Home Blog Page 511

AFCON 2023: All Eyes On Cote d’Ivoire As  Heavyweights Set Sights On Glory

By
Emenike Agu
-
0

A glittering array of global superstars will lead Africa’s traditional powerhouses in pursuit of continental glory when the TotalEnergies CAF Africa Cup of Nations kicks off in Cote d’Ivoire on Saturday.

The stage is set for Africa’s heavyweights to showcase their star power as the battle to be crowned kings of the continent begins.

Liverpool ace Mohamed Salah heads a cast of household names like Saido Mane, Victor Osimhen, Riyad Mahrez and Mohammed Kudus and at the 24-team tournament. 

Salah is hungry to finally get his hands on the trophy after twice finishing runner-up with Egypt, but this could be the most open TotalEnergies CAF AFCON in years.

The defending champions Senegal boast a wealth of talent like keeper Edouard Mendy and defender Kalidou Koulibaly as they bid to retain their crown.

However, coach Aliou Cisse is taking nothing for granted: “I believe this Nations Cup will be the toughest to win.” 

Morocco, Africa’s top ranked side after their historic World Cup semi-final run, loom as serious contenders to add to their 1976 title.

“We have an experienced coach in Walid Regragui and we believe we can win it,” said Morocco midfielder Sofyan Amrabat who has top players Achraf Hakimi, Yassino Bounou and Azzeddine Ounahi as his team-mates.

Meanwhile, hosts Cote d’Ivoire are chasing a third triumph on home soil led by top stars like Franck Kessie, Simon Adingra and Jeremie Boga.

Four-time winners Ghana also possess European pedigree in West Ham sensation Mohammed Kudus.

After crashing out prematurely in 2021, Algeria are on a redemption mission under mastermind Djamel Belmadi, boasting Riyad Mahrez and Mohammed Amoura.

And Nigeria’s hopes rest on Napoli hitman Victor Osimhen, crowned African Footballer of the Year few weeks ago after firing the Italians to the Serie A title.  

The 24-team format means this TotalEnergies CAF AFCON promises major drama and shocks with group stage upsets and tense knockout clashes.

With seven different winners in the last seven editions, the tournament is wide open as the continent’s heavyweights vie for supremacy.

“I want to win this competition having come so close twice,” declared Egypt’s Salah, still stung by final defeats with the Pharaohs in 2017 and 2021.

The Liverpool superstar is desperate to lead his nation to a record-extending eighth African crown.

But he faces intense competition from the likes of Senegal’s Mane, Algeria’s Mahrez and hosts Cote d’Ivoire desperate to conquer Africa on home soil. 

This TotalEnergies Afcon boasts an intriguing blend of wily veterans like Andre Ayew of Ghana, Youssef Msakni of Tunisia and emerging talents like Morocco’s Sofiane Boufal primed to shine.   

Whoever prevails by February 11th will etch their name into TotalEnergies CAF AFCON folklore by lifting the trophy under the Abidjan night sky. 

Lagos Red Line, Opebi Link Bridge, 15 Jetties To Ease Traffic In 2024 – Commissioner

By
Angel Gimalo
-
0

Honourable Commissioner for Information and Strategy, Gbenga Omotoso has listed some iconic projects that will shape the face of commuting in Lagos State in the Year 2024. Some of the projects, according to him, include the Red Line Rail, the Opebi-Ojota Link Bridge and the completion of 15 Ferry Jetties as well as the deployment of additional 12 ferries to the existing ones to ease commuting across the State.

He expressed this view today during an interview session with journalists representing different media houses in his office at the Secretariat, Alausa.

He said the Opebi Link Bridge will take traffic off the Ikorodu Road and make access to the Airport from Ojota a lot easier.

The Red Line, he noted, will reduce the about three-hour travel time by road from Iddo to Agbado to about 35 minutes while the Water Transportation will receive a boost with the completion of about 15 new jetties and the addition of 12 boats to the existing 21. He recalled that, at inception, the Sanwo-Olu-led government inherited seven ferry boats and increased the number to 14 and then 21.

Speaking further on the legacy projects of the present administration, the Commissioner hinted that more developmental projects such as the Fourth Mainland Bridge, Massey Street Hospital, 500-Bed Mental Hospital and Rehabilitation Centre, Ketu-Ejinrin, the Lekki International Airport, Food and Logistics Hub, Omu Creek project, the Coastal Road project, Leather Hub at Mushin and General Hospitals, will receive the attention of the State Government this year.

