The Nigerian Economic Summit Group (NESG) has said the economic situation in Nigeria presently is scary.

The private sector-led think tank group said the country needs to take bold and decisive steps to address the challenges.

Chairman of the NESG, Niyi Yusuf, at a pre-summit news conference in Abuja on Friday, noted that one of Nigeria’s pressing concerns now is translating economic growth into improved lives and livelihoods for all its citizens.

Recalling the numbers from the country’s second-quarter 2024 gross domestic product (GDP), Yusuf, who was represented by Ufot Udeme, said that in Q2-2024 Nigeria’s economy recorded a fast GDP growth of 3.2 per cent, compared to 2.5 per cent in Q2 2023.

“Agriculture grew at 1.4 per cent in Q2-2024 from 1.5 per cent in Q2-2023, while industries grew by 3.53 per cent in Q2-2024 from -1.9 per cent in Q2-2023,” he said.

He noted that the services sector recorded a growth of 3.8 per cent in Q2-2024, falling from 4.4 per cent in Q2-2023.

“Nigeria’s weak economic performance is reflected in the declining living standards, with per capita income falling from US$2,162.60 in 2022 to US$1,645.76 in 2023,” he said, adding, “The rising cost of a healthy diet likely worsened the multidimensional poverty rate, which was 62.9 per cent in 2022.”

He said Nigeria also ranks low on the Human Capital Development Index (HCDI), with a score of 0.55, placing it 161st out of 191 countries.

“Our businesses and citizens are under massive pressure from rising costs, inflation, and a struggling economy.

“In 2023, the increased cost of living pushed an estimated 104 million people into poverty (46 per cent poverty rate) from 100 million in 2022. These numbers are compounded by food insecurity, as the number of people suffering from acute hunger in Nigeria is projected to increase to 26.5 million in the June-August 2024 lean season, from a staggering 18.6 million people at the end of 2023 and over 38 per cent of under-five children suffering from chronic malnutrition.”

The Chairman of the NESG said, “These are indeed difficult times for our nation. Global instability, regional volatility, and national socioeconomic uncertainty demand that we take bold and decisive steps.”

He said the theme for this year’s Summit, “Collaborative Action for Growth, Competitiveness, and Stability,” emphasises that now, more than ever, Nigeria must embrace a business-unusual approach, innovative governance, and transformational political leadership.

“It is only through collaborative action between government, business, and civil society that we can unlock Nigeria’s vast potential,” he said.

“Though we face tough times, there are also incredible opportunities ahead. The 30th Nigerian Economic Summit offers a platform for exploring these opportunities, and together, we can shape Nigeria’s future toward shared and sustainable prosperity.”

He noted that the summit, which will be held from October 14 to 16, 2024, in Abuja, will focus on three key areas of People, Leadership, and Institutions, with sub-themes designed to tackle Nigeria’s most pressing challenges and identify opportunities for growth.

The Guardian

The Nigerian Electricity Regulatory Commission (NERC) has fined the Abuja Electricity Distribution Company (AEDC) and other electricity distribution companies for overbilling customers.

NERC published the fine in its September 2024 supplementary order on Friday.

According to the electricity regulator, out of all the distribution companies (DisCos), AEDC has the highest fine of N1.69 billion.

The order, signed by Musiliu Oseni, NERC vice-chairman, and Dafe Akpeneye, commissioner for legal, licensing, and compliance, follows a comprehensive investigation into AEDC’s billing practices.

According to the order, NERC discovered that AEDC and other distribution companies overcharged customers between January and September 2023.

The commission said the respective fines “represent 10 percent of the overbilled amount”.

NERC also said AEDC’s annual operating expenditure would be reduced by N1.69 billion effective from September 1.

Other DisCos penalised are Eko Distribution Company (EKEDC) (N1.41 billion); Benin Distribution Company (BEDC) (N804 million); Enugu Distribution Company (EEDC) (N310 million); and Ibadan Distribution Company (IBEDC) (N15 million).

According to the order, Ikeja Distribution Company (IKEDC) will pay N1.41 billion as a fine; Jos Distribution Company (JEDC) N1.33 billion; and Kaduna Distribution Company (KAEDCO) N115 million.

