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External Reserves Drop By $523m In Two Weeks

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Nigeria’s external reserves dropped by $523million to $34.475billion as of March 16 from $34.998billion as of March 1, figures from the Central Bank of Nigeria revealed, last Wednesday.

The reserves, which had continued a downward trend of recent, lost $1.1billion in February, after it dropped from $36.19billion as of February 1 fell to $35.09billion as of February 26.

The CBN had recently stated that Nigeria’s external reserves at $35billion was sufficient to finance the country’s seven months’ imports.

When the reserves had experienced gains in the last quarter of 2020, the CBN disclosed that at $36.46billion, it could finance 8.4 months of import of goods or 6.3 months of import of goods and services.

According to the CBN’s monthly economic report for the fourth quarter of 2020, the performance of the external sector improved in the review quarter, despite the challenges of sluggish global recovery, weakened global demand, soaring second wave of the Covid-19 pandemic and tense political environment in the United States.

It stated that an estimated overall balance of payments surplus of $0.79billion was recorded in the fourth quarter of 2020, from the $0.14billion recorded in the third quarter of 2020.

The CBN stated that the deficit in the current account widened to $5.27billion in the review period, compared with $3.34billion in the previous quarter.

It stated, “A net disposal of $2.5billion was recorded in the financial account, relative to $2.66billion in the preceding quarter.

“The external reserves at end December, 2020, was $36.46billion, compared with $35.67billion at end September, 2020, indicating an accretion of $0.79billion.

“This could finance 8.4 months of import of goods or 6.3 months of import of goods and services.”

The improvement in external reserves stock was attributed, mainly, to foreign exchange reforms undertaken by the bank to block leakages and ensure enhanced inflow of remittances from Nigerians in Diaspora.

According to the CBN, public external debt stock stood at $31.99billion or 7.7 per cent of the Gross Domestic Product at end-September, 2020, which was within the sustainable threshold of 40.0 per cent of GDP.

In the foreign exchange market, the average naira exchange rate at the I&E and the BDC windows depreciated to N389.04/$ and N468.17/$ in the fourth quarter of 2020, from N386.60/$ and N461.94/US$ in the third quarter of 2020, respectively, the CBN stated.

 

 

 

 

 

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UNIZIK Honours Business Mogul, Ezekwe, For Philanthropism

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The Nnamdi Azikiwe University (UNIZIK) has conferred the Award of Digital Academic Promoter on the Managing Director and Chief Executive Officer of Arrowconn Group, High Chief (Dr.) Emeka Ezekwe, for his philanthropic gestures.
Chief Ezekwe received the philanthropist award during a landmark technical workshop organised by the Department of Business Education, Faculty of Technology and Vocational Education, Nnamdi Azikiwe University (UNIZIK), Awka, recently.
Making the presentation, the Vice Chancellor of the university, Prof. Ugochukwu Stanley Anyaehie, said the award was in recognition of Ezekwe’s philanthropic contributions, academic support, and dedication to human capital development, hailing his commitment to bridging industry and academia.
Ezekwe who is also the Chairman of Port Harcourt Chamber of Commerce Professional Services and Consultancy Trade Group, delivered a keynote address at the event with a theme: “Technicalities and Application of Artificial Intelligence (AI) in Business and Education.”
In his address, Ezekwe described the current AI surge as a civilizational shift rather than a mere technological upgrade.
He compared AI’s rapid trajectory to past innovations like electricity, computers, the Internet, and mobile phones, which he said, progressed from luxuries to necessities.
“AI is reshaping value creation, knowledge sharing, and decision-making at unprecedented speed. It has moved from experimentation to execution, powering business forecasting, academic research, digital learning, and strategic decisions,” he said.
The business mogul, however, warned that in business, delays lead to losses, while in education, irrelevance spells failure.
“AI is no longer optional, it is a necessity,” he declared.
Ezekwe highlighted the critical AI skill gap, driven by curriculum lags, limited training, and fear of the unknown, but stressed the bigger danger which is exclusion.
“Those who master AI will shape markets, education, and policy; those who lag will be shaped by others,” he said.
The Arrowconn Group boss also outlined AI’s practical advantages for businesses —including data-driven strategies, smarter investments, scalable customer insights, and competitive edges for SMEs.
In education, he clarified that AI empowers rather than replaces teachers, enabling personalized learning, efficient lesson planning, assessment support, and accelerated research.
He advocated a shift from rote memorization to critical thinking, creativity, and problem-solving, while preserving human strengths in engagement, judgment, and collaboration.
Ezekwe urged ethical AI development, warning that “technology without values is dangerous,” and called on institutions like UNIZIK to update curricula, train educators, promote interdisciplinary work, forge industry partnerships, and produce graduates who are solution providers in an AI-driven world.
The workshop also marked the unveiling of the maiden edition of the UNIZIK Journal of Business Education and Entrepreneurship, reinforcing the department’s push for scholarly innovation in AI applications.
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Don Calls For National Forensic Data Bank To Combat Rising Crime

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The Head of the Department of Anatomy at the University of Port Harcourt’s College of Health Sciences, Prof Gabriel Sunday Oladipo, has underscored the urgent need for Nigeria to develop a comprehensive forensic science infrastructure, warning that the nation’s ability to investigate and solve crime is being hampered by lack of scientific data and systems.

In his inaugural lecture titled, “Man: Fearfully Different, Wonderfully Made,” delivered as part of the 207th Inaugural Lecture Series of the university, Prof Oladipo highlighted that while no two individuals are exactly the same, the country currently lacks the robust systems needed to collect and manage biological and anthropometric data that could support criminal investigations.

