Home Blog Page 467

Colombian Football President Arrested

By
Emenike Agu
-
0

The president of the Colombian Football Federation, Ramón Jesurun, was arrested in Miami following an incident at the Copa America final on Sunday, according to a police report released on Monday.

According to a Miami-Dade County police report, Jesurun was arrested on Sunday night for “battery on an officer/employee” at the Hard Rock Stadium, where the 2024 Copa America final was played. Colombia lost 1-0 to Argentina in extra time thanks to Luataro Martinez goal.

Chaos reigned around the 65,300-capacity multi-sport stadium in the US suburb of Miami Gardens, north of Miami, Florida.

Many fans (some without tickets) rushed the gates of the NFL’s Miami Dolphins stadium, pushing people to the ground and trying to sneak into the stadium through large air conditioning vents, causing several delays totalling 80 minutes.

Jesurun, 71, was unable to enter the field with his son and other family members after the game for the awards ceremony, where Jesurun’s son reportedly confronted a security guard who denied them access.

Jesurun, a CONMEBOL vice-president and CONMEBOL representative on the FIFA Council, was also involved in the altercation before police officers intervened, according to Colombian newspaper El Tiempo.

Miami-Dade police said 27 arrests were made and 55 people were ejected from the stadium during the match.

“I am extremely proud of our officers’ response to a volatile situation and their hard work to keep our community safe, as well as our law enforcement partners who provided critical support,” said Police Chief Stephanie Daniels.

“As part of the comprehensive analysis of last night’s game, we will review the protocols in place to ensure an orderly, safe and secure environment for all future events.”

In the wake of the scandal in the southern United States, where CONMEBOL decided to stage the Copa America despite the fact that the United States is not a member of the Confederation but belongs to CONCACAF, the South American body said it had proposed procedures to the security organisers that were not used.

“Fans without tickets went to the vicinity of the stadium, which delayed the normal access of those who had tickets, slowed down the entry and led to the gates being closed,” CONMEBOL said in a statement, attempting to distance itself from the organisation’s responsibilities (for which it is responsible as the tournament’s organiser, although it has ceded them to the United States and its security forces).

“In this situation, CONMEBOL was subject to the decisions made by the authorities of the Hard Rock Stadium, in accordance with the contractual responsibilities established for the security operation.

“In addition to the provisions established in the said contract, CONMEBOL recommended to these authorities the procedures tested in events of this magnitude, which were NOT taken into account.”

“We regret that the acts of violence perpetrated by ill-intentioned people have marred a final that should have been a great celebration of sport,” concluded the organisation, led by Paraguayan Alejandro Domínguez.

Again, Nigeria loses another star player to Europe

By
Emenike Agu
-
0

It is yet another Nigerian lost to European country as striker Joshua Ziekzee entered the pitch at the weekend  for the Netherlands in their 2-1 defeat of Türkiye on Saturday in the on-going Euro 2024.

The 23-year old is one of the Nigerian-born players abroad to be in the radar of the Nigerian football federation.

Zirkzee’s introduction as a substitute for Xavi Simons, just three minutes to end the regulation time, has ended the hope of the Super Eagles get the player who also played an additional six minutes in the extra time.

He was born in the Netherlands to a Dutch father and a Nigerian mother and would have thus been eligible for either of the two countries.

He became a youth international for the Dutch in 2016. On the Nigerian Democracy Day,  June 12 this year, he was added to the Netherlands’ squad for Euro 2024 and had his debut last Saturday to close a possible international career for Nigeria.

Food Importation Policy May Destroy Nigeria— AfDB Boss

By
Rhoda Onuzulike
-
0

The President of the African Development Bank Group, Dr. Akinwumi Adesina has said the Nigerian government’s decision to allow massive food importation could destroy the country’s agriculture sector.

This follows the announcement by Nigeria’s Minister for Agriculture Abubakar Kyari on July 10, that the Federal Government would suspend duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas through the country’s land and sea borders, for 150 days.

In a statement published on the AFDB’s X account on Sunday, Adesina while addressing African Primates of the Anglican Church at a Retreat in Abuja, on the theme ‘Food security and financial sustainability in Africa: The role of the Church said “Nigeria’s recently announced policy to open its borders for massive food imports, just to tackle short-term food price hikes, is depressing”.

He warned that the policy could undermine all the hard work and private investments, that have gone into Nigeria’s agriculture sector.

“Nigeria cannot rely on the importation of food to stabilise prices. Nigeria should be producing more food to stabilise food prices, while creating jobs and reducing foreign exchange spending, which will further help stabilise the Naira,” said the African Development Bank president.

“Nigeria cannot import its way out of food insecurity,” he said, “Nigeria must not be turned into a food import-dependent nation.”

