Economy

Naira lost value by 10.2% in 2022 — World Bank

Published

2 years ago

April 8, 2023

Nigerian currency, the Naira, reportedly lost value by 10.2% in 2022, a World Bank report has disclosed.

The international financial institution, in its Africa Pulse report published on Wednesday, stated that the depreciation of the exchange rate was also a major contributor to inflationary pressures in the Sub-Saharan region.

Prompted by rising food and fuel prices globally, among other stimulants, the naira recorded the indicated depreciation.

It noted that the Ghanaian cedi, which it said was the worst performing currency in the region during 2022, posted a depreciation of about 40 percent and had weakened an additional 20 percent so far in 2023.

“Other currencies with significant losses last year include those of Sudan (23.6 percent), Malawi (20.7 percent), The Gambia (14.6 percent), and Nigeria (10.2 percent),” it stated.

The report also explained that oil production in Nigeria picked up in late 2022, thanks to improved security that “has so far prevented further oil theft”. It however added that production remains below the OPEC+ quota.

“Non-oil economic activity remained weak as the agriculture and industrial sectors experienced a rapid increase in the costs of energy and raw materials that were magnified by a weaker naira in the foreign exchange market,” it said.

In Western and Central Africa (AFW) subregion, according to the World Bank, incoming data point to further moderation of growth at the start of the year as challenges arising from mounting fiscal pressures amid lack of fiscal space and unsustainable debt positions, as well as stubbornly high inflation, affect the largest countries in the subregion.

“In Nigeria, recently released activity data show mixed results. On the one hand, real GDP growth was higher than expected in the fourth quarter of 2022. It picked up to 3.5 percent y/y, from 2.3 percent in the third quarter. Both oil and non-oil sector activity improved by late 2022,” it said.

“After a 22.7 percent y/y contraction in the third quarter of 2022, oil GDP fell by 13.4 percent y/y in the fourth quarter as security services were making headway against oil theft.”

The report stated that, in January 2023, oil production increased to a 10-month high of 1.34 million barrels per day, though output was said to still be below the country’s OPEC+ quota.

Growth in non-oil activity reportedly increased “slightly” to 4.4 percent year-over-year in the fourth quarter of 2022, from 4.3 percent in the third quarter.

“Faster growth in agriculture and a recovery in manufacturing appear to have driven this increase. However, the demonetization efforts that started in mid-December are weighing on economic activity,” it added. Read more.

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Africa

U.S. Govt Reacts to Nigerian Minimum Wage

Published

22 hours ago

August 21, 2025

Precious Nwabuisi

The United States government has said that Nigeria’s new N70,000 minimum wage has lost real value due to the sharp fall of the naira, leaving millions of workers trapped in poverty.

According to the 2024 Country Reports on Human Rights Practices, released by the U.S. Department of State’s Bureau of Democracy, Human Rights, and Labour, the wage translates to just $47.90 per month.

The report noted that currency devaluation and weak enforcement have undermined the wage increase.

The report also revealed that many states are yet to implement the new wage law. Several governors cited financial challenges as the main excuse.

Even where the law exists, compliance remains poor because of limited labor inspectors and weak oversight from authorities.

Wage Devaluation and Exclusion

The report highlighted that firms with fewer than 25 workers are excluded from the minimum wage law, leaving millions of employees without protection.

This also explained that about 70 to 80 percent of Nigeria’s workforce operates in the informal sector, where wage and labor rights are almost never enforced.

This means a majority of Nigerians continue to earn far below the national benchmark, despite the government’s approval of N70,000 as the new minimum wage.

The U.S. report stressed that the naira’s sharp decline, trading above N1,500 to the dollar, had worsened the wage erosion. This has left workers unable to afford basic needs, pushing many deeper into poverty.

Human Rights and Labor Challenges

The document pointed out that weak enforcement of labor laws contributes to worsening poverty levels in the country.

Workers in the informal sector, such as street vendors, artisans, and small traders, rarely benefit from labor protections.

The report also noted that Nigeria’s minimum wage is rarely sufficient to cover basic food, housing, and transport needs.

This has further exposed structural gaps in the government’s approach to economic reforms and poverty reduction.

Governors Push Investment Platform

Meanwhile, the Nigeria Governors’ Forum (NGF) has launched a new investment initiative called NGF Investopedia.

The platform seeks to attract capital flows into bankable projects across all 36 states, with the goal of tackling Nigeria’s annual $100 billion infrastructure financing deficit.

The launch event in Abuja gathered governors, international partners, and investors. The forum described the platform as a long-term strategy to unlock growth opportunities across states and strengthen Nigeria’s subnational economies.

NGF Chairman and Kwara State Governor, Abdulrahman AbdulRazaq, said Nigeria must urgently leverage its human and natural resources to address poverty and joblessness.

“Here is Africa’s largest economy, endowed with abundant human and natural resources,” he said, stressing that state governments must play a bigger role in attracting investments and supporting local industries.