He explained that the natural variations among humans — from fingerprints to physical measurements — form the foundation of personal identification in forensic work. These biological differences, he said, are essential for distinguishing one person from another, especially in the context of criminal investigations where clarity of identity can mean the difference between justice and impunity. Without this scientific foundation, he argued, law enforcement agencies lack a critical tool in the fight against crime.

Experts have noted that Nigeria’s forensic science capacity has historically lagged behind needs, with only a few forensic facilities available and many law enforcement agencies struggling to access or use scientific evidence effectively. One review of the state of forensic investigation in Nigeria found that outdated facilities and limited adoption of modern forensic methods have left many cases unsolved or poorly investigated, even as crime rates rise across the country.

In Lagos, efforts to improve forensic capabilities have focused on DNA analysis, with the Lagos State DNA Forensic Centre — the first of its kind in West Africa — providing critical support for criminal investigations and helping to identify human remains, link related cases, and assist with paternity testing. However, such initiatives are yet to be replicated at a national scale, leaving many regions without access to these vital scientific tools.

Prof Oladipo’s lecture went beyond academic theory to propose concrete actions. He called for the establishment of a National Institute of Forensic Science responsible for creating and managing a nationwide anthropometric and forensic data bank. This repository, he stressed, would significantly enhance Nigeria’s capacity to track crime, assist law enforcement agencies, and improve the administration of justice by providing reliable scientific evidence for investigative and legal processes.

He also highlighted the importance of strengthening research and training in forensic science. Many Nigerian universities currently lack the funding and infrastructure to offer complete undergraduate or postgraduate programs in areas such as forensic anthropology, DNA analysis, and crime scene investigation, a gap that forces aspiring experts to rely on collaborations with institutions abroad. By fostering a research-friendly environment and securing greater support from both government and private sectors, Nigerian institutions could produce homegrown experts capable of advancing forensic science in the country.

Awareness of forensic science’s role in criminal justice remains low among the general public and even among some security professionals. Studies have shown that a significant portion of Nigerians are unfamiliar with basic forensic concepts or the existence of tools such as DNA profiling and national forensic databases — tools that are common features of criminal justice systems in countries like South Africa and the United Kingdom.

Prof Oladipo also urged regular training and retraining programs to keep forensic practitioners updated with evolving scientific methods. According to him, continuous professional development is critical in a field where technological advances — from biometric databases to digital forensic tools — are transforming how crimes are investigated and solved.

The lecture was attended by academics, students, and professionals drawn to the intersection of science, identity, and justice, all of whom heard the professor make a compelling case for scientific innovation and institutional reform as central to Nigeria’s effort to contain crime and strengthen its justice system.

The event not only showcased Prof Oladipo’s expertise in human anatomy and forensic psychology but also positioned forensic science as a strategic national priority — one that could bring clarity to investigations, support victims and their families, and ultimately enhance public safety across Nigeria.

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UPWA Hosts Colourful Inter-House Sports Fiesta

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The University of Port Harcourt Women Association (UPWA) on Thursday staged a vibrant and memorable edition of its Annual Inter-House Sports Competition at the University of Port Harcourt Sports Village, drawing an impressive turnout of pupils, parents, staff and invited guests.

The event, organised by the UPWA International Group of Schools, brought together children from the pre-nursery, nursery and secondary sections in a colourful celebration of youth athleticism, discipline and teamwork. The arena came alive with cheers and excitement as pupils, clad in their various house colours, marched in a ceremonial parade before proceeding to compete in a wide range of track and field events, relays, novelty races and other team-based activities designed to promote physical fitness and healthy competition.

Declaring the competition open, the Vice-Chancellor of the University of Port Harcourt, Professor Owunari Georgewill, commended UPWA for sustaining a tradition that continues to nurture young talents beyond the classroom. He noted that sports remain a critical component of holistic education, helping to build resilience, confidence, leadership skills and social interaction among children.

In her remarks, the President of UPWA, Professor Udeme Georgewill, expressed appreciation to parents, teachers and members of the organising committee for their dedication and sacrifice in ensuring the success of the programme despite prevailing economic challenges. She described the event as a reflection of unity and collective effort within the school community.

“This is the first time White House is emerging overall winner, and that shows remarkable improvement and great sportsmanship,” she said. “We all had fun. It is not easy putting an event like this together considering the economic situation, but we are grateful to the parents for being part of this journey. The excitement everywhere is truly heartwarming.”

The competition featured spirited participation from the various houses, including Purple House, San Chicago Red House and White House, with pupils demonstrating strength, speed, coordination and teamwork. Parents and supporters filled the stands, cheering enthusiastically and adding colour to the spectacle, while teachers ensured orderliness and safety throughout the proceedings.

Professor Georgewill emphasized that the true essence of sports lies not merely in winning trophies but in participation and personal growth. “Sports is not just about winning. It is an avenue for growth, discipline and opportunity. The fact that a child is able to participate is already a win. Losing this year does not mean you cannot win next year. Keep trying,” she encouraged, urging pupils to see both victory and defeat as stepping stones to greater achievements.

She further observed that while there are many competing interests in the Nigerian sports sector, consistent grassroots investment remains essential for discovering and nurturing future champions.

The colourful ceremony culminated in medal presentations, trophy awards and group photographs, with UPWA executives, including Vice President I, Professor Adedamola Onyeaso, joining the participating teams to celebrate the day’s achievements.

The annual inter-house sports competition continues to stand as one of UPWA’s flagship events, reinforcing its commitment to balanced education, character formation and the promotion of healthy lifestyles among its pupils.

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