Also, Kano Distribution Company (KEDCO) was fined N20 million, Port-Harcourt Distribution Company (PHDC) N1.16 million and Yola Distribution Company (YEDC) N54 million.

NERC said the penalty was a response to the distribution companies’ non-compliance with previous directives aimed at capping estimated billing for electricity consumers.

The Cable

The Federal Government has declared Monday, 16th September, 2024 as Public Holiday to mark the celebration of the Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad (Peace Be Upon Him).

The Minister of Interior, Olubunmi Tunji-Ojo, made the declaration on behalf of the Federal Government on Friday, in a statement by Magdalene Ajani, Permanent Secretary in the ministry.

He congratulated Muslim Ummah both at home and in the Diaspora on this occasion.

Tunji-Ojo urged the Muslim Ummah and, by extension, Nigerians to imbibe the spirit of patience, sacrifice, and resilience.

While congratulating the Muslim Ummah on the occasion, the Minister implored them to use the opportunity of the period to pray for enduring peace and a more prosperous egalitarian nation.

Daily Trust

In gym salvaged from rubble, Gazans release anger on weight machines

Israeli air strikes destroyed the building housing Adli al-Assar's gym in Khan Younis in February. So he decided he doesn't need a building.

"I went to the area and dug with my own hands, along with the help of my children and friends, until we were able to retrieve some of the equipment," he explained.

Now, his reopened gym is crammed with salvaged weightlifting machines on an empty patch of ground surrounded by a corrugated fence, where dozens of Gazans were pumping iron under the open sky. For displaced men and boys with no other outlet for their anger and sorrow, it's more than just sport, he says.

"They come here to release their negative energy, to relieve the psychological strain they experience living in displacement, in tents, and under harsh conditions," al-Assar said.

Nearly a year into a war which began with Hamas' deadly attack on Israel and has led to an Israeli assault that has driven nearly all Gazans from their homes, there are few facilities for recreation. All schools are closed; public buildings are bombed out or shut.

At the outdoor gym, weightlifter Tairq Bakroun hoisted barbells in bicep curls, worked on his pecs at a pulley machine, then stepped behind the bench press to spot for another lifter.

"I lost everything, we lost our families, our homes," he said.

"We come here to the gym just to release the anger within us. Instead of taking it out in the house, and breaking the house and the tents, we come here and release our anger on the machines."

Reuters

US officials question if easing Ukraine weapons restrictions would pay off

As the U.S. and Britain discuss allowing Ukraine to use Western weapons to strike deep within Russia, some U.S. officials are deeply skeptical that doing so would make a significant difference in Kyiv's battle against Russian invaders.

British Prime Minister Keir Starmer arrived in Washington on Friday to discuss with U.S. President Joe Biden whether to give Ukraine approval to use NATO-supplied weapons to hit targets far beyond Ukraine's borders, something the U.S. administration has so far not been willing to allow in the 2-1/2-year-old conflict.

U.S. officials noted that Ukraine already has the capability to hit targets in Russia using drones. U.S.-supplied long-range ATACMS missiles would enhance that capability, but they are too costly and limited in number to reshape the dynamic, they said.

Moreover, the Kremlin has largely moved perhaps the most immediate threat -- Russian warplanes launching glide bombs -- beyond the range of the U.S. missiles, the U.S. officials said.

They also believe Kyiv should focus on halting a Russian advance in Ukraine's east.

For Biden, the decision is not just tactical. It raises questions about whether authorizing such strikes might risk a direct war between NATO and Russia.

Russia warned at the United Nations on Friday that authorizing Ukraine to fire missiles far into Russia would turn NATO into "a direct party to hostilities against a nuclear power," and Russian President Vladimir Putin has said that such a move would alter the scope of the conflict.

White House spokesman John Kirby said on Friday the United States took such threats seriously, even as he acknowledged there was nothing new in Putin's rhetoric.

Democratic U.S. Representative Jason Crow, a member of the House intelligence and foreign affairs committees, downplayed the threat of Putin attacking Poland or other NATO members in retaliation.

