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2024: Expert Predicts Likely Economic Hardship, Urges Nigerians to Spend Wisely

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A Development Economist, Prof. Chiwuike Uba, has predicted the likelihood of further economic hardship in 2024, and urged Nigerians to spend every kobo they earn wisely.

Uba, the Executive Director, Amaka Chiwuike Uba Foundation (ACUF) Initiative for Policy and Governance, an NGO, gave the advice while speaking with newsmen in Enugu on Tuesday.

The economist said that considering the prevailing cost-of-living crisis and the mounting pressure on incomes, it is crucial for Nigerians to redirect their spending towards essential and affordable indulgences.

According to him, it is imperative to prioritise prudent use of resources, as Nigeria may encounter even more profound economic challenges in 2024.

He noted that a prudent management of personal finances is not only profitable, but also ensures stability and sustainability in the face of economic adversity.

“To provide a deeper understanding of the prevailing conditions, recent data from the Nigeria Bureau of Statistics paints a vivid picture of the current state of affairs.

“According to the data, a staggering 62.9 per cent of the population, which equates to nearly 133 million people, is multi-dimensionally poor, constantly experiencing various forms of deprivations that extend beyond the purely financial realm.

“This means that a significant portion of the population endures hardships spanning multiple dimensions, with over 40 per cent of the people facing monetary deprivation alone.

“Moreover, the alarming inflation rate of 28.20 per cent as of November 2023 further underscores the exorbitant costs associated with basic goods and services,” he said.

Uba noted that despite these dire circumstances, one might hope that Nigerians, especially those most affected, would exercise greater fiscal caution, adding that regrettably such prudence and restraint are not commonly observed among Nigerians.

He said that counter intuitively, the spending habits of Nigerians, regardless of their financial standing, seem to follow patterns akin to those exhibited by governments at various levels when it comes to managing public resources.

“The persistence of these spending habits despite the afflictions of a struggling economy and widespread poverty serves as a reminder of the complexities embedded within the Nigerian society.

“It highlights the intricate interplay between cultural practices, economic circumstances, and the tendency to emulate the behaviors of those in power.

“While the expected frugality during the holiday (yuletide) season may seem logical, societal norms often steer individuals down a different path, leading to extravagant expenditures even in the face of adversity,” he said.

The economist said that despite the nation’s current state of austerity, where fiscal prudence should be paramount, the government continues to squander precious public resources as though the economy were in the golden age of prosperity.

“Disregarding the dire consequences on the overall wellbeing of the economy and the Nigerian populace, both national and sub-national governments persistently accumulate public debts in order to satisfy their insatiable appetite for wasteful expenditures.

“Simultaneously, many individuals are burdening themselves with debts in a desperate attempt to fulfill their yuletide shopping desires.

“At the end of each year, numerous employers bestow bonuses upon their employees, which, instead of being saved for the rainy day, are impulsively squandered during the festive season,” he said. (NAN)

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

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The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

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Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

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Economy

Ecobank Promotes Savings Culture, Rewards N42m to Customers

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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.

Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.

She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.

“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.

Ogunyemi also noted the increasing awareness of savings amid economic challenges.

“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.

“This has led to a steady rise in deposits across the banking sector,” she said.

Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.

“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.

“This initiative is about showing our customers that every amount saved adds up over time,” she said.

Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.

“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.

“Month after month, deposits have increased, which is very encouraging,” she added.

She further emphasised that savings, beyond just winning rewards, provide financial security.

Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.

“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.

“Across the banking industry and within Ecobank, savings deposits have consistently grown.

“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.

She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.

Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.

“It is important to note that what gave them the opportunity to win was their commitment to saving.

“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.

“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.

He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.

“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.

Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.

A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.

Similarly,  four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)

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