A Widening Gap

The contrast between the U.S. report on wage decline and the governors’ push for investment highlights Nigeria’s economic paradox.

While authorities promote foreign capital inflow, millions of workers continue to survive on wages that have lost most of their value.

With inflation rising, food prices soaring, and the naira weakening, the gap between earnings and cost of living keeps widening.

Unless enforcement improves and the informal sector is integrated into wage protections, the N70,000 benchmark may remain symbolic rather than effective.

Post Views: 87

Economy

Global Card: Fidelity Bank Hits Milestone As Fidelity Naira Card Accepted Globally

Published

3 days ago

August 18, 2025

Tim Elombah

Fidelity Bank may have hit another milestone the Fidelity Naira Card is now accepted globally.

This was disclosed in a message sent to Diaspora Digital Media (DDM) via email on Monday.

According to the statement entitled “Your Fidelity Naira Card Now Works Globally; Shop, Pay and Withdraw with Ease!“, customers can buy favourite global brands online using their Fidelity Naira Card.

The band also stated that they can equally pay at POS terminals abroad and make cash withdrawals at ATMs as they travel.

The message reads:

“We’re excited to let you know that your Fidelity Naira Card is now enabled for global use — so you can shop, spend and withdraw internationally with confidence.

“Here’s what you now enjoy every quarter:

*Channel*	*Transaction Limit*
ATM Withdrawal abroad	$500
Online/Web & POS Payments	$ 1,000

“What does this mean for you?

Shop your favourite global brands online
Pay at POS terminals abroad with ease
Withdraw cash at ATMs when you travel.”

The statement, however, noted that the $1,000 quarterly limit applies to all international transactions combined, including ATM withdrawals, online purchases, and POS payments.

The bank urged customers who may need assistance with setting card limits or activating their cards for global use, to contact the bank’s customers care “Centre Trueserve”, which is available round the clock, whether in Nigeria, or outside the country.

“Your world, your card — spend smart, spend globally with Fidelity,” the message concludes.

Post Views: 221

Economy

Abia pays 340 sacked polytechnic workers, otti vows justice
DDM News

Published

4 days ago

August 18, 2025

Amaechi Okoro

(DDM) – The Abia State Government has paid 340 former staff of Ogbonnaya Onu Polytechnic, Aba, who were disengaged between 2018 and 2021.

Governor Alex Otti announced the payment while briefing journalists at Government House, Umuahia.

DDM gathered that the Governor explained that out of 461 sacked workers, 340 had received their entitlements, while the balance would be settled after a verification process.

He said the state would not only pay but also review the circumstances of their dismissal.

According to him, anyone unfairly removed from service would be reinstated to ensure justice is served.

The Governor’s statement comes after years of protests and petitions by affected workers, who accused past administrations of victimization and negligence.

Many of the disengaged staff had spent years without salaries, pensions, or benefits, forcing some into hardship and ill-health.

Otti assured that his government would not abandon them and pledged to treat workers fairly, regardless of political affiliations.

He further commended the management of Ogbonnaya Onu Polytechnic for attracting a N2 billion intervention fund from Tertiary Education Trust Fund, TETFund.

According to him, such funding would help reposition the institution and improve the learning environment for students.

On the $125 million Islamic Development Bank loan recently approved for Abia State, Otti dismissed fears of debt traps.

He explained that the only challenge that might arise would be foreign exchange instability, but maintained that the loan was a low-risk facility.

The Governor insisted that the facility would be managed responsibly and transparently to support development projects.

Otti also revealed that his administration had spent about N14.43 billion on retrofitting 61 public schools as of June 2025.

He dismissed allegations by an APC group claiming that N54 billion budgeted for schools had been squandered.

According to him, the opposition was spreading propaganda to discredit his administration’s achievements in education.

He emphasized that the projects were visible across the state and could be verified by residents and the media.

In the health sector, the Governor directed the Commissioner for Health, Professor Enoch Uche, to commence the construction of an isolation and treatment centre.

The facility will be located at the Abia State Specialist Hospital, Amachara, as part of plans to strengthen public healthcare.

Otti said his government was determined to deliver projects that would directly impact citizens instead of indulging in wasteful spending.

He added that Abia had chosen a new path of transparency, accountability, and people-centered leadership.

The Governor maintained that the era of abandoned projects and fake promises in Abia was over.

Post Views: 112

Economy

BREAKING: Emiral hosts Warri business summit, dinner party, unveils elixir for natural health solution
DDM News

Published

6 days ago

August 16, 2025

Amaechi Okoro

Warri Business Summit and Dinner Party

(DDM) – Warri, Delta State, is set to witness a major business and lifestyle gathering as Emiral brand hosts its highly anticipated Business Summit and Dinner Party.

The event, scheduled for Saturday, August 16th, 2025, will begin at 11 AM at the Jubilee Retreat and Conference Centre, behind Mother of the Redeemer Catholic Church in Warri.

Organizers say the summit is designed to bring together professionals, entrepreneurs, and business leaders for a full day of networking, business insights, and celebration.

