• Friday, March 01, 2024
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Five things to know to start your Monday

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Residents across Nigeria are advised to brace themselves for moderate dust haze, impacting various regions with varying degrees of visibility. According to the latest weather forecast from the Nigerian Meteorological Agency, the northern part of the country can expect a horizontal visibility range of 2–5 km due to moderate dust haze.

However, other regions are set to experience more significant challenges. The North Central, Inland South, and Coastal areas are anticipated to face a moderate dust haze with a horizontal visibility range of 2–5 km. In localised areas, especially in the mentioned regions, the visibility might drop to less than or equal to 1000m.

This weather condition is expected to persist throughout the forecast period. Residents are urged to exercise caution during travel and outdoor activities, considering the potential impact on visibility.

Manufacturers anticipate commodity price hikes due to the naira’s continuous decline against the US dollar, hitting N1,420/$ at the parallel market. Manufacturers Association of Nigeria President Francis Meshioye highlights the struggle to break even amid rising costs and decreased consumer spending.

The forex market’s unpredictability makes long-term planning difficult, urging collaborative solutions. The naira’s fall, exacerbating high inflation, persists despite government efforts, including a recent $2.25bn oil-for-cash loan to bolster dollar liquidity.

The Federal Government, under President Bola Tinubu, aims to combat inflation, stabilise forex rates, and foster a conducive business environment. It anticipates $14 billion in investments from Indian firms pledged during the G20 Summit.

Despite challenges, it promises justice for victims of recent violence in Plateau State and emphasises security measures nationwide.

Efforts include a students’ loan scheme and CNG mass transit buses to reduce transport costs. Indian investments have begun materialising since the G20 Summit.

NECA’s Adewale-Smatt Oyerinde urges the Federal Government to invest subsidy removal gains in infrastructure projects for economic rejuvenation. He emphasises the importance of improving roads, electricity, and transportation, along with reviving national refineries.

The subsidy removal has increased business costs and affected production. Oyerinde stresses the need for basic infrastructure to support small businesses. President Bola Tinubu announced the end of the fuel subsidy regime in May.

Oil prices surged following a drone attack on U.S. forces in Jordan and increased Houthi rebel assaults on vessels in the Red Sea. Trafigura’s fuel tanker was hit, elevating supply disruption concerns.

Russian refined product exports declined due to refinery repairs post-drone attacks. Brent crude reached $83.84 a barrel, while U.S. West Texas Intermediate hit $78.35.

Analysts who spoke to Reuters fear a wider conflict in the Middle East, potentially impacting regional energy supplies.