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Investors in the Nigerian stock market continue to retreat amidst lackluster results performance and foreign exchange losses. The Nigerian Exchange All-Share Index fell by 145.32 basis points today, extending the market's negative streak to five trading days. Market indices have sharply declined, reflecting a -0.23% dip and contributing to the downward trend. Despite the decline, the year-to-date return remains positive at 25.25%, surpassing the annual inflation rate. However, equities investors lost 79.08 billion in value.
The Nigerians in Diaspora Organisation (NIDO) has partnered with Plateau University, Bokkos, to provide training on Artificial Intelligence (AI) and Cyber Security to 302 youths in Plateau State. The training also covered Digital Marketing, Mobile App Development, Digital Forensic, and other areas of Information Communication Technology (ICT). The initiative aimed at equipping young people with essential skills to advance the use of ICT for economic growth. The Vice Chancellor of Plateau University expressed gratitude for the collaboration and outlined plans to establish certificate and diploma programs in AI and cyber security to further promote ICT development in the state.
Nigeria Labour Congress (NLC) has commenced a seven-day nationwide protest in a bid to draw President Bola Tinubu's attention to the need for economic justice. This protest comes after failed dialogues between organised labour and the steering committee. The NLC is demanding better governance, the provision of palliatives, increased salaries, job creation, and the improvement of Nigeria's refineries. The protest is a response to the Nigerian government's removal of fuel subsidy, which has led to increased economic hardship for the Nigerian middle class.
Access Holdings Plc has been awarded the prestigious Karlsruhe Award for Outstanding Business Sustainability Achievement for the eighth consecutive year. The award was presented at the Global Sustainable Finance Conference organized by the European Organization for Sustainable Development (EOSD) and the city of Karlsruhe, Germany. This recognition highlights Access Holdings' commitment to sustainable development in its operations and business activities.
President Bola Ahmed Tinubu emphasized the need for digitalization in addressing governance challenges in Nigeria. Speaking at the concluding ceremony of the 2023 Civil Service Week celebration, Tinubu highlighted the instrumental role of digitalization in moving the nation forward. He stressed the importance of a fit-for-purpose African Public Administration to succeed in the African Continental Free Trade Area (AFCFTA).
Delta State Governor, Rt. Hon. Sheriff Oborevwori, has given his approval for the recruitment of primary school teachers, clerical officers, and watchmen in 22 local government council areas in the state. The announcement was made by the State Chairman of the Association of Local Governments of Nigeria (ALGON) at the end of the State Joint Account Allocation Committee (JAAC) Meeting. This recruitment drive aims to address the shortage of teachers in primary schools and provide additional support staff for the Local Government Education Authority.
The Coalition of United Political Parties (CUPP) has accused the Nigerian Presidency of trying to "settle predecessors" by offering them "hush money." The coalition also claims that the recently announced palliative policy by the federal government is designed to serve the same purpose as the previous administration's Tradermoni policy.
The Central Bank of Nigeria (CBN) has directed banks to lift the post-no-debit restriction on the accounts of 440 individuals and companies. This move follows a similar action in 2021 when the accounts of 18 companies were frozen. The CBN did not provide a specific reason for lifting the restrictions, leading to speculation about their regulatory approach. In other news, the CBN has announced a modest increase in monetary policy rates in an effort to curb inflation.
Kano State Commissioner of Education, Alh. Umar Haruna Doguwa, has emphasized the need for directors of the Ministry of Education and its agencies to acquire digital skills to keep up with the evolving world and improve service delivery in the education sector. He made this call during a workshop organized by Skyline University, where he stressed the importance of digital literacy and positive thinking among education managers.
The Central Bank of Nigeria has increased its monetary policy rates to 18.75 percent to address the country's escalating inflation. The bank's decision reflects its commitment to stabilize the economy and curb inflationary pressures. This move comes as inflation in Nigeria reached 22.79 percent in June. The court has also ruled that the arrest and detention of the suspended Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, were invalid, further highlighting the challenges faced by the country's financial institutions.
The Nigerian Communications Commission (NCC) has confirmed that there are no immediate plans to increase telecom tariffs in response to the subsidy removal. The executive vice chairman, Professor Umar Garba Danbatta, emphasized the participative nature of decision-making in the NCC and the need for extensive stakeholder engagement before any tariff adjustments occur. The NCC was recently honored with the Pan African Telecoms Operator of the Year award, highlighting its successful leadership in the industry.
Nigerians in Diaspora Organisation (NIDO) has partnered with Plateau University, Bokkos to organize a comprehensive training program on key areas of information technology including Artificial Intelligence (AI) and Cyber Security. The five-day training aimed at equipping 302 youths with the necessary skills for advancing ICT as a tool for economic growth. Digital Marketing, Mobile App Development, and Digital Forensic were also part of the training. NIDO's initiative is set to contribute to the development of ICT in Plateau State and the country.
As innovation takes center stage in treasury management, organisations must prepare their teams for a more technology-focused future. While automation and artificial intelligence bring about radical changes, technology should augment human capabilities rather than replace them. Deremi Atanda, MD of Remita Payment Services Limited, emphasizes the importance of communication and collaboration among financial service providers and technology service providers to mitigate conflicts and drive efficiency in treasury management.
A shocking act of violence in the form of a beheading has left the Iperu community in Nigeria in fear and unease. A 32-year-old man, David Shodola, beheaded an 84-year-old resident before violently resisting arrest and attacking police officers. In another unsettling incident, the website of the Ogun State Government was hacked, raising concerns about the state's digital security infrastructure.
The decline of the Nigerian manufacturing industry has left a trail of economic ruin and nostalgia. Many companies that once thrived in the country have vanished, leaving behind a struggling economy and a sense of lost glory. This article explores the impact of the disappearing manufacturing sector and calls for urgent attention to reverse the country's current state of depression.
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