Report – Naira May Fall To N1,993 Per Dollar

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The naira is forecasted to depreciate to N1,993 against the United States dollar by 2028, posing a significant challenge to Nigeria’s pharmaceutical industry, particularly in importing essential medical devices, a new report by BMI, a Fitch Solutions subsidiary, has revealed. In the report titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth”, BMI projected that despite an anticipated rebound in the economy, Nigeria’s medical devices sector will face operational and demand challenges in the near term. The report noted that Nigeria relies on imports for over 95 per cent of its medical devices, making it vulnerable to fluctuations in exchange rates. “Continued weakness of the naira will increase medical device import costs and erode consumer purchasing power. Similar to other markets in sub-Saharan Africa, Nigeria heavily relies on medical device imports, with reliance of over 95 per cent. “We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018. As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power especially to invest in essential medical technologies given underfunding of the public health sector. “This would particularly affect high-cost demand for devices such as diagnostics, orthopaedics and dental products. On the export front, a weaker naira will enhance the competitiveness of locally manufactured medical devices, fostering growth in the sector,” the report stated. While a weaker naira could enhance the competitiveness of locally manufactured medical devices, BMI highlighted persistent barriers to local production. These include a scarcity of skilled labour, limited access to modern technology, and inadequate infrastructure, which continue to undermine manufacturing efforts despite government incentives. The administration of President Bola Tinubu has implemented measures aimed at easing these pressures. In June 2024, an executive order was issued to reduce medical service costs by eliminating tariffs, excise duties, and Value Added Tax on specific machinery, equipment, and raw materials, with the goal of lowering local production costs. However, BMI observed that the medical devices market would continue to face significant challenges in the short term. The report forecasted that Nigeria’s medical devices market could grow to a value of N171.1bn (£344.7m) by 2028, supported by a large population, an increasing focus on universal health coverage, and the double burden of chronic and communicable diseases. Nigeria’s economy is expected to recover in 2025, with a growth rate of 3.0 per cent predicted for 2024, compared to 2.9 per cent recorded in 2023. However, persistent issues such as high inflation, tighter monetary policies, and weak foreign direct investment could weigh on the growth of the medical devices sector. The PUNCH further observed that the naira traded at N1,681.42 per dollar on Monday, November 11, 2024, reflecting a marginal decline of 0.15 per cent from Friday’s closing rate of N1,678.87, as recorded on November 8, 2024. FX turnover on the official market dropped significantly by 66.41 per cent, from $1.4bn on Friday to $471.5m on Monday, indicating lower market activity. During the period under review, the naira reached a high of N1,695 and a low of N1,631.   Punch

