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Nigeria’s Forex Market Needs Restructuring—Tinubu’s Aide

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The Special Adviser to the President on Economic Affairs, Dr Tope Fasua, has called for a structural reform of Nigeria’s foreign exchange market.

Fasua made the call at a roundtable organised by the National Policy Advocacy Centre (NPAC) of the Abuja Chamber of Commerce and Industry (ACCI) on Tuesday in Abuja.

The theme of the event was “Unification of Foreign Exchange and the Effect of Fuel Subsidy Removal on the Business Community’’.

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“I believe we should reform the Bureau De Change (BDC) sector and make it stronger. You cannot manage over 5,000 BDCs selling money on the streets.

“If we can do the structural reforms in the BDCs sector and the banks and supervise them well, the CBN with our reserves can incentivize that sector, allowing people to get money much quicker.

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“And you have to define the illegal market and by then we will be able to find stability,” he said.

Fasua said that Nigeria spends over $45 billion annually importing refined petroleum products, milk, chemicals and fish, among others.

He said: “I hear things like scarcity of forex. What is scarcity of forex, as if the world owes us any forex.

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“The world does not owe us any forex. The forex you get is depending on the trade that you do.

“If you look at Nigeria’s import and export profile, over 20 items that we import in Nigeria are in the billions of dollar range.

“Our biggest import, fuel and diesel take about $25 billion to $30 billion every year.

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“We have things like cars, which is about four billion every year; sugar, fish, milk one billion each; wheat four billion; chemicals, three billion dollars; pharmaceuticals two billion dollars.”

Fasua listed crude oil and fertiliser as two things that Nigeria exports in the billion dollar range.

The first is petroleum and gas, you will see a figure like $57 billion, but out of that only 30 per cent is ours, according to Nigeria Extractive Industries Transparency Initiative (NEITI).

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“The international oil companies that have the technology that do production own most of that money,’’ he said.

The Director, Policy Advocacy Centre, ACCI, Mr Chidiebere Onwumere, said that foreign exchange unification held promises of increased transparency, improved access to forex and reduced market distortions.

He, however, said that it raises questions about exchange rate stability, inflationary pressures and the cost of imports.

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We must carefully consider how these factors will affect the competitiveness of our industries and the purchasing power of our citizens.

“Fuel subsidy removal, on the other hand, is expected to free up fiscal resources, reduce government spending, and potentially lead to increased investment in critical sectors.

“Yet, it also raises concerns about the immediate impact on transportation costs, inflation, and the welfare of our citizens, especially those in vulnerable communities,’’ he said.

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Mr Oscar Onyema, Managing Director, Nigerian Exchange Group (NEG) PLC, said collaborative dialogue was essential in formulating policies that balance short-term challenges with long-term benefits.

Highlighting the effects of both policies on the economy, Onyema said that immediate transition could disrupt businesses and the economy in several ways.

Represented by Mrs Cordelia Ihedioha, Onyema said that businesses that were heavily reliant on imports may face short-term disruptions due to the sudden shift in exchange rates.

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According to him, this could result in increased costs for imported raw materials, leading to potential price adjustments for end consumers.

To mitigate these disruptions, businesses may need to explore alternative sourcing strategies and adjust their pricing models,” Onyema said

Mr Dele Alimi, Director General, Institute of Directors of Nigeria appealed to the Federal Government to take total control of the mineral sector.

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He said: “The mineral sector over the years has been poorly handled by previous governments as host communities have been left impoverished by illegal mining activities.”

Alimi described the subsidy removal and unification of the foreign exchange as bold steps by the Federal Government, saying that it was a necessity for economic revival.

He urged more emphasis should be placed on efficiency of governance than cost of governance.

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Dr Chijiokr Ekechukwu, Vice President of ACCI, urged the Federal Government to fix the refineries and dvocated alternative sources of energy for cars to cushion the effect of the petrol subsidy removal.

According to him, 60 per cent of cars in the United States run on electricity, adding, “that is where we should be headed for.”

He expressed concern that while the unification of foreign exchange rate brought checks and balances and better accountability, saying, “the high exchange has affected prices of goods and services.

