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Spike In Naira Is Short-Term – Dele Alake Explains

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The president’s spokesperson, Dele Alake has stated that the president’s recent actions have generated interest in Nigerian affairs among other nations and investors, thereby strengthening the nation’s economy.

 

He disclosed this while providing an explanation for the president’s participation in the global summit in France.

 

The spokesperson also mentioned that leaders of various nations and major financial organizations have expressed their desire to meet with the president to explore potential areas of cooperation, given Nigeria’s recent positive economic growth.

 

However, he acknowledged that in the short term, there may be a slight increase in the demand for foreign currency, which could affect the value of the Nigerian Naira in relation to the US dollar.

 

He said “However, in the short term, we have noticed and expected that there will be a slight spike in the demand and then that would affect the value of the Naira viz-viz the dollar.

 

“So, apart from the immediate, short and long term positive effects of that unification policy, there could be a need for an injection of direct foreign exchange into the economy to shore up the value of the naira while market forces stabilize. And in the short run or medium term, there is going to be when the effects of this policy begin to mature.

 

“Now that is going to build confidence in the foreign exchange system of Nigeria, which means people abroad can begin to bring in their money into the economy, even those at home, who have hoarded their dollars for fear of restrictions and all that will now be more encouraged to bring the dollars into the financial system.” He added.

 

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Lagos Pastor Suspends Offering Collection

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A pastor in Lagos has become the focus of public interest after a video surfaced showing him declaring the suspension of offering collections during church services.

Speaking in English and Yoruba, the pastor explained that the decision was prompted by the prevailing circumstances in the country.

He assured his congregation that foregoing offerings wouldn’t lead to financial struggles for pastors, expressing confidence in their reliance on divine providence.

The pastor’s message received enthusiastic applause from the church members, and he urged fellow clergy across the nation to consider a similar approach.

He said “Don’t collect offerings today, for now because of the situation in this country. For now, we are pending the offering.

“All pastors should notice that pending the situation of this country, we should stop the collection of offerings. The reason is that a church member can come to church spending N1000 as a fare, and still give an offering and may trek back home.

“Am I making sense? Not giving an offering doesn’t mean the pastor would starve, if truly he was called. But for now, till the fuel pump price will fall, in our church…we are not collecting offerings for.

“Come and serve your God and go home. Until the price of petrol comes down. It is not easy. You are going to work tomorrow, you don’t know, maybe the transport fare to Mushin would be N500 or N700.

“For all pastors, stop collecting offerings. There’s one thing I want to say, stop collecting offerings for now. Stop collecting offerings for now.”he added

 

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Dangote Cement Workers Abducted In Edo

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Gunmen believed to be kidnappers have reportedly abducted an unspecified number of employees from the Dangote Cement Company Plc in Okpella, Etsako West local government area of Edo state.

The incident occurred on Monday when the workers were traveling back to Okpella town in a staff bus after work.

According to an anonymous source from Okpella community, the gunmen ambushed the bus, emerged from the bush, halted the vehicle at gunpoint, and then took the workers into the bush.

The source added “Yes, we heard of it, they said they were in a Coaster bus coming to Okpella after work when they were kidnapped by gunmen. But, we don’t know the numbers of the workers that have been kidnapped.”

Confirmation from police authorities regarding the incident was unavailable as calls and messages to the State Commissioner of Police and the Command’s spokesperson went unanswered.

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NNPC/First E&P JV Empowers NGOs With N53.4m

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As part of its Corporate Social Responsibility (CSR) initiatives, the Nigerian National Petroleum Company Limited (NNPC Ltd) and First Exploration & Production Limited (First E&P) joint venture (JV) has donated the sum of N53 million to non-governmental organizations (NGOs) in Nigeria.

Under the JV’s Impact First Initiative, the donation, targeted towards enhancing societal welfare, would address areas such as good healthcare and well-being, quality education as well as economic growth within the nation.

Speaking during the cheque presentation ceremony, NNPC Ltd’s Chief Upstream Investment Officer (CUIO), NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, expressed gratitude to First E & P for initiating the laudable programme.

Represented by the Deputy Manager, External Relations, NUIMS, Mrs. Edith Lawson, Wunti highlighted NNPC Ltd’s belief in the power of CSR, stressing that the Company remains committed to working with its partners to impact the lives of the less-privileged.

Wunti said under the initiative, projects and programmes executed include the provision of classrooms, ICT Centres, laboratories and other infrastructural intervention projects, scholarships, quiz competitions, skill acquisitions, and economic empowerment, a testimony to NNPC’s dedication to fostering sustainable development in Nigeria.

Wunti described First E & P’s foresight and leadership as commendable, adding that the partner has spearheaded the initiative towards meaningful change that will ensure a better future for all Nigerians.

Among the beneficiaries of the donation were the Irede Foundation, which provides custom-made artificial limbs to child amputees aged 0-18 and Human Development Initiative (HDI), which focuses on tackling fundamental issues of poverty, injustice, neglect, deprivation, and equality among vulnerable people.

Others were the OISA Foundation, which transforms lives through interventions in the education and healthcare sectors; Cerebral Palsy Center, which renders support to families with children with cerebral palsy as well as the Niola Cancer Care Foundation, which organises awareness talks and screens communities for colon cancer.

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