Report: FG Spent N19bn On Presidential Aircraft In 15 Months

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At least N19.43bn was spent on the maintenance and operations of the Presidential Air Fleet from July 2023 to September 2024, The PUNCH learnt. Checks by our correspondent on GovSpend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that for 2024, the payouts amounted to N13.55bn, representing 66 per cent of the allocations for the fleet in the 2024 fiscal year. Most disbursements were labelled ‘Forex Transit Funds,’ typically funds allocated for foreign exchange requirements to facilitate international transactions and engagements. In the context of the Presidential Air Fleet, such funds are used to cover expenses related to operations outside the country, including fuel purchases, maintenance or services in foreign currencies. In November of that year, N1.26bn was released to the Presidential Air Fleet naira transit account. The first overhead for 2024 came in March, where N1.27bn were disbursed twice, amounting to N2.54bn. The transit account received N6.35bn in April, N4.97bn in May and N210m in July. August saw the highest frequency of transactions, with N5.60bn released in six separate disbursements. Although these transactions were not clearly labelled, the monies were paid into the Presidential Air Fleet naira transit account, including the N35m transfer made in September. In late April, the transit account received N5.08bn; this came around the same time the President was on a two-nation tour to the Netherlands and Saudi Arabia. Although Tinubu arrived in the Netherlands in a state-owned Gulfstream AeroSpace 550 Jet, the aircraft could not proceed to Saudi Arabia due to unspecified technical problems. He reportedly continued his journey on a chartered private plane. At the time, the President’s Boeing 737 business jet was undergoing maintenance. It was later replaced with an Airbus A330 purchased for $100m in August through service-wide votes. The nearly 15-year-old plane, an ACJ330-200, VP-CAC (MSN 1053), is “spacious and furnished with state-of-the-art avionics, customised interior and communications system,” Tinubu’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, said, adding that it “will save Nigeria huge maintenance and fuel costs, running into millions of dollars yearly.” The new Airbus A330 is just one of several aircraft currently on the Presidential Air Fleet, arguably one of Africa’s largest, with around 11 aircraft of various makes and models. Until August, it comprised the 19-year-old B737-700 and a 13-year-old Gulfstream Aerospace G550. The BBJ was acquired during the tenure of former President Olusegun Obasanjo at $43m but became a money guzzler as it aged. Onanuga, defending the purchase of Airbus A330, argued that the new Airbus 330 aircraft and the costs of maintaining the air fleet were not for the president but in the interest of Nigerians. “It’s not President Tinubu’s plane; it belongs to the people of Nigeria, it is our property…the President did not buy a new jet; what he has is a refurbished jet – it has been used by somebody else before he got it, but it is a much newer model than the one President Buhari used. “The one President Buhari used was bought by President Obasanjo some 20 years ago. There was a time when the President went to Saudi Arabia, and the plane developed some problems. The President had to leave the Netherlands with a chartered jet. “Nigerians should try to prioritise the safety of the President. I’m not sure anybody wishes our president to go and crash in the air. We want his safety so that he can hand it over to whoever wants to take over from him,” Onanuga said. The presidential aide said he discussed with the National Security Adviser, Mr Nuhu Ribadu, on the faulty plane [Boeing 737 jet] and he said the maintenance costs were excessive because of the age of the aircraft, hence the need for another plane. The presidential fixed-wing fleet includes a Gulfstream G500, two Falcon 7Xs, a Hawker 4000, and a Challenger 605. Three of the seven fixed-wings are reportedly unserviceable. Meanwhile, the rotor-wing fleet includes two Agusta 139s and two Agusta 101s, all operated by the Nigerian Air Force but supervised by the Office of the National Security Adviser. Former President Buhari promised to reduce the number of aircraft in the PAF to the absolute necessary. In April 2023, three jets were put up for sale, but there were no specifics on which. However, efforts to sell one of the Dassault Falcon 7x and the Hawker 4000 in October 2016 stalled when a potential buyer reduced their initial offer from $24m to $11m. Since 2017, budgetary allocations for the fleet have shown a growing trend, with one exception in 2020. The allocation for the fleet increased from N4.37bn in 2017 to N20.52bn in 2024, showing a 370 per cent rise in running costs. In 2018, the fleet’s budget rose significantly by 66.13 per cent to N7.26bn, driven by a substantial increase in capital project allocations while maintaining similar levels for recurrent costs. This upward trajectory continued into 2019, slightly increasing the total allocation to N7.30bn. The exception came in 2020, when the budget dropped by nearly seven per cent to N6.79bn, primarily due to decreased overhead costs, a reflection of the global economic impacts of lockdowns and disruptions in operations. By 2021, however, the budget surged dramatically to N12.55bn—a record increase of 84.83 per cent from the previous year. In 2022, maintenance expenses for each aircraft ranged from $1.5m to $4.5m annually. The 2022, 2023 and 2024 appropriation acts earmarked N12.48bn, N13.07bn and N20.52bn respectively. On his way to the 2024 Commonwealth Heads of Government Summit in Samoa, a foreign object damaged the cockpit windscreen of Vice President Kashim Shettima’s GulfStream aircraft during a stopover at JFK Airport in New York. According to Lee Aerospace, manufacturers of the Gulfstream, jet windshields consist of thick multilayered structures of varying layers of glass and transparent acrylic built to withstand collision with a 2kg object. However, damage to the windshield must have affected its inner layers. While specific prices for replacement can vary based on supplier, labour rates and regional costs, estimates … Read more

