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Govs urge sacrifice for Nigeria’s peace, progress

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As Muslims celebrated the Eid-el-Kabir on Sunday, governors and community leaders called for sacrifice as highlighted through acts of charity and kindness, to engender peace and progress in the country.

The faithful trooped out to various Eid grounds to celebrate the occasion, which commemorates Prophet Ibrahim’s obedience to Allah’s command to sacrifice his son.

At the Eid praying ground in Ilorin, the Kwara State capital, Governor AbdulRahman AbdulRazaq and the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari, joined the congregation to offer prayers to God for continued peace in the country.

Governor AbdulRaza prayed to Allaah to make peace, unity, and progress permanent features of the state and Nigeria while urging citizens to unite and work for a better country.

“Yesterday, the Amirul Hajj for Kwara, Senator Ibrahim Yahaya Oloriegbe, reached out to me from the Holy Land and asked for my prayer points. I said my prayer for Nigeria is unity, peace, and progress.

“Today, my message is the same: unity, peace, and progress. For those of us who have seen today, we say Alhamdulilahi. For those who have departed, we say may Allaah grant them Al-Jannah Firdaus.”

The emir also prayed for continuous peace and prosperity for the state and Nigeria, urging unity among sons and daughters of the Ilorin Emirate.

In his Sallah message, the Rivers State Governor, Siminalayi Fubara, enjoined the Muslim faithful to use the season to promote tolerance and the spirit of sacrifice and perseverance, as exemplified by the Holy Prophet Ibrahim.

In a statement issued in Port Harcourt on Sunday by his Chief Press Secretary, Nelson Chukwudi, the governor noted that Eid-el-Kabir highlighted the significance of unity, cooperation and mutual respect, urging Nigerians to continue to work towards peace and progress.

Fubara said the festival of sacrifice served as a reminder of the need for harmony in society, as he called on Nigerians to draw important lessons from the season to engender peace and progress in the nation.

The Gombe State Governor, Muhammadu Yahaya, called on leaders at all levels to embrace the lessons of the festival, which symbolises sacrifice, obedience and a profound test of faith for the benefit of the people.

The governor, during a feast with heads of government agencies at his official residence shortly after the Eid prayer in Gombe, stressed that the essence of Eid-el-Kabir served as a universal lesson for all leaders, regardless of their faith.

“We must sacrifice at all times and at all points, especially as leaders. We have much to learn from this festival. I believe that not only Muslims but also our Christian brethren understand the importance of such a command and the spirit of sacrifice,” the governor stated.

Governor Sheriff Oborevwori of Delta State, in a statement by his Chief Press Secretary, Sir Festus Ahon, in Asaba, exhorted the adherents of Islam to follow the footsteps of Prophet Mohammed, by absorbing the principles of selflessness demonstrated by the Holy Prophet.

He said the Eid-el-Kabir celebration was a time of sacrifice, love, harmony, and family time and urged Nigerians, regardless of their faith or ethnicity, to keep up their peaceful coexistence and to love and care for one another.

“We must use the Eid-el-Kabir celebration to reflect further and pray for our country to overcome the many problems confronting it,” he said.

Governor Peter Mbah of Enugu State congratulated Muslim ummah in the state and across the nation and called on them to use the occasion to exhibit love, tolerance, peace, unity, and a sense of sacrifice to move the nation forward.

Mbah, in his goodwill message to the Muslim faithful at Eid el-Kabir, stressed that the present socio-economic challenges would ultimately abate through the collective sacrifice and commitment to nation-building by all Nigerians.

“As we celebrate, let us also reflect on and imbibe the essence of sacrifice, charity, love, service, peace, unity, humility, and submission to the command of God that this occasion represents,” he said.

The Bauchi State Governor, Senator Bala Mohammed, in his Sallah message, said, “The occasion of the Eid-el-Kabir should be used to reflect on how we have fared morally and spiritually during the last year, to take corrective measures, where necessary, to be amongst the believers who will enjoy the mercies of Allah in the hereafter.

“Islam as a religion propagates total submission to the will of Allah and peaceful co-existence amongst the Muslim Ummah and with adherents of other faiths.”

He asked that the period be used to strengthen the existing interpersonal relationships and create new ones.

“We are not unmindful of the economic hardship being experienced by the generality of the people. This is a national problem that is being jointly addressed by the federal and state governments.

“I want to appeal to you to bear with the temporary situation. As a responsive responsible government, we will render palliative measures to cushion the effects of the hardship. I will, however, appeal to you to make some sacrifices to ensure that we overcome the hardship,” he noted.

On his part, the Kogi State Governor, Usman Ododo, vowed to continue to make the security of lives and property a top priority of his administration.

Ododo, speaking after the Eid-el-Kabir prayers at the Okene central praying ground on Sunday, said “We will make sure that Kogi is not a fertile land for criminals to come and test their intelligence.”

