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Nigeria on bumpy road to recovery; Foreign Exchange reserves in focus

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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. 

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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.

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MTN Nigeria Awards 150 million Naira to Super Falcons after Historic WAFCON 2024 Win

Reporter: Sandra Ani

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MTN Nigeria Awards The Super Falcons 150 Million Naira Following WAFCON Win
L-R: Dr. Muhammed Sanusi, General Secretary, Nigeria Football Federation; Dr Karl Toriola, CEO, MTN Nigeria; Rashidat Ajibade, Captain, Super Falcons; Ifueko Okauru, Director, MTN Nigeria; Chiamaka Nnadozie, Goalkeeper, Super Falcons and Alhaji Ibrahim Gusau, President, Nigerian Football Federation at an MTN Super Falcons Breakfast Reception held at Eko Hotel & Suites, Victoria Island, Lagos on Thursday, July 31, 2025.

MTN Nigeria has rewarded the Nigerian Super Falcons with 150 million naira following their remarkable victory at the 2024 Women’s Africa Cup of Nations (WAFCON). 

The announcement was made at a celebratory breakfast reception hosted by the technology company in Lagos, in the presence of Nigerian Football Federation (NFF) leadership and female executives across key sectors, alongside a host of MTN executives who came out to celebrate the champions and reaffirm the company’s commitment to football, inclusion and youth empowerment.

The Super Falcons’ win goes down as one of the most thrilling in tournament history. Facing Morocco on their home soil, Nigeria came back from 2-0 down to secure a dramatic 3-2 victory, clinching their 10th WAFCON title and reinforcing their status as Africa’s most decorated women’s team. 

Delivering the opening remarks, MTN’s Chief Marketing Officer, Onyinye Ikenna-Emeka, highlighted the Super Falcons’ win as an inspiration for Nigerian women. “The Women’s African Cup of Nations (WAFCON) is a championship that has been held 13 times and Nigeria has won 10 times. This is no small feat. It is a testament  to how determined  Nigerian women can be when they set out to achieve something. What you have achieved not only makes Nigeria proud, but it makes us, even we women, proud. Here at MTN, we believe, and one of our values is ‘Can Do’, can do with integrity. Your final match  exemplifies that.”

As the official telecommunications partner of the NFF, MTN presented the 150 million naira reward to celebrate the team’s resilience and achievement. MTN director, Ifueko Okauru explained that 115 million naira would go to the players and 35 million to the technical team. 

“At MTN we believe in the power of connection, not just through technology, but through our soul, through our spirits, what we share and what unifies us,” said Dr. Karl Toriola, CEO, MTN Nigeria.

Toriola described the company’s investment in the NFF as fruitful. “As proud sponsors of the Nigerian Football Federation, this long-term significantly financially-heavy investment in supporting the NFF has borne so many fruits. We followed you through every match, every challenge, every trial  and some of them losses. We followed you and we continue to support you and today we are so proud to say our efforts have not been in vain. We followed you for the big things, we followed you for the smaller things.

He added, “To the Super Falcons, you are more than athletes, you are inspirations. You are an inspiration for everyone in Nigeria, every young lady to go out there and make a difference. You are role models, you are ambassadors, and you are proof that when Nigerian women rise, the world will take notice.”

Captain of the Super Falcons, Rashidat Ajibade, thanked MTN and its board members for their warm reception and support. “We appreciate you a lot. We feel valued, we feel honoured, we feel respected, and this only inspires us to do better, and keep inspiring the next generation.”

“This win is for all of us,” she said, dedicating the 10th title not just to the current Super Falcons squad but to all the players who came before. While grateful for the milestone, she made it clear they were not content. “We want to take this to the next level. We want to be global contenders. We don’t want to be just local champions. It’s time to take it to the next level. We understand the huge responsibility on us,  and we hope that we can all work together, the Federation, the federal government, and also private bodies to keep investing and keep supporting  the Super Falcons Council so we can all  achieve this objective.”

The breakfast reception featured a classical string quartet, stirring soul-Afrobeats choir rendition that had the Falcons on their feet, dancing joyfully in celebration of their hard-won victory. Singer Praiz also delivered a performance that drew cheers from the audience and added to the festive energy in the room.

As the nation continues to celebrate their victory, this moment stands as both a reward and a reminder of what Nigerian women can achieve when backed by belief, investment and opportunity. The celebration was especially timely as it fell on Pan African Women’s Day, a fitting moment to honour the strength, resilience and achievements of Nigerian women on and off the pitch.

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Nwosu hails Super Falcons: You’ve shown the Nigeria spirit

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Super Falcons are 10th time WAFCON Champions
Super Falcons are 10th time WAFCON Champions

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.

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Gov Mbah Congratulates Super Falcons on Historic 10th WAFCON Title

Report by Ikenna Oluka

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WAFCON
Super Falcon players after winning 10th WAFCON

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.”

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