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Dollar to exchange below N1,000, prices of goods to drop in coming days- BUA Chairman predicts
AbdulSamad Rabiu, the Chairman of BUA Group, has said that he expects the US dollar to exchange below N1,000 in the coming days.
The major player in Nigeria’s economy said the prices of commodities in the country will soon drop as well as the naira continues to strengthen against the US Dollar.
The billionaire business mogul made the submission while speaking with newsmen after visiting President Bola Tinubu in Lagos.
The BUA founder commended President Tinubu and the Central Bank of Nigeria (CBN) for their efforts in stabilising the exchange rate, and also lauded the collaborative efforts between the government and the private sector in advancing economy recovery.
“The collaboration between the government and the private sector to hasten the economic recovery is doing very well.
“The biggest issue had always been foreign exchange; you know everything in Nigeria is in the debt of foreign exchange. At a time, it was almost N1900/$, but today, the rate is coming down to almost N1,200/$.
“We knew then that the high rate was due to many factors, including speculation and manipulation, and a lot of people were actually commercializing their dollar.
“We knew that the reform was not going to be easy, it was frosty at the beginning, but now, it is much calmer and I expect that the exchange rate to be below N1000/$.
“We must commend His Excellency, President Tinubu, and the CBN on what they have done and achieved. If the exchange rate is down to where a lot of people can afford it, things will be better,” he stated.
On the prices of commodities in the market, Rabiu predicted that the downward prices will continue in the coming months as the price of diesel reduces, particularly with the coming on board of Dangote Refinery.
A lot of companies may have bought things and goods when the rate was higher, so it will take a bit of time before things fizzle out, so I expect that in a few months’ time, you will see that prices will definitely come down.
“For example, the price of diesel a few days back was N1700 per liter, but today, it’s about, N1,200 to a liter
“As a matter of fact, we bought diesel from Dangote Refinery on Monday below N1200/Liter for our transport and operations. We bought quite a lot and definitely, prices will continue to go down.
“I know that Dangote gave us a lower price because of our relationship but that goes to show that prices are coming down and I’m sure and confident that things will continue to come down so we need to be a bit more patient, things are taking shape. The Government has done very well,” he said.
He added that the government must be commended for managing the exchange rate well with the convergence of exchange rates in Nigeria. He called on Nigerians to be patient, saying the reforms embarked upon by the government will bear productive results.
“This is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s really commendable and I believe that in a few months, we will see things going back to normal.
“We all need to come together and support the government and her policies. The government means well but we need to be patient.
“These reforms will take time, it is not easy and it is not something that can be done in one day, so we are working together, especially, now that Mr. President has established a Committee, comprising the government and the private sector, so we are supporting each other.
“We are always advising the government and the government is listening and this is very important. The fact that the government is listening means so much to the Private Sector,” he said.
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Tinubu: My govt has created 650,000 jobs via National MSME clinics In 19 states and FCT
President Bola Tinubu on Monday disclosed that his government has created 650,000 jobs through its National Micro, Small and Medium Enterprises (MSME) Clinics in 19 states of the Federation and the Federal Capital Territory (FCT).
Tinubu also vowed to remove all bottlenecks militating against Nigerians turning ideas and skills into successful businesses.
The President made this known via his verified X handle, @officialABAT and explained that a tailor should not need millions of naira to buy industrial machinery before she can grow her business while a food processor should not have to build a factory before producing at scale.
This, he stated, informed why the Federal Government, “under our Renewed Hope administration, is investing in shared MSME hubs through our National MSME Clinics, giving entrepreneurs access to modern equipment, reliable power and production facilities without carrying the full cost alone.”
According to Tinubu: “Today, 21 shared facilities across 19 states and the FCT are supporting businesses and an estimated 650,000 jobs. ReadPolitical News
“Nigerians do not lack ideas, skill or ambition. Too often, they lack access to the tools and infrastructure needed to turn them into successful businesses.
“Our job is to remove those barriers.
“When small businesses can produce more, at lower cost, they become more competitive. They grow. They employ more people. They create income and opportunity for Nigerian families.
“Giving Nigerian enterprise the tools to succeed is how we build prosperity from the ground up. That is the Nigeria we are building.”
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Experts raise alarm on Shawarma, Cancer, Kidney Disease
Health professionals have warned that regular consumption of shawarma containing high amounts of salt, sugar, fat, seasoning and processed meat may contribute to hypertension, obesity, diabetes and kidney disease.
Excessive salt can raise blood pressure and put additional strain on the kidneys, while high-calorie sauces may contribute to weight gain.
Nutrition experts advised Nigerians to eat shawarma in moderation, use less mayonnaise and other sauces, choose lean grilled meat and add more vegetables. Consumers were also urged to check vendors’ cleanliness and avoid food prepared where ingredients are exposed to flies, dust or poor handling.
A recent report by experts also warned that frequent consumption of Shawarma may increase the risk of other food-borne infections and long-term health problems.
The report contains documented cases of people who suffered vomiting, diarrhoea, stomach pain and weakness after eating shawarma, with some requiring hospital treatment.
According to the report, poor hygiene could allow bacteria and other contaminants into shawarma, causing illnesses including cholera, dysentery, typhoid and salmonellosis.
It also raised concerns about mayonnaise and creamy sauces kept without proper refrigeration and warned that poor storage could encourage bacterial growth and increase the risk of food poisoning.
A study cited in the report found bacterial contamination in ready-to-eat shawarma sold on the streets
Experts also raised concerns about processed meat such as sausage, noting that the International Agency for Research on Cancer classifies processed meat as carcinogenic to humans.
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Phone communication exposes married woman in the case of Abuja resident who died in a hotel
The mystery surrounding the death of a man whose body was found by the roadside in Abuja has taken a new turn, with police tracing the case through his missing mobile phone to a married woman who allegedly spent time with him at a hotel.
The FCT Commissioner of Police, Mohammed Sanusi, disclosed this on Saturday in Abuja, saying investigators arrested Rukayat Muhammed after tracing the deceased’s final communications.
The man was found dead on August 26 along the Kubwa Expressway, near Katampe under the bridge, after his family had earlier reported him missing.
According to the police, the case initially raised suspicion of a possible “one chance” incident. Investigators, however, established that the dead man was the missing person after identifying his remains.
Sanusi said the deceased’s mobile phone was missing and had been switched off. Police investigators subsequently traced his last known communication, leading them to Rukayat, a resident of Garki Area 2.
Investigators reportedly discovered that Rukayat, who is married, was allegedly in a romantic relationship with the deceased. The police said she had saved his contact under the name “Safiyat.”
The CP said the pair had lodged at Good Samaritan Guest House on 2nd Avenue, Gwarinpa, where the man later died.
Sanusi said Rukayat allegedly discovered that the man was no longer breathing but failed to alert the police or hotel management. Instead, she allegedly took his phone and left the hotel.
The case took another turn when hotel management later discovered the man’s body inside the room after attempts to contact the occupants failed.
Rather than reporting the discovery, two hotel staff members, Ibrahim Omeiza and Kefat Bitrus, allegedly removed the body from the room and transported it to the Kubwa Expressway, where they dumped it under the Katampe bridge.
The police said the action was apparently intended to distance the hotel and its management from the death.
Sanusi said detectives were still working to establish exactly how the man died and determine the individual roles of those connected to the incident.
He warned that anyone found to have participated in the death, concealment or abandonment of the body would face prosecution.
The commissioner said the investigation remains ongoing.
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