He appreciated President Bola Tinubu, all the security agencies and local vigilantes for their efforts in rescuing the abducted students of the Confluence University of Science and Technology, Osara and condoled with the families of two out of the 31 students who died in the hands of the kidnappers.

Governor Douye Diri of Bayelsa State, in a statement by his Chief Press Secretary, Daniel Alabrah, urged adherents of the Islamic faith in the country to reflect on the season which promotes the virtues of love, peace, self-abnegation and patriotism.

The governor also admonished Muslims to strengthen the bonds of love and brotherhood, noting that these were universal principles founded on proper religious practices.

He stressed that his administration would continue to uphold its policy of non-discrimination and peaceful co-existence, as he remained committed to the unity of all Nigerians, regardless of ethnic or religious differences.

The Ewi of Ado Ekiti, Oba Adeyemo Adejugbe, on Sunday, prayed that this year’s Eid-el-Kabir would be a source of blessing, peace, prosperity, and safety for all Nigerians, and would lead to a peaceful co-existence and progress in the country.

Oba Adejugbe said the challenges confronting the country at present were surmountable with the prayers of citizens.

In a statement in Ado Ekiti on Sunday, he called for kindness among the faithful by helping and supporting the weak and vulnerable in society.

“The country is going through some challenges, especially with a struggling economy and security challenges. These are surmountable with prayers,” he said.

The President of the 8th Senate and ex-Governor of Kwara State, Dr Bukola Saraki, in a statement by his Press Officer on Local Matters, Abdulganiyu Abdulqadir, said the story of Prophet Ibrahim and his unfaltering faith, exemplified by his willingness to sacrifice his son, Ismael, taught of invaluable lessons about faith, obedience, and sacrifice.

Saraki said the lessons resonated deeply, now more than ever, as the country grappled with various challenges, including the current economic realities.

He encouraged Nigerians to take a moment to pray fervently for the nation and its leaders.

“May Allah (SWT) guide them with wisdom and compassion to make decisions that will bring prosperity, peace, and development to our beloved Nigeria,” he said.

Also, Senator Saliu Mustapha, representing Kwara Central in the National Assembly, in his Sallah message, commended Muslims and highlighted the significance of the season.

According to a statement signed by Nasif Sholagberu, his Media Assistant, Mustapha called for the embrace of values of sacrifice, obedience, and faith embodied by Prophet Ibrahim.

The senator representing the Federal Capital Territory, Ireti Kingibe, on Sunday feted Nigerians, particularly the Muslim faithful, on the occasion of the Eid-el-Kabir celebration.

In a congratulatory statement issued in Abuja by her Senior Special Assistant on Media, Kennedy Mbele, the lawmaker called on Nigerians, especially leaders, to reflect and emulate Prophet Ibrahim’s virtues of sacrifice.

She, therefore, appealed to the affluent in society to allow the poor in their midst to breathe.

She said, “The gap between the rich and the poor in this country is inexplicable. The rich must therefore make some meaningful sacrifices to reduce the vast gap. For progress to be made in life, some valuables must be given up for the sake of other considerations.”

A former member of the House of Representatives, Shina Peller, called on Nigerian Muslims to embrace kindness and peaceful coexistence with individuals of other faiths.

In his goodwill message commemorating the occasion of Eid-el-Kabir, Peller emphasised the significance of embracing goodwill, compassion, and reflection embodied by the sacred celebration.

He urged everyone to embrace unity, kindness, and understanding amidst Nigeria’s diverse populace and stressed the need to reach out and extend support to those in need.

The Executive Secretary and Chief Executive Officer of the National Commission for Almajiri and Out-of-School Children’s Education, Dr Muhammad Idris, urged stakeholders to renew their dedication to the education of every child, particularly the out-of-school children in the country.

In his Sallah message on Sunday, where he described education as a fundamental right of every child, he commended the efforts of Tinubu to eradicate the challenges faced by Almajiri and out-of-school children in Nigeria.

“I call upon all stakeholders to renew their dedication to education as a fundamental right for every child. Education remains the cornerstone for unlocking the potential of our youths and empowering them to contribute meaningfully to society,” he said.

“As we observe this auspicious festival, let us embody the values of compassion, empathy, and selflessness that define Eid-El-Kabir. Let us strive to positively impact the lives of those in need, particularly the Almajiri and out-of-school children, who depend on our support and care,” he added.

The Muslim community in Anambra State led by Sarkin Hausa of Awka, Alhaji Haruna Garuba and the Deputy National Director-General of Miyetti Allah Cattle Breeders  Association of Nigeria, Alhaji Gidado Sidikki, called for peaceful co-existence in Anambra and the entire South-East geopolitical zone.

The duo made the call on Sunday, shortly after the Eid prayers at the Central Mosque in Awka, the Anambra State capital.

