Business
Minister Estimates N500 Billion Economic Damage from EndBadGovernance Protests
Dr. Doris Uzoka Anite, the Minister of Industry, Trade, and Investment, has disclosed that the ongoing EndBadGovernance protests have inflicted significant economic damage, estimated at around N500 billion.
In a statement shared on her official X account, she expressed her concern over the tragic loss of life and the widespread destruction caused by the protests.
Her report highlighted that goods valued at approximately N52 billion have been destroyed, and the death toll has tragically reached 21.
She emphasized that the looting and other disruptions resulting from the protests have caused severe setbacks for businesses and entrepreneurs throughout the nation.
Dr. Anite conveyed her deep sorrow for the lives lost, extending her condolences to the grieving families.
She underscored that the substantial financial losses and disruptions to economic activities represent a grave challenge for the country’s economic stability.
She called for a shift towards more peaceful and constructive dialogue as a way to honor those who have lost their lives and to address the pressing issues at hand.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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