US Places $25,000 Bounty On Fleeing Nigerian On Murder Trial

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  The United States of America has offered a $25,000 reward for anyone who could provide it with information that could facilitate the arrest of a Nigerian, Olalekan Abimbola Olawusi, who is reportedly facing trial for the alleged murder of his child. PUNCH Metro gathered from a statement credited to the Supervisory Deputy U.S. Marshal, Don Freeman, and obtained from the agency’s website on Monday, that Olawusi has also been named among the 15 most wanted fugitives in the US. Freeman noted that Olawusi, who lived in Rhodes Island, US, was arraigned on two counts bordering on first-degree murder caused by inflicting bodily injury to a child and unlawful flight to avoid prosecution. He added that the incident occurred on April 3, 2017, after police operatives and firefighters found the three-month-old child and rescued him at the hospital where it was discovered that the child had suffered injuries in 18 parts of his body. The discovery was said to have led to the arrest of Olawusi. Upon his arrest, Olawusi was charged in court on April 20, 2017, but his whereabouts became unknown after he was released the same day while the trial was pending. Freeman added that the infant died six months after being hospitalised as a result of the injuries he had allegedly sustained from his father’s abuse which prompted the prosecuting department to include a murder charge in the ongoing trial. He said, “A man wanted in Rhode Island on charges of murder, inflicting serious bodily injury to a child and unlawful flight to avoid prosecution has been added to the U.S. Marshals Service 15 Most Wanted fugitives list with an up to $25,000 reward being offered for information leading to his arrest. “Olalekan Abimbola Olawusi, 48, was charged in Providence with first-degree murder and two counts of inflicting serious bodily injury to a child after Providence Police and Fire personnel found his three-month-old son bleeding from the mouth and nose at a residence on April 3, 2017. “The child was transported to the hospital in cardiac arrest and needed to be resuscitated to regain a pulse. An examination at the hospital noted 18 injuries at various stages of healing, indicating a pattern of long-term abuse. These injuries included a skull fracture, subdural hematoma, significant brain injury, and fractures of the child’s ribs, clavicle, legs and arms. He was placed on life support but died six months later. “Providence police arrested and charged Olawusi on April 20, 2017, with first-degree child abuse. He was released the same day and subsequently fled. The murder charge was added following the infant’s death on October 31, 2017.” The US Supervisory Deputy Marshall noted that after frantic efforts to locate Olawusi, it was discovered that he had fled the country on June 20, 2017, while stressing that further investigation revealed that he was receiving assistance from family members in Nigeria. He added that the suspect has been placed on the wanted list because he could pose a danger to children and other members of the public and the US would deploy all its resources to ensure that he faces justice. “Olawusi is wanted for the abuse and murder of an innocent child and has fled the country to avoid justice. We have placed Mr Olawusi on our 15 Most Wanted list due to the heinous crimes he’s committed and the threat he continues to pose to the public. The USMS will exhaust all resources necessary to bring him to justice for his family and the community. “Olawusi, who uses the alias Olekun Olawusi, stands 5 feet 8 inches tall and weighs approximately 185 pounds. He has black hair and brown eyes. Information regarding his whereabouts may be reported to the U.S. Marshals at 1-877-WANTED2 (926-8332) or via the USMS Tips App,” Freeman concluded.  

IPMAN, Dangote Reach Agreement On Direct Petrol Supply Deal.

