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Nigeria Week in Review: “Naira 4 Dollar“ & Oil in Focus

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By  Lukman Otunuga, Senior Research Analyst at FXTM

It was a week defined by fluctuating bond yields, easing inflation fears, monetary bazookas, and U.S stimulus hopes.

For Nigeria, the spotlight was on the “Naira 4 Dollar” scheme introduced by the Central Bank of Nigeria (CBN) in a bid to boost flows amid currency shortages. The CBN plans to pay recipients 5 naira for every $1 received as remittance inflow. Over the past few months, Africa’s largest economy has faced persistent Dollar shortages which has weighed heavily on the local currency and stoked inflationary pressures. The question is whether this two-month scheme will have the desired effects?

Although the country remains on a fragile road to economic recovery, a series of policy u turns over the past few weeks has fostered a sense of uncertainty. From allowing fuel subsidies to rise back up to the recent Naira devaluation. For an extended period, the IMF and other major institutions have advised Nigeria to abolish its multiple exchange rates and tame. Indeed, higher oil prices are a welcome development for the economy but without the correct structural reforms, the country remains exposed to external risks.

Foreign exchange reserves have fallen to $35.23 billion in February from $36.4 billion in January. In regards to inflows from international investors through the Nafex window, this totalled $117.5 million for the first two months 2021 compared to the whopping $3.5 billion for the same period in 2020. As the Dollar scarcity rages on, the black-market flourishes with the Naira depreciating to 485 per Dollar compared with the official of 410.

2020 was a year defined by extraordinary levels of uncertainty, unprecedented events, and chaos for most economies. This year could be one of renewed hope and optimism as Covid-19 rollouts and improving global growth bring back some normality. The question is whether Nigeria will be part of the winners that evolve from last year’s chaos or joins the group who are unable to shake of the nasty hangover and negative impacts from 2020.


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Lagos Trends Worldwide After Hosting E1 Lagos GP Africa’s Maiden Water Racing Event

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History was made on October 4 and 5, 2025, on the waters of the Lagos Lagoon as Team Brazil by Claure Group claimed victory at the E1 Lagos GP presented by FirstBank.

The landmark event marked Africa’s debut on the global calendar of the E1 Series, the world’s first electric powerboat championship, and positioned Lagos at the forefront of sustainable sporting innovation.

The E1 Lagos GP drew thousands of fans to multiple viewing locations across the city, from the vibrant Official Fan Zone to the Ocean’s Club at Black Diamond Hotel and the Lagos Oriental Hotel Decks, which hosted premium hospitality experiences along the waterfront.

The Official Fan Zone quickly became the heartbeat of the event, attracting young Nigerians with immersive brand activations, race simulators, live music, and a festival energy that perfectly matched the excitement on the water.

After an action-packed weekend of competition, Team Brazil by Claure Group finished first, fending off strong performances from Team Blue Rising who placed second, and Team Drogba Global Africa who finished third.

Pilots Timmy Hansen and Ieva Millere-Hagin powered Team Brazil to victory, with Timmy Hansen named PIF Pilot of the Race. Racing was briefly delayed by a tropical storm over the Lagos Lagoon, but organisers and teams worked together to ensure the programme resumed safely and on schedule.

The outcome strengthens Team Brazil’s momentum as the season moves toward the Miami finale in November, while Team Brady retains the overall championship lead and a tight contest continues with Team Rafa.

The Lagos event also reinforced the E1 Series’ sustainability mission, showcasing zero emission race technology and local legacy initiatives including coastal clean-up and mangrove restoration programmes.

The race weekend attracted local and international media, dignitaries and sporting figures and underlined Lagos’ capacity to host major global sporting events on its waterways. By successfully staging the first E1 race on African soil, Lagos joins Monaco, Dubrovnik and Doha as an E1 host city and affirms its positioning as a centre for innovation, culture and sustainable sport.

 


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Africa Enters Age of Intelligence with an Advantage

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Africa heads into the Age of Intelligence with a distinct advantage: its people. By 2030, Sub-Saharan Africa will account for half of all new workers worldwide.

According to a new report, this is more than just a demographic fact; it is a historic opportunity. The report also states that talent remains the critical foundation of the AI stack—talent, data, compute, and use cases.

Zindi’s Kenya country report, compiled in collaboration with Dalberg Data Insights and the International Centre for AI Research Ethics, explored employability and career outcomes.

Zindi is professional community of African data scientists, working to solve the world’s most pressing challenges using machine learning and AI.

The report’s forward was written by Philip Thigo, special envoy on technology of Kenya, and states that without skilled employees, data is unrefined, compute is idle, and use cases are irrelevant. And he makes it clear: Africa’s talent is already contributing to the global AI economy, rather than waiting to be included.

Thigo goes on to say the evidence is compelling, stating: “Nearly 1 in 5 Kenyan Zindi users experienced a career change after joining the platform.

“More than 80% of those with completed profiles advanced in their careers, compared to just 3% without.

“Completing four or more challenges makes a user four times more likely to secure employment, while engaging in teams and discussions makes them three times more likely to get jobs.”

“These findings highlight an important truth: employability today is built not just in classrooms, but also in communities of practice, peer learning, and collective intelligence.”

According to Thigo, in this dynamic talent climate, companies must look beyond degrees and leader boards to find a vast pool of market-ready AI talent defined by resilience, collaboration, and creativity.

Similarly, politicians and educators are informed that the message is obvious.

Thigo writes: “If Africa is to secure its place in the digital economy, we must reimagine how we connect our youth to opportunity. Platforms like Zindi show that talent is abundant; what is needed are pathways that translate skills into livelihoods, and ecosystems that link learning to work.”

For Kenya, he notes that this resonates deeply with the country’s broader ambition: to build a sovereign AI ecosystem powered by African talent, clean data, and green compute—ensuring that Africa is not just a consumer of technology, but a creator of it.


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NITDA Calls for a Safer Tomorrow @ National Cyber Security Awareness Month 2025

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As the world becomes increasingly digital, our daily lives are now more connected than ever, through our phones, computers, and the internet we use every day. But with this growing connection comes a growing risk: hackers, scams, and cyber threats waiting for just one careless click.

The National Information Technology Development Agency (NITDA) is using this Cybersecurity Awareness Month to remind Nigerians that cyber safety begins with individual responsibility.

Everyone has the power to protect themselves and their communities by adopting simple but effective cyber hygiene practices, including:

  • Using strong and unique passwords for all online accounts.
  • Enabling two-factor authentication to add extra security layers.
  • Keeping devices and applications updated regularly.
  • Backing up important data frequently.
  • Avoiding suspicious links or attachments from unknown sources.
  • And thinking carefully before sharing personal or financial information online.

The theme for this year, “Cyber Hygiene for a Safer Tomorrow,” emphasizes that cyber hygiene is not only a personal responsibility but a collective effort. When individuals protect themselves, they also safeguard their families, workplaces, and the broader digital community.

As we continue to build a secure and digitally resilient Nigeria, NITDA calls on all citizens to stay alert, click wisely, and stay safe online.


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