PBA Top Headlines Of The Week (November 4)

In this week’s edition of Prime Business Africa’s top headlines of the week, we present to you the following stories in the areas of business and economy, politics, and entertainment.

Africa Must Break Internal Visa Barriers For Shared Prosperity – Editorial

Africa – the world’s second-largest continent with 54 recognized countries – has again been reminded of a low-hanging fruit that must be plucked in the continent’s enlightened self-interest. This was as President William Ruto of Kenya told an international conference in Congo-Brazzaville that his country is set to end visa requirements for all African visitors by the end of this year. Read more

Nigerian Politics Of Morbid Desire For Naked Power

One of the famous quotes of late Chief Obafemi Awolowo called for ‘urgent and massive need for moral and spiritual reconstruction: the kind which will help to demolish morbid desire for naked power and domination and ensure justice, equity and fair play for all.’ Chief Awolowo died on May 9, 1987, more than 36 years ago, which means he would have made this call more than four decades ago. Certainly, whatever could have prompted him to raise such an alarm wouldn’t have been anywhere near what is being experienced today. ‘Morbid desire for naked power’ has become the political culture in Nigeria. Read more

Lithium, New Oil Tinubu Is Banking On To Refloat Nigeria’s Economy?

resident Bola Tinubu recently asserted that “we have a line of sight to the foreign exchange we need to refloat this economy.”

He spoke against the backdrop of the Naira depreciating by over 40 per cent and at a time his Minister of Budget and National Planning, Atiku Bagudu, openly acknowledged that “there is no money anywhere in the country.”

The optimism by President Tinubu while addressing the Nigerian Economic Summit a little over a week ago piqued Prime Business Africa’s interest in finding out what “line of sight” he was referring to. Read more

The $1.35bn Project Funding For Lagos

It is gratifying that the Lagos State government is forging ahead with the construction of the Fourth Mainland bridge by securing a $1.35 billion funding from the Cairo-based African Export-Import Bank (AFREXIM Bank) and Access Bank, Nigeria’s biggest lender by assets. The money will also be used to develop a creek and expand its light rail network.

The Fourth Mainland Bridge will cost $2.5 billion and will be constructed by a Portuguese company, Mota-Engil Group, and two Chinese ventures. Read more

Left The Church And Abandoned God

There is no gainsaying that steadily, the faithful are confronted with issues and realities that make them consider abandoning their Church. Though a sad reminder that things bear the imprints of imperfections and flaws on this side of eternity, it is not sufficient warrant to leave the Church.  Read more

Archbishop Valerian Okeke And Seventy Phenomenal Years

The life of Archbishop Valerian Maduka Okeke these seventy years has been undoubtedly phenomenal in content, impressive in impact and graciously splendid. In various contexts, greatness defines it. Being motorised by the transformative power of grace, it stands as a lighthouse that illuminates others with the light of faith, knowledge and wisdom. Read more

CAC: The Mess, Game-changing Leadership, And Show Of Shame

For every beginning, there must be an end. It may come when anticipated or prior to the expected time. The sure thing is that the end will definitely come.

This altruism applies to life generally, can be seen from an appointment to a public office with a tenure. Read more

The Significance Of IT Department In The Hybrid Era

There’s no doubt that hybrid work has become the new norm, an irreversible way of working. This necessitates every business leader to not only establish a secure and interconnected flexible workplace but also provide the right tools to enhance employee collaboration, communication, productivity, and, most importantly, well-being. Many business leaders are turning to IT solutions to ensure their businesses and staff have the capabilities to thrive amid numerous challenges. Read more

Bank Of England Keeps 15-Year High Interest Rate At 5.25% Amid Israel-Hamas War Concerns

The Bank of England announced its decision to keep the main interest rate at 5.25%, citing concerns related to the Israel-Hamas war’s impact on oil and gas prices.

While inflation is expected to decrease in the short term, the bank emphasized the need for time to reach the 2% target rate. The minutes revealed that three of the nine committee members supported a quarter-point increase to 5.5% to combat inflation. Read more.

Petrol Subsidy Removal, Inflation Fingered As Acute Food Shortage Stares 26.5 Million Nigerians

If nothing is urgently done to address the identified root causes, no fewer than 26.5 million Nigerians including Internally Displaced Persons (IDPs) will suffer acute food insecurity between June and August next year. This is part of the aftershock of the Nigerian government’s removal of petrol subsidy which toll on food prices has pushed households below the food consumption threshold.

This came to light in the Cadre Harmonise (CH) Analysis launched in Abuja on Friday by the Food and Agriculture Organization (FAO) of the United Nations in collaboration with the Federal Ministry of Agriculture and Food Security. Read more

Nigeria Recovers $3.8bn Abacha Loot In 25 Years

Over a span of 25 years, significant amounts of funds linked to the late Head of State, General Sani Abacha, have been discovered and repatriated. Here’s a breakdown of the recoveries:

In 1998, a total of $750 million was recovered from the late Head of State’s family. Read more

Ford Foundation Calls For Sustainable Philanthropy In West Africa

Ford Foundation, last week, hosted its maiden Quarterly Dialogue on Philanthropy in Nigeria, organized by PricewaterhouseCoopers Limited (PwC).

The event’s theme focused on creating lasting impacts through sustainable philanthropy in discussion with local philanthropists. With more events on the horizon, the purpose of these Quarterly Dialogues will be convening local philanthropists and high-net-worth individuals across Nigeria and in other West African states to participate in dialogues that would redefine local philanthropy and promote local funding of credible civil societies. Read more.

NLC, TUC Demand Justice For Brutalized President, Declare Nationwide Strike

The organized labour unions, including the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC), have declared their intention to stage a nationwide strike in response to the abduction and beating of their President, Joe Ajaero.

The strike, set for Wednesday, November 8, 2023, was revealed during a press briefing on Friday. Prime Business Africa reported the brutal attack on the NLC President by Security Operatives in Imo State on Thursday. Read more

Prime Business Africa Editorial

+ posts

• Fuel Subsidy: World Bank Must Allow Africa’s Poor Breathe [Editorial]
• Africa's Economic Survival Amid EU's New Carbon Tax [PBA Editorial]
• COP28: Between Africa's Economic Development And Environmental Sustainability
• Gender Activism An Economic Necessity In Africa [PBA Editorial]