BYE-ELECTION: Police Clarifies Restriction of Movement In Lagos

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February 2, 2024

Sanwo-Olu Budgets N2.246trn for 2024 Fiscal Year

Governor Babajide Sanwo-Olu of Lagos on Friday met with the management team of the China Airport Construction Company (CACC) at its headquarters in Beijing, China.

This is in continuation of his infrastructural development drive and the vision to make Lagos work better, smarter and more efficient.

Sanwo-Olu, who is currently in China on a working visit with some top government officials, also visited the Beijing Subway, specifically to inspect the signaling system in use in the capital city.

The Beijing Subway covers over 800 kilometers stretch of train connectivity across the city; with over forty rail lines and more than 500 train stations. The subway has also been running efficiently since its establishment over 55 years ago.

Speaking during his visit to Beijing Subway, Sanwo-Olu, who was received by the top management of the company, led by the General Manager, Tang Zhu, expressed the Lagos State Government’s desire to equally have train operations, with signaling system that brings in the best with efficiency, safety, security and the best technology that is available.

The governor said his government has identified the train system as a driver for the State’s economic value and at the same time, a veritable source of movement of the masses from various parts of the city, adding that the state government would continue to strengthen collaborations with companies around the world for effective delivery of infrastructural development in Lagos State.

Speaking during a meeting with the management of the China Airport Construction Company (CACC), Sanwo-Olu said Lagos is desirous of building an airport as soon as possible.

He said: “We have a plan in Lagos to build our airport. We plan to see if we can identify partners; real partners who understand our market, seek the potential of our market, and appreciate that it is a market that has the potential to grow and take the lead.

In its presentation, the China Airport Construction Company (CACC), expressed willingness to partner with the Lagos State Government to realise Sanwo-Olu’s vision of constructing a brand-new airport in the Lekki area of the State.

The Managing Director of CACC, Kui Yu said the company has been following the development trajectory of Lagos State and Nigeria as a whole, noting that the country is rated highly in Africa, socially and economically, adding that China Airport Construction Company has the necessary wherewithal to help Lagos State achieve its desired goal.

2024: Customs Service Targets N5.08trn Revenue

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February 2, 2024

Customs Urges Citizens To Patronise Locally-Made Products

The Nigeria Customs Service (NCS) says it is targeting the generation of N5. 08 trillion revenue in the 2024 fiscal year.

The Comptroller General of Customs, Bashir Adeniyi, disclosed this when he appeared before the House of Representatives Committee on Customs and Excise, to defend the 2024 budget of the Service.

Adeniyi noted that the 2024 revenue target, which is 27.75 percent higher than its target for 2023 consists of N3.423trn in federation accounts, N554.35bn for non-federation accounts, and N1.101trn for import Value Added Tax ( VAT).

“For 2024 fiscal year, this target stands at 5.079 trillion and this consists of 3.423 trn in federation accounts, N554.35 bn for non-federation accounts, and N1.101 trn for import Value Added Tax. When we compare what was targeted in 2023 and 2024, this year’s target is higher by N1.41 trn, or approximately 27.75 per cent over the 2023 budget.

We are hoping that the 2024 fiscal policy measure would be rolled out in good time so that it would help the implementation. The second is tied to the issue of national single window.

“The project which has lingered on for quite some time is now being pursued very vigorously for better process ammonization and standardization. The inauguration of the steering committee has been approved by Mr President, and I’m very sure in the next few days, the steering committee would be inaugurated.

“The third driver is the introduction of the Vehicle Registration System and the Vehicle Identification Number valuation application, which has a huge potential for reducing undervaluation and vehicle tax evasion, thereby improving our revenue collection.” Adeniyi said.

U.S. Invests $160m On AfCFTA, Trade Facilitation

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February 2, 2024

Group Urges Govt. To Boost Investments In SMEs

The United States (U.S.) government said it has contributed $160 million to support the African Continental Free Trade Area (AfCFTA) and expand trade in goods and services between the U.S. and Africa.

