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.
MTN Nigeria, the official sponsor of the English Premier League (EPL) on SuperSport, successfully hosted an electrifying Manchester Derby watch party at Bay Lounge, Lekki, on April 6, 2025. Football fans gathered for a superb night of live-action football, engaging discussions, and exciting giveaways.
Building on the success of its previous Arsenal vs. Manchester United watch party, MTN Nigeria once again provided a premium viewing experience that brought fans together to celebrate their shared passion for football.
These fans enjoyed their match on a big screen among other football lovers. The Derby ended in a tense goalless draw that, while lacking in goals, was full of drama.
Fans erupted at every near-miss, debated tactical battles, and rode the emotional rollercoaster of a match that left City’s Champions League hopes hanging and reflected Manchester United’s season frustrations.
Looking ahead, this draw presents an opportunity for Newcastle United, as they could overtake City for fifth place if they secure a victory against Leicester City, who are battling relegation, on Monday; highlighting the competitive nature of the league and the dynamic possibilities for all teams involved.
Nwadinma Gregory, one lucky attendee who walked away with an MTN broadband MiFi, said “The energy at the MTN Nigeria watch party was absolutely incredible! Watching the Manchester Derby with fellow fans, experiencing every goal, every near miss and every thrilling moment together made it unforgettable. MTN really knows how to bring football lovers together for an amazing experience!”
One of the biggest talking points was Kevin De Bruyne, who recently announced this would be his final season at Manchester City.
Fans took the opportunity to reflect on his remarkable legacy. Mickhael Ehi, an attendee, shared his thoughts on De Bruyne’s impact and contribution to the team, highlighting the significance of his career at the club: “Seeing De Bruyne in what might be his last Manchester Derby was bittersweet. He’s been a Premier League legend: the assists, the vision, the leadership. Even if he wasn’t at his peak today, you could feel the respect from the crowd. Players like him don’t come around often.”
Lakinbofa Goodluck, MTN Nigeria’s PR Manager, highlighted the brand’s dedication to enhancing football experiences:
“At MTN Nigeria, we are committed to enriching the experiences of our customers and football lovers. The Premier League is more than just football; it’s about community, passion, and unforgettable moments, and we are proud to bring that to our fans.”
With the EPL season still in full swing, MTN Nigeria will continue to create unique engagement opportunities for fans, ensuring they stay connected to the game they love.
…reaffirms MTN Nigeria’s support following ‘draw’ with Zimbabwe.
MTN Nigeria, the official telecommunications partner of the Nigerian Football Federation (NFF), has reiterated its unwavering support for the Super Eagles following their spirited draw with Zimbabwe in the World Cup qualifier match at the Godswill Akpabio Stadium in Uyo, Akwa Ibom.
Building on the momentum from their recent victory against Rwanda, MTN Nigeria had expressed strong backing for the national team ahead of the crucial fixture. Tobe Okigbo, MTN Nigeria’s Chief Corporate Services & Sustainability Officer, stated before the game, “We are confident in the team’s ability to make Nigeria proud and qualify for the World Cup.”
Despite the draw, MTN Nigeria’s CEO, Karl Toriola, maintained a positive outlook. “While tonight’s outcome wasn’t what we hoped for, we remain steadfast in our support for the Super Eagles. This result is just part of the journey towards World Cup qualification, and we believe in the team’s resilience and ability to succeed,” Toriola said.
The match showcased the Super Eagles’ grit and determination as they found their rhythm against the Zimbabwean side. Nigeria scored the first goal, demonstrating their prowess and fighting spirit, although the match ultimately ended in a draw. This result has added to the excitement of Nigeria’s path to the 2026 FIFA World Cup.
MTN Nigeria, which signed a deal with the NFF in 2021 as the Official Telecoms Partner, has been a constant pillar of support for Nigerian football for over two decades. The company’s commitment extends from grassroots to national levels, investing significantly in the development of local football.
“Our support for the Super Eagles and all national teams is part of our long-standing tradition,” Toriola added. “We are building a sustainable legacy of collaboration, growth, and development in the football space. Tonight’s result doesn’t change our belief in the team’s potential to make all Nigerians proud on the global stage. We believe in our Eagles.”
As the Super Eagles regroup and prepare for their next qualifier, MTN Nigeria has called on all Nigerians to rally behind the team. The company emphasized that this is a crucial time for unity and continued support, expressing confidence that the Super Eagles will overcome this challenge and strive towards securing a spot in the 2026 FIFA World Cup.
Sports
Portugal Football Club Signs on 19-Year-Old Nigerian- born Footballer, Yaqub Usman-Malah
Reporter: Sandra Ani
Brito Sporting Club of Portugal, a football club founded in 1956, has signed an official contract with a United Kingdom-based highly-talented, young Nigeria-born footballer, Yaqub Usman-Malah.
The official unveiling of the young promising footballer was carried out on Saturday, January 4, 2025.
Yaqub, born in Nigeria in 2006, is a budding Nigerian talent with unquantifiable promise and potential.
Prior to his official contract with Brito Sporting Club of Portugal, he was a student and a trainee player with the Brooke College Football Academy in the United Kingdom.
At Brooke College Football Academy, Yaqub had an impressive goal average of 17 goals in 32 matches with no injuries in 116 training days, cumulating into 2, 270 minutes of on-field action.
A clear testimony of his outstanding performance at the Academy was provided by the lead coach of the Under-17B team Yaqub played with.
The lead coach, Tomasz Wasylik, described Yaqub as a ‘well-liked person’ and a role model to his teammates due to his professionalism and unmatched work rate.
The Lead Coach further stated that Yaqub has played in National School Cup competitions against other colleges and programmes in the 2023/2024 session and is a good ‘tactical player’, ‘technically good” and can ‘play in multiple positions on the field’.
It is expected that Yaqub will live to the potential and promise identified by Coach Tomasz Wasylik of the Brooke College Football Academy and achieve greatness in his new club.
“While looking forward to the display of his unarguable skills and boundless stamina, we wish Yaqub a successful career and a place in the halls of football greatness across the globe,” Yaqub’s father, Mr Usman Malah said in a statement issued to the media, on Wednesday 8, 2025.
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