Uncategorized
Inflation, Naira and Oil in Focus
By Lukman Otunuga is Senior Financial Market Analyst with FXTM
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2018/11/Lukman-Otunuga-2018-196x300.jpg)
Lukman Otunuga
Still, concerns over the health of the world’s largest economy linger with investors on high alert ahead of another busy week. With the US elections just months away, this negative development adds another layer of uncertainty. Much focus will be on the US CPI print, retail sales, and consumer confidence which are likely to shape expectations around how aggressively the Fed cuts rates.
Regarding the fourth largest economy in Africa, the man theme will be the latest CPI print. One of the key themes in Nigeria in 2024 has been runaway inflation which jumped to 34.2% in June – it’s highest level since 1996. However, the incoming CPI print is expected to show prices slowing in July, cooling to 33.2% compared to 34.2% in the previous month. Given the CBN’s aggressive approach towards raising rates, signs of cooling price pressures will be a breath of fresh air for consumers. It is worth nothing that the Central Bank of Nigeria has raised rates by a whooping 800 basis points in 2024.
Looking beyond inflation, the next key event will be GDP published later this month. After expanding 3% in Q1, it will be interesting to see whether growth can be maintained in Q2. In the FX space, the Naira continues to gain against the dollar on the official exchange with the spot rate at N1589 as of Monday.
Regarding oil, it has extended its first weekly gain since early July thanks to geopolitical tensions in the Middle East. Rising oil prices may have a positive knock-on effect for the economy, especially when factoring how a major chunk of revenues is acquired from oil sales. However, this could be cancelled out by the rising cost of fuel imports which is costing Nigeria $600 million per month.
Still, this is set to be another big week for the global commodity due to the monthly outlook from the International Energy Agency. Talking technicals, Brent has gained over 4% since the start of 2024 with prices trading above $80 as of writing. Key levels of interest can be found at $7, $82 and $82.80.
Uncategorized
Field Launches Service to Tackle Maternal Mortality Crisis in Africa with $11M Backing
Field, African healthtech company, has today announced the launch of a route-to-market service that will introduce emerging therapies to tackle the urgency of maternal mortality, newborn and child health, along with nutrition.
The initiative will leverage Field’s proprietary technology, distribution, and financing services, which today powers a network of over 40,000 private and public healthcare providers in rural and urban areas across Kenya and Nigeria.
The initiative launches with an initial $11m in support from the Bill & Melinda Gates Foundation, in recognition of Field’s commitment to introduce emerging therapies and supply chain transformation in combating Africa’s most urgent health priorities.
Since its inception in 2015, Field’s streamlined infrastructure has facilitated over 800 million health interventions across more than 60 therapeutic areas, such as family planning, HIV and Tuberculosis. Starting in Kenya and Nigeria, with scope to expand to other regions.
Field will advance on its unique capabilities within complex distribution channels to create an accelerated route to market for emerging therapies and technologies.
This is to include an extensive digitisation overhaul for private healthcare providers, hospitals and healthcare bodies at State and Federal level, with financing options to strengthen operations and purchasing capabilities.
Additionally, healthcare providers stand to benefit from last-mile delivery to improve day-to-day health services and the installation of pharma-grade refrigerators.
In its entirety, the service will be reinforced by the establishment of a coalition to include governments, manufacturers and other key stakeholders for one of the continent’s most ambitious maternal health programs to-date.
Maternal mortality is one of the continent’s most pressing healthcare challenges. The likelihood that a woman will die in childbirth in Africa is 45x higher than in Europe.
According to the World Health Organisation (WHO), Africa accounted for 69% of global maternal deaths, with Nigeria alone representing 29% of all maternal deaths worldwide in 2020.
Field’s service will provide expectant mothers in Africa access to emerging therapies such as heat-stable carbetocin and calibrated drapes, which detect and treat postpartum haemorrhage, the leading cause of maternal mortality in Africa. The platform will accelerate these new interventions, support established therapies, and address related complications like preeclampsia.
The consequences of poor or non-existent maternal health services will affect the most vulnerable sections of Africa’s population. Speaking on the initiative, Michael Moreland, CEO & Founder of Field, says, “This is public health powered by technology and today’s news recognises the products and services that Field has built over the past eight years scaled and integrated into large-scale public health programs; this is what we believe health technology companies should be doing; joining innovative, impactful coalitions between private and public entities”.
“Digitally powering, networking, and financing health systems at scale will have an overwhelmingly positive effect on access to quality care. With funding from the Bill & Melinda Gates Foundation we are set to rapidly improve mother and child survival in every setting .’’
A number of global pharma and health companies have exited the continent in the past 18 months. Moreland adds, “We’ve seen genuine, meaningful gains being made in healthcare delivery outcomes, however in this current tough economic climate, without coordinated systems and processes, the progress will slow or slip.
Alongside our funders, our role is to ensure this doesn’t happen because the problems the healthcare space is facing will not be solved on its own. This is where Field, and its funders, come in and we’re excited to get to work on this technology-powered infrastructure blueprint for public health services”.
In addition to this new initiative, Field continues to grow and scale its technology solutions across the continent. In Field Supply, it has created the largest pharmaceutical supply chain platform in Africa.
Its distribution service Shelf Life distributes over 3,000 quality products across more than 50 therapeutic areas, reaching over 2,500 pharmacies and hospitals in 24 cities in Nigeria and Kenya, including government facilities, large hospital systems, retail chains, insurance companies and family-operated drug stores.
The platform also provides trade financing solutions for priority therapies and equipment that addresses working capital constraints that often hinder investment in new medical interventions.
