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Crucial highlights on Nigeria’s economy

Helicopter tragedy, Binance employee release, and Tinubu's cost-cutting measures.

Author

Samuel Okocha
October 24, 2024

Welcome to 234Digest, where we deliver daily highlights of Nigeria's economy and business environment from Tuesday to Friday, with a deeper dive on Sundays. It's past 1 am across Nigeria as I send this newsletter scheduled for Thursday night, but now going out in the early hours of Friday as I gladly keep the momentum going. This transition from our previous weekly format allows us to provide you with snappy, timely insights. I'm Samuel Okocha, your curator and editor, eager to guide you through the day’s important stories.

Today’s briefs

A helicopter crash has resulted in at least three deaths as it headed to an offshore oil facility in Nigeria. The aircraft, operated by East Winds Aviation, lost contact en route from Port Harcourt to the FPSO Antan oil production site. With eight people on board, including six passengers and two crew members, the Sikorsky SK helicopter ditched into the Atlantic Ocean near Bonny Finima. Search and rescue operations are ongoing as authorities investigate the cause of this tragic incident.

In a diplomatic success, Tigran Gambaryan, a US employee of Binance Holdings Ltd., has been freed from detention in Nigeria. Gambaryan was held on charges related to financial crime compliance but was released after Nigerian authorities dropped the charges. His health had deteriorated during his time in custody at Kuje correctional facility. US officials confirmed his release and return to the United States, with National Security Advisor Jake Sullivan expressing gratitude for Nigeria's cooperation. A family spokesperson confirmed to CoinDesk on Thursday that he was released from Kuje prison last night and then exited Nigeria. "He's in the air," a U.S.-based lawyer on Gambaryan's legal team told CoinDesk.

Nigeria's foreign reserves have increased to $40.2 billion as of October 2024, up from $38.4 billion in September. Central Bank Governor Olayemi Cardoso announced this positive development during an investors' meeting in Washington DC. The growth is attributed to a shift away from defending the naira, as highlighted by Finance Minister Wale Edun.

President Bola Tinubu has introduced new cost-cutting directives aimed at reducing government expenditure. Ministers and federal agency heads are now limited to three vehicles in their official convoys. This follows earlier measures to reduce the size of official entourages for both foreign and local trips. These initiatives are part of broader efforts to streamline government operations and reduce costs.

Quote of the Day: "The greatest discovery of all time is that a person can change his future by merely changing his attitude." — Oprah Winfrey

Photo of the day

A mobile vendor in Abuja clutches a vibrant assortment of slippers wrapped in transparent plastic, showcasing the relentless hustle for daily bread amidst evening traffic.

In the heart of Abuja, as the sun sets on a bustling day, a mobile vendor clutches a vibrant assortment of slippers wrapped in transparent plastic. Amidst the evening traffic, he embodies the relentless hustle for daily bread, showcasing that for some, the workday never truly ends. Photographer: Samuel Okocha/234Digest

And that’s a wrap for today’s 234Digest. If you’re new here and find the insights and updates valuable, consider subscribing now to ensure you receive every edition in your inbox. Until the next one!