Five things to know to start your Monday

Lagos’ 72-hour shopping festival starts today

A three-day non-stop shopping event starts today (Monday) in Lagos, Nigeria.

The Lagos State Shopping Festival will be held at the well-known Mobolaji Johnson Arena in the Onikan area of Lagos.

Idris Aregbe, who advises Governor Babajide Sanwo-Olu on Tourism, Arts and Culture, announced this news on Sunday via a statement.

The Lagos Ministry of Tourism, Arts and Culture is organising this festival together with a company called Chain Reaction Ltd.

Aregbe boasts that the festival will help boost Lagos’s fashion and retail businesses. It will showcase the newest clothing and accessories while also highlighting the skills and work of local craftspeople.

Net forex inflows into Nigeria declined in Q3

Nigeria’s foreign money coming into the country dropped slightly in the third quarter (July to September) of this year. The total amount was $14.46 billion, down from $14.89 billion in the previous three months – a decrease of 2.97 per cent.

The Central Bank of Nigeria shared these figures in their latest economic report on Friday.

However, while there was a small drop from the second to third quarter of this year, the numbers show a big increase compared to last year. The amount of foreign money flowing in was much higher – up by 75.91 per cent from $8.22 billion in 2023 to $14.46 billion this year.

Looking at the total money coming into Nigeria (before subtracting money going out), the figures showed a small rise. In the third quarter, $22.89 billion came in, slightly more than the $22.22 billion in the second quarter. More money came through official channels (like the government and banks), whilst less came through private sources.

Read Also: Naira rebound seen in 2025 on higher FX inflows

FG has lifted the five-year-long ban on mining in Zamfara

The Nigerian government has now allowed mining to restart in Zamfara State, after banning it for more than five years due to safety concerns.

Dr Dele Alake, who heads the Ministry of Solid Minerals Development, announced this in Abuja. He explained that they made this decision because the security situation in Zamfara has gotten much better.

In 2019, when Muhammadu Buhari was president, the government completely stopped all mining in Zamfara. This was because bandits were linked to illegal mining in the area. In 2021, they even banned aircraft from flying over the state because of how dangerous it had become.

According to a statement released on Sunday by Segun Tomori, who handles media for the Ministry of Solid Minerals, Dr Alake said that President Tinubu and his security adviser have looked at the situation carefully. They believe it’s now safe enough for mining to begin again in the state.

Honda and Nissan’s merger will likely kick off today

Honda and Nissan are planning to announce today (Monday) that they’re discussing joining their businesses together, according to Reuters.

Both companies are having board meetings today about these talks. After that, they plan to hold a news conference together. Another car company, Mitsubishi Motors, which already works closely with Nissan, is also expected to be there.

According to Japanese TV station TBS, Honda and Nissan want to finish their discussions by June 2025. If they agree to join forces, they plan to create a new parent company that people can buy shares in, while both Honda and Nissan would stop being publicly traded companies in August 2026.

If these three Japanese car brands come together, they would become the world’s third-largest car group, behind only Toyota and Volkswagen. This would be the biggest change in the car industry since several car companies joined to form Stellantis in 2021.

Mali, Niger and Burkina Faso are insisting on leaving ECOWAS

The military leaders of Mali, Niger and Burkina Faso have rejected an offer to delay their departure from ECOWAS by six months.

General Assimi Goita, Mali’s military leader, called this offer “yet another attempt to destabilise” their region, known as the Sahel. He said this in a joint statement on Sunday.

These countries plan to leave the Economic Community of West African States (ECOWAS) on 29th January. But the trade group offered them until July to think it over, hoping to convince them to stay after they announced their plans to leave earlier this year.

However, General Goita was firm, saying their decision to leave “is immediate and cannot be changed”. The statement also mentioned that the three countries’ military and security forces would be put on “maximum alert”.