"I don't believe there's any indication that Vladimir Putin has an interest in picking a fight with NATO," he told Reuters, pointing to Russia's massive losses of men and armor in Ukraine. "To the contrary, I think he is avoiding a NATO confrontation."

WHAT WOULD UKRAINE STRIKE IN RUSSIA?

Speaking at Ramstein Air Base in Germany a week ago, Ukrainian President Volodymyr Zelenskiy urged the United States and its allies to ignore Russia's red lines and give permission for long-range strikes into Russia as a way to pressure Moscow.

"We need to have this long-range capability not only on the occupied territory of Ukraine, but also on Russian territory ... so that Russia is motivated to seek peace," Zelenskiy said.

Two European diplomats, speaking on condition of anonymity, said Ukraine has submitted to the U.S. and Britain a list of potential targets inside Russia that could be hit if allowed.

The discussion about whether to ease restrictions on Ukraine echoes prior debates about Kyiv's pleas for other capabilities it hoped would give it an edge against Russian forces, from F-16 fighter jets to Abrams tanks.

"You've heard this (debate) before," said one U.S. official, speaking to Reuters on condition of anonymity.

Ukrainians initially wanted to use U.S.-supplied ATACMS long-range missiles to hit Russian airbases, officials said.

But the Pentagon has said 90% of Russian aircraft launching glide bombs, one of the top threats for Ukraine, are at airfields at least 300 kilometers (186 miles) away from Ukrainian-controlled territory. That puts them out of range of the ATACMS.

Ukraine now wants to use the missiles to strike Russian military command and control hubs, fuel and weapons depots and troop concentrations, officials said.

In addition to U.S. ATACMS, Kyiv wants to carry out long-range strikes into Russia using Storm Shadow missiles provided by Britain and the nearly identical French SCALP missiles.

Although Britain is expected to seek U.S. approval before lifting its restrictions on Storm Shadow missiles, a French diplomatic source said Paris did not need authorization from Washington for Ukraine to use French missiles.

FOCUS ON GROUND WAR

Another U.S. concern is that focusing on long-range strikes downplays what could be a bigger immediate threat: Russia's advances on the ground inside Ukrainian territory toward the strategic city of Pokrovsk. U.S. officials believe the loss of the city would deal a significant blow.

Analysts said Russia has many response options, short of direct war with NATO, if the United States or its allies allow Ukraine to unleash strikes deep into Russia.

In June, Putin spoke of possibly arming the West's enemies with Russian weapons to strike Western targets abroad, and of deploying conventional missiles within striking distance of the United States and its European allies.

Ulrich Kuehn, an arms expert at the Institute for Peace Research and Security Policy in Hamburg, said he did not rule out Putin choosing to send some kind of nuclear message - for example testing a nuclear weapon in an effort to cow the West.

Still, Crow, the U.S. lawmaker, argued that Putin was in a weaker position after the Ukraine invasion, and any major response from Moscow created risks for him.

"Vladimir Putin is not 10-feet tall. We have seen that repeatedly over the last couple of years. He's very vulnerable, and frankly, he's in a position of significant weakness,” said Crow.

RUSSIAN PERSPECTIVE

No weapon can become game changer for Kiev — Pentagon

The US Department of Defense believes that no type of weapon will become a game changer allowing the Kiev government to emerge victorious in the current conflict, Pentagon Press Secretary Patrick Ryder told reporters at a regular briefing.

"I would point you to [Defense] Secretary [Lloyd] Austin's comments at Ramstein [US air base] last week, where he highlighted there is no capability, <…> no silver bullet that is going to enable Ukraine to succeed," he said.

Ryder added that, in Washington’s opinion, Ukraine should focus on employing capabilities currently at its disposal in a way that that gets them a stronger hand at the negotiating table

Reuters/Tass

Researchers have discovered ancient wall carvings depicting what appeared to be handbags designed with a square case and short, half circle handle.

Some date back 12,000 years, which predates makeup, perfume and hairbrushes. 

