Nigeria, Algeria Strengthen Ties

By Modupe Gbadeyanka The 27 lawmakers of the Rivers State House of Assembly loyal to the Minister of FCT, Mr Nyesom Wike, have defected to the All Progressives Congress (APC). The legislators won elections into the state parliament in 2023 through the Peoples Democratic Party (PDP). However, following a political crisis between Governor Sim Fubara and his predecessor, Mr Wike, the 27 lawmakers attempted to impeach the Governor, which was botched. President Bola Tinubu had to intervene in the matter and asked Mr Wike and Mr Fubara to maintain peace. Last week, a video of the Minister singing the popular

By Adedapo Adesanya President Bola Ahmed Tinubu on Tuesday ordered an investigation after the army acknowledged one of its drones accidentally struck Tudun Biri village as residents were celebrating a Muslim festival. The army did not give any casualty figures, but residents claimed 85 of them, who were mainly women and children, died in the attack, which has sparked public outrage. On its part, Amnesty International’s Nigeria office said 120 people were killed in the attack, citing reports of its workers and volunteers in the area. But the North-West zonal spokesperson of the National Emergency Management Agency (NEMA), Mrs Halima

By Adedapo Adesanya  PricewaterhouseCooper (PwC) Nigeria has commended the country’s move towards fixing its copious electricity challenges with the Electricity Act 2023 and proposed key amendments that will ensure the issues are faced head-on, At the 14th edition of its Annual Power and Utilities Roundtable, with the theme The Electricity Act 2023: Powering Nigeria, the Partner and Energy, Utilities and Resources Leader at PwC Nigeria, Mr Pedro Omontuemhen, noted that, “The 2023 power roundtable’s timing coincides with the ongoing COP 28 in Dubai, highlighting the urgent need for continued action on climate change especially in the area of renewable energy.”

By Dipo Olowookere The 2017 Jumia Travel hospitality report on the African continent has identified terrorism as the biggest bane of the continent’s travel and tourism sector, and countries such as Nigeria, Kenya, Tunisia, Mali, Burkina Faso, Côte d’Ivoire and Egypt are the biggest victims. According to the report, which was presented to the media and major stakeholders in the travel industry recently in Lagos by the Managing Director of the company, Mr Kushal Dutta, the terrorist attacks in these countries have impacted negatively on their tourism revenue. Meanwhile, the report has predicted that the continent will attract 64 million

By Tunde Abidoye Nigeria is still battling with foreign exchange (FX) inflows despite efforts by the Central Bank of Nigeria (CBN) to boost liquidity in the space. In its latest Quarterly Statistical Bulletin for the fourth quarter of 2020, the apex bank said the total FX inflows into the Nigerian economy in the period declined by 6.4 per cent quarter-on-quarter and 42 per cent year-on-year to $24.8 billion. Although aggregate inflows have increased since they bottomed out to a 3-year low at the height of the pandemic, they have not recovered to pre-COVID levels. FX inflows through the CBN increased

By Adedapo Adesanya After maintaining stability over the course of the past one week, the Naira weakened against the US Dollar, the Pound Sterling and the Euro at the parallel market segment of the foreign exchange market on Friday, January 8. At the black market, the local currency lost N2 against the US Dollar to quote at N472/$1 in contrast to N470/$1 it traded on Thursday. It was the same outcome for the Naira against the Pound and the Euro at the unregulated segment of the forex market. The domestic currency depreciated by N2 against the British currency to sell

By Adedapo Adesanya Brent crude jumped more than 2 per cent or $1.50 to $75.86 per barrel after crude inventories in the United States fell to their lowest levels in three years as refining activity recovered from recent storms. This development pushed the US West Texas Intermediate (WTI) higher by 2.01 per cent or $1.42 to trade at $71.91 per barrel. The Energy Information Administration (EIA) reported yet another inventory draw of 3.5 million barrels for the week to September 17 compared with a hefty draw of 6.4 million barrels for the previous week and an estimated 6.1 million barrels

The General Assembly of the Broadcasting Organization of Nigeria (BON) will take place in Lagos State this week. A statement issued by the General Manager, Lagos Television (LTV), Mr Deji Balogun, confirmed that Lagos will host the two-day event. Mr Balogun stated that the 65th General Assembly/Annual General Meeting of organisation will commence on Monday, August 22, 2016. According to him, on Monday, an international summit will hold at De Renaissance Hotel, Obafemi Awolowo Way, Ikeja by 9am. On Tuesday, August 23, 2016, at the same venue by 9am, an AGM of BON will take place. Important personalities expected at

By Dipo Olowookere Nigerian businessman, Mr Aliko Dangote, has emerged the only African to make it to the 2017 list of 50 Most Influential People in the world compiled by Bloomberg. Dangote’s contribution to the world this year revolves around his dynamic attention to lessen food imports into his own country and Africa’s largest nation, Nigeria, by focusing on domestic production of sugar and dairy, with 500 million litres of Nigerian milk to be produced by 2019. Earlier this year, he announced a $50 billion plan to invest in renewable energy. For these and other achievements this year, Mr Dangote

By Dipo Olowookere International Monetary Fund (IMF) has expressed its excitement over Germany’s commitment to strengthening its collaboration with it on capacity development. Germany’s Federal Minister of Finance, Wolfgang Schäuble, and Managing Director of IMF, Ms Christine Lagarde, today signed a Letter of Understanding whereby the German Ministry of Finance will provide €15 million in support of the IMF’s capacity development activities across Africa in the context of the G-20 Compact with Africa. The Compact with Africa is an initiative launched under Germany’s G-20 Presidency in December 2016 and aims to boost private investment and increase infrastructure development in Africa.

By Dipo Olowookere Residents of Benue State have been advised to consider practising dry season farming because it was more profitable than the wet season farming. Governor Samuel Ortom of Benue State, while launching the unified standard weights and measures for traders in the state on Tuesday, explained that his assertion was based on research. “I want you to embrace dry season farming because according to research, it is more profitable than the wet season farming,” the Governor disclosed at the ceremony held in Makurdi, the state capital. Benue State is known as the ‘food basket of the nation’ and