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“The inflation rate continues to coast upwards and there is a high cost of production, criminality, low standard of living and unemployment has risen above 33 per cent to 35 per cent.’

Mr Asishana Okauru, the Director General of the Nigerian Governors’ Forum, represented by Olarenwaju Ajibasile said the cost of governance needed to be channelled to the local sector.

Pattronising locally made products will bost the local economy,’’ he said.

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Olasupo Agbaje, General Manager Economic Regulations, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said that efficiency in the downstream operations was key in sustaining the petrol subsidy removal.

What we hope for and where we want to be is not just the Nigeria National Petroleum Company Limited (NNPCL) being the sole supplier.

“We want other operators, the private sector coming in and this is one of the objectives of the Petroleum Industry Act,” Agbaje said.

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Eating Takeout Food Often May Increase Heart Disease Risk — Study

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Research suggests that higher takeout food consumption may increase a person’s risk of cardiovascular disease, like heart disease.

In a new study, published in Food Science & Nutrition, researchers said eating takeout food too often can influence systemic inflammation that underlies much cardiovascular disease.

The study of over eight thousand people in the 2009 to 2018 U.S. National Health and Nutrition Examination Survey (NHANES) found that those who eat greater amounts of takeout food are likely to have various elevated risk factors for heart disease.

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They were interviewed in their homes and also visited a mobile examination centre, where they recalled their food intake, received cardiometabolic health assessments, and had blood collected.

READ ALSO:23 Ships With Fuel, Food Items To Arrive Lagos Ports – NPA

Mammograms may predict heart disease risk in women — Study

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The researchers found a correlation between the amount of takeout food a person consumes and their likelihood of developing chronic low-level inflammation, a key driver of cardiovascular pathology.

Deaths from cardiovascular disease and the consumption of takeout foods are both on the rise, and while that does not prove a causal relationship, the study explores whether there is a connection between the two.

The study tracked degrees of systemic inflammation according to the Dietary Inflammatory Index (DII), a scale that quantifies the risk of inflammation related to the intake of specific dietary substances.

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READ ALSO:Food Security: 14,000 Smallholder Farmers To Benefit From N4bn Smart Agriculture Training In Bauchi

The three major takeaways from the analysis included that a higher level of takeout food consumption corresponded to an unfavourable cardiometabolic profile consisting of lower HDL, as well as higher triglycerides, fasting glucose, serum insulin, and insulin resistance.

Jayne Morgan, MD, cardiologist and Vice President of Medical Affairs in a reaction, who was not involved in the study, explained that “Takeout food raises the cardiovascular risk not because of one ingredient, but because of a predictable combination of nutrients, additives, and preparation methods that adversely affect blood pressure, lipids, insulin sensitivity, inflammation, and endothelial function.”

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This includes excess sodium that increases blood volume and blood vessel stiffness, and unhealthy fats, usually saturated fats or trans fats, that increase cholesterol level and atherosclerosis, a condition that can lead to heart attack and stroke.”

Michelle Routhenstein, Preventive Cardiology Dietitian at Entirely Nourished, also not involved in this study, declared, “It is also important to recognise that frequent takeout use often reflects broader lifestyle pressures such as demanding schedules, limited access to cooking resources, irregular meals, and disrupted sleep, all of which can quietly compound cardiovascular risk.”

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How To Identify Fake Kiss Condoms In Circulation

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The National Agency for Food and Drug Administration and Control (NAFDAC) has recently warned Nigerians about the circulation of counterfeit Kiss brand condoms in major markets across the country.

Contents
Original DKT Kiss condoms
Fake Kiss condoms

In a public alert published on its website recently and referenced as Public Alert No. 042/2025, the agency said the warning followed information received from DKT International Nigeria, a non-governmental organisation involved in contraceptive social marketing and HIV/AIDS prevention.

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NAFDAC stated, “The National Agency for Food and Drug Administration and Control is notifying the public about the sale and distribution of fake Kiss condoms in various Nigerian markets.