Emiral, a fast-growing name in the health and wellness industry, is also using the occasion to showcase its flagship product, Emiral Elixir.

DDM gathered that the elixir is marketed as a natural health solution crafted with 100% organic ingredients sourced from Africa and Asia.

According to the company, the product detoxifies the body, burns excess fat naturally, and strengthens the immune system.

The firm says consistent use of the elixir can help prevent and assist in the treatment of multiple health conditions.

These include stroke, fibroid, fertility challenges, arthritis, asthma, various cancers, epilepsy, diabetes, hepatitis, prostate disorders, high cholesterol, liver and kidney complications, fungal infections, sickle cell anemia, and high blood pressure.

The brand further highlights its effectiveness in easing food poisoning and hangover symptoms.

One of the unique features of Emiral Elixir is the inclusion of hydrogen water in its formulation.

Emiral insists this scientific addition preserves the potency of the natural ingredients and aids in transporting medicinal benefits to the cellular level.

The company describes the elixir as a holistic wellness solution, balancing hormones, improving gynecological health, and enhancing skin appearance.

It is also promoted as effective in reducing pain, bloating, and heavy bleeding in women, while providing overall vitality for daily living.

The Warri summit, therefore, is not just a product promotion but a strategic platform for Emiral to strengthen its identity as a premium lifestyle brand.

Industry watchers believe the gathering highlights how Nigerian businesses are merging health, innovation, and entrepreneurship to serve a growing wellness-conscious population.

Emiral says its mission is to foster a community that values knowledge, health, and connection through business-focused events.

Observers argue that the timing is crucial, as Nigerians increasingly embrace natural health solutions amid rising awareness of the dangers of processed supplements.

The brand is positioning itself to compete in a global market where organic and plant-based remedies are gaining momentum.

DDM notes that Warri, a city traditionally known for oil and commerce, is also becoming a hub for health-focused enterprises and entrepreneurial summits.

With Emiral’s outreach, the city could further consolidate its reputation as a centre for innovation in southern Nigeria.

For more details about Emiral Elixir and its distribution, the company has urged interested participants to contact its representatives through official channels.

As expectations rise ahead of the summit, Emiral appears poised to make a bold statement about natural wellness and sustainable business growth in Delta State.

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Post Views: 139

Economy

Okonjo-Iweala clarifies Tinubu visit amid backlash over economy comments
DDM News

Published

6 days ago

August 15, 2025

Amaechi Okoro

(DDM) – The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has issued a clarification following backlash over her comments on Nigeria’s economy during her visit to President Bola Tinubu.

Dr. Okonjo-Iweala explained that her recent statements had been misunderstood and that she recognizes the economic hardships Nigerians are currently facing due to reforms.

She emphasized the importance of implementing social safety nets to aid vulnerable populations who are being affected by these reforms.

During her meeting with President Tinubu at the State House in Abuja, which took place alongside Trade Minister Jumoke Oduwole, discussions focused on Nigeria’s economy and strategies to cushion citizens from the adverse effects of ongoing reforms.

The WTO Director-General highlighted the launch of the Women Exporters Fund for the Digital Economy, a collaborative initiative between the WTO and the International Trade Centre aimed at empowering Nigerian women to create and sustain jobs.

She revealed that Nigeria was among four countries globally selected to benefit from this fund, with 67,000 women applying and 146 winners slated to receive direct financial and technical support to boost their businesses.

According to Okonjo-Iweala, the fund is designed to help women weather economic challenges while fostering growth and employment.

While acknowledging the efforts made by President Tinubu and his administration to stabilize the economy, she reiterated that economic stability alone is insufficient.

She stressed that the next critical step is economic growth and the urgent need for social safety nets to support those impacted by the government’s reforms.

In her own words, Dr. Okonjo-Iweala stated, “We need to grow the economy and put social safety nets in place so that people feeling the pinch of the reforms can have some support to weather the hardship.”

Her comments came in the wake of criticism suggesting that she had overly praised the administration, but she clarified that she was acknowledging the progress made while underscoring the continuing struggles faced by many Nigerians.

Opposition voices, such as the African Democratic Congress, had accused the government of distorting the WTO chief’s remarks to paint an overly positive picture of the economy.

They pointed out that despite a so-called stable economy, widespread poverty, unemployment, and inflation remain critical issues that must be urgently addressed.

The World Trade Organisation leader’s visit to President Tinubu also coincided with the launch of impactful economic initiatives aimed at empowering women business owners and reinforcing digital trade, demonstrating her commitment to inclusive economic development.

Dr. Okonjo-Iweala’s clarifications spotlight the complex realities of Nigeria’s current economic condition, where reforms have brought certain stability but also significant hardship necessitating comprehensive social programs and growth measures.

Her remarks call on the government to balance reforms with proactive support for Nigerians struggling with poverty and joblessness to build a more resilient, inclusive economy over the coming years.

Post Views: 229