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Nigeria’s External Reserves Rise 2.83% Amid Foreign Inflows

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In a testament to Nigeria’s economic strength, the country’s external reserves have surged by 2.83% year-to-date, propelled by increased foreign capital and remittances.

Recent data from the Central Bank of Nigeria (CBN) reveals a noteworthy uptick, with foreign currency reserves reaching $34.11 billion as of March 7, 2024—up from $33.17 billion at the beginning of the year.

This boost in reserves, comprising foreign currencies, gold, and other international assets, reflects Nigeria’s ability to navigate and thrive amid global economic currents.

Recall that on Wednesday, the CBN unveiled a striking surge in Diaspora remittances.

February witnessed an extraordinary spike, with remittances skyrocketing by an astounding 433%, surging to $1.3 billion compared to the $300 million reported in January.

It said “We saw a 1.0 percent week-on-week (w/w) accretion in the foreign reserves to $34.02bn as of March 6th, 2024, owing to foreign capital inflow (evident in the year-to-date (YTD) foreign net inflows of $822.6m through the NAFEM window) following CBN’s drive to attract FX, analysts at Afrinvest Securities Limited.”

On Friday, the Naira experienced a 1.55% depreciation, with the dollar quoted at N1,627.40, marking a decline from Thursday’s N1,602.17, as reported by the FMDQ Securities Exchange.

The intraday high also weakened to N1,640 per dollar on Friday, compared to N1,635 on Thursday.

However, the intraday low showed improvement, reaching N1,413/$1 on Friday, stronger than Thursday’s N1,470/$1.

Notably, there was a substantial increase in dollar supply, rising by 63.48% to $269.35 million on Friday, up from $164.76 million recorded on Thursday.

In the parallel market, commonly referred to as the black market, the Naira remained stable at N1,620 per dollar.

Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) announced, following the Monetary Policy Committee (MPC) meeting on February 27, 2024, that the country’s external reserves had increased to $34 billion from the initial $33 billion at the beginning of the year.

Moreover, on February 5, 2024, the CBN reported a reduction in the inherited $7 billion FX backlog to $2.2 billion.

The CBN expressed its commitment to resolving the outstanding balance, demonstrating efforts to address foreign exchange challenges.

According to a weekly report by Afrinvest, the Naira maintained stability across the FX market, trading within a similar band as the preceding week.

The report highlighted a 41.4% improvement in activity at the NAFEM Window, totaling $421.6 million, a notable increase from the previous week’s $473.1 million.

Furthermore, the report indicated a 4.9% week-on-week depreciation of the Naira against the dollar at the NAFEM Window, with the exchange rate falling to N1,627.40/$1.00.

Additionally, the parallel market witnessed a 5.3% week-on-week dip in the Naira against the dollar, settling at N1,600.00/$1.00.

It said “We note that the spread between the NAFEM and parallel rates sustained its streak for the second week though the weekly average declined 98.8 percent to N27.40.

“In the week ahead, the Naira is likely to trade within a similar band across FX segments, supported by intensified regulatory spotlight, the analysts.”

In a press briefing held in Abuja, Hakama Sidi Ali, the acting director of corporate communications at the Central Bank of Nigeria (CBN), underscored a substantial increase in overseas remittances, surpassing four times the figures from the preceding month.

Ali emphasized the heightened interest of foreign investors in Nigerian assets, revealing investments exceeding $1 billion in February alone.

Additionally, she highlighted a positive trajectory in total portfolio flows for 2024, reaching $2.3 billion, showcasing promise compared to the $3.9 billion recorded for the entire previous year.

In addition, Ali highlighted that the momentum of increased foreign exchange inflows continued into March 2024.

This surge was attributed to a heightened investor appetite for short-term sovereign debt following adjustments to benchmark interest rates.

A significant development was observed in government securities issuances, with substantial oversubscription.

Foreign investors took a leading role, contributing to over 75 percent of the total bids received during auctions conducted on March 1 and 6, 2024.

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Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals

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Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.

In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.

Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.

His remarks underscore the significant revenue opportunities available in the digital content landscape.

Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.

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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.

“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.

Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.

This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.

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NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria

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A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.

The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).

In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.

According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”

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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.

“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”

It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”

In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.

“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.

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Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library

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The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.

Biztellers reports that it initiative is part of their continuing support for education.

Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).

The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.

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In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.

Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”

The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.

Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”

Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”

On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.

“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.

“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.

The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.

Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.

The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.

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