Food Security: Nigerian Govt. Suspends Food Imports Duty

Adesina said Nigeria “must feed itself with pride,” warning, “a nation that depends on others to feed itself, is independent only in name.”

Noting that Africa accounts for nearly a third of the more than 780 million people worldwide who are hungry, the African Development Bank president said agriculture is critical for the diversification of economies, and for the transformation of rural areas, where over 70 per cent of the population of Africa live.

“It is clear therefore that unless we transform agriculture, Africa cannot eliminate poverty,” he insisted.

Adesina said Africa has 65 per cent of the uncultivated arable land left in the world, to feed 9.5 billion people by 2050. Therefore, what Africa does with agriculture will determine the future of food in the world.

“Essentially, food is money. The size of the food and agriculture market in Africa will reach $1 trillion by 2030,” he said.

Adesina briefed the primates on the Bank’s $25 billion program to transform agriculture, by providing high-performing agricultural technologies for 40 million farmers and making Africa food self-sufficient by 2030.

In Nigeria, Adesina said, “Together with the Islamic Development Bank and the International Fund for Agricultural Development, we have provided $520 million to support the establishment of Special Agricultural Processing Zones, which will allow private agribusinesses to establish industries that process and add value to agricultural commodities.”

In addition, the bank said it provided $134 million to Nigeria for emergency food production to help drive down food price inflation, by significantly boosting the local production of wheat, and cassava, under the National Agricultural Growth Scheme.

Adesina urged the Nigerian government to take advantage of the bank’s investments and support for African farmers; show greater determination and commitment to achieving food self-sufficiency, and incentivise private-sector agribusinesses.

Nigeria’s Economy Will Emerge Strong- CBN

By
Rhoda Onuzulike
-
0

The Central Bank of Nigeria (CBN) on Monday gave fresh hope to Nigerians, reassuring them that the economy will emerge strong from the current economic challenges.

CBN Governor Olayemi Cardoso, through his Deputy on Economic Policy, Muhammad Abdullahi, at an emergency session of a National Assembly Joint Committee on Finance, said that in spite of the ailing economy, the tough decisions taken over the last 12 months have started addressing the decades-long issues.

Also, the Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, explained that the Port Harcourt Refinery would kick off production by early August, while that of Kaduna would commence by December.

Inflation, Exchange Rate To Decline In 2024 – CBN

Kyari, who had earlier announced a number of dates for the Port Harcourt Refinery to commence operation, maintained that “he is not lying”, as he reaffirmed the new August date.

According to him, with the Dangote Refinery, the target for Nigeria to attain two million barrels per day and become net exporter of petroleum products by December is feasible.

Earlier, the Minister of Budget and National Planning, Atiku Bagudu, asserted that the 2024 Budget is already being implemented and that there is ongoing negotiation with Labour leaders on minimum wage to ensure that there is no further disruptions to the economy.

Nigeria’s Inflation Rate in June Hits 34.19%

By
Rhoda Onuzulike
-
0

Nigeria’s inflation figure has reached a new high, hitting 34.19% for June 2024, according to the latest data from the National Bureau of State Statistics (NBS).

This is an increase of 0.24% points when compared to the inflation figure for May 2024 released by the NBS.

“In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%. Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate,” the NBS said in its Consumer Price Index (CPI) – which measures the average change over time in the prices of goods and services consumed by people for day-to-day living – released on Monday.

“On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.”

Nigeria, Others Most Hit by High Food Inflation

According to the NBS, the headline inflation rate, year-on-year basis, jumped in June 2024 when compared to the same month in the last year.

It said on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, 0.17% higher than the rate recorded in May 2024 (2.14%).

“This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024,” the agency said.

As expected, there was a rise in food inflation for June 2024 in comparison with the figure recorded in May 2024.

“On a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%),” the CPI report read.

According to the NBS, this hike was triggered by a rise in the average prices of food items such as groundnut oil, palm oil, etc (oil & fats class), water yam, cocoyam, cassava, etc (potatoes, yam & other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, snail, etc, (fish class).

The Federal Government had in the wake of the galloping prices of essential commodities reeled out a raft of measures to address the challenge.  It recently suspended duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas through the country’s land and sea borders, for 150 days.

It also approved the procurement of 2,000 tractors, and 1,200 trailers and set up a committee to help in proffering solutions to the food crisis rocking the nation.

Experts have blamed insecurity, lack of equipment, and other issues as major challenges affecting food production in Nigeria.

Solar Project: FG Seeks Fresh $50m From W’Bank

By
Rhoda Onuzulike
-
0

The Federal Government of Nigeria has sought the assistance of the World Bank for $50m to support state governments in the installation of solar plants and infrastructure upgrades.

