By ib connect
Welcome to your comprehensive roundup of the top 10 news stories making headlines in Nigeria this Tuesday morning, March 18, 2025. Stay informed with the latest developments across various sectors.
1. Nigerian Naira Appreciates Amid Increased Foreign Investment
Nigeria's naira has strengthened by over 7% against the dollar since November, attracting foreign investors seeking refuge from global trade tensions. Local bonds are yielding up to 25%, reflecting confidence in Nigeria's economic reforms under President Bola Tinubu, including the removal of fuel subsidies and currency devaluation. However, challenges like elevated inflation and potential oil price fluctuations remain.
2. MTN Group's Annual Profit Declines Due to Naira Devaluation
Africa's largest telecom operator, MTN Group, reported a 69% drop in full-year earnings, primarily due to the devaluation of the Nigerian naira and operational challenges in Sudan. The company's headline earnings per share fell to 98 cents from 315 cents the previous year. Despite these setbacks, MTN declared a final dividend of 345 cents per share, up from 330 cents.
3. Nigeria Set to Appoint New Ambassadors After 18-Month Gap
Eighteen months after recalling all ambassadors, Nigeria is preparing to appoint new diplomats to over 100 missions worldwide. The delay was attributed to funding issues, but recent developments indicate that appointments are forthcoming, with security services conducting background checks on potential candidates.
4. Army Chief Calls for Enhanced Security Measures
The Chief of Army Staff, Lt. Gen. Olufemi Oluyede, has urged Nigerian troops to intensify efforts in making the country safer. During his visit to the 12 Brigade Nigerian Army in Lokoja, he emphasized the need for increased commitment, responsibility, and courage to ensure the safety and well-being of all Nigerians.
5. Rivers State Political Turmoil: Governor and Deputy Accused of Misconduct
Members of the Rivers State Assembly have accused Governor Siminalayi Fubara and his deputy of gross misconduct, initiating moves toward their impeachment. This development adds to the political tensions in the state, with potential implications for its governance and stability.
6. Nigeria and Brazil Sign $1.1 Billion Agriculture Agreement
In a bid to boost food security, Nigeria and Brazil have signed the commercial phase of the $1.1 billion Green Imperative Project. This initiative aims to enhance agricultural productivity through mechanization and technological support, strengthening bilateral relations between the two countries.
7. Sycamore Obtains SEC License for Asset Management
Fintech company Sycamore has secured a license from Nigeria's Securities and Exchange Commission (SEC) to offer asset management services. This move signifies Sycamore's commitment to expanding its financial offerings and contributing to the growth of Nigeria's financial technology sector.
8. Nigeria and Cuba Commit to Strengthening Bilateral Relations
Nigeria and Cuba have expressed a strong commitment to enhancing bilateral relations. This renewed partnership aims to foster collaboration in various sectors, reflecting the longstanding ties between the two nations.
9. Max Air Resumes Operations After Regulatory Approval
The Nigeria Civil Aviation Authority (NCAA) has authorized Max Air to resume domestic flight operations after a 45-day suspension. The airline is set to recommence services from midnight, March 17, 2025, restoring options for domestic travelers.
10. Nigerian Football Federation Holds Executive Committee Meeting
The Executive Committee of the Nigeria Football Federation (NFF) convened at the NFF Secretariat on March 17, 2025. Discussions focused on strategies to enhance football development in the country, reflecting the NFF's commitment to advancing the sport.
Stay tuned for more updates as these stories develop.
For a deeper analysis of these topics, watch the following video:
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