While noting that the projects were geared towards creating jobs for the teeming population of the State, Omotoso opined that the Fourth Mainland Bridge is capable of creating 10,000 jobs and exposing young engineers to practical knowledge about building such gigantic projects

Asked to shed more light on the Fourth Mainland Bridge and the Red Line, the Commissioner disclosed that the preferred bidder for the Bridge, a consortium of construction companies and financiers, has been selected. The financial commitments are being worked out and physical work is expected to commence soon. He said the Red Line was about 90% complete as the last of the overdrive located in Mushin would be commissioned soon.

Queried on the role of the State Government in the recent change of leadership in the National Union of Road Transport Workers (NURTW) in Lagos State, the Commissioner responded that it was purely a Union matter and the government would recognise and relate with any legitimate leadership of all Associations.

On the budget cycle, he said that the 2023 Budget cycle has been completed and it performed at about 90% as of November and expressed optimism that, the moment the 2024 Budget is passed and signed into law, its implementation commences immediately, and all developmental pillars of the administration will be impacted positively.

Responding to questions on the state of security, he said, “The security architecture of the State is top-notch. Lagos State is the safest in the country. The traffic robbers who tried to breach it were arrested and paraded. The Lagos State Security Trust Fund was strengthened at the last security stakeholders meeting and more security strategies are being mapped out and reviewed regularly by operatives”.

Pres. Tinubu Appoints Executive Directors For Ports Authority And Maritime Agency

By
Angel Gimalo
-
0

President Bola Ahmed Tinubu has appointed executive directors for Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA).

This was disclosed in a statement by special adviser to the president on media and publicity, Ajuri Ngelale.

He said Vivian Edet was appointed as the executive director, finance and administration, NPA.

Olalekan Badmus was appointed as executive director, marine and operations, while Ibrahim Abba Umar was anmed executive director, engineering and technical services, NPA.

At NIMASA, he named Jibril Abba Executive Director, Maritime Labour and Cabotage Services; Mr. Chudi Offodile Executive Director, Finance and Administration and Fatai Adeyemi Executive Director, Operations.

According to Ngelale, the President approved the appointments with the firm belief that “the new appointees will expeditiously and efficiently execute on their collective mandate to create the conditions required to significantly raise the contribution of the Marine and Blue Economy sector to the nation’s GDP.”

Tinubu also expects the new appointees to transform “the Nigerian economy into a labour-intensive and inclusive one that creates new opportunity for all Nigerians in accordance with the Renewed Hope Agenda, under the guidance of the Minister of Marine and Blue Economy, Adegboyega Oyetola.”

Nigerian Student Breaks New Record For Longest Painting Marathon

By
Koko Lawrence
-
0

Nigerian artist Chancellor Ahaghotu, a student at the Savannah College of Art and Design in Atlanta, Georgia, USA, has carved his name in artistic history by breaking the decade-old record for the longest painting marathon.

Ahaghotu’s brush danced tirelessly for 100 consecutive hours, surpassing the previous record of 60 hours set in 2013 by Roland Palmaerts. This remarkable feat portrays Ahaghotu’s determination to leave his stamp on the record books. “I came to the United States to pursue my dreams and build up my career as a recognised artist. Breaking the record will boost my recognition as an artist both in my school and the world at large,” Ahaghotu said to Guinness World Records before his attempt.

Fueled by a desire to pursue his artistic dreams and gain recognition, Ahaghotu embarked on this challenging journey. Throughout the four-day marathon, he created 106 diverse paintings depicting a variety of subjects, from celebrities and food to plants and animals.

The marathon was monitored by official Guinness World Records adjudicators who ensured strict adherence to the rules, with Ahaghotu taking only minimal breaks for essential needs like bathroom breaks, food, and sleep.

At the 60-hour mark, Ahaghotu commemorated the occasion with a painting of a broken record player. Each canvas captured a snapshot of his emotions and journey during the marathon. “One thing I love about the paintings I created is that they were representing my different moods and how I was feeling when I created them,” Chancellor expressed.

This record-breaking accomplishment brings immense personal satisfaction to Ahaghotu, boosting his artistic reputation and serving as a source of pride for his school, and of course, his country. News of Ahaghotu’s achievement has been met with jubilation in Nigeria.

CCECC Completes Railway Tracks Laying From Portharcourt To Aba

By
Angel Gimalo
-
0

China Civil Engineering Construction Corporation (CCECC), the contractor in charge of laying tracks on the Eastern Narrow Railway project, said it has completed tracks laying on the Port Harcourt to Aba section of the corridor.

CCECC disclosed this via a statement published on the official website of the construction company on Wednesday.