Haruna particularly urged the Muslim community in the state to use the celebration to reflect and pray for peace and harmony in Nigeria.

Sidikki, on his part, urged his Fulani brothers in the state to live in harmony with their host communities.

“Eid al-Adha, also known as Eid-eil-Kabir, is celebrated annually by Muslims worldwide to commemorate Prophet Ibrahim’s willingness to sacrifice his son, Isma’il, as an act of obedience to Allah, who then substituted Isma’il with a ram. This is why Muslims traditionally sacrifice a ram on this day.

“We observe Eid-eil-Kabir as an act of submission to Almighty Allah, acknowledging that everything we receive and experience is ordained by Him. Despite enduring losses due to attacks and insurgency, we recognise that insecurity affects every region, not just the South East.

“Therefore, we use this occasion to beseech Allah for forgiveness and grant solace to those who have lost loved ones, while expressing gratitude for our health and survival,” he said.

Two fallen trucks worsen gridlock on Lagos -Ibadan Expressway, commuters groan

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Commuters and motorists were held for several hours along the Lagos-Ibadan Expressway on Sunday following multiple accidents where two trucks fell at different sections of the expressway thereby worsening the traffic situation on the busy road.

This is just as the road users expressed their frustration over the recurring gridlock on the expressway.

According had reported on Sunday that it was a tough day for motorists and commuters, as both ends of the Lagos-Ibadan Expressway were grounded by traffic on Saturday.

The situation became worse on Sunday (Eid day) when a loaded truck fell to its side on the Otedola Bridge area of the expressway and spilt its contents on the road with a similar incident along the Long Bridge section.

Our correspondents, who monitored the traffic situation, observed stranded passengers disembarking from their vehicles and walking long distances to bypass the blocked sections of the expressway.

According Metro also noted a fare increase from Berger Bus Stop to Mowe, Ibafo, and Arepo, rising from the usual N400 to N1000.

While the Federal Road Safety Corps officials worked to tow the fallen truck and restore the free flow of traffic, a stranded commuter told our correspondents that they had spent at least two hours in one spot.

“It is a terrible experience today. I spent over two hours on traffic after navigating the one after the Berger end. The FRSC should do something to end this scourge”, the commuter said.

Giving an update on the incident at the Otedola Bridge area of the expressway, the Lagos State Traffic Management Authority in a statement on its Facebook page on Sunday, noted that the road was partially closed to allow for the trans-loading of the content of the truck.

The statement read, “There is (an) ongoing trans-loading of contents at Otedola Inward Berger where a lone accident that involved a loaded trailer occurred.

“Hence, the road will be partially closed soon for the complete recovery of the articulated vehicle.

“Motorists are also advised to drive from Secretariat to link CMS road, connect Otedola and continue their journey towards Berger.”

In a similar incident, a truck loaded with soft drinks fell along the Long Bridge section of the expressway, thereby worsening the traffic situation.

Confirming the incident at the Long Bridge section, the spokesperson for the Ogun State Sector of the Federal Road Safety Corpse, Florence Okpe, in a telephone conversation with According Metro, blamed the fall on overloading and mechanical fault.

“The vehicle which developed a mechanical fault was overloaded which led to it falling when the incident happened. If it had not been overloaded, it wouldn’t have fallen. There was no casualty or injury recorded.”

Meanwhile, some road users who spoke with our correspondent in different interviews on Sunday lamented about the traffic situation.

While expressing their frustration, they also appealed to the Federal Government to find a lasting solution to the traffic situation along the area.

A commuter, Idris Abeeb, stressed that he was stranded in the traffic for several hours noting that the situation had taken a toll on his health.

Abeeb said, “The traffic was hectic as I spent not less than three hours from Berger to after the Long Bridge. I am someone who gets dizzy when stuck in traffic due to the heat that comes with it. I need to go and get drugs because I am not feeling well.

“What I saw was that a truck had fallen on the Long Bridge section which led to the gridlock. The FRSC and other officials are there managing the situation.

A motorist, Akin Akinboye, urged the Federal Government to find a lasting solution to the traffic situation, especially on the Long Bridge section.

“As a motorist, I have been facing this traffic challenge for the past months especially at night around the Berger inwards Long Bridge section. It is time the Federal Government found a lasting solution to this gridlock.”

Meanwhile, Okpe advised motorists to exercise caution while driving on the expressway during this festive period and to shun speeding.

“Speeding is dangerous and most road crashes can be prevented when motorists drive with caution. The FRSC is urging road users to exercise patience, especially during this festive period.

“We are currently managing the situation to restore normalcy to the road,” Okpe said.

Union Bank promotes improved environmental practices

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Union Bank has highlighted the need to preserve and restore the earth through sustainable environmental practices.

This call was made during an event organised in partnership with the Nigerian Conservation Foundation to commemorate the 2024 World Environment Day.