The United States Mission Commercial Counselor to Nigeria, Julie LeBlanc, stated this in her keynote address at the Business Day Africa Trade and Investment Summit titled: “AGOA, AfCTA, top U.S. programmes and priorities for Africa and Nigeria,” held in Lagos.

The theme of the summit was “Reimagining Economic Growth in Africa.”

LeBlanc said this funding supports the development of digital trade and investment protocols as well as stakeholder engagement across Africa and trade facilitation efforts with a focus on expanding trade in goods and services and supporting the Women and Youth Protocol of the AfCFTA.

According to her, the U.S. Mission to Nigeria is particularly optimistic about the future of U.S.-Africa Continental Free Trade Area Memorandum of Understanding and investment relations as she also stated that the U.S. supported and finalised 547 new deals worth $14.2 billion in two-way trade and investment with Nigeria and other African countries in 2023.

LeBlanc said this marked a 60 per cent increase in both the number and value of deals compared to 2022 and has led to tangible benefits for both American and African communities, thereby creating inclusive growth, supply chain resilience, and quality jobs.

LeBlanc further stated that with two-way trade exceeding $10.6 billion in 2022 and U.S. foreign direct investment totaling $5.6 billion, Nigeria stands as the U.S.’ second-largest trading partner in Africa.

LeBlanc said the U.S. has significant investments in Nigeria’s tech ecosystem with collaborative efforts to tackle global challenges in education, healthcare, agriculture, and other key areas.

According to her, Nigeria is one of Africa’s largest economies with the vital roles it plays in regional and global markets, recognised by the United States.

The United States is deeply committed to its role as a steadfast economic and commercial partner to African nations and its dedication to enhancing security partnerships, health initiatives, and economic development in the region, she added.

LeBlanc also stated the U.S.-Trade and Development Agency’s facilitation of 15 project preparation grants, leveraging more than $3.4 billion in infrastructure finance.

She further listed the Department of Commerce’s promotion of nearly $3.6 billion in U.S. exports to Africa, along with new bilateral commercial dialogues and the establishment of new Foreign Commercial Service offices.

NNPCL To Complete Warri Refinery Q1

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February 2, 2024

Delta State Governor Inspects Oil Palm Plantation and Refinery, Calls For Investments

The mechanical completion of the Warri Refining and Petrochemical Company is scheduled for completion in the first quarter of this year, the Nigerian National Petroleum Company Limited has said.

The Warri Refining and Petrochemical Company, WRPC, located in Delta State and established in 1978, is one of Nigeria’s three refineries under the management of NNPCL.

The other two include the Port Harcourt Refining Company in Rivers State, and the Kaduna Refining and Petrochemical Company in Kaduna State. Rehabilitation work is also ongoing at both facilities.

The Warri refinery is a complex conversion refinery with a capacity to refine 125,000 barrels of crude oil per day. The facility includes a petrochemical plant (established in 1988) producing polypropylene and carbon black.

It supplies petroleum products to southern and south-western Nigeria, but is not producing refined products currently due to the rehabilitation of the facility by the Federal Government.

However, in a brief response to an enquiry by our correspondent with regards to when the plant would be mechanical completed, the Chief Corporate Communications Officer , NNPCL, Olufemi Soneye, state that target was to have it sorted in the first quarter of this year.

“Warri should be done by Q1 (first quarter) 2024,” he stated.

CBN Adopts New Cash Reserve Measure

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February 2, 2024

Banks To Sell All Excess Dollars In Their Domains

The Central Bank of Nigeria has said that it is stopping daily Cash Reserve Ratio debits and will be adopting an updated Cash Reserve Requirement mechanism.

The CBN noted that the move is intended to facilitate banks’ capacity for planning, monitoring, and aligning their records with the apex bank.

The CBN made this known in a circular titled ‘Cash Reserve Requirement Framework Implementation Guidelines’ signed by its Acting Director, Banking Supervision Department, Dr Adetona Adedeji, on Friday.

The percentage of cash required to be kept in reserves as against the bank’s total deposits is called the Cash Reserve Ratio.

The implementation of the new Cash Reserve Requirement framework will follow a structured process, as outlined by the CBN.

