Nigeria has slipped into recession, with the latest growth figures showing the economy contracted by 2.06% between April and June.
The country has now seen two consecutive quarters of declining growth, the usual definition of recession.
Its vital oil industry has been hit by weaker global prices, according to the Nigerian Bureau of Statistics (NBS).
Crude oil sales account for 70% of government income.
The price of oil has fallen from highs of about $112 a barrel in 2014 to below $50 at the moment.
Outside the oil industry, the figures show the fall in the Nigerian currency, the naira, has hurt the economy. It was allowed to float freely in June to help kick-start the economy, but critics argued it should have been done earlier.
Nigeria, which vies with South Africa for the mantle of Africa's biggest economy, is also battling an inflation rate at an 11-year high of 17.1% in July.
"A lot of Nigeria's current predicament could have been avoided," said Kevin Daly from Aberdeen Asset Management.
"The country is so reliant on oil precisely because its leaders haven't diversified the economy.
"More recently, they have tried, and failed, to prop up the naira, which has had a ruinous effect on the country's foreign exchange reserves and any reputation it might have had of being fiscally responsible."
Analysis: Martin Patience, BBC Nigeria correspondent
This economic recession comes as no surprise to millions of Nigerians. Many say they've never known it so tough.
The slump in global oil prices has hit Nigeria hard. The government depends on oil sales for about 70% of its revenues.
But critics say government policies made a bad situation even worse. The decision to delay devaluing Nigeria's currency meant many businesses struggled to get foreign currency to pay for imports, which had a cooling effect on the entire economy.
Following enormous pressure, the government changed tack this summer, allowing the naira to float.
That's led to a spike in inflation, but the hope is that it will attract foreign investors. The government also says the country needs to import less: it wants to see more products made in Nigeria.
Wednesday, August 31, 2016
Tuesday, August 30, 2016
Rapper Chris Brown Held On Suspicion Of Assault After Standoff
US singer Chris Brown has been arrested on suspicion of assault with a deadly weapon after a daylong standoff with police.
The rapper had refused to leave his LA home for several hours after a woman called 911 before dawn on Tuesday and reportedly claimed that he had pointed a gun at her face.
Baylee Curran said Brown and another man had become angry when she admired a diamond necklace - telling the LA Times she was chased out of the house and had to hide under a nearby car with a friend.
Brown had posted a series of videos on Instagram declaring his innocence - and in one clip, waved a cigarette around and declared that police would find nothing inside his home once they obtained a search warrant.
Police have since performed a lengthy search of his expansive home, and about six people have been escorted from the property for questioning.
In a statement outside the star's home, Lieutenant Chris Ramirez of the Los Angeles Police Department said: "He is being transported to robbery homicide, where he will be arrested for assault with a deadly weapon."
On Instagram, the rapper had denied reports that he had barricaded himself inside his house.
He also accused the police of "defacing my name and my character and my integrity" - and insisted he had done nothing wrong.
Brown has been in repeated legal trouble since he was convicted in 2009 for assaulting his then-girlfriend, Rihanna, which led to him spending six years on probation.
Singer Chris Brown spent six years on probation after pleading guilty to assaulting Rihanna in 2009
The Grammy-winning performer was forced to postpone a UK tour in 2010 after he was denied a visa, and was also refused entry into Canada six months ago.
In 2013, he was charged with assault after striking a man outside a hotel in Washington DC.
Brown was ordered to attend a rehabilitation centre as a result, but was then kicked out of the facility for breaking its rules.
After completing a series of court-ordered anger management classes, Brown was also accused of throwing a brick at his mother's car.
Last year, he was given 28 days to convince officials he should be given a visa for his Australian tour after the country's women's minister urged the government to refuse entry to Brown on grounds of "character".
Facebook Founder puts Nigeria on Technological Map
This is my first trip to sub-Saharan Africa. I'll be meeting with developers and entrepreneurs, and learning about the startup ecosystem in Nigeria. The energy here is amazing and I'm excited to learn as much as I can.
Our first stop is the Co-creation Hub Nigeria (CcHUB) in Yaba. I got to talk to kids at a summer coding camp and entrepreneurs who come to CcHub to build and launch their apps. I'm looking forward to meeting more people.
Our first stop is the Co-creation Hub Nigeria (CcHUB) in Yaba. I got to talk to kids at a summer coding camp and entrepreneurs who come to CcHub to build and launch their apps. I'm looking forward to meeting more people.
