Going by available data on the window where dollar to naira trades every day, the currency at the central stood at (undisclosed).

This figure in which dollar to naira traded means that the Nigerian currency either gained or lose in value against the dollar, as the foreign exchange (forex) trading closed at N421.89 per $1 on Wednesday, August 24.

How much is the dollar to naira at the black market today?

Bureau De Change (BDC) operators in Lagos were selling dollar to naira for N686 and buying the currency for N680 in the black market in the state.

This publication, however, finds it pertinent to draw to your attention that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

The post Dollar To Naira Exchange Rate Today (Thur. Aug. 25, 2022) appeared first on Business News in Nigeria.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N420.33 per $1 on Thursday, August 18.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira is currently selling N685 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

The post Dollar To Naira Exchange Rate Today (Mon. Aug. 22, 2022) appeared first on Business News in Nigeria.

This policy, however, has not received much support due to the rising foreign exchange rate, increased operational challenges, and disruptions in the materials supply chains created by COVID-19. As a result, it has become vital to examine the country’s 2017 national climate strategy, its new economic recovery plan, and, in particular, the government’s commitment to handling the country’s mounting climate problems by rapidly expanding solar power.

Explaining the Global Warming Phenomenon

Global warming is the steady heating of the earth’s surface, oceans, and atmosphere. It is the increase in global average temperatures brought on by a variety of human activities. Because it disrupts the earth’s general ecology, global warming or climate change poses a hazard to human life on the planet. This is owing to greenhouse gases such as carbon dioxide and nitrous oxide, which account for 82 percent of the gases in our atmosphere that trap heat, according to the United States Environmental Protection Agency (EPA). Examples of greenhouse gases include methane, nitrous oxide, ozone, carbon dioxide, water vapor, and chlorofluorocarbons.

One major cause of global warming is cutting down forests (deforestation). Trees help regulate the climate by absorbing carbon dioxide from the atmosphere. This beneficial effect is lost when they are cut down and the carbon stored in the trees is released into the atmosphere. Another cause is the increase in livestock farming, resulting in the large amounts of methane (a greenhouse gas) to be released by cows and sheep when they digest their food. As these gases build up in the atmosphere the earth gets hotter leading to a rapid change in global warming.

Source: Global temperature record – updated January 2021

An introduction to Nigeria’s Climate Profile

With nearly 211 million people, Nigeria is Africa’s most populous country. Nigeria is situated in the Atlantic Ocean, between the Sahel to the north and the Gulf of Guinea to the south, and spans 923,769 square kilometers (356,669 square mile). Niger, Cameroon, and Benin all share land borders with it.

Nigeria has a wide range of weather conditions. The country has a mean annual temperature of 26.9°C, with average monthly temperatures ranging from 24°C (December, January) to 30°C (April). In Nigeria, rainfall occurs throughout the year, with the heaviest rainfall happening from April to October and the minimal rainfall occurring from November to March.

A tropical monsoon climate prevails in the south, a tropical savannah climate dominates in most of the central regions, and a Sahelian hot and semi-arid climate occurs in the north.

Source: World Bank

Impact of Global Warming on Nigeria’s Climate

Temperature rises, unpredictable rainfall, rising sea levels, flooding, drought,  desertification, land degradation, more frequent extreme weather events, impacted freshwater resources, and biodiversity loss are all indications that Nigeria’s climate is changing. Rainfall duration and intensity have increased, resulting in huge runoffs and flooding in several parts of Nigeria.

According to a survey, rainfall variation is projected to increase (Akande et al., 2017; Ebele and Emodi, 2016). In southern areas, rainfall is predicted to increase, and rising sea levels will worsen flooding and coastal land submersion. According to Dioha and Emodi’s investigations, Lake Chad and other lakes in the country are likewise drying up and evaporating (2018).

As a result, global warming may present a severe threat to Nigeria’s food security status. Higher temperatures, reduced rainfall, droughts, and deserts reduce farmland, lower agricultural productivity, and affect crop yields in Nigeria, where agriculture is the chief occupation and source of income for almost 70% of the population (Ogbuabor and Egwuchukwu, 2017).

Malnutrition caused by food shortages, the spread of infectious diseases, increased air pollution, and higher temperatures linked to an increase in cases of meningitis are some of the health implications associated with the threat of food security in Nigeria. 

Considering the significance of the agricultural sector to livelihoods and the economy, crop yield and productivity issues could have a negative impact on the country’s GDP. It is also likely to have a severe influence on Nigeria’s already constrained electrical power supply by affecting hydroelectric and thermal generation.

