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Top 5 Ways Current Economic Crisis Affects Nigerians

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It is no secret that the Nigerian economy is in crisis. In the last six months, the official Nigerian currency, Naira, has fallen by almost 50% and there has been an increasing change in the price of goods and services. With pay increases lagging behind and the inflation soaring, the wallet of most Nigerians continue to take a beating as the cost of living increases in just about every aspect of daily life.

Jumia Travel, Africa’s No.1 online hotel booking portal, lists the top 5 ways the crisis is affecting the everyday life of Nigerians.

Decreased job opportunities

From prospective civil servants to bricklayers just looking for an hour’s pay, citizens in the country are now faced with extreme difficulty in securing job opportunities as most employers can no longer afford to pay as much as they used and are instead laying off staff to ensure they maintain operations. Even marketers and sellers can no longer make as much sales as they used to and most have closed shop, as consumers now tend to buy less, switch to less-expensive substitutes or drive farther to find bargains.

Increase in cost of living

The recent times have witnessed significant increase in food, fuel and utility costs. This means that less money remains once these necessities are paid for, leaving little for savings or discretionary spending. While the effect of this hike in cost of living has affected almost all citizens in their daily life, the rising prices have hit the lower and middle classes especially hard. It is quite difficult to keep up with the rising cost of living when your paycheck is not growing at a similar rate.

Higher security risks

There are increased incidents of theft and kidnapping for ransom around the nation. It is getting hard to earn an honest living and some who feel like they have no other choice give in to different vices and extort money from others either by conning them, or forcefully taking it from them. The people, both rich and poor, are therefore more prone to security risks; and the culprits when caught, face the prospect of jail term.

Reduced access to credit and trade financing

The economic crisis in Nigeria is friendly to debtor’s but of huge disadvantage to creditors as thanks to the continued inflation, amount borrowed will eventually deteriorate in value so that the debtor pays back less money and the creditor receives less money. This has been harder for financial institutions, including banks to give out loans in recent times to prospective entrepreneurs and traders and as such, most are finding it hard to keep their businesses afloat or grow them any further than it already is.

Depression

The economic crisis has ensured the life of the average Nigerian is becoming more difficult by the day. A majority of Nigerians are suffering from depression and as such, are now finding it hard to go on with their daily lives. In a bid to make ends meet many stay on the hustle and are forced to manage all kinds of stress, from physical to emotional. This has led to an increase in death rate and a decrease in fertility rate in the country.

Nkem Ndem, a PR Associate at Jumia Travel, writes from Lagos.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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WHO Unhappy Over Trump’s Withdrawal of US Membership

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By Adedapo Adesanya 

The Director-General of the World Health Organisation (WHO), Dr Tedros Ghebreyesus, on Tuesday said the organisation regretted the decision of the United States to withdraw from it.

After his inauguration on Monday, the new US President, Mr Donald Trump, signed an executive order withdrawing the US from the global health body.

“The World Health Organisation regrets the announcement that the United States of America intends to withdraw from the Organization.

“The organisation hopes that Washington will change its decision.

“We hope the United States will reconsider and we look forward to engaging in constructive dialogue to maintain the partnership between the USA and WHO, for the benefit of the health and well-being of millions of people around the globe,” the health group stated in the statement.

This marks the second time Mr Trump has ordered the US to be pulled out of the world health body charged with global health welfare and monitoring.

Mr Trump was critical of how the international body handled COVID-19 and began the process of pulling out from the Geneva-based institution during the pandemic.

However, after Mr Trump lost to President Joe Biden in 2020, the erstwhile American president, who later reversed that decision.

With his return to office, Mr Trump, through the executive action on day one, makes it more likely the US will formally leave the global agency.

The executive order also said the withdrawal was the result of “unfairly onerous payments” the US made to the WHO, which is part of the United Nations (UN).

President Trump was critical of the organisation for being too “China-centric” in its tackling of the COVID-19 pandemic and accused the WHO of being biased towards the Asian nation in how it issued guidance during the outbreak.

Under the Biden administration, the US continued to be the largest funder of the WHO (around 14 per cent) and in 2023, it contributed almost one-fifth of the agency’s budget.

The organisation’s annual budget is $6.8 billion.

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DoorSpace Exits Meta Platforms Over Fact-checking System

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By Aduragbemi Omiyale

A healthcare technology platform, DoorSpace, has announced its exit from all Meta platforms, citing value differences and company culture as reasons for the action.

