By Kayode Sanni-Arewa

Nigeria’s naira has been projected to depreciate further to N1,993 per dollar in the coming days.

This is according to BMI, a Fitch Solutions subsidiary report title, ‘Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth’.

The report said the forecasted depreciation will be predicated on the 95 percent dependence on imports for pharmaceuticals in Nigeria.

According to the report, the development would erode both the health system and patient purchasing power.

“We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018.

“As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power, especially to invest in essential medical technologies given the underfunding of the public health sector,” the report stated.

This comes as Naira fell to N1681.42 and N1735 at the official and parallel foreign exchange markets on Monday.

This comes as FMDQ FX transaction turnover dropped significantly from $1.4 billion on Friday to $471.5 million on Monday.

Last Thursday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the country’s external reserves rose to $40 billion.

Despite Central Bank of Nigeria’s interventions and external reserves rise in the last months, the naira has continued to experience fluctuations in the FX market.

By Kayode Sanni-Arewa

The Archbishop of Canterbury, Justin Welby, shown on November 21, 2023, resigned on Tuesday. The most senior official in the Church of England was accused of failing to reprimand a prolific child abuser. Yui Mok/WPA Pool/Getty Images
CNN
—
Archbishop of Canterbury Justin Welby, the most senior leader in the Church of England, has resigned over his handling of a child abuse case, according to his official account.

Having sought the gracious permission of His Majesty The King, I have decided to resign as Archbishop of Canterbury,” Welby said in a statement on Tuesday.

Pressure had been mounting on Welby in recent days, following an independent review into “sickening abuse” committed by John Smyth, a deceased British lawyer considered the worst serial abuser linked to the Church of England.

The incriminating report, commissioned by the church and released November 7, tracked a “worrying pattern of deference” to Smyth, concluding that “a serious crime was covered up.”

In Welby’s resignation statement, he said the review “has exposed the long-maintained conspiracy of silence about the heinous abuses of John Smyth.”

“When I was informed in 2013 and told that police had been notified, I believed wrongly that an appropriate resolution would follow,” Welby added. “It is very clear that I must take personal and institutional responsibility for the long and retraumatising period between 2013 and 2024.”

In his statement, the archbishop said the “exact timings” of when he officially leaves office were yet to be decided and would be established “once a review of necessary obligations has been completed.” It leaves open the possibility that the archbishop will remain in position over the Christmas period, while the process of finding his successor is expected to take many months. Welby, 68, will turn 70 on January 6, 2026, the retirement age for bishops in the Church of England, which meant he only had a little over a year left in post.

While it is custom for Archbishops of Canterbury to be elevated to the House of Lords, Britain’s upper parliamentary chamber, after they leave office, the circumstances of Welby’s resignation will likely bring opposition against such a move.

Welby, a former oil executive, took up his post in March 2013 and was chosen as a skilled manager alongside his ability to hold different groups in the church together and focus on evangelization. However, disagreements over same-sex relationships have fractured church unity and have tested his authority.

On abuse, he described himself as “ashamed” of the church, although insisted he sought to improve the church’s response including dramatically boosting personnel numbers for its national safeguarding personnel. Nevertheless, problems persisted, and last year the chair of the church’s safeguarding office resigned.

A resignation by the Archbishop of Canterbury is extremely rare in the church’s history, and a resignation over the handling of abuse is without precedent. Welby’s decision to stand down underlines how the scourge of sexual abuse has damaged the credibility of the church, with accountability demanded of its leaders.

Summer camps
Smyth perpetrated “traumatic physical, sexual, psychological and spiritual attacks” on as many as 130 boys and young men, with abuse spanning from the 1970s up until his death, in 2018 – according to the Makin Review.

He was accused of abusing his own family members, as well as attendees of evangelical Christian summer camps he helped run for students from Britain’s prestigious private colleges in the 1970s and 1980s.

From 1984 to 2001, when Smyth relocated to Zimbabwe and then South Africa, church officers “knew of the abuse and failed to take the steps necessary to prevent further abuse occurring,” the report added. Welby worked at the summer camps that Smyth helped run. The pair exchanged Christmas cards and Welby donated small sums of money to his “missions” in Zimbabwe.

In 2017, Channel 4 News reported on Smyth’s abuse. After the publication of the independent review earlier this month, Welby told the network he “did not” ensure the allegations were pursued as “energetically” and “remorselessly” as they should have been, when he rose to the highest rank in the church, in 2013. He was first ordained as a priest in 1993.

The church’s review found that there was a “missed opportunity” in 2012 and 2013 by the highest levels of the church to “properly” report him to law enforcement.

The review said that “it is not possible to establish whether Justin Welby knew of the severity of the abuses in the UK prior to 2013,” adding: “It is most probable that he would have had at least a level of knowledge that John Smyth was of some concern.”