The programme held at the Lekki Conservation Centre in Lagos brought together various stakeholders, including environmental rights activists, international partner agencies, corporate institutions, government agencies, and students of select secondary schools, to deliberate and engage in activities marking World Environment Day.

Speaking during the programme, the Head of Citizenship and Sustainability at Union Bank, Patricia Iwhewhe, stated the importance of preserving the environment.

She said, “Land degradation and erosion are not things stakeholders and policymakers can afford to ignore or gloss over. We all must get involved in helping restore and reclaim parts of our environment badly impacted by deforestation and desertification.

“Union Bank, as a sustainability champion committed to the preservation of our dear planet, appreciates and recognises the responsibility we have as humanity to look after our environment. We will continue to support and participate in programs dedicated to protecting and enriching our precious habitat.”

One of the main events on the day was a tree-planting exercise involving various participants and stakeholder representatives.

The tree-planting activity was in keeping with this year’s celebration theme, ‘Land Restoration, Desertification, and Drought Resilience,’ advocating for the rejuvenation and revitalisation of land devastated by deforestation, erosion, and desertification globally and in Nigeria in particular.

The Nigerian Conservation Foundation has been at the forefront of helping to preserve and protect nature and its resources since its inception.

Army trains defence ministry staff in financial management

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The Nigerian Army Finance Corps said the senior staff of the Ministry of Defence in the Nigerian Army establishments are now well-equipped with financial management and work ethic skills.

The Chief of Accounts and Budget (Army), Maj. Gen. Adetokunbo Fayemiwo, said this at the third edition of a three-day financial management training organised by the Nigerian Army School of Finance and Administration at Arakan Barracks in Lagos State.

In a statement by NAFC, Fayemiwo said the financial management training aimed to improve the synergy between military and civilian staff of the Ministry of Defence, with a commitment to optimising the vision of the Chief of Army Staff and enhancing the security architecture of the country.

Fayemiwo, who was represented by the Commander of the Command Finance Office, Brig. Gen. Abubakar Maikan, said the training was designed to enhance proficiency and equip senior MOD staff with skills in financial management at the strategic level, providing the necessary expertise to confront challenges in financial management and office administration.

He called for synergy among all sister services, para-military and security agencies, and other important stakeholders, including the staff of the Ministry of Defence and the parent supervising ministry.

Fayemiwo, “The seminar/training is designed to enhance the capabilities of senior officers, fostering sound minds, deep analytical skills, and flexibility to carry out financial, administrative, and military duties in furtherance of the Ministry of Defence’s objectives.

“My mission statement, anchored on the vision of the Chief of Army Staff—to transform the Nigerian Army into a well-trained, equipped, and highly motivated force toward achieving its constitutional responsibilities within a joint environment—is to establish a corps that is proactive and proficient in delivering financial services to support the Nigerian Army in accomplishing its missions in defence of Nigeria.

“The mission statement aims to enhance transparency in all Nigerian Army financial transactions, improve compliance with extant regulations, and minimise waste in defence expenditure.”

In his welcome remarks, the Commandant of the Nigerian Army School of Finance and Administration, Maj. Gen. Julius Osifo, noted that NASFA, which had produced 4,684 graduates with National Diploma and Higher National Diploma qualifications, serves as the training arm of the Nigerian Army Finance Corps.

In addition, during the closing ceremony,  Fayemiwo, who was represented by the Deputy Commander of the Command Finance Office, Brig. Gen. Basharu Aminu, emphasised that the training, which covered six lectures, provided participants with a comprehensive overview of the latest developments and best practices in the field of public finances and healthy workplace relationships.

Former employee sues Neuralink

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Elon Musk’s brain-implant startup, Neuralink Corp., forced an employee to work with monkeys that carried the Herpes B virus in conditions in which the animals scratched her bare skin, according to a complaint filed Friday in state court in California.

The employee, Lindsay Short, said that once she transferred to the company’s Fremont, California, site in August 2022, she encountered “a work environment fraught with blame, shame, and impossible deadlines.” She said she was later fired after telling her supervisors that she was pregnant.

Short sued the company for retaliation, wrongful termination and discrimination based on her gender, among other issues.

Neuralink didn’t immediately respond to a request for comment on the suit.

The startup is in the early stages of clinical trials for its device, which is aimed at restoring function for paralyzed patients. An Arizona man, Noland Arbaugh, recently underwent surgery and became the first human patient to have the device implanted. A quadriplegic, Arbaugh can now successfully play video games by using only his thoughts.

The company has also come under fire for the mistreatment of monkeys and other animals in the past, including botched surgeries when it conducted research on monkeys housed at the University of California at Davis. It has since moved monkey research to its own facilities.

