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Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

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AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

 

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

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Unknown Gunmen Abduct Channelstv Reporter In Port-harcourt

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Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.

Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.

The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.

 

Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.

Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.

His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.

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Lassa Fever Kills 150 In Nigeria — NCDC

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According to the Nigeria Centre for Disease Control and Prevention (NCDC), 150 people died from Lassa virus in 125 local government areas throughout 27 states in the federation between January and March 2024.

The NCDC reported that the deaths were recorded with a case fatality rate (CFR) of 18.6% overall from week one to week thirteen, 2024. This is higher than the CFR for the same time in 2023 (17.5%).

In its Lassa Fever Situation Report Epi Week 13, which was released on March 25–31, 2024, the agency revealed that 806 of the 5,295 suspected cases that were recorded were confirmed. Eyes Of Lagos reports,

According to the report, in week 13, the number of new confirmed cases decreased from 25 in Epi week 12, 2024 to 15. These cases were reported in Ondo, Bauchi, Plateau and Edo states.

 

In total for 2024, 27 states have recorded at least one confirmed case across 125 LGAs, even as 62 percent of all confirmed Lassa fever cases were reported from Ondo, Edo, and Bauchi states, while 38 percent of cases were reported from 24 states with confirmed Lassa fever cases.

Of the 62 percent confirmed cases, the NCDC said Ondo reported 24 percent, Edo 22 percent, and Bauchi 16 percent. The predominant age group affected is 31-40 years (Range: 1 to 98 years, Median Age: 32years), with a male-to-female ratio for confirmed cases of 1:1.

From the report, the number of suspected cases (5,295) increased compared to that reported for the same period in 2023 (4,338).

The agency confirmed that the National Lassa fever multi-partner, multi-sectoral Incident Management System has been activated to coordinate response at all levels at the Emergency Operations Centre, EOC.

No new healthcare worker was affected in the reporting week 13, the report noted.

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