The earliest imagery was discovered in Turkey among the ruins of Göbekli Tepe, an ancient megalithic temple, which featured large stone pillars etched with bags.

Researchers have uncovered the same design in Mexico, Iraq and parts of South America, raising even more questions about the meaning of the motif - specifically how distant civilizations imagined the same object.

While the images are nearly identical to modern-day purses, experts have suggested that many of the images are of baskets.

But some have also argued that the idea of a handbag could have been created by ancient civilizations.  

The first modern handbag was designed in 1841 England by Samuel Parkinson, who needed a traveling case for his wife that could carry her belongings which were too big for a purse. 

Since then, the accessory has become a must have fashion item among both women and men. 

The most expensive handbag ever is the Mouawad 1001 Nights Diamond Purse that costs $3.8 million 

The Göbekli Tepe was built in 9,000 BC, featuring large, T-shaped stone pillars arranged in circles that were likely used for social events and rituals,

Some of its structures feature of what appeared to be clothing, belts, loincloths and handbags.

While experts do not know exactly what the motifs mean, they have theorized that ancient humans saw the design in relation to the cosmos,Live Mint reported.

The square 'bag' may stand for the Earth and the connected circle was a symbol of spirituality. 

Ancient text has shown that past civilizations believed the Earth was flat, which may be why they showed it as a square in their art. 

However, some researchers have argued that the design was the connection between our planet and the sky.

Another early example of a clutch has been found in Ancient Egyptian hieroglyphics, made about 5,000 years ago, which show gods carrying a small, square purse that symbolized prosperity.

And while archaeologists have found evidence of baskets and tool bags used by the civilization, they have yet to uncover what has been found etched in walls. 

Archaeologists have made similar discoveries in Iraq.

Giant rock slabs found among the ruins of a Assyrian palace built between 883 and 859 BC depicted Genie's with wings who carried a handbag.

The structure features a genie with large, feathered wings holding what some have claimed is a handbag - while others are sure it is a small bucket.

Many experts have agreed that it was made to carry magic potions that the genie would sprinkle throughout the halls, but other translations have suggested the art shows a purse filled with intoxicants.

Historian Dr David Miano said in a recent YouTube video: 'These figures on the Assyrian palaces often have human bodies and animal heads, they're called the Apkalu.' 

He continued to explain that they are minor deities with the power of protect, which has been determined in ancient writings.

'They're carrying these things that people call handbags, but in reality they're buckets these are buckets to carry water sacred date palms,' said Dr Miano, noting archaeologists have found ancient buckets in Iraq that look similar to the etchings.

He noted that archaeologists have uncovered the actually buckets in the region. 

The same motif has also been found in Tula, Mexico among ruins created by the Toltecs, which shows a human-like figure holding a bag while surrounded by a snake.

Giant stone statues in Tula also  show figures clutching a handbag to their side - the structures were created in 750AD. 

'[A handbag] is a very simple device, anyone could come up with that,' said Dr Miano.

'You don't need to learn it from another culture, you can invent it yourself.' 

Daily Mail

A Spanish man has come up with an ingenious way of making money – crashing weddings and pretending to be the bride’s or the groom’s lover and asking them to run away together.

Ernesto, the middle-aged man behind the bizarre service, has become the talk of the town in Spain after appearing in a now-viral video posted on Antena 3’s Y Ahora Son SolesTikTok.

He claimed that, while most people see their wedding day as the happiest of their lives, for some it’s a nightmare waiting to happen. And those few happen to be his clientele. For a base fee of 500 euros ($550), Ernesto promises to crash the client’s wedding and pose as the love of their life, begging them to run away together just to get the event canceled.

“If you have doubts, you don’t want to get married or you don’t know how to say no, don’t worry anymore, I will cancel the wedding for you,” Ernesto says in the video. “You only have to tell me the time, place, and date and I will appear at the ceremony. I will say that I am the love of your life and we will run away together hand in hand.”

Apparently, the service started out as a joke, but after being inundated with requests from interested parties, Ernesto realized he was on to something. He currently charges 500 euros for crashing an event, which doesn’t include travel expenses, but he gets paid extra in case of unexpected incidents. For example, if he gets slapped, punched, or kicked, he gets paid more. Every slap earns him 50 euros ($55).

