Latest news with #Lagos
Bloomberg
an hour ago
- Business
- Bloomberg
MSCI Says it Needs More Time to Assess Nigeria's Forex Reforms
MSCI Inc. said it needs more time to assess the impact of foreign exchange reforms in Nigeria, suggesting the global index provider is not yet ready to restore the West African's country's frontier-market status. Operational modifications in Nigeria's foreign exchange market have improved liquidity, but 'more time is needed to assess the impact of these changes,' MSCI said in its annual market accessibility review.
Bloomberg
15 hours ago
- Business
- Bloomberg
Nigerian Lenders Unveil Asset Remedy Plans After Regulator Order
Top Nigerian banks will make provisions for non-performing loans and cut exposure to certain clients that are above regulatory thresholds, responding to a central bank directive that raised questions and hurt their shares. Falling into line with the regulator's request will enable them pay dividends, director bonuses and invest in foreign subsidiaries after Central Bank of Nigeria this week barred them from doing so until they get their books in order.
Reuters
21 hours ago
- Health
- Reuters
Nigerian company to make HIV, malaria test kits after US funding cut
LAGOS, June 19 (Reuters) - Nigerian manufacturer Codix Bio Ltd plans to make millions of HIV and Malaria test kits at its new plant outside Lagos for the local and regional market to help fill gaps in the wake of cutbacks at U.S. donor agency USAID, a company executive said. The United States, the world's largest humanitarian aid donor, has cut funding for foreign assistance, half of which is delivered via USAID. The U.S. support to Nigeria, which reached $740 million in 2024 based on USAID data, is focused on preventing malaria and curbing HIV as well as delivering vaccines to local health centres across the country. It is not yet clear how Nigeria will be affected by the cuts. The Nigerian government has said it will raise funds to continue some of the programmes that donors supported. Codix Bio general manager Olanrewaju Balaja said the company will roll out kits later this month from its plant in partnership with the South Korean pharmaceutical producer SD Biosensor and support from the World Health Organization. The plant has an initial capacity to produce 147 million kits annually, but this can be expanded to over 160 million. "From the statistics of what is supplied (by USAID and PEPFAR) for a specific programme year, and looking at what we have currently in capacity for Nigeria, we have enough capacity to meet the demand," Balaja told Reuters. He said if the company scaled up operations, "we can go to West and Sub-Saharan Africa, including other African countries." Nigeria has the highest burden of malaria globally, according to WHO, with nearly 27% of the global burden. The country also has the world's fourth highest burden of HIV, according to UNAIDS. "The focus was for us to be able to play in the field of supply of rapid diagnostic test kits for donor agencies, which particularly USAID was at the forefront," Balaja added. Balaja said the Nigerian government and donor agencies like Global Fund were expected to purchase test kits from Codix Bio.
New York Times
a day ago
- Entertainment
- New York Times
The Cult Classic That Expanded What African Literature Could Be
Roving Eye is the Book Review's essay series on international writers of the past whose works warrant a fresh look, often in light of reissued, updated or newly translated editions of their books. Everything about the book spoke in riddles to me: the abstract orange-and-black stick figures on the cover; the vague, enigmatic tag line calling it 'a novel from Africa'; the blurb from Dylan Thomas heralding 'a grisly and bewitching story of indescribable adventures.' Then there was the title itself: 'The Palm-Wine Drinkard.' (What, exactly, is a 'drinkard'?) This was my first introduction to the author Amos Tutuola, a Nigerian with little formal education. But he soon became one of the most intriguing international writers I discovered during college and the ravenous, slightly delirious years that followed, their dusty paperbacks excavated from small New York bookstores that have long since vanished. Published in 1952, at the dawn of African independence (and a decade before the classic Heinemann African Writers series appeared), Tutuola's novel stood apart from the others I took home, and its mystery continues to exert a powerful pull. This month, THE PALM-WINE DRINKARD (Grove, 144 pp., paperback, $17) returns to life in a striking new edition, along with Tutuola's 1954 follow-up, 'My Life in the Bush of Ghosts,' with introductions by Wole Soyinka and Kaveh Akbar. Originally published under the Evergreen imprint of Grove Press, the books appeared alongside the storied house's rogues' gallery of midcentury American and European avant-garde authors like William Burroughs, Henry Miller, Samuel Beckett and Jean Genet. Inspired in part by folk tales and written in an idiosyncratic vernacular that mixes English with Yoruba syntax, 'The Palm-Wine Drinkard' went on to become something of a cult classic in the West. Time magazine named it one of the 100 best fantasy books of all time. It has been hailed as a forerunner of the magical realism of Gabriel García Márquez and others, and it had a significant impact on African literature, even if it has been largely overshadowed by Chinua Achebe's 'Things Fall Apart.' How did it become such a crossover success, an early example of what would come to be called 'world literature'? And how was it understood (or not) in its own time, both at home and abroad? The novel begins with a thorny predicament for the homebrew-loving narrator who weaves together the book's adventures. His personal 'tapster,' who for the past 15 years has been climbing and tapping palm trees to provide for the narrator's extravagant daily consumption of palm wine, falls from a tree and dies. All is not lost, though, for perhaps the dead man can be retrieved from 'deads' town,' where the spirits of the deceased congregate. The problem: how to find this ghostly place, and how to get there through a menacing 'bush' teeming with outlandish creatures and magical spells. Want all of The Times? Subscribe.
