Sports
Nigeria on bumpy road to recovery; Foreign Exchange reserves in focus
Lukman Otunuga
The Nigerian economy still remains on a rocky road to recovery in the face of depressed oil prices, US-China trade uncertainty and fears over decelerating global growth.
Although the nation’s GDP expanded 1.94% during the second quarter of 2019, it is unlikely to meet the government’s 3% growth targets this year. The International Monetary Fund (IMF) has projected Nigeria’s growth to expand 2.3% this year and 2.5% in 2020. Despite the ongoing push for economic diversification, 90% of foreign exchange earnings and 70% of government revenues are still attained from oil sales.
While the Central Bank of Nigeria can be commended on its effort to promote Naira stability, this has come at the expense of falling reserves which decreased to $42.1 billion in September. Much attention will be directed towards the pending foreign exchange reserves data for October scheduled for release on Wednesday. Further signs of reserves declining amid weak oil prices and intervention by the CBN is likely to weigh on the Naira.
Market mood brightens on trade deal optimism
The mood across financial markets continues to brighten after President Donald Trump said that Washington “was ahead of schedule” on a trade deal with China.
This encouraging news has certainly injected global equity bulls with a renewed sense of confidence as optimism increases that the two largest economies in the world will sign “phase one ” of the trade agreement soon. Shares across Asia are pushing higher on Tuesday amid the risk-on sentiment, after the S&P 500 hit an all time record high overnight on the back of trade hopes and prospects of lower interest rates by the Fed. The positive vibe from Asian markets should also support European stocks and potentially Wall Street later this afternoon.
Fourth time lucky? Johnson seeks snap election again
There was little to cheer about on Monday in Brexit news despite the European Union granting Britain a flexible three-month extension to the Brexit process until 31 January 2020.
Although this has prevented the UK from leaving the European Union on October 31 without a deal, it is simply kicking the can down the road. This sentiment is clearly being reflected in the British Pound which offered a fairly muted reaction to the third Brexit extension. With British lawmakers rejecting Prime Minister Boris Johnson’s plan for an early election in December, where do we go from here? While Johnson is expected to try again for an early election on Tuesday, history could repeat itself for the fourth time in two months. Until investors are offered proper direction and clarity on Brexit, Sterling’s rise may be capped below 1.30.
Dollar waits for FOMC meeting
The Dollar held steady against a basket of major currencies on Tuesday ahead of the FOMC meeting on Wednesday. With markets widely expecting the Fed to dish out another insurance rate cut in face of trade uncertainty and global growth concerns, much attention will be directed towards Jerome Powell’s press conference. Should Powell sound less dovish than expected, investors are likely to revaluate whether the Federal Reserve will cut interest rates in December.
Gold in the spotlight
Gold has stumbled into the trading week under pressure thanks to the improving market mood and risk-on sentiment. Given how prices are trading below the $1500 level, further downside could be on the cards in the short term.
However, investor expectations over the Federal Reserve cutting interest rates in October coupled with Brexit uncertainty should stimulate appetite towards the precious metal in the medium term. The longer-term outlook will remain influenced by US-China trade developments and global growth concerns. Although most remain cautiously optimistic over the two largest economies in the world signing a “phase one” trade deal, there is still room for disappointment as talks have fallen apart in the past. Focusing on the technical picture, Gold is tracking sideways on the daily charts but the breakdown below $1500 should open a path towards $1485.
John C. Nwosu, governorship candidate of the African Democratic Congress (ADC), has hailed the Super Falcons for lifting the Confederation of African Football (CAF) Women’s African Cup of Nations (WACON) held in Morocco for the 10th time, after a dramatic outing in Rabat, capital of the North African nation.
The Nigerian female team came from behind after a 2:0 lead they were handed down by the Atlas Lionesses at half time to turn the tide in a dramatic fashion, marked by energy, resilience, determination and skill, slotting in three goals in less than 30 minutes.
A totally enthralled Nwosu declared that feat clearly showed how with determination and focus, the most difficult tasks could be achieved and toughest challenges could be surmounted, adding that the feat embodied a lot of life’s lessons.
“What we saw today is the can-do spirit of that Nigerians are known for. It is a spirit that has broken many barriers and achieved great things. I particularly noticed the teamwork and synergy among the girls and their determination not to give up. It shows the reward of unity of purpose.
“As I watched our girls lift this beautiful trophy up, my spirit was also lifted. I am sure I am not alone. This spectacular achievement today shows how much we can achieve in Nigeria when we de-emphasise those things that divide the nation and emphasise the things that unite us.
“This is the focus of the ADC. We take it as a task to unite Nigeria by promoting unity, equity, justice and fair play in all facets of the society, knowing that together, working individually and collectively, we wake the sleeping giant.
“It is particularly so as we make deliberate moves to recreate a new Anambra where the government and the people will form an environment of common vision and move in the same direction, achieve a common goal. That vision has gained a strong fillip by this wonderful feat in Morocco.”