Short said she was working with monkeys that carried the Herpes B virus when she was scratched through a glove. She accused the company of failing to provide proper protective gear to work with the monkeys. In another incident, after she was forced to perform a procedure, she wasn’t familiar with, a monkey scratched her face. When she insisted on medical treatment, her boss threatened “severe repercussions” if it happened again, according to the complaint.

In the lawsuit, Short also said Neuralink didn’t honour a promise for flexible work hours to accommodate her family, then demoted her in May 2023, two months after promotion.

The following month, she told Neuralink’s human resources department she was pregnant. Short was fired the following day with the company saying the dismissal was for performance issues, according to the lawsuit.

Akpata flags off campaign, pays homage to Oba of Benin

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The Labour Party governorship candidate in Edo State, Olumide Akpata, has said his party is strong and vibrant to wrest power from the ruling Peoples Democratic Party in the state.

Akpata, who stated this at the opening of his campaign secretariat on Saturday evening in Benin, said he would deliver the dividends of democracy to the 18 local governments in the state if elected in the  September 21 governorship poll.

The LP candidate said his visit to the palace of the Oba of Benin, Ewuare II, was to inform the Oba of his ambition and the commencement of his campaign.

Akpata said: “The LP is strong and vibrant to wrest power and deliver the dividends of democracy to the 18 local government areas of the state.

“We are ready to go to every part of the state to sell our manifesto to the people and let them know that we have the capacity to develop the state.

“It will be wrong to start the campaign without visiting the palace and letting the Oba know of my intention.”

Also speaking, the senator representing Edo Central in the National Assembly, Neda Imaseun, said Akpata had the wherewithal to govern the state going by his track record.

Imaseun, who cut the tape to inaugurate the LP campaign secretariat, urged party faithful, supporters and Edo people to vote for Akpata, who, he said, would take the state to an enviable height.

“Our party’s candidate has the wherewithal to govern the state going by his track record. Akpata’s action over the months has shown that he is ready for the job and I believe the electorate should give it to him.

“I am sure he would take the state to an enviable height that everyone will be proud of,” he added.

Earlier the same day, the party’s candidate in the 2023 presidential election, Peter Obi, went on a road show to introduce Akpata to the electorate, while also leading a party delegation to the Obas palace to seek his blessing.

Third-party insurance premium raises NLIP earnings by 52%

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The gross premium earned by the Nigeria Liability Insurance Pool for 2023 rose by 51.6 per cent to N1.79bn from N1.18bn in the prior year.

According to the annual report of the Pool, the increase was driven by the increase in the premium for third-party motor insurance, which came into effect in January 2023.

The National Insurance Commission, on January 1, 2023, increased the premium rate for motor insurance in Nigeria.

In the directive, private vehicles that were paying N5,000 premium for N1m Third Party Property Damage Limit were directed to pay N15,000 premium for N3m claims, while owner good vehicles were to pay N20m premium for N5m claims, and staff buses were to pay N20,000 premium for N3m claims.

In his speech at the 14th Annual General Meeting of the Pool, which was held recently in Lagos, the NLIP Chairman, Gboyega Lesi, said the growth in the gross premium of the pool “can directly be attributed to the review of third-party premium by NAICOM which took effect from January 1, 2023”.

“Claims expenses grew by 61 per cent from N297.3m in 2022 to N478.6m in 2023. This increase is majorly due to the review of third-party liability limits from N1m to N3m for private motor, N5m for third-party property damage and the high inflationary rate in the country.

“Similarly, the hike in property pricing driven by the adoption of the fire tariff with a four-year moratorium for full implementation also contributed significantly to the growth in premium income. Despite the increase in claims expenses, the Pool posted an impressive underwriting surplus of N533.4m  in 2023, showcasing operational efficiency and prudent risk management,” he explained.

At the end of the year, the Pool’s total assets increased from N1.3bn in 2022 to N1.8bn in 2023, representing an increase of 39 per cent.

On the outlook for the Nigerian insurance sector in 2024, Lesi said the firm was targeting growth in 2024, albeit from a low base.

He noted, “The country’s insurance industry is relatively underdeveloped, hindered by a range of economic problems in recent years and stratified income levels. However, growing disposable incomes, together with rising confidence among businesses and consumers, will facilitate ongoing growth. The development of the sector as a whole will be reliant upon the expansion of the country’s middle class, which will in turn depend on continued economic growth and a stabilisation of the inflationary environment within Nigeria.”

He added that the leadership changes experienced across the industry towards the end of 2023 due to the implementation of the Code of Corporate Governance are expected to impact the industry positively.

“These changes, aimed at enhancing transparency, accountability, and effectiveness within the sector, have ushered in a new era of leadership characterized by fresh perspectives and innovative approaches. Key players across various insurance firms have undergone restructuring at the executive level, with new leaders appointed to spearhead strategic initiatives and drive organizational growth. The infusion of new talent and expertise is expected to invigorate the industry, fostering a culture of innovation and adaptability in response to evolving market dynamics,” Lesi posited.