CNN
a day ago
- Business
- CNN
Inside Titi Ogufere's bold mission to redefine African design
From the moment you step into Titi Ogufere's orbit, one thing becomes clear — she's not just a designer but a visionary. The Lagos-based trailblazer is the founder of Design Week Lagos and the first African president of the International Federation of Interior Architects and Designers. Her work is more than creative — it's anchored in purpose and driven by her belief that design can be a powerful tool for societal change. 'We (Africans) have a strong cultural identity, and I think we haven't really been able to show that to the world,' Ogufere tells CNN. 'I see design as a tool for economic and societal transformation. My vision is to see African products in stores around the world.' Ogufere is not just dreaming — she's doing. From her bustling home office in Lagos she oversees Essential Media Group. This creative enterprise includes 'Essential Interiors Magazine,' the Neflix show 'Made by Design' and the Design Week Lagos event, all forming part of a growing ecosystem dedicated to African design. 'Africa is ripe for an industrial revolution with new authentic designs that the world hasn't seen,' she explains. 'With our local craftsmanship … and being able to create with technology, I feel like it's important to begin to use our local raw materials to create products and create pieces that we can use locally and export.' When Ogufere began her career, interior design was barely recognized in Nigeria. 'At the time I started, it was new,' she recalls. 'I had to go away to school in Dublin (Ireland) to get certified.' Her return to Nigeria in 2006 found a market craving Western aesthetics. 'Clients wanted Italian-style homes,' she says. 'But I knew African design could offer just as much elegance and depth, if not more.' Ogufere founded the Interior Designers Association of Nigeria in 2007, and has since released 27 design publications and books, including 'Vernacular Design,' and 'This is Africa.' Most recently, she debuted the Design and Innovation Hub of Nigeria that connects designers, artisans, and manufacturers. 'It's a whole ecosystem for interiors and product invention,' she says. 'We need a manufacturing hub to create original African products for the world.' In her role as design curator at the John Randle Centre for Yoruba History and Culture in Lagos, Ogufere is embracing tradition while propelling innovation. Walking through the museum she points out intricately carved traditional doorposts, and looms, marveling at their craftsmanship and relevance 'We have the materials here in Africa,' she says. 'But we need technology. We need thinkers to reimagine and develop these traditional crafts for today.' Ogufere is actively making a difference. In April, she hosted a pop-up shop during the Lagos Homecoming Festival, an annual cultural exchange event that brings together artists, designers, and creatives across Africa. Her pop-up shop featured handcrafted steel furniture, hand-dyed textiles, and locally quarried marble pieces; all proudly made in Nigeria. 'We had a lot of international interest, especially from America,' she said at the event. 'Now we're developing an online store to give these products a global platform.' For Ogufere, every piece of design is a story waiting to be told. 'I love any design that involves storytelling,' she says. 'It's not just about deep pockets. I want to create something meaningful — something my clients can be proud of.' Whether it's a centuries-old stool from Ekiti State or a locally woven fabric lampshade, Ogufere believes interiors can speak volumes about African identity, innovation, and pride. 'We need to rethink what African design is,' she adds. 'It's not just Dutch wax or a specific look. Africa is diverse, and there are so many untold stories through material, craft, and design.' From shaping museum spaces to mentoring young designers, Ogufere is building more than beautiful rooms — she's building a movement. And she's just getting started. 'We've done a lot to educate the public, but we need to do more,' she says. 'I believe African design deserves a seat at the global table.'
