Nigeria, Senegal Seal Local Content Development Deal

By Aduragbemi Omiyale The Oyo State government has maintained that its decision to register all commercial motorcycle and tricycle riders in the state was to promote public safety and not for any other purpose. The Commissioner for Information and Civic Orientation, Mr Dotun Oyelade, said this during a one-day sensitisation meeting with Okada and Keke riders in Ibadan. He explained that the meeting became necessary following a recent state security council meeting, noting that the exercise will help in the documentation of riders in the state. The Commissioner called for sustained cooperation between motorcycle and tricycle riders and the state

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution. In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of

By Bliss Okperan The Minister of FCT, Mr Nyesom Wike, has been advised to extend an olive branch to the Governor of Rivers State, Mr Siminialayi Fubara. The Minister, who handed over the reins of Rivers State to Mr Fubara, has been at loggerheads with his successor. A few weeks ago, some lawmakers of the Rivers State House of Assembly loyal to Mr Wike attempted to impeach the Governor, but President Bola Tinubu quickly intervened and doused the tension. However, all is still not well with both parties, with the Minister granting an interview last week to accuse his ‘political

By Dipo Olowookere A former Ekiti State Governor, Otunba Niyi Adebayo, has lost his father to the cold hands of death. The deceased, General Robert Adeyinka Adebayo, was the former Military Governor of the now defunct Western Region of Nigeria. He ruled the region from 1966 to 1971, after the demise of Colonel Francis Adekunle Fajuyi in the famous 1966 coup. The late Adebayo, born in 1928, attended the All Saints School in Iyin-Ekiti before going to Eko Boys High School and Christ’s School Ado Ekiti. He joined the West African Frontier Force in 1948 as a regiment signaller and

By Dipo Olowookere Financing Africa’s development needs will require an estimated $600-700 billion per annum and according to the African Development Bank’s (AfDB) African Economic Outlook 2018, of this, about $130-170 billion a year in infrastructure will be needed. It is estimated that by 2050, just 32 short years from now, Africa’s growing population will tip the scales at a whopping 2 billion, with a youth of 840 million. In the process, the continent will overtake the populations of China and India combined. To address these challenges, the African Development Bank has launched the Africa Investment Forum, a platform to

By Adedapo Adesanya The Naira closed mixed against the United States Dollar in the different segments of the foreign exchange (forex) market on Tuesday, as the market weighed plans by the new president, Mr Bola Tinubu, to unify the exchange rate as well as stop the fuel subsidy programme that laps up the country’s earnings. In the Investors and Exporters (I&E) window of the FX market, the Naira was relatively flat against the greenback as it gained 1 Kobo to trade at N464.50/$1 compared with the previous session’s value of N464.51/$1. This occurred amid a slight decline in the value

By Adedapo Adesanya Brent crude returned to the $90 region on Friday after it grew by 73 cents or 0.8 per cent to $90.65 per barrel, with the US West Texas Intermediate (WTI) crude rising by 64 cents or 0.7 per cent to $87.51 per barrel. The improvement in the price of the commodity happened amid worries about tight oil supplies tackled by the extended cuts in production by Saudi Arabia and Russia this week. For the week, both benchmarks were up about 2 per cent, following gains last week of about 5 per cent for Brent and about 7

By Ahmed Rahma In order to strengthen trade with the African continent and discuss partnership opportunities to build demand for United States soy, the US Soybean Export Council (USSEC), the American Soybean Association’s World Initiative for Soy in Human Health (ASA/WISHH) and the US Grains Council (USGC) co-hosted the African Trade Exchange. The two-day virtual conference took place on November 9 and 10, showcasing globally renowned and highly regarded speakers on the international grain trade, the future of the African feed industry and long-term commercial trade development. In general, nearly 300 US Soy customers and soy industry representatives from more

Last week in Lagos, Nobel Laureate winner, Prof. Wole Soyinka, held an event for reading of his poem titled A Child Before a Mirror of Strangers, dedicated to children around the world in commemoration of the UN Convention on the Rights of the Child (CRC), which celebrates a milestone 30th anniversary this year. He was joined by leaders from Nigeria’s private sector and entertainment industry, including Banky W, Niniola, Cobhams amongst many others. Speaking at the event, Mr Soyinka said, “There is one common bond among all of us, and that bond is childhood,” adding that, “We have the responsibility

By Adedapo Adesanya  With the rising concerns over the implementation of the new electricity tariffs across the country, a report has shown that the Nigerian power sector is responsible for over N100 billion non-performing loans in the country. According to the data obtained from the National Bureau of Statistics (NBS), the power sector ranks among the sectors with the largest non-performing loans in the banking sector. As at the end of April 2019, the total loan portfolio by domestic and foreign components was put at N15.4 trillion, while the Non-Performing Loans (NPLs) stood at N1.67 trillion. Non-performing loans constitute one

By Adedapo Adesanya The Lagos State Government has announced the end of the fourth wave of the coronavirus pandemic in the state following the consistent decrease in cases over a period of time. The state’s Commissioner for Health, Professor Akin Abayomi disclosed this through his verified Twitter account @ProfAkinolaAbayomi over the weekend, while giving the state’s COVID-19 update for the week ended January 20. The state had on December 7 announced the beginning of the fourth wave as the daily infection figure from the virus spiked. Prof. Abayomi said that there was a reduction in positivity rates of COVID-19 infection