The Bishop of Newcastle was the most high-ranking church official to call for Welby’s resignation. On Monday, Helen-Ann Hartley told the BBC that it would be untenable for members of the clergy to “have a moral voice… when we cannot get our own house in order.”

Throughout his tenure, Welby has demanded accountability from those accused of mishandling abuse, including his predecessor, George Carey, and the former Bishop of Lincoln. Until now, there’s been no historical precedent for an Archbishop of Canterbury resigning over child abuse.

By Kayode Sanni-Arewa

As Nigerians face the impact of a recent increase in fuel prices announced by the Nigerian National Petroleum Company (NNPC) Limited, citizens continue to grapple with both rising costs and a scarcity of petrol, which has disrupted daily life.

Gists9ja reports on the latest developments surrounding petrol availability, escalating prices, and the reactions of both government officials and the public.

A significant step toward addressing these challenges was recently taken by the Independent Petroleum Marketers Association of Nigeria (IPMAN), which secured a new agreement with the Dangote Refinery for direct fuel supply. This partnership is seen as a strategic move to stabilize fuel distribution nationwide.

At a press briefing held in Abuja, IPMAN’s National President, Abubakar Garima, announced the partnership after discussions with the association’s National Working Committee. Garima stated that the primary goal of this collaboration is to ensure an uninterrupted and reasonably priced supply of Premium Motor Spirit (PMS) to consumers across Nigeria.

Following meetings with Aliko Dangote and his management team in Lagos, Garima shared that Dangote Refinery agreed to provide IPMAN with PMS, Automotive Gas Oil (AGO), and Dual Purpose Kerosene (DPK). These products will be supplied directly to IPMAN’s depots and retail outlets to streamline distribution channels.

“We are very pleased to have reached an understanding with Dangote Refinery. This agreement will allow us to source PMS, AGO, and DPK directly from the refinery,” Garima explained. He also encouraged IPMAN members to embrace this partnership, highlighting that the initiative would contribute to local economic growth and reinforce Nigeria’s foreign exchange reserves by reducing dependence on imported fuels.

Garima emphasized the broader economic potential of this deal, noting that this move toward self-sufficiency supports the administration’s agenda for a revitalized Nigeria. “By relying on local refineries like Dangote, IPMAN members can contribute to job creation and help advance President Bola Tinubu’s vision for economic stability and prosperity,” he said.

After extensive negotiations spanning several months, this agreement aims to boost efficiency in fuel supply, reduce fuel prices for consumers, and stimulate economic development.

The financial implications of fuel importation have shifted recently, as the cost of landing Premium Motor Spirit (PMS) in Nigeria decreased by approximately 20.34 percent over the past three months, reducing from ₦1,219 per litre to ₦971.57 per litre. This reduction in landing costs, which include expenses for importation and distribution, is attributed to changes in global oil prices and adjustments within the supply chain. Yet, despite these lowered landing costs, Nigerians have seen retail petrol prices rise significantly.

Since August 2024, the price of petrol has surged by ₦443, marking a 71.79 percent increase from ₦617 per litre to ₦1,060 per litre as of November 8, 2024. Independent marketers, facing their own rising costs, have been selling petrol at rates as high as ₦1,180 per litre in some regions.

Data from the Major Energies Marketers Association’s energy bulletin illustrates the pricing shifts. In August, oil marketers imported petrol at ₦1,219 per litre when Brent crude was priced at $80.72 per barrel, with an exchange rate of ₦1,611 per dollar. At that time, petrol was retailing at ₦617 per litre. By November, the landing cost had decreased to ₦971.57 per litre, with Brent crude priced at $75.57 per barrel, and the exchange rate at ₦1,665.84 per dollar

In response to the price hikes, the Human Rights Writers Association of Nigeria (HURIWA) issued a statement condemning the policy of repeated fuel price increases. The organization’s National Coordinator, Emmanuel Onwubiko, argued that the government’s approach to fuel pricing appears to benefit a select few rather than address the needs of ordinary Nigerians.

According to HURIWA, the successive hikes in fuel prices have led to a rise in the cost of essential goods, pushing millions of Nigerians into deeper financial hardship. “The policy of incessantly increasing the pump price of petroleum products does not serve the interests of the Nigerian populace,” Onwubiko stated. “It primarily benefits the associates and business affiliates of those in power, rather than providing relief for average Nigerians.”

HURIWA expressed concerns that the rising fuel costs have driven up food prices, which many households can no longer afford. This has resulted in widespread malnutrition, increased hunger, and an alarming rise in the number of out-of-school children as families struggle to make ends meet. The organization noted that while most Nigerians face these difficult conditions, only a few in the oil and gas industry are profiting from the current situation, as recent statistics indicate.

HURIWA’s critique underscores the growing public frustration with the economic burden that fuel price hikes impose on Nigerians. Many are hopeful that initiatives like the IPMAN-Dangote partnership will alleviate these issues by ensuring a more stable and affordable fuel supply across the nation.