The stock market rebounded from its previous day’s gain to record a N140bn loss at the end of trading.
This loss comes after two consecutive days of positive trading.
Both the All-Share Index and the market capitalisation depreciated by 0.38 per cent to 67,098.8 and N36.864tn.
This downward trend was driven by sell-offs in high and medium stocks on the local bourse such as Stanbic IBTC (-8.49 per cent), AccessCorp (-2.39 per cent), Fidelity Bank (-2.94 per cent), Oando Plc (-1.67 per cent), Zenith Bank (-0.75 per cent), FBN Holdings (-0.31 per cent), NASCON Allied Industries (-1.72 per cent), Nestle (-0.49 per cent) and MTN Nigeria (-0.20 per cent).
At the close of trading, the volume of shares and their value depreciated by 24.87 per cent to 298.69 million units and 4.60 per cent to N4.48bn exchanged in 5,348 deals. The number of stocks that traded on the exchange on Thursday stood at 114.
Of the five tracked sectors, four closed in the negative territory, except for the Oil and Gas sector, which remained unchanged from the previous day. Consequently, the Banking, Insurance, and Consumer Goods nosedived by 1.08 per cent, 1.04 per cent, and 0.07 per cent, respectively, while the Industrial Goods index was mildly bearish.
Investors’ sentiments were negative as reflected in 25 stocks depreciating against 16 gainers.
On the gainers’ chart were Learn Africa whose shares appreciated by 10 per cent to close at N3.30, Daar Communications gained 9.52 per cent to close at N0.23, UPDC appreciated by 8 per cent to close at N1.35, Thomas Wyatt gained 6.80 per cent to close at N3.30 and Sunu Assurance’s shares rose by 6.67 per cent to close at N1.12 per unit.
At the close of Thursday’s session, United Bank for Africa’s shares were the most traded security in both volumes and value, with 56.29 million units worth N1.05bn.
President Bola Ahmed Tinubu has approved the nomination of Dr. Olasupo Olusi to serve as the Managing Director and Chief Executive Officer of the Bank of Industry (BOI) for four (4) years in office.
Approval for Dr. Olusi’s appointment was contained in a statement signed by the President’s Spokesperson, Ajuri Ngelale.
Olusi’s appointment also followed the voluntary resignation of former BOI Managing Director and Chief Executive Officer, Olukayode Pitan.
Dr. Olasupo Olusi has served as a World Bank economist and development finance expert over the past 20 years.
Between 2011 and 2015, Dr. Olusi served as the economic adviser to the then Coordinating Minister of the Economy and Minister of Finance.
He is an alumnus of Hull University, United Kingdom and also obtained a Master’s degree in International Money, Finance, and Investment, as well as a Doctorate in Finance & Economics from Durham University, United Kingdom, in 2005.
The President tasks the new BOI Chief Executive to ensure that Nigerians, who are operating all sizes of enterprises across sectors, are given fair and equitable access to much-needed support to bolster employment generation and wealth creation amongst income groups in the country with special regard for lower and middle-income enterprise operators.
Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) and three Chinese partners have signed Memoranda of Understanding (MoU) for new projects valued at $2 billion.
The signing ceremony was performed on Thursday, at Nigeria’s Embassy in Beijing in the presence of Vice President Kashim Shettima.
Furthermore, NASENI received letters of intent for new projects and investment worth $4 billion from more Chinese companies.
This is coming on the heels of the just concluded 3rd Belt and Road Initiative (BRI) Forum, hosted by China.
Similarly, Nigeria’s Ministry of Works also signed an MoU with China Harbour Engineering Company Ltd for the construction of the Lekki Blue Seaport contract at the Lekki Free Trade Zone in Lagos.
Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu at the Belt and Road Initiative Forum in Beijing, China, witnessed the event, which also had the Ministers for Foreign Affairs, Power, Works and other top government officials present.
Speaking to Journalists soon after the signing ceremony, Vice President Shettima commended all stakeholders and their Chinese counterparts saying Nigeria has never been this ripe and ready for businesses to thrive.
He said with the meticulous efforts by the President Tinubu administration to ensure a level playing ground for all investors following the removal of all bottlenecks, the coast is now clear for deepened economic and trade collaborations.
Executive Vice Chairman of NASENI, Khalil Halilu, said the manifestation of the agreements was a fulfillment of NASENI’s commitments towards boosting the Foreign Direct Investment drive of the Bola Tinubu administration.