Communities suffer and face a surge in death rates as climate change becomes more frequent and intense. Experts concluded that if fossil fuels are burned continuously, the pace of loss could accelerate.

The Way Forward?

In light of this, the framework report for Nigeria’s National Adaptation Plan on Climate Change, which was produced in 2020, must be implemented in order to properly prepare for climate disasters caused by global warming. The Nigerian government should also invest more urgently in programs that safeguard homes from floods and fires, as well as programs that assist people to cope with heat stress (especially older individuals and those living in poverty).

Nigeria has to focus more on making its forests and farmlands more drought-resistant, as well as preparing its coasts for flooding. Furthermore, government incentives to academic institutions and manufacturing enterprises should be used to support the development and usage of fuel-efficient cars and other technologies to prevent energy waste.

These mitigation and adaptation strategies will aid in improving air quality and lowering greenhouse gas concentrations in the atmosphere. Like most countries of the world, global warming in Nigeria is a crisis that can only be overcome by a concerted, proactive effort.

Written by Felicia Idajili

The post Global Warming: Why Nigeria Needs to Step Up Action appeared first on Business News in Nigeria.

The President’s Special Adviser on Media and Publicity, Femi Adesina, said this when he featured on Channels Television’s Sunrise Daily programme.

PMS is not deregulated by the Federal Government, as the price is sold at between N162 and N165/litre at filling stations, far lower than the actual cost of the commodity.

In June 2021, the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, stated that petrol price should be more than N280/litre, while the commodity had been subsidised and sold at N162/litre since last year.

The President Muhammadu Buhari‘s government had planned to remove subsidy of petrol by June 2022.

The Nigeria Labour Congress and other pressure groups and trade unions had threatened nationwide protests but the Buhari regime suspended the planned removal of subsidy on Monday.

Following the decision of the Federal Government to continue subsidising petrol, the NNPC may deduct over N1tn in the next six months from the Federation Accounts Allocation Committee.

The Nigerian Bar Association, amongst others, had described the decision of the All Progressives Congress government to suspend its planned petrol subsidy removal as an election strategy.

But the presidential spokesman (Adesina) said on Wednesday that the decision of the Federal Government to propose an extension of fuel subsidy removal by 18 months was not political.

“It is a valid thing (to do),” he said, adding, “but is this done because of elections next year? No.”

“It is done because as the minister (of finance) stated, the timing is not auspicious, inflation is still high. In the past eight months, we saw inflation reducing but the last month, it went up again; further consultations need to happen with all the stakeholders… the timing is not right, it will exacerbate the hardship of the people and the President genuinely cares,” Adesina added.

“Politics is a part of our lives, but elections will just be one event in the life of the country. When elections come, they go, the country continues. This fuel subsidy, whether it stays or goes, is going to have a serious impact on the economy.”

Asked about the financial cost of the 18-month extension for subsidy removal, the presidential aide said, “Head or tail, Nigeria will have to pay a price; it is either we pay the price for the removal in consonance and in conjunction with the understanding of the people. The other cost is that borrowings may continue and things may be difficult fiscally for both the state and the federal government. You know how much could have been saved if the subsidy was removed and how it could have been diverted to other spheres of our lives…we have to pay a price.”

The post Presidency Warns Against Non-removal Of Petrol Subsidy appeared first on Business News in Nigeria.

In its investment trends monitor report released on Wednesday, UNCTAD Africa showed a strong rebound in growth of 147 percent to an estimated $97 billion compared with $39 billion in 2020.

According to the report, South Africa recorded the highest growth, with FDI into the country jumping to an unprecedented $41 billion (from $3 billion in 2020).

The report attributed this leap to the $46 billion share swap between the South African multinational Naspers and its Dutch-listed investment unit, Prosus.

The report, however, noted that, though the outlook for global FDI in 2022 is positive, the rebound growth rate in 2021 is unlikely to happen again.

“The 2021 rebound growth rate is unlikely to be repeated. The underlying trend — net of conduit flows, one-off transactions and intra-firm financial flows – will remain relatively muted, as in 2021. International project finance in infrastructure sectors will continue to provide growth momentum,” the report reads.

What this means

This shows that the world is beginning to recover from the economic downturn occasioned by COVID-19 as businesses and companies continue to shake off the devastating effects of the pandemic that nearly brought the world to the brink at some points.

The post FDI To Africa Increased By 147% in 2021 – UNCTAD appeared first on Business News in Nigeria.

This surge in demand, according to retailers, may lead to scarcity of the commodity, which could influence a marginal price hike in cooking gas.