The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, advanced conversations on the initiative when he met with a World Bank delegation in Abuja on Monday.

The team was led by the Country Director for Nigeria, Dr Ndiamé Diop, while the Special Adviser to the President on Energy, Ms Olu Verheijen, was in attendance.

A statement signed by the finance ministry’s Director of Information and Public Relations, Mohammed Manga, said the meeting was held to discuss innovative ways to drive Nigeria’s power sector forward.

The minister said the meeting focused on World Bank-supported initiatives, including the Power Sector Recovery Operation and the Distribution Sector Recovery Programme, aimed at improving power distribution and management systems to ensure economic growth and development in the nation.

Edun said the programme would ensure the rollout of 3.5 million meters to enhance power distribution and support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.

Construction Commences On Idaho’s Largest Solar Project

The statement read, “In its renewed determination to drive economic growth and development in the country, the Federal Government has continued to engage with relevant stakeholders to boost power sector investment as a major priority area for achieving the desired objective.

“The initiative will strengthen plans to roll out 3.5 million meters to enhance power distribution, $50m funding for state solar plant pilots and infrastructure upgrades, while measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.

“This collaboration aims at strengthening Nigeria’s power sector, enhancing energy access, promoting economic growth and development, improving job creation as well as poverty alleviation in line with the Renewed Hope Agenda of the present administration.”

He further reaffirmed President Bola Tinubu’s administration’s commitment to repositioning the economy for the future of Nigeria.

The statement added that the minister and the World Bank delegates expressed their commitment to working together towards achieving these goals for the benefit of all Nigerians.

Nigeria has been a top recipient of fresh loans from multilateral lenders, borrowing $2.7bn in 2023 from about $2.9bn released to the country in 2022.

China Announces Visa-Free Transit Policy At Ports

By
Rhoda Onuzulike
-
0

China’s National Immigration Administration (NIA) has announced that the country’s 144-hour visa-free transit policy has been expanded to three more entry ports, taking the number of ports covered by the policy to 37.

In a statement, the administration revealed the three new ports to be Zhengzhou Xinzheng International Airport in central China’s Henan Province, Lijiang Sanyi International Airport in southwest China’s Yunnan Province, and the Mohan railway port in Yunnan.

Starting from Monday, eligible foreign nationals can enter China through Zhengzhou aviation port visa-free, with the stay limited within Henan Province. Also, people entering Yunnan visa-free are allowed to stay in more areas of the province. Previously, they could only stay in Kunming whereas now, they can visit nine city or prefecture-level areas including Kunming, Lijiang, Dali and Xishuangbanna, according to the NIA.

At present, foreign nationals from 54 countries such as the United States, Canada, and Britain are eligible for the 144-hour visa-free policy for purpose of short-term activities such as travel and business visits.

The NIA statement said the expansion of the visa-free policy is expected to provide more choices for foreign nationals traveling and doing business in China.

World going through unprecedented Chip shortage – China Trade Body

It said the 72/144-hour visa-free transit policy has played an important role in the country’s high-level opening-up, facilitating the exchange of people between China and other countries, and promoting exchanges and cooperation. It pledged to continue to improve and optimize the policy and welcome foreign visitors with a more open mind.

The NIA said earlier this month that China had recorded 14.64 million inbound trips made by foreigners in the first half of this year, up 152.7 percent year on year. Among them, 8.54 million entered China visa-free, accounting for 52 percent of the inbound trips and representing a year-on-year surge of 190.1 percent.

Africa’s Energy Expenditure to Hit $110B In 2024– IEA

By
Rhoda Onuzulike
-
0
FILE PHOTO: The 200 Area of the Hanford nuclear site is seen in a 1995 aerial photo. Department of Energy/Handout via REUTERS/File Photo

An Intergovernmental organisation, the International Energy Agency (IEA) says Africa’s energy expenditure in 2024 will reach $110 billion.

The IEA’s World Energy Investment 2024 report shows that Africa’s fossil fuel supply and power will account for $70 billion of the continent’s energy expenditure.

In its findings, the IEA showed that Africa’s annual energy investments are equivalent to roughly 1.2% of the continent’s GDP and insufficient to achieve 2030 universal access and climate-related goals. Up to $200 billion in investment will be required per annum through 2030 to satisfy the increasing energy demand driven by population growth.

2024 Forecast To Set New Record For Electric Car Sales

The report shows that Africa must accelerate investments in grid modernization and expansion, increase grant funding for vulnerable households and de-risk projects to attract and scale up renewable energy funding.