“This is a very important day for us at the National Agency for Science and Engineering Infrastructure because it is a day to show the results of some of the work that we have been doing in the last six weeks since I assumed the leadership of NASENI,” Halilu said.
The MOUs to partner NASENI for investments in Nigeria were listed as follows:
I. Shanghai Launch Automotive Technical Co Ltd – MoU to establish a new energy automobile facility for the production of new energy electric vehicles.
II. China Great Wall Industry Corporation – MoU for the turnkey delivery of Unmanned Aerial Vehicles (UAV) assembly line projects.
III. New way Power Technology Company Ltd –MoU for the transfer of technology on lithium batteries, electric vehicles and allied technologies.
The Chinese firms that presented Letters of Intent to the Vice President to pull together Four billion US Dollars in investments are TBEA (solar products); DongFeng Vehicles Co. (vehicle design and production) and HiLong Energy (CNG, LNG, methanol)
Others are Space Star Technology (Drone technology transfer); ENRIC (clean energy utilization technology); and Hidier Group (development of new industrial park), China State Construction Company (building technology and materials); CIMC (natural gas infrastructure delivery); Value Platform International Services Ltd (vocational training) and Acadia Technologies (Shenzhen) Co. Ltd. (smart grids and microgrids).
During the signing of the MoU on the construction of the Deep Blue Sea Port at the Lekki Free Trade Zone, the Minister of Works, Dave Umahi, said the massive project was yet another indication that Nigeria still remains an industrial haven for many investors.
Another segment of the event was the meeting of the Vice President with several communications, tech, railway, power and construction giants based in China.
These include; the China National Electric Engineering Co. Ltd, China Civil Engineering Construction Corporation (CCECC), China Electronics Technology Group Corporation (CETC), China Railway Construction Corporation (CRCC), China Communications Construction Co. Ltd (CCCC), HUAWEI Technologies, Senteng International Company Nigeria Limited, China National Electric Engineering Co. Ltd and Zhejiang Dahua Technology Co. Ltd.
President Bola Tinubu has urged for a cross-sectoral partnership between Nigeria and the European Union (EU), founded on the principles of democracy, rule of law, and freedom.
During a visit from an EU delegation led by the EU Commissioner responsible for International Partnerships, Jutta Urpilainen. The President expressed appreciation for the endorsement of eight financial agreements between Nigeria and the EU.
These agreements are under the EU Global Gateway in Nigeria. “Democracy is not an easy process, but we must fight for democracy and struggle for it to win at all times,” the President said.
President Tinubu underscored the significance of economic collaboration with the EU, particularly in the fields of digital education, conventional and sustainable energy, and broadband accessibility. He also informed the visiting delegation that Nigeria’s economy was undergoing substantial and enduring reforms with the aim of uplifting millions of Nigerians from poverty.
“We have a young and vibrant population, and we are determined to succeed. If we succeed, democracy succeeds. If we succeed, freedom succeeds. “We need all of our partners’ hands on deck to sail together. We look forward to strengthening our partnerships,” the President added
In her remarks, the EU Commissioner in charge of International Partnerships commended Nigeria for playing a pivotal role as a key partner of the EU, not only in politics and economics but also in shaping the social landscape across the African continent.
The EU Commissioner clarified that in the last four years, the EU has been actively engaged in re-shaping its association with Africa, moving away from the conventional donor-recipient relationship. She expressed that the EU aims to create a balanced and mutually advantageous collaboration, with the “Global Gateway” investment program serving as a prominent illustration of this approach. She noted that this strategy, agreed at the AU-EU Summit in Brussels last year, sets a goal of €300 billion in investments, with €150 billion allocated to Africa.
Thanking President Tinubu for the important role Nigeria played in supplying key energy products during its standoff with Russia in recent times, the EU Commissioner noted that the oil & gas partnership can be expanded while adding that the “Global Gateway” strategy is designed to expedite the green and digital transformations in EU partner countries, with Nigeria standing as one of its most strategic.
”We are investing in critical infrastructure such as energy, transportation, and digital infrastructure, as well as in human capital, education, and research,” she said.
Many persons with primary immunodeficiency are born without elements of their immune system’s defenses or with a malfunctioning immune system, making them more vulnerable to infections-causing microbes.
The immune system is weakened by primary immunodeficiency disorders, also known as primary immune disorders or primary immunodeficiency, making it easier for infections and other health issues to develop.