“New year, new progress! The tracks laying from Port Harcourt to Aba on the Nigeria Eastern Narrow-Gauge Railway pproject has been completed,” the statement read in part.

The Eastern Railway, when completed will connect Rivers, Imo, Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauchi, Gombe, Yobe, and Borno States by rail.

Nigeria, Others Most Hit by High Food Inflation

By
Rhoda Onuzulike
-
0

The World Bank has said that Nigeria and other countries in Africa, North America, and Latin America have been most affected by domestic food price inflation.

In its recently released Food Security Update, the multilateral lender said that while domestic food price inflation remained high, inflation higher than five percent was experienced in 61.9 percent of low-income countries.

It noted that since its last FSU update, the agriculture, cereal, and export price indices closed two percent, six percent, and one percent higher, respectively while maize and wheat prices increased eight percent and 14 percent, respectively.

It further stated that despite a slowing global economy, demand for agricultural products was anticipated to reach record levels in the 2023/24 marketing season.

Food Prices Jump by 31% – National Bureau of Statistics

“Domestic food price inflation remains high. Inflation higher than five percent is experienced in 61.9 percent of low-income countries, 76.1 percent of lower-middle-income countries, 50 percent of upper-middle-income countries, and 57.4 percent of high-income countries.

“The most affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia. In real terms, food price inflation exceeded overall inflation in 74 percent of the 167 countries where data is available,” the report partly read.

Following Russia’s invasion of Ukraine, the report said trade-related policies imposed by countries had surged.

The global food crisis, it added, had been partially made worse by the growing number of food trade restrictions put in place by countries with a goal of increasing domestic supply and reducing prices.

Two weeks ago, the latest Consumer Price Index: November 2023’ report released by the National Bureau of Statistics said Nigeria’s food inflation rate increased to 32.84 percent.

The cost of food rose highest in Kogi, Kwara, and Rivers where food inflation in each state surged to 41.29 percent, 40.72 percent, and 40.22 percent respectively.

The food inflation rate in November was 8.72 percentage points higher than what was recorded in November 2022 (24.13 percent).

The report showed that the rise in food prices was caused by increases in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and coffee, tea and cocoa.

The NBS said, “On a month-on-month basis, the food inflation rate in November 2023 was 2.42 percent this was 0.51 percent higher compared to the rate recorded in October 2023 (1.91 percent).”

LCCI Predicts Lower Inflation Rate Come 2024

By
Rhoda Onuzulike
-
0

The President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, has projected that the country’s inflation rate will decelerate in 2024.

Idahosa, who was spoke during an interview, blamed fuel subsidy removal as the major reason for the inflation accelerating at a faster pace this year.

According to the LCCI president, with the measures being implemented by governments at all levels to tackle increasing transport and logistics costs, price levels would begin to moderate in 2024.

Idahosa said, “Certain things were predictable when the President declared that fuel subsidy was gone. We knew that there would be a spike in the price of fuel and everything other things connected to fuel. But all the measures to reduce the cost of transportation have started.

Inflation, Exchange Rate To Decline In 2024 – CBN

“They will also take time to come into effect. It will take some time to get our CNG buses. CNG buses are already running from Abeokuta to Mowe and some parts of Edo State and transport fares are coming down in those locations.”

According to Idahosa, when Dangote and Port Harcourt refineries begin production next year, energy costs will be reduced, which would have an impact on price levels.

He added, “So, we are going to get an aggregation of that across the country. Places like Borno and Bayelsa are now having CNG buses and transportation is coming down in these places. So, between six and nine months, all the efforts to replace petrol as the primary source of transportation will begin to show results.”

Idahosa’s position tallies with that of the World Bank, which said recently that it expected inflation rate in Nigeria to begin to moderate by 2024.

In a report titled ‘Macro Poverty Outlook: Country-by-country Analysis and Projections for the Developing World,’ the Washington-based bank said, “The share of Nigerians living below the international poverty line is expected to peak in 2024 at 38.8 per cent before beginning a gradual decline, as inflation cools down and economic growth picks up.”

Pres. Tinubu to Address the Nation on New Year Day

By
Rhoda Onuzulike
-
8

President Bola Ahmed Tinubu will make a New Year’s Day broadcast to the nation on Monday, January 1, 2024, at 7 am.

This is contained in a statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale on Sunday.

Ngelale said television, radio stations, and other electronic media outlets were enjoined to hook up to the network services of the Nigeria Television Authority and the Federal Radio Corporation of Nigeria for the broadcast.

