The country’s bonds, which dramatically became bellwethers among emerging-market peers after Bola Tinubu abruptly announced an end to fuel subsidies at his presidential inauguration in late May, are now the worst performers in that class. An hour earlier, eight of Africa’s biggest economy’s bonds had ranked among the 20 worst-performing in the world in London. Nigeria’s Eurobonds with 2033 as their maturity date have depreciated ten times in less than two weeks. Analysts are concerned that Nigeria’s dollar bonds are not likely to find the anchor that set them on a tear in June and also helped restore some measure of investor confidence any moment soon. That, factored into Nigeria’s external reserves balance, leaves a net balance of $16.3 billion, contrary to the long-bandied figure of over $30 billion.

The Presidency on Wednesday unveiled the designation of the ministers that will work with President Bola Tinubu. Below is the full list of the ministers and their designationsMinister Of Communications, Innovation And Digital Economy: Bosun TijaniMinister Of State, Environment And Ecological Management: Ishak SalakoMinister Of Finance And Coordinating Minister Of The Economy: Wale EdunMinister Of Marine And Blue Economy: Bunmi Tunji-OjoMinister Of Power: Adebayo AdelabuMinister Of State, Health And Social Welfare: Tunji AlausaMinister Of Solid Minerals Development: Dele AlakeMinister Of Tourism: Lola Ade-JohnMinister Of Transportation: Adegboyega OyetolaMinister of Industry, Trade and Investment, Doris AniteMinister of Innovation Science and Technology, Uche NnajiMinister of State, Labour and Employment, Nkiruka OnyejeochaMinister of Women Affairs, Uju KennedyMinister of Works, David UmahiMinister of Aviation and Aerospace Development, Festus KeyamoMinister of Youth, Abubakar MomohMinister of Humanitarian Affairs and Poverty Alleviation, Betta EduMinister of State, Gas Resources, Ekperikpe EkpoMinister of State, Petroleum Resources, Heineken LokpobiriMinister of Sports Development, John EnohMinister of Federal Capital Territory, Nyesom WikeMinister of State, Housing and Urban Development – Abdullahi GwarzoMinister of Budget and Economic Planning- Atiku BaguduMinister of State, FCT- Mariga MahmoudMinister of State, Water Resources and Sanitation- Bello GoronyoMinister of Agriculture- Abubakar KyariMinister of Education- Tahir MammanMinister of Police Affairs- Ibrahim GeidamMinister of Foreign Affairs – Yusuf TuggarMinister of Interior- Saidu AlkaliCoordinating Minister of Health and Social Welfare- Ali PateMinister of State, Steel and Development- Maigari AhmaduMinister of Steel and Development- Shuaibu AuduMinister of Information and National Orientation- Muhammed IdrisAttorney General of the Federation and Minister of Justice- Lateef FagbemiMinister of Labour and Employment- Simon LalongMinister of State, Police Affairs, Inman SuleimanMinister of Special Duties- Zephaniah JisaloMinister of Water Resources and Sanitation- Joseph UtsevMinister of State, Agriculture and Food Security- Aliyu AbdullahiMinister of Arts, Culture and Creative Economy- Hannatu MusawaMinister of Defence- Muhammed BadaruMinister of State for Defence- Bello MatawalleMinister of State, Education- Tanko SununuMinister of Housing and Urban Development- Ahmed Dangiwa

The Equities market at the Nigerian Exchange Limited recorded its third consecutive loss this week, following profit-taking activities on Airtel Africa, having shed 5.3 per cent off it’s share value. Accordingly, the MTD and YTD gains fell to +0.5 per cent and +26.1 per cent, respectively. Equities investors, therefore, lost N13.28 billion as the market capitalisation settled at N35.37 trillion by the end of Wednesday trading session. As measured by market breadth, market sentiment was negative, as 16 tickers lost relative to 22 gainers. Notably, Guaranty Trust Holding Company emerged as the most actively traded stock, with 41.75 million shares worth N1.55 billion exchanged across 351 deals.

Abbas said this when Mr Lee Hun Seung the South Korean Ambassador to Nigeria paid him a courtesy call in Abuja on Tuesday. He said a committee to address the anomaly had been set up, adding that there was a mutual understanding between the two countries to address it so as to help businesses thrive. He commended the relationship that existed between South Korean and Nigerian parliaments since 2015. He described such as a worthy investment, adding that the focus of the 10th assembly was to strengthen the economic ties between the two countries. He said since Korea has technology, it would be willing to establish partnership that would profit the two countries, adding that Nigeria has the largest trading partner in the Africa continent.

Syrian President Bashar al-Assad has ordered a 100-per cent salary raise as the government sharply raised fuel prices, according to local media. The salary increase, covering state employees, retirees, and military personnel, is the ninth since 2011 when the Syrian war broke out. Prior to the decision, civil officials’ monthly salaries ranged from approximately 10 to 25 dollars depending on the street value of the Syrian pound. Numerous bus drivers skipped work on Wednesday as a result of the increase in fuel prices, resulting in congestion on the streets. Food prices have increased by 30 to 100 percent as a result of the price increase.