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  The Independent Petroleum Marketers Association of Nigeria has secured an agreement with Dangote Refinery to lift products directly. IPMAN’s National President, Abubakar Garima, announced this at an ongoing press briefing on Monday in Abuja, following a meeting of the National Working Committee of the Association. He said the partnership would ensure a steady, affordable supply of PMS products nationwide. “After meeting with Aliko Dangote and his management team in Lagos, we are pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS, AGO, and DPK directly for distribution to our depots and retail outlets.” Garima urged IPMAN members to support Dangote Refinery, citing the benefits of backward integration and its positive impact on Nigeria’s foreign exchange market. “IPMAN members should rely on Dangote Refinery and Nigerian refineries for white products, creating more job opportunities and supporting President Bola Tinubu’s renewed hope agenda.” The latest development concludes several months of negotiations between both parties and is expected to increase efficiency, affordability, and economic growth. The Dangote Refinery, the largest in Africa and Europe, has already commenced the production of petrol, diesel, and aviation fuel, with plans to supply products to over 30,000 IPMAN members and 150,000 retail outlets nationwide. This move is expected to eliminate middlemen, reduce costs, and ensure a steady supply. More details soon…

Kwara Warns Workers: No November Salary Without Resident Registration

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  Kwara State Government has urged public sector workers to register with the Kwara State Residents’ Registration Agency without delay. The state government noted that workers who fail to obtain a valid resident registration number will not receive their November salary or bonuses. This was stated in a release by the Commissioner for Finance, Dr Hauwa Nuru, and signed by the ministry’s Press Secretary, Babatunde Abdulrasheed, on Monday in Ilorin.65 Nuru reported that the registration process began in July. She noted that Bowser is legally mandated to gather data on all residents of the state and assign unique identities to each person to improve planning, resource management, service delivery, public safety, and more. “In line with the administration’s commitment to accountability and transparency in resource management, a directive has been issued mandating all state employees, including those across the 16 local government areas, to complete their registration. THE ROUNDTABLE: Again, NNPCL Hikes Petrol Price, Fixes N1,060/litre0:00 / 0:00 “From November, any worker who has not registered will not receive salary payments or bonuses,” she said. The commissioner added that the KWSRRA registration is an essential step towards creating a comprehensive and accurate database that allows Kwara to serve its residents more effectively. Ensuring that every state worker is registered strengthens our payroll system, enhances service delivery, and builds trust in our processes. “The integrity of our data affects all our financial and administrative systems. A complete database helps us make informed decisions, allocate resources efficiently, and ensure that every eligible worker is compensated fairly and accurately,” she added. She urged all state employees who have not yet registered to visit the nearest KWSRRA centre to complete their enrolment promptly. “By following this directive, the Kwara State Government is working to establish a more efficient and equitable system for both its workforce and residents,” she said.

Petrol Landing Cost Drops To N971/Litre

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  The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a considerable reduction of 20.34 per cent, dropping to N971.57 per litre over the past three months. This decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in terms of global market fluctuations and supply chain factors. However, despite this reduction, the retail price of petrol in Nigeria has sharply increased by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024. According to data released by the Major Energies Marketers Association, in its competency centre daily energy bulletin, oil marketers imported petrol at N1,219 per litre at a Brent crude oil price benchmark of $80.72 per barrel and at an exchange rate of N1,611 per dollar in August. Petrol sold at N617 per litre during this period. But in November, with an estimated landing cost of N971.57, Brent crude price benchmark of $75.57 per barrel and an exchange rate of N1,665.84 per dollar, the product currently sells at N1,060 at the Nigerian National Petroleum Company Limited retail station and N1,180 at stations owned by independent marketers. The document also showed that the landing cost stood at N945.63 in September 2024 and N903.64 per litre in October 2024. This increase, despite falling landing costs, can be attributed to factors such as the ongoing deregulation of the fuel market, fluctuations in the exchange rate, rising inflation, and the broader economic challenges facing the country. However, experts say they expect the reduction would lead to a corresponding drop in the retail price of petrol. On Sunday, the Nigeria Labour Congress accused fuel marketers of inflating petrol prices, claiming the pump price is significantly higher than the actual market value. The NLC in a communique released following its National Executive Council meeting, contended that Nigerians are being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution.The organization’s call underscores its growing concerns over the economic strain on Nigerians and its commitment to holding both fuel marketers and the government accountable for citizens’ welfare.

