Special Reports

As Nigeria’s vice president cut the ribbon on Procter & Gamble Co.’s diaper production line in 2017, the $300 million facility near Lagos was hailed as a symbol of the country’s economic ambitions. In December, P&G said it was leaving the West African state. The US consumer goods giant is not alone. In recent months at least three other global conglomerates have announced they are exiting Africa’s most populous nation, and second biggest economy. Among them GSK Plc, Bayer AG and Sanofi SA. Last year Unilever Plc cut some of the products it was manufacturing in the country. Nestle SA…
Standard Chartered Plc had a wild 2023 with Nigeria’s volatile currency as the African nation struggled with foreign-exchange rules to attract investment from overseas and boost the supply of dollars. The London-based lender, in its corporate filings last week, said it made almost $120 million in a single day on June 1, in anticipation of new policies including an impending naira devaluation. By November, its position whipsawed as it made around $40 million only to lose more than $20 million later after the government announced a crackdown on the black market, where the US dollar at one point commanded a…
The brains of men and women operate differently, scientists have shown for the first time in a breakthrough that shows sex does matter in how people think and behave. ‌The issue of whether male and female brains are distinct has proven controversial, with some academics arguing it is society – rather than biology – that shapes divergence. ‌There has never been any definitive proof of difference in activity in the brains of men and women, but Stanford University has shown that it is possible to tell the sexes apart based on activity in “hotspot” areas. ‌They include the “default mode…
With inflation nearing 30% and its currency hitting an all-time low, Nigeria is facing one of its worst economic crises in years. The latest data from the National Bureau of Statistics on Thursday showed that the headline consumer price index (CPI) rose to 29.9% year-on-year in January, its highest level since 1996. The surging cost of living and economic hardship sparked protests across the country over the weekend. With annual inflation nearing 30% and a currency in freefall, Nigeria is facing one of its worst economic crises in years, provoking nationwide outrage and protests. The Nigerian naira hit a new…
Nigeria’s households and businesses are going through very difficult times as a result of the continued escalation of cooking gas, diesel and other resources. This becomes unbearable as their incomes have not experienced any meaningful increase in the past few years, which also recorded a significant drop in the value of the Naira, currently going for N1,515/$ at the official market. A market survey by Energy Vanguard, weekend, indicated that the price of cooking gas (12.5kg) that was N11, 250 in December 2023, has risen to N15, 000, indicating an increase of 33.3 per cent. Similarly, the price of diesel…
This is not the best of times for Nigerian families, who have had to adopt bizarre cost-cutting measures to cope with the recent hardship occasioned by the dramatic hike in the prices of goods and services. Several of them lamented that their income could no longer take care of their daily needs, adding that the prices of staples had almost tripled in the market. Rice, which is arguably one of the commonest consumed staples in the country, has risen to N77,000 per bag. In December, the National Bureau of Statistics stated that the country’s inflation rate hit a 27-year high…
Like every other sector, the building and construction industry may be witnessing one of its worst moments, as exchange rate, building materials, and labour prices have triggered an increase in construction costs by 200 per cent in the last two years. Nigeria’s inflation rate as of December 2023 climbed to 28.9 per cent. The recent upsurge in inflation is primarily linked to the effects of petrol subsidy removal and the devaluation of the official exchange rate, both exerting substantial impacts on consumer prices. The exchange rate crisis has worsened the woes of the building sector. The direct effect of exchange…
Philippa Kelly ‘I don’t sweat the small stuff any more’ Mari Isdale, 40, Greater Manchester, England In 2015, Isdale, then 31, was diagnosed with stage four bowel cancer and given 18 months to live. Despite a period of remission and 170 rounds of chemotherapy, the disease has since spread to her lymph nodes. I always thought, “I’ll get my career sorted, then we’ll get married, have children, go travelling.” And then cancer happened. You grieve for your future self. Your imagined children and your career. If I died tomorrow, what I’d be saying on my deathbed is I regret not…
Civil society groups, under the aegis of the Civil Society Joint Action Group, said 17,469 Nigerians were abducted under the Muhammadu Buhari and Bola Tinubu administrations from 2019 to date. Addressing a press conference in Abuja on Monday, the Civil Society Joint Action Group, revealed that 2,423 persons had been killed, while 1,872 others had been abducted since the inauguration of President Tinubu. Speaking on behalf of the group, the Executive Director of the Civil Society Legislative and Advocacy Centre, Auwal Musa Rafsanjani, said insecurity had persisted over the last three administrations, with 24,816 Nigerians killed and 15,597 persons abducted…
The Red Sea, a vital shipping lane, is under attack – what are the alternatives? You can see exactly where the drone attack hit. Just look for the grisly black scorch marks staining the ship's white paint. On 17 January, the MV Genco Picardy, a US-owned bulk carrier, became the latest victim of Houthi rebel assaults on commercial ships sailing through the Red Sea. One of the world's busiest shipping lanes is now, surely, the most dangerous. Since November, Yemen's Houthi rebel group has targeted vessels passing through the strait of Bab al-Mandab, a 20 mile (32km) wide channel that…
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March 05, 2024

Want to hire good employees? Look for 4 positive work traits

Hiring the wrong person is costly on every front: money, time, energy, and the well-being…
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Afenifere opposes curtailing Yorubas’ right to protest against Tinubu's harsh economic policies

PRESS RELEASE Afenifere has distanced itself from the call by some renegade Afenifere members for…
March 02, 2024

I’ll tell you the secret of cancer - Caitlin Flanagan

It’s been almost 20 years since my diagnosis, and I’ve learned quite a bit. Are…
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Man tries to hide stolen horse in his third-floor apartment

A 19-year-old man faces three months to five years in prison for stealing a horse…
March 05, 2024

Banks enable 70 percent of financial crimes in Nigeria - EFCC

Economic and Financial Crimes Commission, on Monday, indicted banks as being linked to about 70…
March 05, 2024

Here’s the latest as Israel-Hamas war enters Day 151

UN envoy says 'reasonable grounds' to believe Hamas committed sexual violence on Oct. 7 The…
March 03, 2024

Scientists may have finally solved the mystery of consciousness. Their discoveries are troubling

Throughout history, attempts by mere mortals to plumb the inner recesses of the soul have…
March 02, 2024

Super Eagles coach Peseiro leaves at end of contract

Nigeria's Portuguese coach Jose Peseiro said on Friday he had left the job only weeks…

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