President Muhammadu Buhari has directed a ministerial delegation to be sent to Ghana to resolve the lingering conflict between Nigerian traders and the Ghanaian authorities. In a statement on Monday by the Special Assistant to the Minister of Industry, Trade and Investment on Media, Mr. Ifedayo Sayo, disclosed that the minister, Otunba Adeniyi Adebayo will lead the delegation to Ghana.
Former Vice President Atiku Abubakar has reacted to the recent Ban on cryptocurrency purchase and trading by the Central Bank of Nigeria, CBN which placed restrictions on chryptocurrency transactions in the country. Since the emergence of the CBN decision, which entails that any person or entity who is receiving cryptocurrency as payment in his bank account and withdraws it as cash cannot do that again, a lot of Nigerians have reacted to it on several social media platforms. Atiku while reacting to the development on his Twitter page on February 6, said “We Need To Open Up Our Economy, Not Close It.” “The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy and is exacerbating insecurity in the nation.
Nigeria, Africa’s largest economy, has been ranked third on a list of countries with the highest unemployment rate globally. The country’s unemployment rate hit a new record high at 33.3 per cent in the fourth quarter (Q4) 2020 from 27.1 recorded in the second quarter (Q2) 2020. The Nigerian Bureau of Statistics (NBS), Monday, released the Q4 unemployment report and it indicated that no fewer than 23.18 million Nigerians either did nothing or worked for less than 20 hours a week, making them unemployed during the fourth quarter (Q4) 2020.
The World Health Organisation (WHO) has declined to shortlist Nigeria for the limited Pfizer-BioNTech vaccines being expected to be delivered to African countries this month. This is because of the country’s failure to meet the standard requirement of being able to store the vaccines at the required -70 degrees Celsius. According to WHO only four countries out of 13 African countries (Nigeria inclusive) that expressed interest and submitted proposals will be receiving the limited 320,000 Pfizer-BioNTech vaccines. The four countries are – Cape Verde, Rwanda, South Africa, and Tunisia. The United Nations Agency, while urging the other countries not shortlisted for the vaccines to fine-tune their planning for covid-19 immunization campaigns, stressed that it cannot afford to waste a single dose of these vaccines.
Cryptocurrency is becoming a popular tender when transacting businesses after it first surfaced as open-source decentralized software in 2009. CEO of Tesla Inc and Billionaire Elon Musk during his debut on the invitation-only app Clubhouse disclosed on Monday that cryptocurrency especially the bitcoin is “on the verge” of being more widely accepted among investors as he expressed his support for the cryptocurrency in a chat on social media app Clubhouse that drew thousands of listeners.
Nigerian payments startup Flutterwave has closed a US$170 million Series C funding round, the largest amount ever secured by an African tech startup and one that gives it “unicorn” status with a value of over US$1 billion. Africa can now boast of a second fintech unicorn, after Interswitch, in barely under two years. The Africa-focused payments company, launched in 2016, builds modern payments technology and infrastructure for Africa to enable people and businesses to connect with the global economy. Its solution enables banks and merchants to replace multiple payment integrations with one simple API, which enables the processing of any form of payment anywhere in Africa.
Bitcoin slid by 21% between Sunday and Monday to as low as $32,389 after hitting a record high above $41,000. The bearish movement has made the digital currency suffer its biggest two-day decline since March 2020 and this is beginning to raise concern among investors that the polarizing cryptocurrency boom may run out of steam.
The Federal Government and Organised Labour have slated December 7, 2020, to reconvene in a bid to continue their dialogue over the increase in fuel price as well as the proposed electricity tariff adjustment. This was made known by Senator Chris Ngige, Minister of Labour and Employment during a media briefing on Thursday at the State House Banquet Hall, Abuja.