BY AFOLABI OLANREWAJU
UNIHUB CONNECT TV
1. Security Updates
Clash in Borno State: At least six soldiers and 34 extremist rebels were killed in a fierce battle in Sabon Gari village, Borno State. The extremists launched a surprise attack using motorcycles and gun trucks, resulting in a deadly confrontation. This underscores the ongoing violence in the region since the Boko Haram insurgency began in 2009.
Explosive Incident Near Abuja: An improvised explosive device (IED) detonated at Tsangagyar Sani Uthman Islamiyya School on the outskirts of Abuja, leaving two dead and two injured. The bomb was reportedly brought to the school by three men from Katsina State. Authorities have detained the school's owner for questioning as investigations continue.
2. Infrastructure Development
The China Development Bank has approved a $254.76 million loan to Nigeria for the construction of the Kano-Kaduna railway. The project, estimated to cost $973 million, aims to connect Kano with the capital, Abuja, providing a safer and more efficient transportation option for residents. This move is expected to boost economic growth and connectivity in the region.
3. Diplomatic Notice
U.S. Embassy Closure: The U.S. Embassy in Abuja and Consulate General in Lagos will be closed on Thursday, January 9, 2025, in observance of a National Day of Mourning for former President Jimmy Carter, who passed away on December 29, 2024. The Embassy will resume normal operations on Friday, January 10, 2025.
4. Economic Outlook
Analysts predict that Nigeria's interest rates are expected to decrease in 2025. The Central Bank of Nigeria (CBN) is likely to be confident that moderating petrol prices and a more stable naira will quickly see the disinflation process resume. However, the CBN may proceed cautiously due to potential inflationary risks stemming from the government's loose fiscal stance. Rate cuts are unlikely to come until May at the earliest, with the policy rate potentially falling by 400 basis points to 23.50% by year-end.
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