The statement read, “The determination of the segment of deposits subject to sterilisation with the CBN as CRR will follow the processes outlined below:

“Phase 1 – Utilisation of the Incremental Approach: The extant ratios (commercial banks 32.5% and merchant banks 10%) will be applied to increases in the banks’ weekly average adjusted deposits.

“Phase 2 — CRR levy of 50% of the lending shortfall will be enforced for banks that do not meet the minimum Loan to Deposit Ratio (LDR) as per our correspondence to all banks referenced BSD/DIR/GEN/LAB/12/049 dated September 30, 2019.”

The CBN added that it will provide banks with details of the applied charges and their underlying computation rationale.

Senegalese Sy To Take Charge Of Nigeria, Angola Duel

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February 1, 2024

Senegalese official Issa Sy will be the referee when Nigeria take on Angola in Friday’s Africa Cup of Nations quarter-final encounter at the Stade Félix Houphouët-Boigny in Abidjan.

Sy will have compatriots Djibril Camara and Nouha Bangoura in tow as assistant referee 1 and assistant referee 2 respectively, alongside Mauritanian official Abdel Aziz Bouh as fourth official.

Modibo Samake from Mali will serve as reserve assistant referee, while Ahmad Nazeer Hossen Bowud from Mauritius and Ali Mohamed Ahmed from Somalia will be in the roles of commissioner and referee assessor respectively.

The match, which will commence at 5pm Cote d’Ivoire time (6pm Nigeria time) will be another of the rare occasions that Nigeria and Angola tango on the turf, with few clashes between both nations at senior level over the years.

Nigeria edged Angola to reach the final round of the qualification series for the 1990 FIFA World Cup finals (2-2 in Luanda and 1-0 in Lagos), but the Angolans stepped on Nigeria to make their single appearance at the FIFA World Cup finals, when they won 1-0 in Luanda and held the Eagles 1-1 in Kano to edge the head-to-head contest that was the determining factor for the 2006 FIFA World Cup qualification series.

Angola First Choice Goalkeeper, Neblú To Miss Nigeria Quarter-Final Tie

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February 1, 2024

When Angola take on Nigeria on Friday in the first of the quarter-finals of AFCON 2023, the team will be without their first choice goalkeeper, Adilson Cipriano da Cruz who goes by the nickname, Neblú.

He was dismissed in Angola’s Round of 16 duel with Namibia.

Neblu was sent off after just 17 minutes after handling the ball outside his area.

He was to miss two matches which has now been reduced to one. The reduction was on the premise that the dismissed goalkeeper merely handled the ball outside his area and did not constitute violent conduct or jeopardize the physical integrity of an opposing player.

We Are Not Afraid Of Nigeria – Angola Midfielder Manuel Cafumana

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February 1, 2024

Angola midfielder, Manuel Cafumena says the Palancas Negras are not afraid of the Super Eagles of Nigeria whom they face in the 2023 Africa Cup of Nations (AFCON) quater-final.

Nigeria and Angola will lockhorns in the first quater-final game of the 2023 Africa Cup of Nations tournament on Friday, Febuary 2, 2024 by 6pm.

Cafumena says the Palancas Negras are not scared and are determined to face the challenge posed by the Nigerian team.

In a press conference held at the Palacais de la culture in Trechville, Abidjan, Cafumana acknowledged the Super Eagles are one of the best teams on the continent and highlighted their hunger to win the competition.

Despite recognizing the formidable reputation of the Nigerian team, he reassured that Angola is not afraid, emphasizing that it will be eleven players against eleven players on the field.

Cafumena also mentioned the team’s preparation for the upcoming game, stating their commitment to making their families and nation proud. The midfielder’s remarks reflect the team’s positive mindset and determination to compete against a strong opponent in their quest to lift the AFCON trophy.

He said: ” “They are one of the best teams on the continent. They are also one of the past winners and are hungry to win the competition.

“We are not afraid of them though. It is going to be 11 players going against another 11 players.

“We have prepared well for this game. We want to make our families and nation proud.”

Barcelona Has a Special Place In My Heart – Asisat Oshoala After Bay Fc Switch

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February 1, 2024