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Moghalu Shares Insight on Falling Naira

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A former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, says that the naira is not appreciating because Nigeria is not a productive economy.

Moghalu said this in Abuja on Friday while announcing his defection to the African Democratic Congress, the party on whose platform he is expected to contest the 2023 presidential election.

He added that the only thing Nigeria exports is crude oil but the price is not determined by Nigeria, hence the nation’s volatile economy.

The former CBN deputy governor said, “We want to determine the exchange rate but we are not producing or exporting anything other than crude oil. The reason naira’s value to the dollar is what it is, is because Nigeria is not a productive economy.

“The number one thing that determines the value of any currency is how productive its economy is and export-oriented because when you export a diversified range of value-added products, you’re earning foreign exchange in different ways.

“But if you are a one-trick pony, you depend on one commodity and you don’t control the price of that commodity, when the price sneezes, you catch pneumonia or you catch COVID. So, this is why we are suffering concerning the naira. It is also a demand and supply issue and also about inflation. So, when a country is experiencing inflation, it affects its exchange rate negatively.”

On the current state of insecurity in Anambra State which holds its governorship election next month, Moghalu said the crisis was manufactured and was being fuelled by selfish interests.

He said the deployment of soldiers in the state was unfortunate but was evidence that the police were too weak to restore order.

The Presidential hopeful, however, added that restoring peace in the state was the most important thing for now.

“What is happening in Anambra is unfortunate but it is a manufactured conflict and it is being done for selfish purposes.

“The law enforcement authorities and the military which they have now been brought into the situation unfortunately because we have a very weak police force so we have tended to see the militarisation of civilian spaces which I think is unfortunate but in order to ensure that lives are not taken uselessly if it takes the military to enforce that order, fine but let us have peace and security,” he said.

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Nigerian officials probe plan to marry off scores of female orphans

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Nigeria’s Federal Ministry of Women Affairs says it is investigating a plan by a lawmaker in central Niger state to marry off some 100 female orphans of unknown ages later this month.

Speaker of the Niger State Assembly Abdulmalik Sarkin-Daji announced the mass wedding last week but called off the ceremony following widespread outrage.

Minister of Women Affairs Uju Kennedy-Ohanenye, speaking to journalists in Abuja on Tuesday, condemned the plans.

Kennedy-Ohanenye said she had petitioned the police and filed a lawsuit to stop the marriages pending an investigation to ascertain the age of the orphans and whether they consented to the marriages.

“This is totally unacceptable by the Federal Ministry of Women Affairs and by the government” of Nigeria, she said.

Last week, Sarkin-Daji announced his support for the mass wedding of the orphans, whose relatives were killed during attacks by armed bandits. He said it was part of his support to his constituents following an appeal for wedding funding by local traditional and religious leaders.

The mass wedding had been scheduled for May 24.

“That support I intend to give for the marriage of those orphans, I’m withdrawing it,” he said. “The parents can have the support [money], if they wish, let them go ahead and marry them off. As it is right now, I’m not threatened by the action of the minister.”

Despite national laws prohibiting it, forced or arranged marriage is a common phenomenon in Nigeria, especially among rural communities in the predominantly Muslim north, where religious and cultural norms such as polygamy favor the practice.

Poor families often use forced marriage to ease financial pressure, and the European Union Agency for Asylum says girls who refuse could face repercussions such as neglect, ostracism, physical assault and rape.

Raquel Kasham Daniel escaped being married off as a teenager when her father died and now runs a nonprofit helping children, especially less-privileged girls, get a formal education for free.

She said the ability of women to avoid forced marriage in Nigeria depends on their income and education.

“I was 16 when I lost my dad and I was almost married off, but then I ran away from home. And that gave me the opportunity to complete my education, and now I have a better life,” Daniel said.

“So, the reason why I prioritize education is to make sure that other girls have access to quality schooling so that it will help them make informed decisions about their lives. Education not only increases our awareness as girls about our rights but also enhances our prospects for higher income earning,” she said.

Thirty percent of girls in Nigeria are married before they turn 18, according to Girls Not Brides, a global network of more than 1,400 civil society groups working to end child marriage.

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Shell investigates smoke near Gbaran oil facility in Nigeria

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YENAGOA, Nigeria, May 14 (Reuters) – Oil major Shell is investigating reports of smoke early Tuesday near its Gbaran Ubie oil and gas facility in Nigeria’s coastal Bayelsa state, a spokesperson said after residents reported hearing explosions and seeing smoke near the area.
The incident would not immediately lead to an operational shut-in, the Shell spokesperson said.
A fire was reported around 0600 GMT by residents in the nearby community, who said blasts were heard where pipeline repair works had been ongoing.
The Gbaran facility, which began operations in 2010, is by far the most important Nigeria LNG gas feedstock project, processing almost 2 billion standard cubic feet of gas per day.
“We are actively monitoring reports of smoke detected near our Gbaran Central Processing Facility in Bayelsa State. While the source appears to be external to our facility, we are in close communication with regulatory authorities to look into the incident and ensure the safety of the surrounding communities,” a Shell spokesperson said in an emailed statement.
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Shell did not immediately respond to the accounts of residents in the area.
Resident Ovie Ogbuku told Reuters: “At about 7 a.m. I heard the sound so deafeningly and it shook the foundation of the earth and we ran for our dear lives. The result is the thick smoke you are seeing now.”
Another resident Uche Ede said; “We have no idea of the cause of the explosion but we are grateful no life was lost because it was far away from homes.”
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Land operations in Nigeria’s oil-rich Niger Delta are prone to sabotage, theft, and pipeline vandalism, forcing oil majors to exit such fields to focus on deepwater drilling.

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Lifestyle

The Duke and Duchess of Sussex’s Nigeria tour: A Round Up

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Meghan and Harry spent three days in the African country, Nigeria in celebration of the 10th anniversary of the Invictus Games

The Duke and Duchess of Sussex spent time in Nigeria as part of a three-day tour, in celebration of the 10th anniversary of The Invictus Games.

The couple were personally invited on the trip by Nigeria’s chief of defence staff, General Christopher Musa; they are not there in any official capacity on behalf of the royal family or the UK. The tour schedule, which started in the bustling capital of Abuja, has been jam-packed, including a visit to primary and secondary school Lightway Academy, where they met with students, and experiencing the work of Nigeria Unconquered, a charitable foundation dedicated to aiding wounded, injured, or sick servicemembers.

Naturally, the trip also provided the opportunity for Meghan to showcase a multi-day “tourdrobe”, the likes of which we haven’t seen since the couple stepped down as senior working royals in early 2020 – and she hasn’t disappointed, in a series of summery maxi dresses, elegant tailoring and striking separates.

See highlights from their trip so far, below.

On day three, the couple arrived at Lagos airport, where they were given an official state welcome.

The couple posed for a photo with children and Nigerian dignitaries.

 

The couple were greeted by the Lagos State Governor, Babajide Sanwo-Olu.

 

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They then attended a basketball exhibition training match at Ilupeju Grammar School in Lagos. After the match, they posed for a photo with the Toronto Raptors basketball team president, Masai Ujiri, and the principal of Ilupeju Grammar School, Josephine Egunyomi.

 

The couple attended a reception hosted by the charity organisation Nigeria Unconquered, held at the Officers’ Mess in Abuja.

 

A visit to the Defence Headquarters in Abuja.

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