Well done girls. Once again, you have put smiles on millions of Nigerians, both home and abroad. May this joy continue to resonate everywhere in the life of our dear nation, now and in future.
Governor of Enugu State, Dr. Peter Mbah, has congratulated the Super Falcons of Nigeria on their 10th Women African Cup of Nations, WAFCON, title, saying that they demonstrated the resilience of the Nigerian spirit.
The Super Falcons, who fell behind by two goals in the first half, staged a memorable comeback in Rabat in the second half, beating their Moroccan counterparts before their huge crowd of home fans to lift the WAFCON 2025 trophy courtesy of goals delivered by Esther Okoronkwo, Folashade Ijamilusi, and Jennifer Echegini.
Mbah, who took to his verified social media handle, @PNMbah, to celebrate the impressive Nigerian side wrote, “Congratulations, Super Falcons, on your well-deserved WAFCON 2025 triumph.
“Coming from two goals down to beat the Moroccans to the trophy underscores the resilience and invincibility of the Nigerian spirit and what we can achieve as a people by working together in oneness of mind.
“We are super proud of you.
“Again, congratulations, girls, and keep flying higher.”
Sports
Mbah Receives EPL Trophy, Seeks Guinness’ Partnership to Grow Sports in Enugu
…Why we choose Enugu- Guinness, reports SANDRA ANI
The Governor of Enugu State, Dr. Peter Mbah, has expressed his eagerness to partner with Guinness Nigeria PLC to accelerate his administration’s sports development effort, describing the state as the home of sporting legends, who have ruled the world of sports as well as home of abundant talents for the future.
Mbah spoke when a team of Guinness Nigeria’s management showcased the English Premier League, EPL, trophy, to him at Government House, Enugu, on Friday.
It is recalled that Guinness Nigeria and the Premier League partnered to bring the iconic silverware for display in Enugu on Friday, May 16 and in Lagos on Saturday May 17 and Sunday, 18 to give EPL’s teeming fans in Nigeria the rare opportunity to experience the trophy.
Speaking during the presentation of the trophy at the Lion Building, Enugu State Government House, Mbah noted that beside putting in place legislative frameworks for sports development, his administration was also embarking on a massive reconstruction of the Nnamdi Azikiwe Stadium and Awgu Games Village preparatory to hosting the 2026 edition of the National Sports Festival.
“Like Guinness, we regard sports as a positive force in Enugu. We are not surprised that the Guinness flagship event is being held here in Enugu. Just like Guinness, we also see sports as a platform to foster social cohesion. We are not just paying lip service to sports; we actually have our skin in the game.
“We believe that the EPL is quite a spectacle with audiences across the world and you couldn’t have chosen a better city for the flagship event than Enugu.
“Again, since here is the home of Rangers and since we have also recognised that this is where it all happens, let us begin to think about more collaboration with Guinness to see how we can secure endorsement with the Guinness corporate brand. This should be on the table because Rangers also won the 2023/2024 Nigerian Premier League title.
“We are just about giving the Nnamdi Azikiwe Stadium and Awgu Games Village a new lease of life, making sure they meet FIFA and World Athletics standards ahead of the National Sports Festival. So, we look forward to more strategic collaboration with Guinness. We are quite a business-friendly state,” he stated.
Earlier, the leader of the delegation and the Corporate Relations Director at Guinness Nigeria PLC, Rotimi Odusola, described Enugu State as the spiritual home of sports in Nigeria, noting the exploits of Rangers.
He said it was only natural to choose Enugu for the display of the EPL silverware, given its history and the great job Governor Mbah had done in repositioning the state.
“Some may wonder why Enugu. There is a reason for us to choose Enugu as the first place in Nigeria since this trophy arrived yesterday. It is because we know that Enugu State is the spiritual home of football in Nigeria. As a young football lover, I can’t forget all of the stories around Enugu Rangers football team.
“I want to also appreciate you for the work you are doing. The last time I was in Enugu was in 2022 and I have seen remarkable improvements in Enugu State since my last visit.
“This presentation of the EPL trophy is an opportunity for us to reinforce Guinness Nigeria being a business that has been intricate in the fabric of Nigeria for 75 years. We also want to use this opportunity to create magical moments for our consumers and members of the public through the collaboration between Guinness globally and the English Premier League,” he added.
The event was witnessed by the Commissioner for Youth and Sports Development, Enugu State, Barr. Lloyd Ekweremadu; Commissioner for Culture and Tourism, Dame Ugochi Madueke; Director, Marketing and Innovations, Guinness Nigeria, Yinka Bakare; Director, Corporate Relations, Guinness Nigeria, Rotimi Odusola; Head of Marketing, Guinness Nigeria, Ramanathan Sollayepan; Head of Division, South-East Region, Guinness Nigeria, Adesoji Opeyemi; General Manager, Rangers International Football Club of Enugu, Barr. Amobi Ezeaku; and the Chairman, Enugu State Football Association, Barr. Tony Ugwu, among others.
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