“The information was received from the MAH-DKT International Nigeria, a leading non-governmental organisation focused on contraceptive social marketing. Its mission is to provide Nigerians with affordable and safe options for family planning and HIV/AIDS prevention.

“The fake Kiss condoms have been reported to be found in Onitsha Market, Idumota Market, Trade Fair Market, and various markets in Kano, Abuja, Uyo, Gombe, Enugu, and others.”

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READ ALSO:Married Man Denies Wife At Brazil Concert To Kiss Tems On Stage [VIDEO]

Kiss condom is a brand of male latex condoms designed to offer sexual protection, including the prevention of unwanted pregnancy and sexually transmitted infections such as HIV, gonorrhoea and syphilis.

To help consumers avoid counterfeit products, NAFDAC outlined key differences between original and fake Kiss condoms.

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Original DKT Kiss condoms
The original product comes in a light red box pack with clear instructions printed on the lower part of the pack, including single-use warnings and storage and caution information. The box contains detailed medical device information, including MDSS GmbH, Germany, and a complete Nigerian address at Isolo Industrial Layout, Oshodi-Apapa Expressway.

The condom pack is light red, with the word “Kiss” closely written on six lines. The wallet outer pack is lighter red, carries the Oshodi-Apapa address, manufacturer details, and a clear product description beside the condom image. The hidden flap includes revision dates, medical device details, and caution information, while the wallet inner contains detailed instructions and eight bullet points under important notes.

READ ALSO:Lagos Names Mandy Kiss Anti-drug Abuse Ambassador

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The original condom is large, oval-shaped, well-lubricated, and has a large teat end for semen collection.

Fake Kiss condoms
In contrast, fake Kiss condoms come in darker-coloured box packs with little or no additional information. Some boxes are plain white inside and lack condom images. The address is wrongly listed as 42, Montgomery Road, Yaba, Lagos, while the manufacturer’s address is incomplete or missing. Storage and caution information is absent.

The condom pack is darker, with “Kiss” loosely written on five lines and wide spacing. The condom strip is longer than the original. The wallet outer pack is also darker red, carries incorrect or missing addresses, lacks colour wave designs, and shows inconsistencies in barcode lines. Medical device and caution information are missing, and the hidden flap contains no details.

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Inside the wallet, information is summarised with only six bullet points. The fake condom is thinner, round-shaped, less lubricated, and has a smaller teat end.
(TRIBUNE)

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Lagos: Police Arrest 14 Suspected Traffic Robbers On Lekki-Epe Expressway

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Fourteen persons suspected to be involved in traffic-related robbery have been arrested at various points along the Lekki-Epe Expressway in Lagos over the past two weeks.

The arrests were confirmed on Tuesday by the Lagos State Police Command spokesperson, SP Abimbola Adebisi, via a post on her official X handle, @AbimbolaShotayo.

According to her, operatives of the Command’s Tactical Squad based in Elemoro carried out the operations that led to the suspects’ apprehension.

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READ ALSO:VIDEO: Chaos As Last-minute Shoppers Overwhelm Lagos Balogun Market

She explained that the arrests followed sustained patrols and intelligence-driven operations aimed at curbing criminal activities associated with traffic congestion and improving the safety of motorists and other road users along the busy corridor.

Adebisi noted that the development reflects the Command’s determination to strengthen security and uphold law and order on the Lekki-Epe axis, adding that the Tactical Squad has continued to proactively identify crime-prone areas and respond swiftly to threats posed by criminal elements.

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She called on residents and commuters to support police efforts by providing timely and credible information that could assist in preventing and detecting crime.

READ ALSO:VIDEO: Chaos As Last-minute Shoppers Overwhelm Lagos Balogun Market

Security is a shared responsibility. Members of the public are encouraged to stay alert and promptly report any suspicious movements or activities to the nearest police station,” she said.

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The police spokesperson further reassured residents and road users of the Command’s commitment to maintaining aggressive patrols and security operations to protect lives and property in the area.

She reiterated the Command’s community policing message, “See Something, Say Something,” stressing the importance of cooperation between the police and the public in sustaining peace and security.

 

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