The Nigerian naira has been named one of the weakest currencies in Sub-Saharan Africa in 2024, depreciating by 43% year-to-date, according to the World Bank’s Africa’s Pulse report.

This decline is due to high demand for U.S. dollars, limited inflows, and slow forex disbursements from the central bank. Despite reforms, broader economic challenges, including low reserves and inflation, continue to weigh on the naira.

However, the currency saw some recovery on October 14, appreciating by 5.69%. The World Bank projects Nigeria’s economy will grow by 3.3% in 2024.

Former Kaduna Central Senator Shehu Sani accused the World Bank on Wednesday of worsening the hardships faced by Nigerians. He claimed the organization plans for Nigeria’s struggles to continue for another 15 years before any relief is seen.

In a post on X, Sani wrote, “The World Bank wants hardship to last for 15 more years before we reach the promised land. But how many people will still be around to benefit? And how many African countries has the World Bank actually helped reach the promised land?” His remarks came after the World Bank reported that the Nigerian Naira was among the weakest currencies in sub-Saharan Africa by August 2024. The Naira, which declined by 43%, dropped alongside the Ethiopian Birr and South Sudanese Pound due to high dollar demand and low dollar inflow.

A tragic petrol tanker explosion in Majiya Town, Taura local government area of Jigawa State claimed the lives of at least 90 people on Tuesday night.

The devastating accident occurred near Khadija University when the driver of the tanker lost control around 11:30 p.m.

The vehicle, which had departed from Kano and was en route to Nguru in Yobe State, exploded shortly after the crash, engulfing the area in flames.

According to the police spokesperson in Jigawa, Mr. Shi’isu Adam, 50 individuals who sustained various injuries are currently receiving treatment at Ringim General Hospital.

Many of them are in critical condition, with some facing life-threatening burns.

Mr. Adam revealed that the high number of casualties was largely due to the crowd that gathered around the site of the crash despite repeated warnings from authorities to avoid accident scenes involving fuel tankers.

He expressed concern over this persistent disregard for safety precautions, stating that it was the primary reason for the massive loss of life in this incident.

“We’ve consistently advised the public to stay away from such sites, but unfortunately, many people rushed to the scene, leading to these tragic deaths,” Mr. Adam said.

The scale of the disaster has left the community in shock. Families who lost loved ones are in deep mourning, while others anxiously await news about their hospitalized relatives.

In response to the large number of victims, local officials have scheduled a mass burial for Wednesday morning at 9 a.m., with families and community leaders expected to attend.

The tanker explosion has raised concerns about the frequency of such accidents in Nigeria, particularly in rural areas where emergency response is slower and where residents often approach accident sites unaware of the dangers.

Safety experts have called for more public awareness campaigns and stricter enforcement of safety protocols to prevent future tragedies.

This heartbreaking event highlights not only the risks associated with fuel transportation but also the importance of educating the public on how to react in emergency situations.

The people of Jigawa are now left to pick up the pieces from this horrific event while hoping for the recovery of those still fighting for their lives in the hospital.