News
Naira Forecasted to Depreciate to N1,993/USD by 2028, Threatening Nigeria’s Medical Device Market
The Naira is projected to depreciate to N1,993 per US dollar by 2028, according to a new report by BMI Research, a subsidiary of Fitch Solutions.
This forecast highlights the growing challenges Nigeria faces in importing critical medical supplies due to the weakening of its currency and ongoing structural issues within the healthcare system.
The report, titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth”, indicates that the Naira’s depreciation will significantly affect Nigeria’s medical device sector.
With over 95% of medical devices in the country imported, the weakened Naira will increase import costs and erode the purchasing power of both healthcare providers and patients, especially in a public health sector that is already underfunded.
BMI’s projection sees the Naira falling from its current value of about N1,700 to N1,993 by 2028. Although this marks a relatively modest depreciation, the report suggests that the weakening currency will continue to drive up the cost of medical devices, particularly high-cost products like diagnostics, orthopaedics, and dental equipment.
While the depreciation poses a serious challenge to the medical sector, there is some optimism for local manufacturers. A weaker Naira could make domestically produced medical devices more competitive, potentially stimulating growth in that segment.
Despite the forecasted depreciation, the report predicts a gradual economic rebound, though the medical device market will continue to face operational and demand constraints in the short term.
News
South African President Cyril Ramaphosa Eases Travel Restrictions for Nigerians
South Africa President, Cyril Ramaphosa announces Nigerian can now apply for Visa to the country without submitting a passport. This announcement was made on Tuesday during the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) in Cape Town. President Bola Tinubu was also in attendance and witnessed the announcement made.
President Cyril stated that this new process with make travelling easier for Nigerian business and tourists.
The President shared a speech during the announcement “Our efforts to create a favourable environment included simplifying the visa process for Nigerian business people travelling to South Africa. Qualifying Nigerian business people were granted a five-year multiple-entry visa.”
News
VeryDarkBlackMan Speaks on Fate and Declares ‘Nobody Can Cancel Me’
Popular social media personality, VeryDarkBlackMan, has shared an intriguing post online. In a tweet with the hashtag #MindYouNobodyFitCancelMe and mentions of Naira Marley and Zinoleesky, he reflected on an encounter with a group he called “innocent rough men.”
He revealed that he asked the men about their situation, and they responded, “Na God hand e dey,” meaning their fate rests in God’s hands. The phrase has resonated with fans, sparking discussions about faith and resilience.
In the same post, VeryDarkBlackMan boldly declared that no one has the power to cancel him, showcasing his confidence and determination to rise above challenges. The post has drawn reactions across social media, with many admiring his fearless attitude and thought-provoking words.
News
Reps Call on Tinubu to Unfreeze NSIPA Accounts and Settle Outstanding N-Power Payments
The House of Representatives has called on President Bola Tinubu to take immediate action by directing the unfreezing of the accounts belonging to the National Social Investment Programmes Agency (NSIPA) within 72 hours.
This decision was reached on Tuesday after a motion was presented by Deputy Speaker Ben Kalu and supported by 32 other lawmakers.
The suspension was a response to widespread allegations of corruption and mismanagement within the sector.
The lawmakers expressed concern that the continued freezing of NSIPA’s accounts is hindering critical programs aimed at reducing poverty and supporting vulnerable Nigerians.
The NSIPA is responsible for managing key social intervention schemes, including N-Power, which provides skills and employment opportunities for Nigerian youth; the Government Enterprise and Empowerment Programme (GEEP), which offers microloans to small business owners and artisans; the Conditional Cash Transfers (CCT), designed to provide direct financial support to poor households; and the National Home-Grown School Feeding Programme (NHGSFP), which delivers meals to schoolchildren across the country to improve enrollment and nutrition.
During the plenary session, Ben Kalu emphasized the importance of restoring NSIPA’s financial operations, stating that doing so aligns with President Tinubu’s broader vision of eradicating poverty in Nigeria.
He stressed that unlocking the agency’s accounts would ensure that these social programs remain efficient, effective, and impactful, particularly during a time when millions of Nigerians are grappling with economic hardships.
The House urged the federal government to promptly release funds to NSIPA to enable the payment of outstanding stipends owed to 395,731 N-Power beneficiaries across the country.
The delayed stipends have caused significant hardship for many young Nigerians who depend on the program to sustain themselves and their families.
In addition to addressing the financial constraints of NSIPA, lawmakers called for a comprehensive review of the agency’s operations to prevent future mismanagement and ensure transparency in the use of public funds.
They noted that resolving these issues swiftly is crucial for maintaining momentum in the administration’s poverty alleviation goals and rebuilding public trust in government-led social intervention programs.
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