Facebook Founder visit Nigeria
Express Wi-Fi empowers entrepreneurs to build a business by providing their community with access to the internet. Facebook designed the technology, and local internet providers add the connectivity. Express Wi-Fi is part of our Internet.org initiative.
This week, we're launching a satellite into space to enable more entrepreneurs across Africa to sell Express Wi-Fi and more people to access reliable internet.
This week, we're launching a satellite into space to enable more entrepreneurs across Africa to sell Express Wi-Fi and more people to access reliable internet.
Miley Cyrus 'Homeless' Man Puts VMA Award On Ebay
A "homeless" man who shared the stage with Miley Cyrus at the MTV Video Music Awards is auctioning the gong he accepted for the singer.
Jesse Helt has put the Moonman statuette on ebay with an asking price of £7,600 ($10,000), describing it as: "In mint condition. Very rare one of a kind. No fingerprints."
Mr Helt, 24, made headlines around the world when he accepted the singer's video of the year award for Wrecking Ball in 2014.
He gave a short speech, telling an audience packed with celebrities in Inglewood, California: "Thank y'all. My name is Jesse and I am accepting this award on behalf of the 1.6 million runaways and homeless youth in the US who are starving, lost and scared for their lives right now.
"I know this because I am one of these people."
According to US gossip website TMZ, Mr Helt's fortunes have since improved and he is auctioning the award to raise money before his child is born.
The website said he is currently living in a studio apartment in LA.
Miley Cyrus fans can secure the award - engraved with both the singer's name and Mr Helt's - without taking part in a bidding process for £11,450 ($15,000).
MTV's distinctive Moonman statuettes have reached healthy prices at auction in the past.
Madonna's 1998 Ray Of Light trophy fetched £16,000 ($20,500), while Michael Jackson's 1984 best choreography gong for Thriller went for £46,000 ($60,000).
Jesse Helt has put the Moonman statuette on ebay with an asking price of £7,600 ($10,000), describing it as: "In mint condition. Very rare one of a kind. No fingerprints."
Mr Helt, 24, made headlines around the world when he accepted the singer's video of the year award for Wrecking Ball in 2014.
He gave a short speech, telling an audience packed with celebrities in Inglewood, California: "Thank y'all. My name is Jesse and I am accepting this award on behalf of the 1.6 million runaways and homeless youth in the US who are starving, lost and scared for their lives right now.
"I know this because I am one of these people."
According to US gossip website TMZ, Mr Helt's fortunes have since improved and he is auctioning the award to raise money before his child is born.
The website said he is currently living in a studio apartment in LA.
Miley Cyrus fans can secure the award - engraved with both the singer's name and Mr Helt's - without taking part in a bidding process for £11,450 ($15,000).
MTV's distinctive Moonman statuettes have reached healthy prices at auction in the past.
Madonna's 1998 Ray Of Light trophy fetched £16,000 ($20,500), while Michael Jackson's 1984 best choreography gong for Thriller went for £46,000 ($60,000).
Protest Over Aboriginal Teen's Death Turns Ugly In Australia
A dozen police officers were injured and a courthouse had to be evacuated during a protest over the death of an Aboriginal teenager in Australia.
Riot police had to move in and several arrests were made in the town of Kalgoorlie, Western Australia, on Tuesday.
Protesters had tried to force their way into the courthouse, with one police officer needing stitches after being struck by a projectile.
Windows were smashed in five police cars and a local business, police said.
The crowd had been protesting outside the court before the appearance of a 55-year-old man charged with the manslaughter of Elijah Doughty, 14.
Elijah was riding a stolen motorbike on Monday before a crash involving the bike and the man's vehicle.
Police said the motorbike was linked to the charged man.
Acting police commander Darryl Gaunt said Facebook posts about the incident had been "disgusting and racist" and had "inflamed" the situation.
However, he refuted suggestions that racism played a role in Elijah's death.
"There is nothing to suggest at all that it's a racist issue," he said. "It's the death of a child who happens to be Aboriginal."
Elijah's grandfather Albert Doughty, who wants the man's charge upgraded, told the ABC: "Kids have been chased in cars for too long, and reported (but) nothing done about it."
But he condemned the violence seen during the protest, saying: "I just want people to respect police and the law and let justice take its course in the right way."