Ibadan Woman In Custody For Fatally Stabbing Husband

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  An Iyaganku Chief Magistrates’ Court in Ibadan has ordered the remand of 33-year-old Comfort Olajumoke Olalere Tinubu at the Agodi Correctional Facility following charges of murdering her husband, 39-year-old Oluwasegun Tinubu. The incident occurred on October 30, 2024, during a domestic disagreement at the couple’s residence in Zone 5, Gbelu, Iyana-Agbala, Ibadan, where Comfort allegedly stabbed Oluwasegun with a knife around 9:00 p.m. The prosecution, represented by Corporal Akeem Akinloye, charged Olalere with one count of murder, citing violations of Section 316 of the Criminal Code Laws of Oyo State 2000, which carries severe penalties under Section 319. Chief Magistrate Mrs. Olabisi Ogunkanmi did not take Olalere’s plea due to a lack of jurisdiction in the case, and she ordered her remand while awaiting legal advice from the Directorate of Public Prosecution (DPP). The court has scheduled the next mention of the case for March 5, 2025.

NLC Announces Nationwide Strike Over Unfulfilled Minimum Wage Implementation

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  NLC, Nigeria Labour Congress has announced a statewide strike in states where the 2024 National Minimum Wage has yet to be implemented, effective December 1. According to a communique signed by NLC President, Joe Ajaero, the decision was reached during the Congress’s National Executive Council (NEC) meeting held in Port Harcourt on Friday. This action, according to Ajaero, is intended to push for immediate compliance with the minimum wage law, which many state governments have yet to enforce. In preparation for the strike, the NLC has announced the creation of a National Minimum Wage Implementation Committee tasked with educating workers on their rights under the new law and mobilizing support across affected states. The Congress also said that the strike action is not just about enforcing the law, but about ensuring that Nigerian workers can maintain a basic standard of living amid rising costs. The NLC called on all state councils to adhere to the December 1 deadline, vowing to intensify the strike in states that fail to meet the wage requirements. “The NEC notes with deep frustration the persistent delay and outright refusal by some state governments to implement the 2024 National Minimum Wage Act. This betrayal by certain governors and government officials across the country flies in the face of both legality and morality, as workers continue to be denied their rightful wages amidst rising economic hardship. It is a blatant disregard for the law and the lives of millions of Nigerian workers, who are being exploited by the very leaders sworn to protect them. “The NEC therefore resolves to set up a National Minimum Wage Implementation Committee that will among others commence a nationwide assessment, mobilization, and sensitization campaign, educating workers and citizens on the need to resist this assault on their dignity and rights. Furthermore, the NLC shall initiate a series of industrial actions in all non-compliant states and shall not relent until the minimum wage is fully implemented across Nigeria. To this end, all state Councils where the National Minimum Wage has not been fully implemented by the last day of November 2024 have been directed to proceed on strike beginning from the 1st day of December 2024. Nigerian workers demand justice, and justice they shall have,” it declared. The strike is expected to affect public sector operations in several states, as the NLC has promised to remain unrelenting in its efforts to secure fair pay for all Nigerian workers.