Ahead of the inauguration of Mr Donald Trump as the President of the United States of America (USA) for a second term on tomorrow, Monday, January 20, 2025, Mr Mark Zuckerberg announced changes to his platforms’ fact-checking system.

“The only way that we can push back on this global trend is with the support of the US government, and that’s why it’s been so difficult over the past four years, when even the US government has pushed for censorship,” Mr Zuckerberg said in a video.

He said Meta was welcoming political discourse back on Facebook, Instagram and Threads with the new Community Notes system, which will enable users to write and rate notes that can be added onto posts.

Mr Zuckerberg explained that Meta would be working closely with Mr Trump’s upcoming administration by showing users more content that is politically charged and not checked by third-party fact checkers.

This decision of Meta did not go down well with DoorSpace, which said it has ceased any activity and would no longer spend marketing dollars to advertise on Meta platforms.

“Zuckerberg’s business decisions to rollback its fact checking system and to open up the platform to allow for misinformation, hate and bullying, especially against vulnerable minority groups, shows his lack of understanding on the importance of diversity and common decency.

“Incel culture will continue to grow and fester in that curated environment, leading to more violence against these groups in the real world,” the chief executive of DoorSpace, Ms Sarah M. Worthy, said.

“”I need to stand by my values and use my position as a healthcare tech leader to advocate for the individuals who are directly harmed in both their professional and personal lives by the hate and misinformation being spread on Zuckerberg’s platforms.

“The Meta that Zuckerberg has created has become a cesspool that sells its users’ data to the highest bidder while utilizing manipulative and dangerous tactics to keep people on the app as long as possible,” Ms Worthy added.

“Your data is not secure on their platforms, their algorithmic feed is designed to sow division and misinformation, and the company has announced that it does not view every American equally.

“There is no need for our business to spend money advertising there or any reason for our brand to maintain an active presence there anymore,” she said further.

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Mums Feel Warmth Initiative Raises Postpartum Depression Awareness

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Mums Feel Warmth Postpartum Depression

By Modupe Gbadeyanka

A transformative webinar to raise awareness on postpartum depression (PPD) by nursing mothers has been organised by MSc Media and Communication students from the School of Media and Communications of the Pan-Atlantic University.

The programme titled Beyond Baby Blues: Understanding and Overcoming Postpartum Depression was held on January 7, 2025.

It was put together by the students under the Mums Feel Warmth initiative, with experts in the field invited to speak on the matter aimed at empowering mothers and fostering a sense of reassurance.

The webinar was to highlight the journey through postpartum depression, offering a message of hope, resilience, and the importance of mental health support for mothers everywhere.

One of the speakers, Dr Laja Odunuga, who is the Care Coordinator for AVON HMO, explained the difference between the common “baby blues” and the more severe, long-lasting PPD.

The discussion highlighted how PPD can manifest not just as sadness but through severe fatigue, disconnection from the newborn, and loss of interest in activities, which can last well beyond the typical two-week period associated with baby blues.

Another expert, Ms Otomfon Ibanga, the Assistant Lead Nurse for Q-Life Family Clinic, emphasised the role of support systems, urging families and friends to be vigilant for signs of PPD and to provide a nurturing environment.

She also discussed prevention strategies, including prenatal planning for support structures and post-delivery management through therapy or medication.

On his part, Dr Chimaraoke Obialo, who is the Medical Director of Life Amada Health Consultancy, addressed the stigma surrounding PPD, advocating for education to transform societal perceptions from judgement to support.

The webinar underscored the need for community involvement, not just in recognising symptoms but in actively participating in the healing process by offering emotional and practical support.

The Mums Feel Warmth webinar was more than just an educational session; it was a call to action for society to embrace and support new mothers dealing with PPD.

By fostering open conversations and providing platforms for sharing experiences, Mums Feel Warmth continues to lead the charge against the stigma of PPD.

The commitment shown by the panellists and attendees alike promises a future where every mother has access to the understanding and care needed to navigate through the complexities of postpartum depression, ensuring that the joy of motherhood is not overshadowed by mental health challenges.

Mums Feel Warmth, with its core values of empathy, compassion, hope, community, and education, speaks to the Sustainable Development Goal 3, advocating for good health and well-being.

The initiative is breaking the silence around PPD, a condition that can significantly impact new mothers in the critical period following childbirth.

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