President Tinubu set to Address Nigerians on Sunday

The last time Tinubu addressed the nation was on 1 October, 2023 to mark the nation’s 63rd Independence Anniversary.

The president is expected to assure Nigerians of a better 2024 and the plan to reposition the country for the better.

Senate Okays Tinubu’s Request to Borrow

By
Rhoda Onuzulike
-
0

The Senate has approved President Bola Tinubu’s request to borrow $ 7.8 billion and €100 million as part of the 2022 – 2024 borrowing plan of the Federal Government.

The request was approved after the Senate considered and adopted the report of its committee on Local and Foreign Debt during Saturday’s plenary.

Tinubu had said that the Federal Executive Council under former President Muhammadu Buhari approved the loan facility on May 15, 2023, to finance health, education, infrastructure, agriculture, insecurity, and other sectors.

The president added that the foreign loan has become necessary to bridge the financial gap and return the economic activities of the country to normalcy, adding that it would be used to develop infrastructure, agriculture, health, education, water supply, security, and employment as well as financial management reforms.

Senate okays fresh $800m World Bank borrowing

Similarly, the Red Chamber also okayed Tinubu’s request to securitise the Central Bank of Nigeria N7.3trn Ways and Means advances to the Federal Government.

Tinubu had, in a letter read by the Senate President friday, said the securitisation aims to reduce debt service costs and extend the repayment period of the existing loans.

The Ways and Means provision allows the government to borrow from the Central Bank if it requires short-term or emergency financing to support delayed government projected cash receipts of fiscal shortfalls.

The interest rate for the securitised Ways and Means advances has been reduced to 9% per annum, compared to the MPR of 0.3%.

“The savings arising from the much lower interest rate will have to reduce the deficit in the budget,” Tinubu said.

34 Companies Get 3-Year Tax Holiday In 2023 – FG

By
Rhoda Onuzulike
-
0

The Nigerian Investment Promotion Commission said it has approved tax holidays for 34 companies seeking tax incentives and waivers under the Industrial Development Income Tax Act in 2023.

This was disclosed by the Head of incentives administration, Lovina Kayode, during an end-of-the-year press briefing organised by the commission in Abuja.

She said tax incentives which had been a contentious issue due to the high amount of revenue lost to waivers granted every year, were meant to boost foreign investments into the country.

It was recalled that the Federal Government in September, said companies operating in Nigeria receive tax incentives worth N6tn annually.

Dangote, Others Enjoyed N390.26bn Tax Waivers In Two Years

The Chairman of the Presidential Tax Reform Committee, Mr Taiwo Oyedele, who made the disclosure, said a comprehensive review to reduce tax waiver would be implemented.

Earlier reports had put the average annual tax waiver figure at about N5tn.

Companies including Dangote Sinotrucks West Africa Limited, Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, Jigawa Rice Limited, and Stallion Motors Limited, among others had benefited from tax waivers from pioneer status incentives.

But speaking at the press briefing, Lovina indicated that not all companies are granted tax breaks due to stringent procedures followed by the commission on waivers award.

She said, “The pioneer status incentive is a stimulus that allows a company to get three years of not paying corporate income tax, just to get more investments.

“This process is stringent because our parent ministry and the federal inland revenue service are involved to make sure the right investors get this incentive.

“So far this year, we granted 34 applications have been approved and one of the things we intend to do is to ensure we are not just giving incentives to underserving companies. However, there is already a notion that Nigeria gives out too many waivers, incentives, and concessions.

“However, tax expenditure which means what government has lost by granting pioneers status incentive is just a small amount compared to what the country gains by granting these incentives to qualified companies.”

She further revealed plans by the commission would publish impact reports on the effectiveness of the pioneer status report on job creation and other economic activities to promote investments.

“On impact, that is one thing NIPC is planning on, next year, it is one of our biggest tasks to do an impact assessment. These incentives we gave out, how have they impacted the country in terms of job creation?

“How many jobs are the companies creating and what kind of import substitution has come about because we have granted these incentives and how much would the government gain after the three years of them not paying these taxes,” she added.

On her part, the commission’s Executive Secretary, Aisha Rimi, in her virtual address, reiterated commitment to facilitating and assisting investors to gain inroad into the country in the New Year.

He said, “So as I continue to settle down, I will also continue to depend on and rely on your support to promote the activities of the commission. The commission, as you all know, was set up really to facilitate, promote, and assist investors into the country and the ones already in the country. Because if nobody traps these people and gives them the support that they need, other countries are competing with Nigeria. So we have to be very intentional.”

1...510511512...2,678Page 511 of 2,678