The Kids Are Alright

Minister promises lower food cost amid rising number of food impoverished children

Jun 04, 2024

Good morning, Big Brains! Shout out to Lolade for filling in for me, but I’m back. I’m notoriously known for oversharing so I’ll give you a cue where I was while I was away – the hospital. I’ll spare you the crazy details because I’m sure you’ve had your fill of crazy with the speculations of whether the Labour Union strike is still on or not. If you’re looking for good news to focus on this morning, Dr Adaora Umeoji has officially resumed as the first female CEO of Zenith Bank and Mexico has just elected its first female president ever. Find all the exciting deets in today’s newsletter!

- Margaret

Word count: ~1200
Reading time ~5 mins

Let’s get into today’s edition:

Finance Minister says food prices to drop with dry season harvest
Heritage Bank's licence revoked by CBN over financial stability worries
Mexico elects first female president
Adia Sowho resigns as CMO Of MTN Nigeria

The Big Deal

Finance Minister Says Food Prices to Drop with Dry Season Harvest

The Minister of Finance and Coordinating Minister of The Economy, Wale Edun, has clearly been listening to Ayra Starr’s new album because he just endorsed her mom’s plea for Nigerians to eat good food. The minister has promised that the food prices are going to reduce significantly in the coming months, which should lead to an increase in food supply.

He said the government has been working hard behind the scenes to reduce the food inflation by providing special funding to improve the agricultural sector in the country.

When are we going to start eating good?

Food inflation is currently at 40.53%, significantly higher than the 33.93% it was in December 2023. Minister Edun said the situation is already getting better and food prices are expected to reduce every month. He also added that while food prices are already dropping, “they are still expected to reduce as we continue the dry season harvest and then we go into the wet season harvest.” Hopefully, the minister’s words translate to some real life reductions in the coming months.

Why is this a big deal?

Twenty-seven-year-old Deji told The Big Daily that he can no longer afford to comfortably eat three times daily. Like Deji, the average Nigerian can't afford a 50kg bag of rice which is currently sold between ₦70,000 to ₦85,000.

According to the United Nations' Representative and Humanitarian Coordinator for Nigeria, Mohammed Fall, around 5.9 million children in Nigeria are affected by food shortage. In April, weather experts also predicted that over 50 million people in West Africa and the Sahel region may experience a food crisis between June and October 2024, suggesting that the food crisis may get worse soon.

But the Minister’s report gives a bit of hope. If his report is anything to go by, the price of widely consumed food like beans, garri and rice would drop soon, reducing the general hardship in the country.

Heritage Bank's Licence Revoked by CBN Over Financial Stability Worries

Banking on Burna Boy has proven to be a more sustainable choice than banking with Heritage Bank. The bank, which was established in 2012, has now had its licence revoked by the Central Bank of Nigeria.

Why?

Unfortunately for Heritage Bank, it no longer has enough financial reserves to continue to run a standard bank. In a statement released by CBN yesterday, it was revealed that “the action has become necessary due to the bank’s breach of Section 21(1) of BOFIA 2020. The Board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.”

CBN also added that the licence of the bank was revoked “to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.”

What does this mean for its customers?

While Heritage Bank will cease to exist as a bank, the Nigeria Deposit Insurance Corporation has been appointed to ensure the liquidation of the bank. What this means for customers with insured funds is that they can gain access to their money despite the revoked licence. According to the guidelines of NDIC, Heritage Bank customers will need to provide some documents to claim their insured fundsup to the limit of ₦5 million. Customers with funds higher than the limit will most likely face longer processes before accessing their funds.

Mexico Elects First Female President

A win for women is a win for all, especially when that win is a presidential election. The sun may shine a little brighter today because Claudia Sheinbaum has been elected as Mexico’s first female president.

In what will forever go down in history as an iconic win, the 61-year-old political leader won between 58% and 60% of the total votes recorded during the presidential election.

Sheinbaum, who is set to replace President Andrés Manuel López Obrador on October 1, has promised to keep up the good work done by the outgoing president and also further the “advances”.

The president elect isn’t new to breaking records and thriving in male-dominated spaces. Back in 2018, she made a big move by becoming the first female mayor of Mexico City. She held that position until 2023 when she left to run for president. Before that, her passion and work during her student days helped her become the city's environment secretary when Andrés Manuel López Obrador was mayor.

While this is a win for the entire country, the women in Mexico are experiencing a Barbie core moment, celebrating another woman holding the highest office in the country for the first time in the history of the country.

Why should I care?

Patriarchy taking a L is always going to matter to The Big Daily and it should matter to you too. Women are underrepresented in politics and achievements like this send a loud message to the world that there’s a need for more representation. According to Pew Research Center, less than one-third of U.N. member states have ever had a woman leader and Nigeria isn’t on that list. We join the rest of the world to celebrate this iconic achievement and we send a resounding “God When” to the universe. Hopefully, God will do our own soon.

Adia Sowho Resigns As CMO Of MTN Nigeria

Adia Sowho, the first woman to serve as Chief Marketing Officer at Nigeria’s largest telecommunication company MTN Nigeria, has resigned from her role. Her next career move is still a mystery, but her impact at MTN is too impressive to be easily forgotten.

Adia's career in telecommunications began in 2001 as a Radio Frequency Engineer at US Cellular Corporation in the United States. She became MTN Nigeria's CMO in August 2021 and led the company's ambitious push to become a full-fledged technology company by 2025.

Before joining MTN, Adia worked at rival telecommunication company Etisalat Nigeria which is now known as 9mobile. There, she held several key positions, including Head of Strategy and Business Development, Head of Digital Media, and Director of Digital Business. She launched the company's first Digital Business unit, boosting its revenue to $100 million in four years. She also built partnerships and developed mobile digital products and services.

Adia's impressive career has everyone eager to see where she goes next. In the meantime, Ugonwa Nwoye, the current Chief Customer Relations Officer, will step in as the acting Chief Marketing Officer. She is now the second woman to hold this position at MTN Nigeria.

The Big Picks

Go Back To The Negotiation Table’, LP Urges FG, Labour: The leadership of the Labour Party (LP) is advising both the Federal Government and Organised Labour to resume negotiations and reach an agreement that will benefit suffering Nigerians.

Minimum wage: Some states yet to pay ₦30,000, ₦494,000 impossible — FG: Federal government has asked Labour to get realistic with new minimum wage demands as some states in Nigeria are yet to start paying the expired minimum wage.

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