The NLIP provides reinsurance services for its members’ third-party liabilities, including motor and general third-party liabilities, workmen’s compensation and employer’s contingent liabilities, and builders and occupiers liabilities, among others.

In 2023, the Nigerian insurance industry recorded significant growth as gross written premiums surpassed N1tn for the first time, marking an increase from the previous year’s N790bn.

Total assets in the industry reached N2.67tn with capitalisation amounting to N851bn as of December 31, 2023.

Freddy Hirsch develops local snack flavours to cut FX loans

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Food seasoning manufacturer, Freddy Hirsch Nigeria, has said that it will continue to develop local snack flavours to reduce its foreign exchange exposure.

The Managing Director of Freddy Hirsch Nigeria and West Africa, Kojo Brito, made this known in a statement made available to The According on Friday.

He said, “Freddy Hirsch Nigeria continues to develop authentic local snack flavours at the most affordable costs, given its non-FX requirements, without sacrificing convenience and quality. Freddy Hirsch Nigeria is committed to transforming snack products such as chips, crackers, nuts, popcorn, and biscuits into inspiring ones and improving on texture, mouthfeel, and nutritional and sustainability benefits. The ability to adapt to local taste differentiates Freddy Hirsch and makes its flavours unique.”

Manufacturers in Nigeria have been grappling with high forex losses due to the harmonisation of segments of the currency markets last June.

Speaking on the potential of Nigeria’s thriving snack market, Brifo noted that the consumer landscape was undergoing a significant transformation with the snacking sector at the forefront of the change.

“Beyond its vibrant culture and breathtaking landscapes, Nigeria boasts a rapidly growing snack market fueled by urbanisation, rising disposable incomes, and evolving consumer preferences. The Nigerian snack food industry, valued at $883m in 2021, is projected to reach $1.5bn by 2024, reflecting an estimated annual growth rate of 20 per cent,” he added.

Brifo highlighted some of the factors impacting the consumer market as street food, millennials, and a desire for healthy but indulgent snacking

He said, “Street food holds a special place in the sweet landscape of any country, serving as a window into its cultural soul and gastronomic traditions. In Nigeria, street food is more than just convenient. Beyond satisfying hunger, Nigerian street food fosters social connections, bringing people together to share in the joy of good food and cultural exchange.

“Millennials are a key demographic shaping snacking trends in Nigeria. Time constraints and busy lifestyles have led them to adopt snacking as a meal replacement, demanding convenient options that are both filling and flavorful. Available sachetized snacks, sold in traffic spots with extended shelf life, are gaining traction.

“Beyond practicality, millennials crave exciting taste experiences. Bold spices, innovative flavour combinations, and playful shapes can all capture the attention of this demographic. Manufacturers who can cater to this adventurous spirit and tap into the “fun factor” of snacking are well-positioned to win over millennial consumers.”

For the segment of the market seeking healthy snacks, Brifo stated, “Consumers are actively seeking out ‘permissible indulgence’ snacks that combine deliciousness with healthier ingredients like nuts, whole grains, and vegetables. Additionally, the rise of allergy awareness has led to an increased demand for gluten-free and allergen-friendly options. This trend presents a significant opportunity for manufacturers to develop innovative snack formulations that cater to both indulgence and health aspiration.”

Naira depreciates by 215% in one year

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Since the harmonisation of the foreign currency market segments in Nigeria one year ago, the naira has depreciated by about 214.64 per cent against the dollar.

At the close of trade on Friday, the naira stood at N1482.72 to a dollar, compared to the N471/$ it was a year before.

The statement from the CBN abolishing the segmentation of the FX market into different windows partly read, “All transactions will now be done through the Investors and Exporters window, where the exchange rate will be determined by market forces. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.”

The CBN also announced reintroducing the ‘willing buyer, willing seller’ model at the I&E window, which allows eligible transactions to access foreign exchange based on the guidelines outlined in the circular dated April 21, 2017.

Since the floating of the Nigerian currency, it has remained unstable despite spirited efforts by the CBN under Dr Olayemi Cardoso to stabilise it.

At the end of 2023, the naira closed at 911/$, signalling a significant drop in six months.

In a commentary in February, Fitch Ratings put the drop in the value of the naira at about 40 per cent, saying, “The Nigerian naira was recently devalued sharply (end-2023: 899/USD; 13 February: 1,516/USD; about 40 per cent devaluation), exceeding our expectations of a more moderate depreciation in 2024. The large devaluation is the second within a year (70 per cent devaluation since end-2022) and has converged the official exchange rate with the parallel market rate.”

In the New Year, the local currency recorded high volatility, depreciating to almost 2,000/$, which raised claims that activities on peer-to-peer trading platforms were impacting the value of the naira.