Over 300 different types of primary immunodeficiency illnesses have been found so far, according to researchers. Some types are so mild that a person may not notice them until they are adults. Other types are severe enough that they are identified quickly after the birth of a baby who is affected.
In many primary immunodeficiency conditions, therapies can strengthen the immune system. The quality of life for those who have the illness continues to improve due to ongoing research that is producing better treatments.
Every fall, people who have concerns about their health and immune systems begin to look for “immune-boosting foods.” A Google search will yield approximately 200,000 hits and you’ll find lots of lists of foods that frequently include citrus, fish, yogurt, and spices.
Numerous outcomes reveal dubious medications offered as cold and flu treatments. Although there doesn’t seem to be a single food that can guarantee that your body will do everything possible to fight off bacteria or viruses that you come into contact with, a number of recent studies have shown that the quality of your overall diet and lifestyle, along with a few nutrient-rich, immunity-boosting foods, can help to support your body’s immune system in preparation for the impending cold weather season.
When a potential pathogen, such as bacteria, viruses, or fungus, enters your body, your immune system, a sophisticated network of cells, tissues, and organs, recognizes the threat and takes action to eliminate it. The immune system is influenced by a variety of vitamins, minerals, and other bioactive substances found in food.
The most important vitamins for immunity are A (beta-carotene), B, C, D, and E, as well as folic and linoleic acids, copper, iron, selenium, and zinc. Research suggests that deficits in any of these nutrients may impair your body’s defenses against infections.
To eat for improved immunity, the goal is to focus on a plant-centric diet, as most bioactive compounds that help keep the immune system functioning at its best are present in plant-based foods. A good rule of thumb is to strive for five to nine servings of fruits and vegetables every day. A serving of fruit is one medium piece of fresh fruit, one cup of berries, or 100% fruit juice, and a serving of vegetables is one cup of raw or cooked vegetables or 100% vegetable juice.
To help boost your immune system as the cold season approaches, here are some immunity-boosting foods you can try adding to your diet.
Berries
Experts claim that all berries, whether you choose blueberries, strawberries, blackberries, or raspberries, deliver a powerful antioxidant and vitamin C punch to support the health of your immune system.
The berries’ striking red, blue, purple, and black hues serve as a clue that they are loaded with healthy anthocyanins. Strong antioxidants are found in several anthocyanins. Numerous health advantages, including improved immune function, are provided by these substances, according to study.
Garlic
More than 5,000 study publications have been written concerning the benefits of garlic for the immune system. The primary bioactive component of garlic, known as alliin, has been shown by researchers at the University of Rochester to have antibacterial properties. Additionally, it contains allicin, a natural antibiotic. The antiseptic, antibacterial, and anti-fungal properties of garlic have been utilized for a long time, and it may also strengthen the immune system to help fight off viruses and other diseases.
Citrus
One of the best sources of vitamin C, folate, and countless other advantageous bioactive ingredients that can support your immune system is citrus. Citrus fruit helps reduce oxidative stress to manage systemic inflammation, according to study published in Frontiers in Immunology. The nutrients folate and vitamin C help a variety of immune cells, such as T-cells and natural killer cells, to function properly. In addition, a number of the primary bioactive substances found in citrus, including hesperidin, naringenin, naringin, and narirutin, have anti-inflammatory properties.
Almonds
Due to their vitamin E-rich tree nut composition, almonds are frequently marketed as a food that strengthens the immune system. Almonds include a wealth of nutrients, including 4 grams of fiber, 6 grams of plant-based protein, as well as magnesium, selenium, copper, zinc, and vitamin E.
Almonds have the highest vitamin E content of any nut, and studies have indicated that vitamin E can help raise T-cells, the immune system cells that can combat viruses. Additionally, more studies indicate that almonds enhance the intestinal flora, which also strengthens immunity.
Yogurt
Yogurt contains “live and active cultures,” which serve to improve your gut flora, and thus are considered to be immune-boosting. A first line of defense against pathogens that enter your body has been determined to be the cells in your GI tract. Additionally, the GI tract contains specialized immune cells that support the neutralization of pathogens that may have been ingested.
Studies show that probiotics are usually defined as microbial food supplements with beneficial effects on consumers. Most probiotics in the US diet come from yogurt, kefir, or other fermented foods, here in Nigeria, apart from yogurt, local pap, locust beans and African pear (ube) provides “live and active cultures”.
In addition to numerous health advantages, lactic acid bacteria have positive effects on the immune system, the digestive system, the absorption of some minerals, and the risk of developing some cancers.