Unmaskng.com Recalls that the Board of Directors of NLNG Limited had on January 13, 2022, ratified the supply of 100 per cent of the company’s LPG production (Propane and Butane) to the Nigerian market.

NLNG disclosed that it deals majorly in Liquefied Natural Gas and that LPG was only a byproduct of LNG.

The company disclosed that all its cooking gas is now sold in Nigeria.

What Stakeholders are saying

There have been divergent opinions over the effectiveness of NLNG move.

Stakeholder in the gas sector has expressed misgivings over the ability of NLNG’s decision to address critical issues that affect the sector and Nigerians.

He disclosed that there are doubts over the company’s ability to meet the local demand of about 1.2 million metric tonnes per annum when the prices of cooking gas went up after the announcement due to an upsurge in demand.

Umudu also pointed out that the factor of competition might play a role in the stability of prices and meeting of local demands, he explained that the prices of cooking gas went down recently because of importers who stepped in to bridge the gap between demand and supply, he noted that these importers may be dissuaded from continuing over a fear of losing if NLNG floods the market with its product.

He said, “We should be conscious this time, for after the announcement was made we recorded a slight increase in LPG price. So we have to welcome that announcement with caution.”

For his part, the Minister of State for the Environment, Chief Sharon Ikeazor, said that the initiative would tackle the issue of deforestation and the use of charcoal of cook which negates the resolution of countries on global warming.

The post Scarcity Looms For Cooking Gas In Nigeria As NLNG Stops Exportation appeared first on Business News in Nigeria.

Emefiele made this known on Tuesday when he spoke at the unveiling of the FCT mega rice pyramids under the RIFAN-CBN Anchor Borrowers’ Programme.

Emefiele said rice exportation from Thailand to Nigeria as at 2014 stood at 1.3 million metric tons but has not reduced to just 58,000 metric tons at the end of 2021.

Emefiele said the drastic fall in importation was made possible by CBN’s intervention through its Anchor Borrowers’ Programme (ABP) which began in November 2015.

The CBN Governor disclosed that ABP has also revived and boosted the economy in the countryside and has built a sustainable framework for financing smallholder farmers in Nigeria.

He noted that the initiative has created an ecosystem among all the agricultural value chain and these connections can be better utilized through cooperation among all stakeholders.

Emefiele added, “We are delighted that these efforts have yielded fruits in not just increasing the availability of rice, but also in moderating prices, reducing imports and increasing job creation in the country. For example, Thailand alone exported 1.3 million metric tons of rice to Nigeria in 2014.”

The CBN Governor said aside from boosting the country’s national output from about 5.4 million metric tons in 2015 to over 9 million metric tons in 2021, the programme has also significantly improved the productivity per hectare of the smallholder farmer from about 2.4 metric tons per hectare in 2015 to between about 5 metric tons per ha in 2021.”

What you should know

Since the assumption of office in 2015, President Muhammadu Buhari-led’s government has made agriculture its priority as it strives to tackle the economic downturn and dwindling revenue from oil through investment in agriculture. The anchor borrower programme is one of the initiatives put in place to resuscitate a moribund agriculture sector and its value chain while also nudging a largely indifferent and disenchanted populace back to the sector.

The rice pyramid project, which has been described as the largest in the world, is an offshoot of the CBN’s Anchor Borrowers Programme (ABP).

According to CBN, since its inauguration in November 2015, the ABP had increased the average yield of rice per hectare from 1.8 metric tonnes to five metric tonnes, while discouraging importation of the commodity.

The post Rice Importation Has Reduced With CBN Intervention – Emefiele appeared first on Business News in Nigeria.

The agency made the disclosure in a recently released report analysing activities in the city’s thriving construction industry. 

In what marked a return to market activity in the city’s construction industry, the 19% increase in 2021 was a huge leap from 2020 for the state. 

According to the leading real estate data company, the growing incursion of investors into key sectors like offices, residential and healthcare played a crucial role in the increase of property and infrastructure development in the state. 

It added that, though not much interest has been shown in prime offices investment as the vacancy rate still remains relatively high, developers have continued their foray into the market with sheer aggression “with over 600,000 square meters of space under development.”

The report also noted that activities in key areas such as residential and healthcare have not been convincing as they both remain undersupplied, but it pointed out that such lacuna presents investors with exciting and massive opportunities. With both sectors recording under 2.5% of the total stock point across the market, there’s every reason to be optimistic about the future.

Conversely, activity in the retail sector is likely to continue at a slow pace even though vacancy levels are expected to remain high, this development can be attributed to poor and painstaking access to the vital foreign exchange needed for imports, a currency steadily losing its value, and a brutal rise in unaffordable rents.