The currency also went from being the top-performing currency in March to the worst-performing currency in the world in April, according to a Bloomberg report.

Amid all of this, the CBN has issued draft circulars and taken steps to stabilise the naira and boost forex supply.

Commenting on the status of the naira, one year after the major reform, economist and the Chief Executive Officer of Economic Associates, Ayo Teriba, applauded the Olayemi Cardoso-led CBN for its handling of the fallouts of the FX market harmonisation.

He said that compared to the fuel subsidy removal bit, the FX market had done better.

“I will say that the naira has done better than the pump price of the petroleum product. They were both policies hurriedly embarked upon without adequate preparation. But in the case of the foreign exchange market, the necessary reforms have been done post-liberalisation and you have to commend the central bank governor and his team.

“He (Cardoso) was appointed three months after the harmonisation. He has tried to resolve the issue of lack of transparency in the market. There is more transparency and he has been very forthright about the arrears that he had inherited at the time, very open about how much they were repaying until they repaid everything, and the portion of it that was fraudulent.

“He has also opened the market to foster more inclusiveness. You have to applaud the current regime; they have abolished the ban on the 43 items, admitted Bureau De Change operators, and licensed International Money Transfer operators. Everyone deserves a seat at the table and it is not surprising that the rates have converged.”

Teriba, however, expressed concern about the persistent volatility in the market but expressed optimism that the CBN and the monetary policy committee would be able to get a handle on it.

“The only persistent concern with the FX is the volatility, which the central bank and the monetary policy committee are trying their best to deal with and will eventually be able to deal with. You cannot say that with the fuel subsidy removal reform,” he asserted.

A former Chief Economist for Zenith Bank, Marcel Okeke, described the floating of the naira as a calamity.

“It is one of the wrong policy initiatives of the government, especially coming so close to the removal of the fuel subsidy. The impact of the two policies has brought the economy to where we are today where we cannot see any light at the end of the tunnel.

“Floating the naira in June 2023 was like putting the naira in a wrestling ring with other currencies of the world like dollars, Pounds Sterling and others, it lost value and strength so much that it was almost on a tailspin,” he posited.

A Relationship Manager Of Corporate Banking at FSDH Merchant Bank Limited, Ayodele Akinwunmi, stated that some of the objectives of the reform had been achieved, which included the convergence of the segments of the market.

“The gap between the official and parallel market rates is now very narrow if not almost the same, so there is no roundtripping from one segment of the market to the other, which was one of the objectives.

“Also, there has been improved confidence from foreign investors in bringing money to the country. They have invested a lot in fixed-income securities and they have also tested the market to see whether they can exit the market after making a profit, and yes, they have been able to do that successfully.

“So, they have the confidence that if they bring in their money into the country, they are able to exit when they want to, which was one of the objectives of the reform,” he stated.

According to Akinwumi, it is to increase supply in the forex market.

“We need as a nation to grow our economy, to enable us to export more, not only for oil but also from non-oil sectors. We have solid minerals, agriculture, and manufacturing products, and we can add more value to the agricultural produce than the raw materials that we sell today. We need to make the economy more competitive, and security in the nation must improve, so that we do not import the things we can produce locally.

“With Dangote promising to supply PMS from next month, that means the import bill for petrol will drop significantly and if we can supply crude significantly, which I don’t think we should be able to,” he noted.

He stated that the project could meet local demand and even supply the West African market and some parts of Europe.

“He has been supplying fertilizer to America, Brazil, the Caribbean and parts of Europe and when you supply such, you are bringing in foreign exchange. What do we need to optimise the plant? Gas, which we have in abundance, is being flared. Whatever the government needs to do to make that project work, they need to do it,” he explained.

Meanwhile, the Economist Intelligence Unit has projected a stronger dollar this year and 2025, which may add to naira woes.

In its latest report titled ‘A stronger dollar for longer, predicting the effects on emerging markets’ the EIU said, “The dollar’s dominant role in international trade and finance prompts us to ask, how long can the global economy withstand above-average strength in the US dollar?

“In terms of financial crisis risk, emerging markets are more vulnerable, owing to a frequent dependence on external funding in major global reserve currencies–most often the US dollar–to finance public expenditure and plug shortfalls in the balance of payments. A stronger US dollar raises the local currency burden of repayments, compounding the impact of higher rates on the cost of borrowing.

“Moreover, these effects often play out against a backdrop of private sectors that are squeezed by tighter financing conditions; domestic central banks are obliged to keep local rates high amid tight US policy, and foreign investment is instead directed towards developed markets with higher returns. These trends serve to further undermine economic growth and government tax revenues.”

16 tech tools for business analysts

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Business analysts require technology tools to boost their productivity, optimise their workflow, and keep pace with the ever-changing technological environment, JUSTICE OKAMGBA writes

Having the right tech tools is essential for business analysts to perform effectively. These tools help them analyse data, manage projects, design processes, gather requirements, and communicate efficiently.