The House of Representatives ad hoc committee on Students Loan Fund and Access to Higher Education has proposed that three per cent of the nation’s annual revenue should be channelled to students loan. Ugboh, while addressing the Federal Ministry of Education and the Implementation Committee, pledged the readiness of lawmakers to assist in the smooth take-off of the scheme. “We hope the system you are creating will be robust enough to take account of students who are already in school, who want the loan to cover for the one year or two years of their schooling or students who are coming through direct entry. “I want to suggest that there is a need to increase the requirement from one per cent to three per cent (of government’s revenue). He said, “We are technical people working and the kind of process flow that we are looking at is something that Nigeria will be proud of.

About 27 people have been killed and 106 wounded in clashes between rival armed factions in the capital of conflict-ridden Libya, according to a medical authority. Some 230 families were evacuated from the area where the clashes took place, mainly in the eastern and south-eastern neighbourhoods of Tripoli, Libya’s Emergency Medicine and Support Centre said. According to sources in the Libyan capital, calm prevailed on Wednesday after Hamza was reportedly handed over to a neutral party. Flights to and from nearby Mitiga airport were suspended on Tuesday amid the violence, and classes at the University of Tripoli were suspended. Libya has been in turmoil since the overthrow of dictator Moamer Gaddafi in 2011.

FBN Holdings on Tuesday, held its 11th annual general meeting virtually, despite a court order stopping the meeting from being held. Last Thursday, the financial institution said it had not been served any court order stopping it from holding its 11th AGM as scheduled. It, however, acknowledged in a notice to the Nigerian Exchange Limited dated August 14, 2023, being served with an ex parte order of Interim Injunction on Friday, August 11, 2023, restraining it from proceeding with the AGM. FHC/L/CS/1575/23 In the Matter of Olojede Solomon, Adebayo Abayomi and Ogundiran Adejare VS. FBN Holdings Plc. The bank had proposed a capital raise of N150bn via a rights issue in its amended AGM notice as well the election of directors including billionaire businessman, Femi Otedola and Samson Ariyibi.

Google has announced a big plan to teach 20,000 Nigerian women and youth important digital skills. In tandem with Google's initiative, Nigeria has its sights set on cultivating a robust landscape of digital employment opportunities tailored to its burgeoning youth population. Vice President Kashim Shettima, in a meeting held in Abuja with Google Africa executives, emphasized the country's commitment to fostering digital job prospects. Shettima highlighted the congruence between Google's initiative and the government's dedication to enhancing youth engagement within the digital economy. Google's director for West Africa, Olumide Balogun, affirmed that the company is dedicated to investing funds and delivering digital skills to strengthen women, youth, and startups in Nigeria.

Follow along with the video below to see how to install our site as a web app on your home screen. Note: This feature currently requires accessing the site using the built-in Safari browser.

Abia Governor, Dr Alex Otti has assured Abia women of the support of his government to better their lot in the State. Otti said he has started reciprocating the gesture by giving women in the state serious appointments, noting that key areas like agriculture, education, health among others are being manned by women. He described women as a positive force in society and assured them that things are changing for the better in Abia State. Senator Nwokocha assured that members of the National Assembly will work collaboratively with the Governor to achieve set goals, stressing that there will be nothing like Abuja and Abia politicians. The event featured lectures, empowerment, cultural display and was attended by women from across the State.

A Kenyan cook, Maliha Mohammed, has surpassed Hilda Baci’s record of the longest cooking marathon. Mohammed achieved the feat a few months after declaring her intention to pursue it. She was on Tuesday, June 13, officially declared the Guinness World Record holder. The mother of two who had previously broken the Guinness World Record in 2019, posted pictures online to mark her new accomplishment. The Guinness World Record, however, has not confirmed Chef Mohammed’s new cooking record.

Mali’s military leader Assimi Goita on Tuesday, confirmed having telephone conversation with Russian President Vladimir Putin about the situation in Niger, where a junta seized power in a coup last month. Putin “stressed the importance of a peaceful resolution of the situation for a more stable Sahel,” Goita said on social media platform X, formerly known as Twitter. Western powers fear that Niger could go the same way as neighbouring Mali, whose leaders hired mercenaries from Russia’s Wagner group to help them fight an insurgency after they overthrew the democratic government three years ago and kicked out French troops. Putin has called for a return to constitutional order in Niger, while Wagner chief Yevgeny Prigozhin welcomed the coup. Support for Russia has appeared to surge in Niger since the July 26 coup, with junta supporters waving Russian flags at several rallies.

Three people have been killed by Russian missile attacks in the Volyn region of north-western Ukraine, the regional governor has said. Air strikes also damaged buildings in the western Lviv region, but there were no deaths, the city’s mayor said. But in July, ten people were killed and many more were injured after a Russian rocket hit an apartment building in Lviv. On Monday, two people were killed after a town in the Zaporizhzhia region was hit by missiles. In southern Ukraine, seven people were killed on Sunday by Russian shells.

He said Tinubu expressed his concern over the effects of the recent developments in the foreign exchange market, particularly on average citizens. According to Shonubi, the volatility of the naira in the parallel market is not solely driven by economic factors, but also speculative demand. He said, “Mr President is very concerned about some of the goings on in the foreign exchange market. In the circular dated August 9, 2023, the CBN placed limits on the exchange rate for naira payout of Diaspora remittances. Please note and ensure strict compliance.”Shonubi had last week said the diversion of Diaspora remittances to the parallel market was putting pressure on the local currency.