Other protesters said they were expressing frustration at what they described as ongoing, endemic racism, with one saying the violence was "200 years in the making".
A police post on Facebook said: "We understand there is significant community concern over events in the Goldfields area during the past 24 hours.
"Members of the public have a right to protest, however, we encourage them to do so peacefully, or they may be arrested."
The accused man remains in custody and is expected to appear in a Perth court via videolink on Wednesday.
He and his family have been moved away from the area for safety reasons.
Riot police had to move in and several arrests were made in the town of Kalgoorlie, Western Australia, on Tuesday.
Protesters had tried to force their way into the courthouse, with one police officer needing stitches after being struck by a projectile.
Windows were smashed in five police cars and a local business, police said.
The crowd had been protesting outside the court before the appearance of a 55-year-old man charged with the manslaughter of Elijah Doughty, 14.
Elijah was riding a stolen motorbike on Monday before a crash involving the bike and the man's vehicle.
Police said the motorbike was linked to the charged man.
Acting police commander Darryl Gaunt said Facebook posts about the incident had been "disgusting and racist" and had "inflamed" the situation.
However, he refuted suggestions that racism played a role in Elijah's death.
"There is nothing to suggest at all that it's a racist issue," he said. "It's the death of a child who happens to be Aboriginal."
Elijah's grandfather Albert Doughty, who wants the man's charge upgraded, told the ABC: "Kids have been chased in cars for too long, and reported (but) nothing done about it."
But he condemned the violence seen during the protest, saying: "I just want people to respect police and the law and let justice take its course in the right way."
Other protesters said they were expressing frustration at what they described as ongoing, endemic racism, with one saying the violence was "200 years in the making".
A police post on Facebook said: "We understand there is significant community concern over events in the Goldfields area during the past 24 hours.
"Members of the public have a right to protest, however, we encourage them to do so peacefully, or they may be arrested."
The accused man remains in custody and is expected to appear in a Perth court via videolink on Wednesday.
He and his family have been moved away from the area for safety reasons.
Japanese Team Reveals Entry In Google Lunar XPRIZE Race To Moon
A team of engineers shooting for the moon have put the finishing touches to a lunar rover prototype.
Japanese space race team Hakuto has completed its innovative model using solar panels, 3D printed wheels and the latest carbon fibre material which keeps the unit's weight down to just 4kg.
The lunar rover will be Hakuto's entry in next year's Lunar XPRIZE competition, a Google-backed scheme to encourage entrepreneurs to pioneer affordable access to the moon.
A $20m (£15.3m) prize is up for grabs for the first team to land a privately funded rover on the moon and have it travel 500 metres.
The unit must also transmit back high-definition video and images.
To complete this feat Hakuto has fitted its rover with four cameras that will give a 360-degree view of the landscape, necessary for manoeuvring as well as capturing footage.
The unit's silvercoated Teflon cover will keep its temperatures stable, despite lunar temperatures varying between 100C and -150C.
The prototype will be tested next month at a desert in Tottori Prefecture, south Japan, where the ground closely resembles the lunar surface.
The Lunar XPRIZE has 16 entrants from across the globe.
Google says the competition's winner will prove that "cost-effective and reliable" access to the moon is possible and in the long term will "help to expand human civilisation into space".
Japanese space race team Hakuto has completed its innovative model using solar panels, 3D printed wheels and the latest carbon fibre material which keeps the unit's weight down to just 4kg.
The lunar rover will be Hakuto's entry in next year's Lunar XPRIZE competition, a Google-backed scheme to encourage entrepreneurs to pioneer affordable access to the moon.
A $20m (£15.3m) prize is up for grabs for the first team to land a privately funded rover on the moon and have it travel 500 metres.
The unit must also transmit back high-definition video and images.
To complete this feat Hakuto has fitted its rover with four cameras that will give a 360-degree view of the landscape, necessary for manoeuvring as well as capturing footage.
The unit's silvercoated Teflon cover will keep its temperatures stable, despite lunar temperatures varying between 100C and -150C.
The prototype will be tested next month at a desert in Tottori Prefecture, south Japan, where the ground closely resembles the lunar surface.
The Lunar XPRIZE has 16 entrants from across the globe.
Google says the competition's winner will prove that "cost-effective and reliable" access to the moon is possible and in the long term will "help to expand human civilisation into space".
Subscribe to:
Posts (Atom)