KENYAN BUILDING COLLAPSE NEAR NAIROBI KILLS SIX PEOPLE. (PHOTO).

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 Kenyan building collapse near Nairobi kills six people The collapse of an unfinished eight-storey building in Kenya has killed six people. The structure fell on Friday morning in Syokimau on the outskirts of Nairobi. Construction workers were reportedly at the site when the building’s uppermost concrete slab gave way, bringing down part of the structure, according to a preliminary report from Nairobi City County’s emergency team. The report did not establish why the slab failed. The Kenya Red Cross initially reported that three people had been rescued and one person was reported missing. TV reports later said that five people had been pulled alive from the rubble and taken to hospital. The emergency report said the number of workers present when the building fell had not been confirmed, leaving open the possibility that others were trapped. Firefighters and specialist rescue teams were continuing to search for survivors.
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WALE EDUN: ECONOMIC INSTABILITY, FX PAUCITY FORCED 800 COMPANIES TO SHUT DOWN. (PHOTO).

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 Wale Edun: Economic instability, FX paucity forced 800 companies to shut down

 

Wale Edun, minister of finance, says economic instability forced 800 companies to shut down operations.


Edun made this known on Tuesday in Abuja during the sectoral report of President Bola Tinubu’s one year in office.


The minister said the departure of these companies was not sudden.


He said issues such as market instability, unfulfilled promises, and contract breaches drove them away, but these issues have now been resolved.


“Government did inherit an unstable economy,” Edun said.


“The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.


“The conditions which sent them packing are no more. Those conditions were a foreign exchange market that was in no way fit for purpose.


“There was no liquidity. They were a general economic regime marked by instability, broken promises, lack of adherence to contracts.”


Edun said the new environment for investors involves tackling inflation, which will eventually result in lower interest rates.


This, he said, will allow investors to leverage the dynamic domestic markets to enhance their equity and invest.


On March 6, the Manufacturers Association of Nigeria (MAN) said 767 manufacturers shut down operations, while 335 became distressed, in 2023.

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