Capital importation rises 210% to $3.38 bn
Capital importation into the country grew Quarter-on-Quarter (QoQ) by 210 per cent to $3.38 billion in the first quarter of 2024 (Q1โ24) from $1.09 billion in the fourth quarter of 2023 (Q4โ23). The National Bureau of Statistics, NBS disclosed this yesterday in its capital importation report for Q1โ24.
Similarly, Year-on-Year, YoY capital importation rose by 198 per cent to $ 3.38 billion from $1.13 billion in Q1โ23. NBS said: โIn Q1โ24, total capital importation into Nigeria stood at $3.38 billion, higher than $1.13 billion recorded in Q1โ23, indicating an increase of 198.06 per cent. โIn comparison to the preceding quarter, capital importation rose by 210.16 per cent from $1.09 billion in Q4โ23.
Naira rises to N1,510/$ in parallel market
The Naira yesterday appreciated in the parallel market to N1,510 per dollar from N1,515 per dollar last week Friday. However, the Naira depreciated to N1,508.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,508.99 per dollar from N1,505.3 per dollar last weekend, indicating N3.69 depreciation for the naira. The volume of dollars traded in the market fell by 34.9 per cent to $122.31 million from $187.82 million last week Friday.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.01 per dollar from N9.7 per dollar last weekend.
๐๐๐๐ ๐๐๐๐ฅ๐๐ซ๐๐ฌ ๐๐ฆ๐๐ซ๐ ๐๐ง๐๐ฒ ๐ข๐ง ๐๐จ๐ซ๐ง๐จ-๐๐๐๐ฆ๐๐ฐ๐ ๐๐จ๐ซ๐๐๐ซ ๐๐ซ๐ข๐๐ ๐
The North East Development Commission has declared an emergency on the bridge in the Madagali Local Government that connects Borno-Adamawa state on the border of the two states.
The Managing Director of NEDC Mohammed Goni Alkali, who visited the area on Friday during his inspection tour of projects in Adamawa State, expressed serious concern and noted that the commission must take quick action to avoid the two states from being disconnected as a result of the collapsed bridge.
He said that the major responsibility of the commission is to provide services that have a direct bearing on the lives of the people of the North East region. Alkali, who visited the collapsed bridge with the project manager of Triacta Construction Company, Mr. Wajih directed the manager to immediately survey the bridge to enable the Commission to take swift action.
๐๐จ๐ฆ๐๐ ๐ซ๐๐ฌ๐ข๐๐๐ง๐ญ๐ฌ ๐ฌ๐๐๐ค ๐ ๐จ๐ฏ๐ญ ๐ข๐ง๐ญ๐๐ซ๐ฏ๐๐ง๐ญ๐ข๐จ๐ง ๐ข๐ง ๐ซ๐๐ง๐ญ ๐ก๐ข๐ค๐
Some residents of the Federal Low-Cost, Government Reserved Area, Tumfure, and the State Low-Cost have lamented the arbitrary increase in the cost of house rents in Gombe State.
Arewa PUNCH reports that those affected are mainly visitors in the state who are on transfer from the Federal Government, Non-Government Organisations placement, as well as corps members.
Investigations conducted by Arewa PUNCH reveal that as a result of the growing trend, many of the residents have called for the establishment of rent tribunals to adjudicate some of the rent-related disputes.
Salihu Adamu told our correspondent that his rent was arbitrarily increased by the landlord through his agent, making his two-bedroom apartment of N250,000 annual house rent to N600,000 without justifiable reason.
๐๐๐ฉ๐ฌ ๐ฌ๐๐๐ค ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ ๐๐ฎ๐ง๐ ๐๐จ๐ซ ๐ซ๐ฎ๐ซ๐๐ฅ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ
The House of Representatives is advocating the establishment of a Rural Areas Development Fund following the passage for the first reading of the Rural Areas Development Agency (Establishment) Bill, 2024.
The bill, sponsored by the member representing Ogbaru Federal Constituency, Anambra State, Afam Ogene, seeks to establish a Rural Areas Development Board and a Fund, to foster community sustainability and economic initiatives for rapid development of the rural areas.
The bill seeks the transfer of all functions of the Department of Rural Development of the Federal Ministry of Agriculture to the Rural Areas Development Agency.
The proposed legislation in Section 2 (1) seeks the establishment of a board made up of a chairman, a representative each from the six geo-political zones and a representative each from the federal Ministries of Works, Water Resources, Environment, Agriculture, Health, Power and National Planning.
Obinwannem World News
High winds and heavy rain as Caribbean hit by hurricane
Hurricane Beryl made landfall in the Caribbean on Monday, leaving floods in Barbados, St Vincent and the Grenadines and Grenada. Winds of up to 150mph (241 km/h) swept through the islands, as the hurricane became a Category 4 storm when it first met land.
It is expected to pass through the southeast Caribbean next.
Republic of Ireland ‘needs 35,000 new homes a year’ The Republic of Ireland needs to build at least 35,000 homes every year to keep up with population growth, a major new report suggests.
It adds that in a “high migration scenario” the number of necessary new homes could be as high as 53,000 per year. The governmentโs current target is 33,000 but it has been known for some time that is too low. Housing availability and cost is a major political and social issue in Ireland.
The report from the Economic and Social Research Institute (ESRI) was commissioned by the Department of Housing and Local Government. The work considers a range of population projections based on birth and death rates and various international migration assumptions.
It then estimates future housing demand based on these population projections, as well as a range of other assumptions including Irelandโs typical household size
Green activists jailed for insulting Cambodian king
Cambodia has jailed 10 environmental activists for plotting against the government and insulting the king, in what critics have described as a politically-motivated case.
The members of the group Mother Nature were charged in 2021 after they documented waste run-off into Phnom Penh’s Tonle Sap River, near the royal palace.
On Tuesday, three of them, including Spanish co-founder Alejandro Gonzalez-Davidson, were sentenced to eight years in jail and fined $2,500 (ยฃ1,9787), while seven others were handed six-year terms. Since its founding in 2013, Mother Nature has campaigned against environmentally destructive projects and raised questions on how natural resources are managed in the South East Asian country.
They document their findings in playful and informative videos that they post on Facebook, where they have 457,000 followers.
Environmental groups have long accused Cambodia’s leaders of profiting from the country’s natural resources. The government denies this and says Mother Nature is encouraging social unrest.
Cambodia’s law against insulting the king is relatively new and took effect only in 2018. Critics say it is being used to crack down on dissent. When the charges against the Mother Nature activists were filed in 2021, prosecutors did not say how the law had been violated.
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