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What's the Fuss About Foreign Exchange Reserves?

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                                         What's the Fuss About Foreign Exchange Reserves? Earlier in March 2018, the Central Bank of Nigeria (CBN) announced that the country's foreign currency reserves were steadily growing and that the reserves stood at $43 billion. This represented almost 100 percent increase from about $23 billion recorded in October 2016 when Nigeria was in a recession. The last time the FX reserves hit the $40 billion mark was in January 2014, five months before global oil prices began to fall in mid-2014. Subsequent to the apex bank's announcement, the reserves reached $45.3 billion as of 21st March, 2018. To the current administration of President Muhammadu Buhari and the CBN, the accretion in FX reserves is hardly about economics. They consider it as a tool for wielding political clout. However, many Nigerians have different opinions about the rise in FX reserves. Some people also wonder why the government is accumulating debt at a time

RETAIL SECTOR AS NIGERIA'S NEXT BIG INDUSTRY

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Is the retail sector Nigeria's next big industry ? Nigeria's population of 186 million people and the country's rapid urbanisation present a huge opportunity for global retailers. Moreover, its fast-growing middle class makes Nigeria a formidable consumer market in Africa. However, the key to making the retail sector more competitive and contributing more to Gross Domestic Product (GDP) lies in the government's ability to formalise the sector.  Some of the bottlenecks that policymakers must address include improving the level of physical infrastructure, reducing the high unemployment rate, and boosting GDP per capita to support consumer spending growth. The demographic advantage, high population growth rate, and rising urbanisation will not automatically translate to high consumer spending. But a formal retail industry has the potential to employ millions of Nigeria's teeming youths and improve incomes.  In my November 2017 column in Financial Nigeria, I

SYRIA; SIX DEAD IN GHOUTA AIRSTRIKES DAY AFTER CEASEFIRE AGREEMENT

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Syria conflict: Six dead in Ghouta airstrikes day after ceasefire agreement At least six people have been killed in new airstrikes on eastern Ghouta despite a 30-day ceasefire agreement from the UN Security Council. The Syrian Civil Defence in Damascus Province said aid at least one man was killed in Saqba town, one was woman killed in Hamoria town and one man in Otaya town. The Damascus Media Centre said that two children and their mother were killed in strikes on Douma city. The deaths come after the ceasefire in Syria was agreed to allow aid deliveries and medical evacuations. Meanwhile, Islam Army (Jaish al-Islam), the biggest opposition faction in eastern Ghouta, said that they had killed 25 regime fighters while attempting to advance. Activists said there were some clashes on the southern edge of eastern Ghouta along with two airstrikes just hours after the resolution was unanimously adopted on Saturday night. Ghouta-based opposition activist Anas al-Dimashqi sai

HUMAN TRAFFICKING IN NIGERIA

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                                                     HUMAN TRAFFICKING IN NIGERIA  Human trafficking is an unyielding menace that infiltrated the society of Nigeria especially in years 2016 and 2017 when substantial number of her nationals were involved in making perilous trips across the Sahara. The nation has teeming workable population seeking solace in travelling out of the country for greener pastures they assume they'd find in their destination. However they aren't even sure of circumstances they would encounter to reach promise land of their dreams.  Human trafficking dates back to early 60s when people moved out of the country to find resort in common destination of Europe, several factors led people to engage in this deadly Journey across the Sahara, but the major cause is the poor economic situation that has led to great austerity and penury. while thoughtful hope of these people is to migrate across the sahara, impending quagmire has a progeny from

DANGERS OF CYANIDE IN GARRI

                                                       Dangers of cyanide in garri Garri a derivative of cassava, is one of the staple foods of Nigerians that provide high energy to consumers. However, it exposes the populace to possible slow cyanide poisoning if not properly processed. Its consumption has been linked previously to sudden deaths of some families, who, unfortunately, ingested some of the product that contained very high dose of cyanide. There are, however, two varieties of cassava in the country. The sweet cassava with low cyanide level is found towards the Middle Belt of the country, while the bitter one that contains very high level of toxic cyanogenic glycosides are prevalent in the southern part of the country. These cassavas are processed for consumption differently. Cyanide is more concentrated on the skin of the sweet variety. Once the skin is removed, it can be boiled or roasted and eaten with oil. It has been confirmed that oil has a way of neutralisi

TRUMP EPIC DECLARATION OF JERUSALEM AS ISRAEL'S CAPITAL

                                    Trump transcript in full: Jerusalem is Israel's capital President Donald Trump has announced that the US formally recognises Jerusalem as the capital of Israel and will begin the process of moving its embassy to the city, breaking with decades of US policy. Here is the transcript of that announcement, made in the Diplomatic Reception Room of the White House on Wednesday, December 6. "When I came into office, I promised to look at the world's challenges with open eyes and very fresh thinking. We cannot solve our problems by making the same failed assumptions and repeating the same failed strategies of the past. Old challenges demand new approaches. My announcement today marks the beginning of a new approach to conflict between Israel and the Palestinians. In 1995, Congress adopted the Jerusalem Embassy Act, urging the federal government to relocate the American embassy to Jerusalem and to recognise that that city - and so impo

2018 World Cup fixtures, including dates, kick-off times & venues

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2018 World Cup fixtures, including dates, kick-off times & venues The complete fixture list for the 2018 World Cup in Russia following Friday’s draw in Moscow (all times GMT): Thursday, June 14 (1500) Russia v Saudi Arabia, Moscow (Luzhniki) Friday, June 15 (1200) Egypt v Uruguay, Yekaterinburg (1500) Morocco v Iran, Saint Petersburg (1800) Portugal v Spain, Sochi Saturday, June 16 (1000) France v Australia, Kazan (1300) Argentina v Iceland, Moscow (Spartak) (1600) Peru v Denmark, Saransk (1900) Croatia v Nigeria, Kaliningrad Sunday, June 17 (1200) Costa Rica v Serbia, Samara (1500) Germany v Mexico, Moscow (Luzhniki) (1800) Brazil v Switzerland, Rostov-on-Don Monday, June 18 (1200) Sweden v South Korea, Nizhni Novgorod (1500) Belgium v Panama, Sochi (1800) Tunisia v England, Volgograd Tuesday, June 19 (1200) Poland v Senegal, Moscow (Spartak) (1500) Colombia v Japan, Saransk (1800) Russia v Egypt, Saint Petersburg Wednesday, June 20 (1200) Po