The Lagos State Governor Babajide Sanwo-Olu has said that a new $100 million First Film City will help create job opportunities, stimulate economic growth and attract investments.
The governor, made the remark while performing the official groundbreaking ceremony of the $100 million (one hundred million) Dollars Lagos Film City Project at Ejinrin, Epe, in the Lagos-East Senatorial District.
The governor noted that the $100million film city, which covers 100 hectares of land, will be executed on the Private Public Partnership (PPP) model, adding: “We are laying the foundation for a creative hub that will serve as a catalyst for innovation, talent discovery, and storytelling excellence.”
According to the governor, the film city will be a testament to his administration’s commitment to nurturing the arts and supporting the dreams of aspiring filmmakers, actors, and technicians.
He enjoined various stakeholders, including filmmakers, investors, educators and the community at large – to join hands and contribute towards the success of the film city.
“Let us work together to build an ecosystem that nurtures creativity, fosters collaboration, and empowers our artists to push the boundaries of their craft,” he added.
He said that the film industry has the power to transcend boundaries, bring people together, as well as has the ability to inspire, entertain, and educate.
The governor said that the “momentous and historic occasion marked a significant milestone in the state’s journey towards creating a thriving and vibrant film industry that will not only captivate audiences worldwide but also contribute to the economic growth and cultural development of our beloved state.”
He said that the event is a journey that will redefine the landscape of the film industry in Lagos State.
The governor thanked the Ejirin monarch, as well as the partners for their collaboration on his administration’s interventions in the entertainment industry, saying that the project would serve as a catalyst to provide jobs, stimulate growth and support the value chain of filmmaking.
Also at the event, the Commissioner for Tourism, Arts and Culture, Toke-Benson Awoyinka, said the Lagos Film City would be the biggest in Africa both in content, acting, training, cinematography and creativity, urging investors to partner with the state on the initiative.
She also commended the host community for its support, saying the project, which is a state government initiative, in collaboration with the private sector, would be a major boost for the entertainment and creative industry.
The Lagos City Film Project, Ejinrin, when completed, will bring about developments and make Lagos State a force to reckon in the entertainment and creative industry across the globe.
Sanwo-Olu said that “Through the magic of cinema, we can showcase the rich cultural heritage of Lagos State, tell stories that reflect their shared experiences, and amplify the voices of our diverse communities.”
This film city, he added, ‘will serve as a canvas for these stories, providing a platform for our talented artists to shine on both local and global stages.”
The Film City, the governor said, “will be a hub for film production, post-production, visual effects, and all the ancillary services that support the filmmaking process.
“We envision a film city that is equipped with state-of-the-art facilities, sound stages, editing suites, production offices, and everything necessary to bring the magic of the silver screen to life.”
The land now called Abuja was originally the south-western part of the ancient Habe (Hausa) kingdom of Zazzau (Zaria).
It was populated for centuries by several semi-independent tribes. The largest of the tribes was Gbagyi (Gwari), followed by the Koro and a few other smaller tribes.
So space.com went to Nigeria’s seat of power to discover the city, no matter how little. Welcome to a journey of exploration and adventure, as we embark on a thrilling trip to the vibrant city of Abuja, the heart of Nigeria!
Abuja, known as the “Centre of Unity,” is a city like no other. From its modern infrastructure to its rich cultural heritage, it promises an unforgettable experience for travelers from all walks of life.
But Abuja is not just about the city life; it also boasts of breathtaking natural beauty. Be captivated by the mesmerizing landscapes, from the rolling hills to the expansive parks that provide a serene oasis within the bustling city.
Why The Name, Abuja
The Name Abuja Is Coined Out Of The Hausa Language And It Was Derived From The Name Abubakar–Ja.
Abubakar-Ja is derived from the name of a person called Mallam Abubakar JA and the name “Abubakar” is an Islamic name while the word “Ja” is referring to a red color in the Hausa Language; So Abubakar-Ja Is Literally Translated As “Abubakar The Red” Or “The Red Abubakar”, but its meaning is referring to one Abubakar who was Fair in Complexion in terms of his skin appearance and who was one of the settlers in the modern day Abuja long ago even before Nigeria was amalgamated in 1914.
Mallam Abubakar was an indigene of the town, although he wasn’t the ruler of the town, but the neighboring communities described this settlement as the town of Abubakar-JA.
