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Latest News in Nigeria Today, August 25th, 2023

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Investors King has put together the latest news in Nigeria today, August 25th, 2023, to ensure you stay atop trending news and happenings in the business world.

Where do Nigerians get their news?

Oil Prices Slip as Global Economies Face Bleak Outlook

On Thursday, oil prices saw a modest decline in the face of disappointing economic indicators from major economies worldwide.

Investors are holding their breath for U.S. Federal Reserve Chair Jerome Powell’s speech scheduled for Friday, hoping for insights into future interest rate trends. Read more here.

Nigeria’s Unemployment Rate Improved to 4.1% in Q1, 2023 as NBS Adopts New Computing Model

Nigeria’s unemployment rate has dropped to 4.1% in the first quarter (Q1) of 2023 as the National Bureau of Statistics (NBS) adopts a new data collection and analysis model.

This represents a significant drop from the 5.3% reported in the final quarter of 2022. Read more here.

Dollar Rate Climbs Higher, Naira Slumps in Official and Black Markets

The exchange rate between the United States dollar and the Nigerian naira witnessed significant fluctuations on Wednesday.

The dollar rate extended its upward swing, closing at N773.42 per $1 in the Investors’ and Exporters (I&E) window of the official market, a troubling trend that has caught the attention of both investors and the general public. Read more here.

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Russian Mercenary Leader’s Mysterious Demise Sparks Global Speculation

The demise of Yevgeny Prigozhin, the enigmatic leader of the Wagner mercenary group, in a plane crash near Moscow, has sent shockwaves through global intelligence circles and fueled a whirlwind of speculation regarding the circumstances surrounding his death.

Prigozhin, a figure known for his controversial activities and audacious moves, had recently led a mutiny against Russia’s military leadership, an action that Russian President Vladimir Putin himself acknowledged could have pushed the nation to the brink of civil conflict. Read more here.

Fintech Pioneer LemFi Secures $33 Million Series A Funding to Revolutionize Financial Services for Immigrants

LemFi, a startup on a mission to transform financial services for immigrants, has successfully raised $33 million in its Series A funding round, spearheaded by Left Lane Capital.

This investment is set to catalyze LemFi’s vision of empowering immigrants globally by providing them with accessible, comprehensive, and secure financial solutions. Read more here.

Former Nigerian Bar Association President Olumide Akpata Bids Farewell to Law, Ventures into Politics for Nation Building

Mr. Olumide Akpata, the former President of the Nigerian Bar Association (NBA), has made a resolute decision to disengage from his esteemed position as Senior Partner at Templars, one of Nigeria’s most prominent law firms.

Akpata’s announcement, conveyed through the company on August 24, 2023, states his intent to enter the arena of active politics and make a tangible contribution to the nation’s development. Read more here.

Kwik Launches Innovative KwikShelf – Revolutionizing E-commerce Fulfillment in Lagos

Kwik, the dynamic digital logistics platform, is proud to announce the inauguration of its groundbreaking initiative, KwikShelf, marking its debut in the on-demand e-commerce fulfillment sector in Lagos.

Situated at the heart of Lagos in the esteemed Iddo House, Oyingbo, KwikShelf boasts a spacious facility spanning 1,250 square meters and is set to commence operations this September. This strategic location offers Nigerian businesses a secure and convenient avenue to procure warehousing space on a need-based basis, facilitating the seamless outsourcing of their inventory storage and fulfillment requirements. Read more here.

Central Bank of Nigeria Dismisses JP Morgan’s FX Reserves Estimate

In a recent interview on Africa Independent Television (AIT), Hassan Mahmud, the Director of the Monetary Policy Department at the Central Bank of Nigeria (CBN), responded to JP Morgan’s estimate of the country’s foreign exchange (FX) reserves.

Mahmud described the estimate as being presented “out of context.”

Earlier this week, JP Morgan estimated that the CBN’s net FX reserves had decreased to $3.7 billion at the end of 2022, down from $14 billion in 2021. Read more here.

Foreign Crude Oil Refiners Extend Credit Facilities to Nigerian Marketers Amid Dollar Scarcity

In a strategic move to alleviate the challenges posed by dollar scarcity in Nigeria, foreign crude oil refiners have embarked on a novel approach by offering credit facilities to Nigerian oil marketers, according to insider sources.

Concerns have arisen among foreign refiners about potential loss of a significant market due to the removal of subsidies, leading to a marked reduction in the country’s petrol consumption. Read more here.

NERC Urges Electricity Consumers to Upgrade Prepaid Meters

The Nigerian Electricity Regulatory Commission (NERC) has issued a crucial message via its official Twitter account, urging electricity consumers across the nation to initiate the process of upgrading their prepaid meters.

This proactive step is necessary to avoid the potential deactivation of these meters, which is set to commence in November 2024. Read more here.

Nigeria’s Pharmaceutical Crisis: Foreign Exchange Shortage Threatens Drug Supply

Nigeria’s pharmaceutical sector is reeling from a severe shortage of foreign exchange, resulting in a concerning inability to maintain a consistent drug supply.

Recent data from the International Trade Centre, a multilateral agency, reveals the alarming decline in pharmaceutical imports into Nigeria to $1.05 billion in 2022. Read more here.

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British Airways Owner IAG Prepares for Summer Surge Amid High Travel Demand

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As the world gradually emerges from the grip of the pandemic, the travel industry is witnessing a resurgence in demand with British Airways owner IAG SA gearing up for a busy summer season.

Despite lingering challenges, the airline conglomerate remains optimistic about the outlook, citing strong demand for travel within Europe and across the Atlantic.

In a recent stock exchange filing, IAG disclosed an adjusted operating profit of €68 million ($73.3 million) for the three months ending March.

According to Chief Executive Officer Luis Gallego, the group’s core markets, including the North Atlantic, South Atlantic, and intra-Europe routes, have shown robust performance, positioning them well for the upcoming peak travel period.

With vaccination rates increasing and travel restrictions easing in many parts of the world, consumers are eager to resume travel plans, fueling the surge in demand.

However, the road ahead is not without its challenges. While travel within Europe and across the Atlantic remains strong, other regions present a more complex operating environment.

The ongoing conflict in the Middle East has dampened demand for certain destinations, while airspace restrictions resulting from geopolitical tensions, such as the Russian invasion of Ukraine, have disrupted flight routes to East Asia.

Despite these hurdles, IAG remains resilient, banking on the strength of its core markets and the performance of its brands to weather the storm.

The company’s strategic positioning and proactive measures to adapt to changing circumstances have positioned it to capitalize on the rebound in travel demand.

As the summer season approaches, IAG is focused on ensuring operational readiness to meet the surge in passenger numbers.

With travelers eager to reconnect with loved ones, explore new destinations, and embark on long-awaited vacations, the airline group stands ready to facilitate safe and seamless travel experiences.

As vaccination campaigns progress and travel sentiment rebounds, IAG’s proactive approach and strategic investments position it as a key player in the aviation industry’s recovery journey. With optimism on the horizon, the company remains committed to delivering exceptional service and fostering a seamless travel experience for passengers worldwide.

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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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