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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.

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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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