The reason for this was in the Sub-Saharan African nation’s villages and towns apart from the fringes of the Sahara desert where the Shuwa-Arabs exist as in the northern Borno and Yobe states or among some few Fulani ethnic clans, fair looking people in complexion are very few among the native African communities and where they do exist in the midst of the black majority people often describe them in accordance to their complexions.
For example even in the modern day Nigeria, you can see people calling people in accordance to their complexion so it is common to hear Usman Bature, Modu Kime ,Yellow man, red man, oyingo, Amina Nasa’ara etc. so this makes the town of Abubakar-JA to be called Abubakar-JA, but however because Abubakar Is Abbreviated As “Abu” In The Hausa Language Over Time The Name Abubakar-Ja Was Abbreviated To Abuja.
So both Abuja and Suleja were names derived from two brothers Mallam Abubakar-Ja and Mallam Suleman Ja.
Geographically both Abuja and Suleja were towns of Niger state, but with the creation of the Federal Capital Authority Abuja was carved out of Niger state to form the Nigeria’s new federal capital, while Suleja still remains in Niger state although as a result of rapid developments of Abuja the two cities are now connected together as such that even some workers of Abuja are residents of Suleja.
Who Founded FCT Abuja? The evolution of Abuja as the capital city of Nigeria started on February 3, 1976, when the Head of the Federal Military Government, Murtala Muhammed in a nationwide broadcast, announced the creation of the Federal Capital Territory (FCT).
Federal Capital Territory (FCT) also known as Abuja Federal Capital Territory, administrative territory, central Nigeria, created in 1976.
The territory is located north of the confluence of the Niger and Benue rivers. It is bordered by the states of Niger to the west and northwest, Kaduna to the northeast, Nassarawa to the east and south, and Kogi to the southwest. Abuja, the federal capital and a planned modern city, is located near the centre of the territory.
The Vegetation Is Mainly Savanna With Limited Forest Areas. Agriculture, The Economic Mainstay, Produces Yams, Millet, Corn, Sorghum, And Beans.
The population comprises the Gwari, Koro, Ganagana, Gwandara, Afo, and Bassa ethnic groups, predominantly dairy farmers.
Hausa and Fulani also live in the territory. Mineral Resources Include Clay, Tin, Feldspar, Gold, Iron Ore, Lead, Marble And Talc.
Abuja has an airport and major road connections. Area 2,824 square miles (7,315 square km). Pop. (2006) 1,406,239; (2016 est.) 3,564,100.
ECONOTES
ABUJA DISTRICTS
Central Business District
Abuja’s Central District, also called Central Area, is a strip of land stretching from Aso Rock in the east to the National Stadium and the Old City gate in the West.
It is like the city’s spinal cord, dividing it into the northern sector with Maitama and Wuse, and the southern sector with Garki and Asokoro.
Garki District
The Garki District is the area in the southwest corner of the city, having the Central District to the north and the Asokoro District to the east.
The district is subdivided into units called “Areas”. Garki uses a distinctive naming convention of “Area” to refer to parts of Garki. These are designated as Areas 1 to 11.
Wuse District
Wuse District is the northwestern part of the city, with the Maitama District to its north and the Central District to its south.
The District is numbered Zones 1–6. The Wuse Market is Abuja’s principal market. The second most important post office in the city is here.
Maitama District
Maitama District is to the north of the city, with the Wuse and Central Districts lying to its southwest and southeast.
This area is home to the top bracket sections of society and business and has the reputation of being very exclusive and very expensive. Maitama District is also home to many of the European and Asian embassies.
Maitama II District
Maitama II District Cadastral Zone A10 is a new district created by the FCT administration of Muhammed Bello in 2018.
Maitama 2 as it is unofficially called was created from Mpape hills, a suburb bothering Bwari and Maitama Districts of the FCT.
Asokoro District
Asokoro District, the doyen of the districts, houses all of the state’s lodges/guesthouses.
The ECOWAS secretariat is a focal point of interest. Asokoro is to the east of Garki District and south of Central District.
In addition, the Presidential Palace (commonly referred to as the Aso Rock) is in Asokoro District. By virtue of this fact, Asokoro is the most secure area of the city.
Jabi District
Jabi is a developed district in phase 2 of Abuja. It is both residential and commercial in nature. The residential parts of the district are peaceful with streets of large gated houses being a prominent feature.
The more commercial parts of the area are significantly busier. The district plays host to the Jabi Lake, which sits by the Jabi Lake Mall.