Uncategorized
Kaspersky Discloses Fraudulent Campaigns Targeting Students and Educators
As the international back-to-school season starts, Kaspersky’s cybersecurity experts have detected a significant surge in fraudulent activities. Cybercriminals exploit academic topics, launching sophisticated phishing campaigns.
However, Kaspersky experts warn that this year, the campaigns have become more targeted, specifically aiming to steal personal data from students, educators, and administrators in the educational sector.
Fraudsters are increasingly leveraging data collection forms on platforms like SurveyHeart.com, a questionnaire like Google Forms, to carry out scams.
In one such scheme – a phishing attack that targets students at Neumann University in the U.S. – victims receive a notification claiming they are using two different Microsoft school emails across various university portals.
To prevent their Office 365 account from being deactivated, they are asked to complete a survey requiring sensitive details such as their name, phone number, university email, and account password.
Another scam uncovered by Kaspersky experts involves fraudsters creating fake giveaways that promise students a chance to win various high-end gadgets useful for education, from iPhones to iPads and laptops.
To enter these enticing contests, victims are asked to provide personal information and indicate their preferred laptop model.
Additionally, individuals are prompted to share a link to a prize-draw page with 15 contacts via WhatsApp. While the prospect of winning a valuable item like a laptop is the lure, there’s a hidden catch: the so-called winners are told they must pay for the delivery of their prizes. This demand for additional payment is a clear red flag that the giveaway is a scam.
The offer may seem tempting, but the combination of an unusually generous prize and the requirement to cover delivery costs is a telltale sign of fraudulent activity.
“These scams go beyond immediate data theft and could lead to more serious, long-term consequences,” cautions Olga Svistunova, a security expert at Kaspersky.
“If attackers gain access to private school information, such as class schedules, it could be exploited for doxing, stalking, cyberbullying, or even identity theft. It’s essential for students to be vigilant and cautious when responding to such suspicious notifications.”
Uncategorized
CAA Launches SOS Webinar Series to Unveil Climate Action @Subnational Level
Climate Action Africa is proud to announce the launch of Scorecard of States (SOS) Webinar Series, set to debut on Thursday, 26 September 2024, with the theme: Unveiling Climate Action at the Subnational Level. This initiative is a crucial step in advancing climate resilience and fostering eco-conscious communities across Nigeria, focusing on the pivotal role of subnational governments in driving climate action.
As Nigeria continues to take proactive steps towards addressing climate change, the recent 2024 Climate Governance Performance Ranking report has spotlighted the diverse performance of Nigeria’s 36 states. Notably, Lagos, Gombe, and Ebonyi have emerged as top performers, demonstrating significant progress in institutional arrangements and project implementation. While these successes are commendable, they also highlight the ongoing need for dialogue, collaboration, and innovation to further enhance climate action at the state level.
The SOS Webinar Series by Climate Action Africa is designed to serve as a dynamic platform for knowledge sharing, policy influence, and stakeholder engagement. Through this series, we aim to showcase and discuss the climate change and sustainability initiatives of Nigerian states, explore the challenges they face, and promote innovative solutions that can inform and influence climate policies at the subnational level.
This webinar series will run for a year, with government representatives from 3 different states appearing as speakers every month. Each session will focus on the unique climate challenges and successes of four states, fostering a comprehensive understanding of subnational climate action across Nigeria.
Why This Matters
The Scorecard of States is not just a discussion series; it is a vital mechanism for driving climate action where it is needed most — at the state level. Subnational governments are at the forefront of implementing climate policies that directly impact local communities. This series, through highlighting state-level initiatives, sharing successes and challenges, and fostering collaboration among stakeholders, will contribute to a more resilient and sustainable Nigeria.
Upcoming Event Details
The first series is scheduled to hold as follows:
Date: Thursday, 26 September 2024
Time: 2:00 PM WAT
Duration: 90 minutes
Format: Zoom Webinar
Keynote Address: Cecilia Kinuthia-Njenga – Director, Intergovernmental Support and Collective Progress Division, UNFCCC.
Participating States: Abia, Kano, and Ekiti.
Panelists: Chris Ike – Director, Climate Change Department, Abia State Ministry of Environment; Umar Saleh Anka – Director, Environment and Climate Change at Kano Watershed, Erosion and Climate Change Management Agency KN-WECCMA, Kano State Ministry of Environment and Climate Change; and Akinola Babatunde Peter – Director, Climate Change and Nature Conservation, Ministry of environment and natural resources Ado ekiti Nigeria.
Call for Sponsors and Partners
Sponsorship and partnership opportunities are available to support this impactful initiative. We invite organizations, businesses, and stakeholders committed to climate action to join us in making this series a success.
Partnering with us will enable you to play a key role in advancing climate resilience across Nigeria, gaining visibility among a diverse audience of policymakers, climate action leaders, researchers, and community stakeholders.
For media inquiries, sponsorship opportunities, or partnership discussions, please contact: [email protected] .
Join us for this impactful event as we pave the way for enhanced climate action across Nigeria.
- Telecom3 days ago
Telecom Services Risk Shutdown as Workers Embark on Strike
- Uncategorized2 days ago
Field Launches Service to Tackle Maternal Mortality Crisis in Africa with $11M Backing
- Telecom2 days ago
NCAIR Launches ₦100m AI Fund Supported by Google to Empower Local Startups
- E-Business3 days ago
Sterling Bank Pioneers Africa’s First Indigenous Core Banking System
- News3 days ago
Omniverse Africa Unveils Partners as Nigerian Gamers Compete for $1m Prize
- E-Financial3 days ago
SEC Gives Reasons for Approving Digital Exchanges
- Telecom3 days ago
NCC Unveils DMS to Protect Mobile Phone Users
- News3 days ago
EverQuest Acquires FBNQuest