Wale Edun, the minister of finance, says economic instability forced 800 companies to shut down operations.

Edun said this on Tuesday in Abuja during the sectoral report of President Bola Tinubu’s one year in office.

According to the minister, these enterprises’ exit was not unexpected.

He claimed that although certain problems—like unstable markets, broken contracts, and unfulfilled promises—had kept them away, they have since been fixed.

“Government did inherit an unstable economy,” Edun said.

“The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.

“The conditions which sent them packing are no more. Those conditions were a foreign exchange market that was in no way fit for purpose.

“There was no liquidity. They were a general economic regime marked by instability, broken promises, lack of adherence to contracts.”

Edun said the new environment for investors involves tackling inflation, which will eventually result in lower interest rates.

This, he said, will allow investors to leverage the dynamic domestic markets to enhance their equity and invest.

On March 6, the Manufacturers Association of Nigeria (MAN) said 767 manufacturers shut down operations, while 335 became distressed, in 2023.

The naira depreciated at the parallel section of the foreign exchange (FX) market on Monday.

Currency dealers, often referred to as bureau de change (BDC) operators, put the value of the naira at N1,520 to the US dollar at the Lagos street market.

With a N30 profit margin, the dealers set the buying price of the dollar at N1,490 and the selling price at N1,520.

The amount shows a N10, or 0.66 percent, decrease from the N1,510/$ transacted on May 24.

On the official market, however, the value of the naira increased on Monday from N1,482.81/$ on May 24 to N1,339.33/$, or 9.6%, higher.

According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, during trading hours, N1,501/$ was the highest exchange rate and N1,310/$ was the lowest.

At the official window, a daily turnover of $180.80 million was recorded.

The Association of Bureau De Change Operators of Nigeria (ABCON), on May 23, said the weakening of the naira is caused by the unearned income pursuing the local currency and not due to demand for the dollar.

Aminu Gwadabe, president of ABCON, also said corruption, not BDCs, is responsible for the depreciation of the naira.

Africa’s Global Bank, the United Bank for Africa (UBA) Plc on Friday, 23rd of May, marked this year’s Africa day on, with fanfare. The event which was celebrated across the banks 20 African subsidiaries, including New York, UK, France and Dubai, culminated into a mini carnival at the corporate head office in Marina, Lagos as it witnessed  a rich culture of African people on display.

The bank said the event was aimed at encouraging Africans home and abroad to be patriotic and embrace their culture.

It was all colour and glitz as a troupe of dancers representing Nigeria, Ghana, Zambia, Côte d’Ivoire, Senegal, Zimbabwe, among other African countries, entertained the audience from the entrance of the building to its doorways through to the Tony Elumelu Amphitheatre Hall. Their overall performances exuded good vibes and earned them ovation from all.

Noting that Africa has unarguably positioned herself as the second largest continent in the world with its rich cultural heritage, the bank said the continent remains the only one in the world that was evidently bequeathed with the most colourful and distinctively diverse culture appreciated across the globe.

From her aesthetic art works, ethnic costumes, expressive dances, mind-blowing plethora of languages, amazing dishes, tourists attractions, and wildlife among others, Africa is seen as a world power that is yet to explore.

It is, therefore, to proudly and powerfully project her cultural heritage that UBA hosted the event in Lagos an to commemorate this year’s Africa Day. It said that part of its aim was for dignitaries to map out lasting solutions to persisting challenges in the continent.

Themed, “Educate an African Fit for the 21st Century: Building Resilient Education Systems for Increased Access to Inclusive, Lifelong, Quality, and Relevant Learning in Africa,” for us at UBA, it only reinforces our belief and passion for education as exemplified in our foundations National Essay Competition where winners who emerge are given scholarships through school.

According to the Group Managing Director, United Bank for Africa, Oliver Alawuba, “We are in 20 African countries and four countries outside Africa. Our focus has always been on not only driving investments into Africa but also to empower Africa’s youth by honing the critical thinking prowess of our youth as well as groom them for leadership roles across the continent.

Alawuba said UBA aspires to develop and grow in the world, adding that unity is critical and very important in Africa hence the emphasis on how to change the narrative. “Unity is critical and very important for the future of Africa, we need to remain united to achieve our aspirations and the youth are critical to that growth”, he said.

Consequently, as one of Africa’s leading financial services institutions, with a pan-African footprint spanning 20 African countries and globally in the US, UK, the United Arab Emirates and France, UBA says it’s fully committed to unifying Africa and empowering youths for the future. It also continues to lead the narrative focused on the development, growth, and unity of Africa