TCN Reports Another Vandalism On Lokoja-Gwagwalada 330kV Transmission Line

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  The Transmission Company of Nigeria (TCN) yesterday said vandals again destroyed 330kV Lokoja – Gwagwalada transmission line 1,in the early hours of Saturday 9th November 2024. Its Public Affairs, General Manager, Ndidi Mbah broke the news in statement on Saturday, said: “The Transmission Company of Nigeria hereby reports that vandals have again attacked its 330kV Lokoja – Gwagwalada transmission line 1, in the early hours of Saturday 9th November 2024.” The spokesperson said early on Saturday, TCN engineers attempted to re-energise the 330kV Lokoja–Gwagwalada transmission line 1, but the line tripped. According to the statement, after efforts to reclose the line failed, a patrol team of TCN linesmen was dispatched to physically trace the line for faults. The company said upon inspection, they discovered that transmission towers T306, T307, and T308 along line 1 had been vandalized, disrupting bulk power transmission along the route. The statement reads in part: “Further examination revealed that the vandals had stolen two spans of aluminium conductor from line one. “The Lokoja–Gwagwalada line is a double-circuit transmission line, and while TCN is still supplying bulk power through line two, efforts are underway to source replacement aluminium conductors for the two spans stolen from line one. “The rising trend of vandalism targeting transmission lines and towers has become a significant challenge, severely impacting the country’s power infrastructure and hindering the expansion and stability of the national grid. ” This recent incident adds to an alarming pattern of attacks on the transmission network nationwide. In the Gwagwalada area alone, recent acts of vandalism include the attack on the Gwagwalada–Kukuwaba–Apo transmission line on 10th December 2023, the Gwagwalada–Katampe line on February 26, 2024, and several others on that axis. Such acts of vandalism continue to disrupt the stability and growth of Nigeria’s national grid. “We once again appeal to members of the public, especially residents of communities hosting transmission lines and towers, to collaborate with TCN and security operatives in combating this menace. “Vandalism of power installations is a disservice to us all and undermines efforts to strengthen the nation’s transmission system.”

La Liga Leaders Barcelona Lose 0-1 At Real Sociedad

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  La Liga leaders Barcelona fell to a 1-0 defeat at Real Sociedad on Sunday as they had a Robert Lewandowski goal controversially disallowed. Sheraldo Becker’s 33rd-minute goal consigned the Catalan giants to their second league defeat of the season, leaving Hansi Flick’s side six points clear of second-placed Real Madrid, having played an extra match. Lewandowski’s early disallowed strike led to furious debate over whether the Polish forward had been offside or not Barcelona were without teenage star Lamine Yamal after he suffered a blow to his ankle in the Champions League win at Red Star Belgrade midweek and badly missed his spark. The Catalans failed to score in a match for the first time this season across all competitions as Real Sociedad, eighth, held firm. Playmaker Dani Olmo started on the bench while defender Pau Cubarsi played in a mask after suffering a cut which needed stitches on his face in Serbia. Barcelona have struggled at Real Sociedad in the past and were given another uncomfortable night in the Basque country. Lewandowski thought he had fired Barcelona in front after 13 minutes when he reacted well to a blocked shot to fire home, but the goal was ruled out following a VAR review. Referee Guillermo Cuadra Fernandez was told Lewandowski was offside, although the forward did not appear to be in front of Real Sociedad defender Nayef Aguerd. The semi-automated offside technology used in La Liga indicated the front of Lewandowski’s boot was off, but Spanish media furiously debated whether the technology had misinterpreted Aguerd’s heel as part of the veteran striker’s boot. With Barcelona’s strike chalked out, the hosts took control and tested visiting goalkeeper Inaki Pena several times. Takefusa Kubo’s low drive stung Pena’s fingers after a fine dribble inside from the right flank by the Japan international. Becker fired Real Sociedad ahead with a cool low finish after Luka Sucic nodded the ball into his path. Flick brought on Olmo for the ineffective Frenkie de Jong at half-time but Barcelona remained second best. Becker screwed a shot wide after Jules Kounde did just enough to put off the Real Sociedad winger, and Ander Barrenetxea also squeezed an effort wide from a tight angle after bursting into the area. Despite scoring 40 goals in their first 12 league matches Barcelona were unable to find the net or even create any significant danger in the final stages.  

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