“Each slap is worth 50 euros. I try to run, but I am aware that every time I get hit, I get paid more. So, if I can go slower, I go slower. That’s how I earn my money,” Ernesto explained.

Believe it or not, Ernesto’s wedding crashing service has proven pretty popular, and he now allegedly has his schedule fully booked until November 2nd.

Oddity Central

The Dangote Petroleum Refinery says only 3 percent of local oil marketers are purchasing refined petroleum products.

Devakumar Edwin, vice-president of Dangote Industries Limited (DIL), spoke during an X space organised by Nairametrics.

He said due to the low patronage, the refinery is forced to export 97 percent of its refined products.

“The conglomerate of all the importers are refusing to buy from us. It is very strange that after putting up the refinery to supply the products locally, I have to export every diesel and jet fuel because they do not want to buy from us,” Edwin said.

“We started selling the diesel, we fixed the price, and it was lower than the prevailing market price. Then, we brought the price further down and they (marketers) wrote to the president complaining.”

‘WHY OIL MARKETERS WROTE TO TINUBU’

Edwin said the marketers complained that the refinery reduced the price of diesel and so “they said they do not want to buy from us”.

Specifically, he said the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) wrote to President Bola Tinubu that the price cut affected their business “due to the large inventory of imported AGO”.

“I’m selling 2 percent to 3 percent to small traders who are willing to buy, while the rest 95 to 97% I’m forced to export,” he said.

The vice-president said the refinery may also be forced to export its petrol “if they are not willing to buy”.

“But to be very frank and straightforward, the Nigerian National Petroleum Company (NNPC) has come forward,” Edwin said.

“They have been discussing. Athough the discussion has been going on for almost three weeks and it is not yet concluded, they are working to agree with us on the quantity of crude they can sell and they said they will monitor the products.

“They are going to have a team of 10 people sitting in the refinery. They will see the crude which we are going to receive, ensuring that everything is coming into the refinery, and they would watch whether we are producing and processing everything and then, they would watch whether we are giving back all the products.”

Dangote refinery commenced petrol production on September 3.

On the same day, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the Dangote refinery is expected to supply 25 million litres of petrol daily in September and will subsequently increase this amount to 30 million litres daily from October.

On September 7, the NNPC denied reports that it intends to become Dangote refinery’s sole distributor following speculations that the national oil firm had planned to do so.

The company also said there is no guarantee that domestic refining would lead to lower prices compared to global parity pricing.

NNPC said Dangote refinery and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.

The Cable

The Central Bank of Nigeria (CBN) has released a new directive to Payment Service Providers (PSPs), requiring them to comply with enhanced routing guidelines for Point of Sale (PoS) transactions.

This move is aimed at strengthening the monitoring of electronic transactions across Nigeria.

The directive, issued on September 11, 2024, follows CBN’s initiative to diversify the Payment Terminal Service Aggregator (PTSA) structure, which previously operated through a single aggregator.

In a circular, signed by Oladimeji Yisa Taiwo on behalf of the CBN’s Payments System Management Department, the apex bank mandates that all PoS transactions from merchant and agent locations—whether physical or electronic—must now be routed through any CBN-licensed PTSA.

The directive is part of efforts to decentralize PoS transaction routing and address concerns over the centralization of such transactions under a single entity.

Background on the PTSA License System 

In August 2011, the CBN initially granted a PTSA license to the Nigeria Interbank Settlement System Plc (NIBSS) to serve as the sole aggregator of PoS transactions.

However, to promote competition and enhance service delivery, the CBN awarded a second PTSA license to Unified Payment Services Limited (UPSL) on April 19, 2024.

This development aims to reduce the dependence on a single aggregator for the management of PoS transactions, promoting transparency and operational efficiency in Nigeria’s growing electronic payments landscape.

Key Directives in the Circular 

The CBN has outlined several steps PSPs must adhere to under the new directive: 

Mandatory Routing of PoS Transactions: Acquirers are now required to route all transactions from PoS terminals through any of the CBN-licensed PTSAs. This applies to both physical and electronic PoS terminals, ensuring that all transaction data is captured and monitored by the appropriate authorities.