It also showed that global investment in upstream oil and gas is set to hit $570 billion this year, representing an increase of 7% compared to 2023. Around 40% of total upstream investment is expected to be allotted to existing fields while approximately 33% will be invested in frontier fields. The remaining 7% will be invested in unconventional petroleum-bearing formations.

UAE Completely Lift Visa Ban on Nigerians

By
Rhoda Onuzulike
-
0

The United Arab Emirates, UAE Government has finally lifted visa restrictions imposed on Nigerians with immediate effect.

The Minister of Information and National Orientation, Mohammed Idris, made this known to State House correspondents on Monday after the Federal Executive Council meeting presided over by President Bola Tinubu.

Idris said the Federal Government and the UAE authorities have reached an agreement vacating travel restrictions imposed on Nigerians with immediate effect.

Tinubu Meets UAE President, Secures Landmark Deals

The minister revealed that Nigerian passport holders can now travel to the UAE without any hindrance. He also asked Nigerians seeking information on the updated UAE visa conditions can visit documentverificationhub.ae for further details.

He said, “I can tell you that the agreement has been reached and effective from today, Nigerian passport holders intending to travel to the UAE are able to do so.

“You are aware that Nigeria has been discussing with the United Arab Emirates the issue of visas for Nigerian passport holders going to the United Arab Emirates.

“Today, an agreement has been reached on that, and effective from today 15th July, Nigerian passport holders are able to obtain visas to go to the United Arab Emirates.

“Details of that will be provided to you later today when we put out a statement.”

It will be recalled that the UAE imposed the visa ban on Nigeria in connection with several diplomatic disputes.

It would be recalled that the UAE had imposed a visa ban on Nigeria barely two years ago due to various diplomatic disputes.

Additionally, Dubai’s Emirates Airline halted flights to Nigeria because the Central Bank of Nigeria couldn’t remit an estimated $85 million in revenue to the UAE.

In June, following several meetings with the UAE government, the Federal Government assured Nigerians that the visa ban would soon be lifted.

During the same month, the Nigerian government announced that it had paid 98 percent of $850 million.

Nigeria To Become Net Fuel Exporter By Dec. – NNPCL

By
Rhoda Onuzulike
-
0

The Group Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said Nigeria will be a net exporter of refined petroleum products by December this year, based on emerging indicators in the oil and gas sector.

Kyari stated this on Monday at the National Assembly when economic stakeholders, including the Ministers of Finance, Wale Edun; Minister of Budget and National Planning, Atiku Bagudu; Minister of State Petroleum Resources (Oil), Heineken Lokpobiri; and the Governor of the Central Bank, Olayemi Cardoso, met with the Senate Committee on Finance led by Senator Sani Musa of Niger East.

The emerging indicators, according to Kyari, are the Port Harcourt refinery, which he said would start production early next month, followed by the one in Warri months later, and the Kaduna refinery, latest by December this year.

He added that in a few months, the oil production level for the country would hit 2 million barrels per day, as all the enablements towards that had already been put in place.

In his words, “Mr Chairman and members of the joint committee, let me just confirm that NNPCL and the oil and gas industry are very critical in bringing about a turnaround in our current economic situation, and we understand the importance of this. We are taking every step that is practical for us to achieve this.

“We have already seen growth in our oil and gas production because of certain actions that Mr President personally took, and the very mere truth that we have also declared war on production activities, and this is yielding the required results.

“The combination of these two has now seen us restoring production in our country, and we believe that, as the Honorable Minister has said, we will soon hit the target of 2 million barrels of oil production per day.”

According to Kyari, there are several comments in the public space around the refining business and domestic production, including production that will come from the commissioned Dangote refinery.

NNPCL Signs $7bn Agreement To Promote Natural Gas Usage

“Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year.

“We’re very optimistic that by December, this country will be a net exporter. That means a combination of production coming from us, and also from the Dangote refinery and other smaller producing companies that we know are in line to do this. So, I can confirm to you that by the end of the year, this country will be a net exporter of petroleum products.”

On the government refineries, he mentioned, “We have spoken to a number of your committees, and it is impossible to have the Kaduna refinery come into operation before December, it will get to December, both Warri and Kaduna; but that of Port Harcourt will commence production early in August this year.”

In his submission, the CBN Governor, represented by the Deputy Governor, Economic Policy, Muhammad Abdullahi, said the triple challenges of rising inflation, foreign exchange rate fluctuations and food inflation, would take a downward trend soon.

Earlier in his submission, the Minister of Budget and National Planning, Bagudu, stated that the 2024 budget was already being implemented, adding that there was an ongoing negotiation with labour leaders on minimum wage to ensure there was no further disruption to the economy.

In his remarks, the chairman of the committee appealed to Nigerians to persevere as the government was working around the clock to stabilise the economy

1...466467468...2,705Page 467 of 2,705