more here.

Meme Coins Outshine Giants: Shiba Inu and Bone Shibaswap Surpass Bitcoin and Ethereum’s Performance

Meme coins are demonstrating robust performance, outshining even well-established cryptocurrencies like Bitcoin and Ethereum. Particularly noteworthy is Shiba Inu’s remarkable surge, with its price soaring by an impressive 68 percent from its July low.

An equally impressive feat has been accomplished by Bone Shibaswap, which has experienced a remarkable 115 percent surge within the same timeframe. Conversely, major players such as Bitcoin and Ethereum have largely maintained a narrow trading range while gradually losing value. Read more here.

Fidelity Bank Distributes Food Packs to Benue IDPs

The leading financial institution, Fidelity Bank Plc has distributed over 1,200 food packs to the Internally Displaced Persons (IDP) in Makurdi, Benue State in its ongoing commitment to eliminate hunger among vulnerable persons in the society. 

 The event, which took place on Thursday, 10 August 2023 at the IDP Camp, Federal Housing Estate in North Bank, Benue State was executed in partnership with the Hyacinth Alia Foundation and the Benue State Emergency Management Agency (BESEMA). Read more here.

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Israeli Troops Take Control of Rafah Border Crossing Amidst Ceasefire Talks

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Israeli troops took control of the Rafah border-crossing area in Gaza on Tuesday morning, with Hamas saying all aid flows from Egypt had stopped.

The army has halted “the movement of people and aid completely,” the Hamas-run crossing authority said in a statement. Soldiers replaced Palestinian flags with Israeli ones.

It’s the first time Israel’s army has moved into the area since the war with Hamas began in October.

Israeli Military Tells About 100,000 People to Leave Eastern Rafah

Palestinians sheltering in Rafah were told Monday to move to an “expanded humanitarian area”.

The border is the main entry point for aid into Gaza, and the Palestinian territory’s only crossing aside from those with Israel. The US has been urging Israel for weeks to allow more food and other supplies into Gaza, parts of which the United Nations says are on the verge of famine.

The movement of troops came a day after Israel told residents in parts of eastern Rafah to leave immediately ahead of a possible attack on the city.

Most Arab and many European states have said Israel should not attack Rafah, fearing it would cause mass casualties. Prime Minister Benjamin Netanyahu says Rafah is the last bastion of Hamas, with about 5,000 to 8,000 of its fighters and senior leaders lodged in the city, as well as many Israeli hostages.

Cease-fire talks between the two sides continue to drag. Hamas said on Monday night it had accepted a proposal from mediators Egypt and Qatar. Israel rejected it, saying it contained demands the Jewish state cannot accept.

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Israel Calls for Evacuation of Rafah Amid Threat of Assault

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Rafah, Gaza, Palestine

Israel called on civilians to evacuate parts of Rafah on Monday in what appeared to be preparation for a long-threatened assault on Hamas holdouts in the southern Gaza Strip city where more than a million war-displaced Palestinians have been sheltering.

Instructed by Arabic text messages, telephone calls, and flyers to move to what the Israeli military called an “expanded humanitarian zone” 20 km (7 miles) away, some Palestinian families lumbered out under chilly spring rain, witnesses said.

Israel’s military said it had begun encouraging residents of Rafah to evacuate in a “limited scope” operation. It gave no specific reasons, nor did it say if any offensive action might follow.

Seven months into its war against Hamas, Israel has been threatening to launch incursions in Rafah, which it says harbours thousands of Hamas fighters and potentially dozens of hostages. Victory is impossible without taking Rafah, it says.

The prospect of a high-casualty operation worries Western powers and neighbouring Egypt, which is trying to mediate a new round of truce talks between Israel and Hamas under which the Palestinian Islamist group might free some hostages.

The Rafah plan has opened an unusually public rift between Israel and Washington. Speaking to his U.S counterpart, Israeli Defence Minister Yoav Gallant linked Monday’s operation to the deadlock in indirect diplomacy, which he blamed on Hamas.

“During their discussion, Gallant discussed the efforts undertaken to achieve the release of hostages and indicated that at this stage, Hamas refuses the frameworks at hand,” the Israeli Defence Ministry said in a statement.

“Gallant emphasized that military action is required, including in the area of Rafah, at the lack of an alternative,” it added On Monday, the Israeli military called on Palestinians in eastern parts of Rafah to move to a nearby “humanitarian area”, saying it would “encourage … the gradual movement of civilians in the specified areas”.

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Paystack and Africa World Airlines Team Up to Enhance Passenger Experience

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Paystack - Investors King

Paystack, a leading financial technology company specializing in payment processing services, has announced a strategic partnership with Africa World Airlines (AWA), a prominent regional carrier operating in West Africa.

This collaboration unveiled through a joint statement by Jonathan Appiah, the Head of Commercial at Africa World Airlines, and Shola Akinlade, the Co-founder and CEO of Paystack, heralds a new era of convenience and efficiency for air travelers within the region.

The partnership aims to streamline the flight booking and payment process, offering passengers an array of seamless payment options tailored to their preferences.

With the integration of Paystack’s advanced payment gateway, passengers flying with Africa World Airlines can now enjoy hassle-free transactions, enhancing the overall travel experience.

Jonathan Appiah expressed excitement about the partnership, emphasizing AWA’s commitment to providing its customers with exceptional service.

He highlighted that the collaboration with Paystack allows AWA passengers in Ghana, Nigeria, and beyond to benefit from diverse payment methods, including card, mobile money, Apple Pay, bank transfers, USSD, PayAttitude, and QR codes.

“We are thrilled to partner with Paystack to offer our passengers a more convenient and streamlined booking and payment experience,” said Appiah. “At AWA, we are constantly seeking ways to enhance the overall travel experience for our customers, and we believe that this partnership with Paystack will significantly contribute to achieving that goal.”

Shola Akinlade, echoing similar sentiments, expressed Paystack’s enthusiasm for the collaboration, highlighting the company’s dedication to making the booking process accessible and inclusive for travelers across the region.

“We are excited to partner with Africa World Airlines to provide passengers with a convenient and reliable payment experience,” stated Akinlade. “By offering a variety of payment options, we aim to make the booking process more accessible and inclusive for travelers across the region.”

The joint efforts of Paystack and Africa World Airlines signify a commitment to innovation and customer-centric solutions in the aviation industry. As air travel continues to evolve, partnerships like these pave the way for enhanced passenger experiences and greater convenience in the skies of Africa.

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