Interestingly, the number of business analysts worldwide has surged, driven by the realisation that coding expertise is not a prerequisite for success in the field.

This shift underscores the dual nature of business analysis, where both technical and non-technical skills create a comprehensive skill set. The roles of business analysts continue to evolve, reflecting varying technical demands.

According to the Business Analysis Body of Knowledge, business analysis facilitates change within an enterprise by defining needs and recommending solutions that deliver value to stakeholders. It helps organisations articulate needs, rationalise change, and design solutions that provide measurable benefits.

“A diverse toolkit is crucial for business analysts, depending on the tasks, available technology, and the skill sets of the team. Balancing technical and non-technical skills is key to their effectiveness,” business analyst, Esther Folorunso, working in the US, education industry, stated in a note to The According.

Business analysis today demands a strong technical foundation. Understanding technology’s role in business, translating business needs into technical requirements, and collaborating effectively with IT professionals enable business analysts to drive digital transformation strategically.

This synergy between business and technology is essential for organisations aiming to achieve their strategic goals, Folorunso explained.

To stay relevant, she advised that business analysts must continuously update their skills, develop expertise in emerging technologies, and refine their soft skills, such as communication, collaboration, and critical thinking.

Here are the essential tools for modern business analysis:

Balsamiq

Balsamiq is a wireframing tool that allows users to sketch out user interfaces quickly. It mimics the experience of drawing on a whiteboard but with the benefits of a digital tool. Balsamiq helps in creating low-fidelity mockups, which are useful for brainstorming and early-stage validation of design concepts.

Figma

Figma is a cloud-based design tool that supports real-time collaboration. It is used for creating high-fidelity designs and interactive prototypes. Figma allows multiple stakeholders to work simultaneously, making it ideal for collaborative design processes and feedback sessions.

InVision

InVision is a digital product design platform that enables users to create interactive prototypes and gather feedback. It supports the entire design workflow, from ideation to development. InVision integrates with popular design tools like Sketch and Photoshop, allowing seamless transitions from design to prototype.

Trello

Trello is a project management tool that uses boards, lists, and cards to organise tasks. It is highly visual and easy to use, making it suitable for tracking project requirements and progress.

Asana

Asana is a comprehensive project management tool that helps teams manage tasks, projects, and workflows. It allows users to create tasks, assign them to team members, set deadlines, and track progress.

Jira

Jira is a powerful tool primarily used for issue and project tracking, particularly in software development.

Google Forms

Google Forms is a free tool for creating surveys and collecting data. It is straightforward to use and integrates with Google Sheets for data analysis.

SurveyMonkey

SurveyMonkey is an online survey tool that allows users to create and distribute surveys.

Xmind

Xmind is a mind-mapping tool that helps in brainstorming and organising ideas. It supports the creation of detailed mind maps, which can be used to capture and structure requirements during the planning phase of a project.

Visio

Microsoft Visio is a diagramming tool that allows users to create detailed flowcharts, process diagrams, and organisational charts. It is widely used for business process modelling and provides a variety of templates and shapes to facilitate diagram creation.

Draw.io

Draw.io is an online diagramming tool that supports a wide range of diagram types, including flowcharts, network diagrams, and UML diagrams. It is free to use and integrates with cloud storage services like Google Drive and Dropbox, making it accessible and convenient for collaborative work.

LucidChart

LucidChart is a cloud-based diagramming tool that supports real-time collaboration. It is used for creating flowcharts, process maps, and other types of diagrams. LucidChart offers robust integration with other tools like Slack, Google Drive, and Microsoft Office, enhancing its utility in collaborative environments.

PowerBI

PowerBI is a business analytics tool by Microsoft that allows users to visualise data and share insights across their organization. It connects to a wide range of data sources and provides interactive dashboards and reports.

Tableau

Tableau is a powerful data visualisation tool that helps users create interactive and shareable dashboards. It can connect to various data sources and provides advanced features for data analysis and visualisation.

R:

R is a programming language and software environment used for statistical computing and graphics. It is widely used in data analysis, statistical modelling, and data visualisation.

SQL

SQL (Structured Query Language) is used for managing and querying relational databases. Business analysts use SQL to extract, manipulate, and analyse data stored in databases.

Python

Python is a versatile programming language widely used for data analysis, automation, and scripting. It offers libraries such as Pandas, NumPy, and Matplotlib for data manipulation and visualisation.

Beyond the tech tools, communication and collaboration are paramount,” said Folorunso.

“Business analysts must be able to articulate complex data insights to both technical and non-technical audiences, collaborate effectively with stakeholders, and demonstrate active listening and strong interpersonal skills.”

Understanding the business domain is equally important. “Business acumen involves grasping the business objectives, translating needs into actionable requirements, and thinking strategically,” Folorunso expounded.