“The momentum that began building at the end of 2020, was sustained throughout the year with a slow and steady return to construction and real estate activity. However, currency challenges and longer-term trends such as the sustained oversupply in the retail and office sectors are likely to tip the scale upon completion of some of the projects that we await in 2022 ultimately impacting on occupancy levels and achievable rents,” Dolapo Omidire – CEO, Estate Intel, said

You can download and read the full report here 

What this means

Due to its ever-increasing population and economic viability, Lagos has become a coveted destination for those who are seeking a greener pasture and change in fortune, this has placed enormous weight on the infrastructure and amenities of the state. However, an effort to address its infrastructure deficit, especially in the area of housing and property development, provides opportunities for real estate investors.

But these opportunities in the real estate industry have not reflected positively on the average Lagosians with house rents becoming increasingly unaffordable.

The post ‘Real Estate In Lagos Grew By 19% In 2021’ appeared first on Business News in Nigeria.

RIFAN disclosed that the unveiling of the one million bags of rice paddy piled up as pyramids in Abuja would see to the crash of rice prices, which have increased significantly in recent years.

The food staple pyramid scheme is a collaboration between the Central Bank of Nigeria (CBN) and RIFAN.

Amongst other things, the rice from the pyramid would be shared with the farmers for onward processing, and then will be subsequently sold at discounted prices to the public, the Chairman, Pyramid Sub Committee of RIFAN, Shehu Muazu stated. 

Speaking during the unveiling of the programme, Muazu said that the project would further affirm the possibility of local food production and sufficiency. 

He said the project is anchored on mutual trust and agreement with the rice millers that they would sell to Nigerians at a reduced price. 

“Muazu said, “Although, we cannot talk of price in isolation as far as prices all over the world are concerned because all over the world prices of food have gone up.

“But the good news is that rice will remain the cheapest commodity as far as food is concerned due to the success recorded through the scheme.’’

What you should know

Since the assumption of office in 2015, President Muhammadu Buhari-led’s government has made agriculture its priority as it strives to tackle the economic downturn and dwindling revenue from oil through investment in agriculture. The anchor borrower programme is one of the initiatives put in place to resuscitate a moribund agriculture sector and its value chain while also nudging a largely indifferent and disenchanted populace back to the sector.

The rice pyramid project, which has been described as the largest in the world, is an offshoot of the CBN’s Anchor Borrowers Programme (ABP).

According to CBN, since its inauguration in November 2015, the ABP had increased the average yield of rice per hectare from 1.8 metric tonnes to five metric tonnes, while discouraging importation of the commodity.

The post RIFAN, CBN To Address High Prices Of Rice appeared first on Business News in Nigeria.

Should inflation increase as projected by World Bank, Nigerians would pay more for foods and other commodities this year.

With increasing food prices and that of other commodities diminishing the livelihoods of many households, Nigeria’s inflation rate, according to the international financial body, is also projected to be the seventh-highest among Sub-Saharan African countries in 2022.

“In 2022, Nigeria is expected to have one of the highest inflation rates in the world and the seventh highest in Sub-Saharan Africa,” World Bank said in the November edition of its Nigeria Development Update.

According to the global financial institution, high inflation hampers the country’s attempt to achieve economic recovery and erodes the purchasing power of the most vulnerable households.

The document read in part, “High inflation is frustrating Nigeria’s economic recovery and eroding the purchasing power of the most vulnerable households. In the absence of measures to contain inflation, rising prices will continue to diminish the welfare of Nigerian households.”

How high inflation rate would affect Nigerians

Aside from increasing food prices, a high inflation rate as projected by the World Bank would mean that no less than eight million Nigerians would be pushed into poverty.

More so, there’s likely to be disruption of consumption, investment, and saving decisions, as the economy would become stiffening.

“If inflation had been closer to the CBN’s goal of nine percent in 2021, average Nigeria’s consumption would have been 15 percent higher, and eight million Nigerians would have not fallen into poverty.

“If double-digit inflation persists during 2022-2023, rising prices will distort consumption, investment, and saving decisions of the government, households, and firms, with adverse ramifications for long-term borrowing and lending.

“Over time, the disproportionate impact of inflation on lower-income households and those working in sectors with low savings (e.g, agriculture) will exacerbate inequality. Ultimately, inflation will not only negatively affect incomes but also economic productivity and job creation, further constraining the recovery,” World Bank explained.

The post World Bank: Nigerians Will Pay More For Food, Others In 2022 appeared first on Business News in Nigeria.