Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the country’s foreign reserves have seen a significant boost, with a net inflow of $2.35 billion in the first seven months of the year.

He made this revelation on Thursday at the Access Bank corporate forum in Lagos.

According to Edun, the stability of the naira in the foreign exchange market has been instrumental in driving this growth.

The naira’s relative stability has led to an increase in foreign reserves, and access to foreign exchange has also improved.

“We have relative currency stability. And of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates,” Edun said.

“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.

“On the fiscal side as well, government revenues are growing and the key to government revenue is not so much that the government has revenue to compete with the private sector.”

Edun, however, said Nigeria’s tax to gross domestic product (GDP) ratio is as low as 10 percent, that revenue to GDP is also around 15 percent.

As at September 12, Nigeria’s external reserves stood at $36.08 billion, according to data from the Central Bank of Nigeria (CBN).

The CBN had, on September 17, said the country’s foreign exchange reserves are at risk due to the petrol subsidy removal and lower crude oil earnings.

The apex bank also said increased external debt servicing obligations could pose risks for the growth of external reserves.

The Independent National Electoral Commission (INEC) has directed political parties participating in the Edo state governorship election to conclude their campaigns by 11:59pm on Thursday.

On Thursday, INEC spokesperson, Sam Olumekun, issued a statement reiterating the provisions outlined in Section 94 of the Electoral Act 2022. This move aims to ensure compliance with the electoral regulations ahead of the scheduled election on September 21.

Section 94(1) of the act states that: “A person, print or electronic medium that broadcasts, publishes, advertises or circulates any material for the purpose of promoting or opposing a particular political party or the election of a particular candidate over the radio, television, newspaper, magazine, handbills, or any print or electronic media whatsoever called within twenty four hours immediately preceding or on polling day commits an offence under this Act.”

Olumekun said candidates and their supporters should not wear campaign materials to the polling units on Saturday.

“It is therefore illegal for any political party in Edo State to engage in rallies, processions or media campaigns from midnight today,” the statement reads.

“These prohibitions, including sanctions, are provided for in Section 96 of the Electoral Act 2022.

“Similarly, on Election Day, Saturday 21st September 2024, parties, candidates and their supporters should not appear at the polling units in their campaign attires or carry any campaign materials with them.

“We urge parties, candidates and their supporters to take note of the provisions of the law for compliance.”

Meanwhile, Asue Ighodalo, governor candidate of the Peoples Democratic Party (PDP), has ended his campaign.

In a statement issued by Erhabor Emokpae, the Team Asue Media Organisation (TAMO) said Ighodalo’s campaign ended today in line with provisions of the electoral act.

“We would like to inform the general public that the current campaign has been officially concluded by Ighodalo and consequently directed that no activity in this regard should exceed midnight, Sept. 19,” the campaign office said.

“After this time, any publications, advertisements, jingles, or any other promotional materials made in respect of the subject matter have not the blessing, endorsement or authorisation of Ighodalo or all that is associated with him in respect of same.

“Please be advised, therefore, Ighodalo will not be liable or held responsible for any consequences arising from any further campaign or promotional activities or communications conducted after the campaign’s official closing time and date.”

The National Agency for Food and Drug Administration and Control (NAFDAC) has successfully shut down an illegal cosmetics manufacturing facility located at Benue Plaza, Trade Fair Complex, Lagos State.

This significant enforcement operation targeted counterfeit products.

In a post shared on X (formerly Twitter), NAFDAC revealed that its officers discovered large quantities of unregistered chemicals, expired products, and packaging materials intended for the production of fake cosmetics during the raid.

The operation resulted in the seizure of over 1,200 cartons of counterfeit goods from the location. Alarmingly, expired cosmetics were being revalidated for sale, raising serious concerns about consumer safety.

The agency also confiscated equipment used in the illicit manufacturing process, such as mini-mixing containers, unlabelled chemicals, batch coding materials, and thinners.

These materials were transported to NAFDAC’s office for further investigation. The agency estimates the street value of the confiscated goods at approximately N50 million.

NAFDAC has reiterated its commitment to protecting public health by clamping down on illegal and unregulated products in the Nigerian market.

In a statement, the agency urged consumers to exercise caution when purchasing cosmetics, particularly from unverified sources, and to report any suspicious products to NAFDAC for further action.

This operation underscores NAFDAC’s ongoing efforts to combat the production and distribution of counterfeit goods, which pose significant risks to public health and safety.

The agency has emphasized that such enforcement actions are part of a broader strategy to ensure that only regulated and certified products reach consumers, safeguarding the integrity of Nigeria’s cosmetics market.

In a related development, about 5 months ago NAFDAC sealed several unregistered bakeries and water-packaging companies operating without the agency’s approval in Plateau State.

According to Mr. Shaba Mohammed, Director of NAFDAC’s North Central Zone, the closure followed inspections that revealed substandard Good Manufacturing Practices (GMP) in the water-packaging firms.

As a result, these companies were shut down to prevent the circulation of potentially unsafe products.

In addition to this, numerous patent medicine stores were sealed for selling expired and unregistered medical products.

The raid, part of NAFDAC’s routine inspections in local government areas such as Dengi, Wase, Yelwa Shendam, and Namu, was aimed at enforcing compliance with safety standards and protecting public health.

Mr. Mohammed emphasized that NAFDAC remains committed to ensuring only certified and safe products are available to Nigerian consumers.

He urged the public to be vigilant, choosing only NAFDAC-registered goods, and to report any suspicious or expired products.

He also reiterated that businesses found violating the agency’s regulations would face appropriate sanctions, while advising aspiring entrepreneurs to seek guidance on product registration to avoid penalties.