Certification of Processors: PTSAs must only send PoS transactions to processors certified by relevant payment schemes, which must also be nominated by the acquirer and licensed by the CBN. This measure is designed to maintain the integrity and security of payment processes.

Processor Flexibility for Acquirers: Acquirers are given the flexibility to choose which processors and PTSA they want to work with, providing greater autonomy in transaction processing and management.

Device Configuration: All Payment Terminal Service Providers (PTSPs) are instructed to ensure that their PoS devices and applications are correctly configured to comply with the new directive, routing transactions through any of the licensed PTSAs as directed by the acquirers.

Monthly Reporting Requirements: Both PTSPs and PTSAs are required to submit detailed monthly reports to the CBN. PTSPs must report on the number of merchants and agents they manage, as well as the services used to route transactions, while PTSAs must submit reports detailing all transactions processed through their platforms. These are expected “to be submitted to the Director, Payments System Management Department, not later than seven (7) days after the end of each month.” 

The CBN has given PSPs a 30-day window to regularize their operations in line with the new requirements. Both PTSPs and PTSAs must notify the CBN in writing of their compliance within this period.

The circular noted: “Consequently, you are hereby directed to commence regularization with the PTSAs and notify the CBN in writing to confirm compliance, within 30 days from the date of this Circular.” 

What you should know 

The Corporate Affairs Commission (CAC) recently said it has commenced the process of taking drastic actions including shutting down Point of Sales (PoS) businesses that have failed to register their businesses as its September 5 deadline lapsed.

• While noting there was inadequate compliance with its directive, the Commission said those who decided not to register may be engaging in “unwholesome activities.” 
• This development comes as the fintech business owners under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) have challenged the CAC’s registration directive in court even as they insist the mandatory registration was illegal.
• The directive on registration of PoS business came against the backdrop of frequent fraud incidents involving POS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria (CBN).

According to a report by the Nigeria Inter-Bank Settlement System (NIBSS) Plc, POS terminals accounted for 26.37% of fraud incidents in 2023.

Nairametrics

Bandits have attacked Kurfi General Hospital in Kurfi local government area of Katsina state, shooting a watchman and abducting four women, including the wife of one of the health officials on duty.

A reliable source from the area told our reporter that three of the bandits who entered the hospital around 10:45am unarmed, later engaged the guardsman who intercepted them to inquire about their mission at the hospital.

“Whey they started arguing, the watchman quickly went and locked the hospital gate, unknown to him that other armed members of the attackers were outside.

“They jumped over the wall fence and shot the watch man in the stomach. It was thought that he had died but was later given first aid and rushed to a hospital in Katsina” the source said.

It was gathered that the attackers had wanted to abduct one Mustapha Hamza who is a casual staff of the hospital on duty at the time, but he luckily escaped but unfortunately his wife, who accompanied him to the hospital, was abducted in the process.

“Mustapha is an anastasia nurse and he was on call at the time to attend to a woman who would undergo a surgery.

“Usually, his wife would follow him whenever he is called because she would not be comfortable staying back home alone. And that was how she fell victim in the attack,” a source who craved anonymity said.

Kurfi was hitherto more or less a fortified town as bandits hardly gained access due to activities of local vigilante group supported by some well-to-do members of the community.

However, that fortification was broken with the collapse of the vigilante group, with some residents blaming it on political differences of some highly-placed individuals in the area.

Not long ago, a nursing mother was abducted with her twin children and the third one who is not more than four years old.

A resident of Kurfi said that the mother and twin children were released by their captors after the payment of N3.5m.

However, the young boy, fondly called AK, is still in captivity as the bandits have asked for an additional N1.5m for his release.

Another resident of Kurfi blamed some of the recent attacks on informants who migrated to the town when it was safer.

Though there is no official statement from security agencies, the Kurfi council chairman, Mannir Shehu Wurma, confirmed the attack, assuring that the council is on top of the situation.

Daily Trust