The outgoing brought more harsh news for the Nigerian economy. The naira depreciated further against the dollar, the economy recorded losses as more companies flew out of the country. But there were other important news during the week, too.
In case you miss any of them, we’ve got a summary for you.
For starters, Nigeria lost its status as the aviation hub in West Africa to Ghana, a neighbouring country. Already, the revenue that accrued to Nigeria from the fuelling of aircraft and accommodation of cabin crews of foreign airlines has been taken over by Ghana, which now provides these services.
In The Guardian editorial of August 21, it was explained that there were fears that more companies would exit the country except the Federal Government addresses the problem to reduce the forex policy’s impact on the airlines and, indeed, the travel industry as a whole. An enabling environment thus needs to be created for the aviation and tourism industry to flourish.
Unfortunately, efforts of the Federal Government at shoring up economic activities through debt recovery from individuals and organisations are not adding up. High-profile debtors are using the courts to mount blocks in the way of government. The Guardian learnt that at least 10 of such individuals, referred to as the “big boys”, are collectively owing the government about N1 trillion, which is about 17 per cent of the N6 trillion 2016 national budget.
The judges, who these big boys run to, we learnt during the week, actually work less than four months in a year. When all the days they go on holiday and vacation are computed, judges in Nigerian courts work just about 104 days in a year.
The Central Bank of Nigeria, on its part, acted decisively to ensure that the defaulters are held accountable. It sanctioned some banks for their refusal to remit outstanding $2.334 billion Nigerian National Petroleum Corporation (NNPC) funds in their coffers.
The real estate sector also got his share of bad news. It is a dire situation as operators in the real sector have to deal with hydra-headed challenges of low purchasing power from consumers, inflation and a high cost of doing business.
Just like the Nigerian economy, the world largest aircraft also suffered damages during the week. The aircraft suffered cockpit damage on Wednesday after nosediving while landing on its second test flight, but there were no injuries, according to the craft’s manufacturer.
But it was not all doom and gloom for Nigeria. The military recorded another major success in the fight against Boko Haram in the northeast of the country as some commanders of Boko Haram terror group were killed in an airstrike while the leader of the group, Abubakar Shekau, was reportedly seriously wounded.
However, some Nigerians had moments of an escape as the La Liga kicked off with the usual leaders – Real Madrid and Barcelona – laying down their marker.
But the likes of Gareth Bale who led the charge for Real Madrid may not stand a chance against the robots created by researchers at a Swiss University. In table football, at least. The researchers created robots that have consistently thrashed men in table football.
People who suffer from rheumatic fever may not stand a chance especially if they suffer, also. But the good news, as we were told at the beginning of the week, is that rheumatic fever can be prevented by practising clean hygiene.