Gwarimpa District
Gwarimpa is the last district in the Abuja Municipal Area Council. It is a 20-kilometre drive from the central district and contains the largest single housing estate in Nigeria, the Gwarimpa Housing Estate.
The estate was built by the administration of General Sani Abacha and is the largest of its kind in Africa.
It provides residence for the majority of the civil servants in federal ministries and government parastatals.
Durumi District
Durumi District is located southwest of Abuja and is bordered by Garki Districts I and II to the northeast.
Its borders are the Oladipo Diya Road to the southwest, the Nnamdi Azikiwe Express Way to the northeast, and Ahmadu Bello Way to the southeast.
Apo District
The district is mostly residential, but it has enough commercial activities to sustain it.
Due to all the investments that the place has attracted and the good infrastructure, a lot of people have found Apo a good choice when they are deciding where to live in Abuja.
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Wuse Market
Wuse Market this is the biggest open shopping market in Abuja. It offers a glimpse of the local life with numerous stores and outlets selling everything from crafts, to textiles, jewelleries, housewares, electronics, domestic appliances, and fresh food items from all over the country.
This is the main market in Abuja and is located in Zone 5 of Wuse district. It is a general market where you can find almost anything; food stuff, fresh vegetables, meat, clothes, electronics, furniture, phones, rugs and carpets etc.
The plan was for this place to be a secondary school, but government rescinded on the decision.
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Jabi Lake
Unarguably, the Federal Capital Territory of Nigeria, Abuja is a wonderful city with a lot of sights and places for both locals and tourists. One of those places is Jabi Lake, a recreational and tourist site.
Jabi Lake is a very popular lake in Abuja, probably the most widely known. The lake is a man-made body of water that was originally built to be a source of water for the inhabitants of Abuja.
But, along the line, it became a tourist site and a fishing spot after they built the Usuma Dam.
Jabi Lake, while it’s not so large, is still pretty big enough for various activities to go in it. It has a total surface area of 1300 hectares.
Abuja’s geography is defined by Aso Rock, a 400-metre (1,300 ft) monolith left by water erosion.
The Presidential Complex, National Assembly, Supreme Court and much of the city extend to the south of the rock. Zuma Rock, a 792-metre (2,598 ft) monolith, lies just north of the city on the expressway to Kaduna.
However there has been a long dispute between FCTA and the Niger State Government over the rightful owner of Dakwa Local government area where the Zuma Rock is situated, in 2018 both parties reached an agreement to stay off prior till when agreement will be reached on who owns the Zuma Rock.
Housing
The cost of living in Abuja is quite high. The city is more expensive than other African giants such as Johannesburg and Nairobi.
This can be seen in Abuja’s ranking in Mercer’s 2023 Cost of Living Survey, which placed it as the 140th most expensive out of 227 cities.
The rental market in Abuja, the capital city of Nigeria, has witnessed a staggering surge in prices.
Landlords, driven by the need to cover their expenses and maintain their standard of living, have resorted to charging exorbitant rents.
A two-bedroom apartment in the outskirts of Abuja, such as Karu, Nyanya, Lugbe, Kubwa, and Apo, now commands an average rent of between 800,000 to 1.5 million Naira per year.
However, these figures pale in comparison to the sky-high rates demanded in posh neighborhoods like Asokoro, Maitama, Garki, Wuse, Jabi, and Utako.
As subsidiary disburses N10.6b mortgages to 962 beneficiaries
The Federal Housing Authority (FHA) has entered into a tripartite agreement with two firms to construct 1,200 housing units in Abuja.
Meanwhile, The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has expressed dissatisfaction with the N85 billion contract to provide infrastructure for the Wasa Affordable Housing project in Wasa District, Abuja.
Wike expressed his displeasure when he led the Minister of State for FCT, Mariya Mahmoud, and other government officials to visit the road construction site for the housing estate in September, 2023.
Earlier, Olusegun Olusan, acting coordinator of the Satellite Town Development Department, explained that the contract for the provision of the infrastructure was awarded in 2014 at N26 billion but revised to N85 billion in 2018.
Olusan told the minister that so far, a total of N21 billion had been paid to the contractor with a balance of N64 billion, adding that the percentage of work done so far is 21.4 per cent.
However, the minister was not impressed with the arrangement made by the FCT, stressing that the government should not spend N85 billion to provide infrastructure and land and benefit nothing.
Abuja Master Plan
Let’s take a look at Abuja master plan.
The International Planning Associates (IPA) Was Commissioned In June 1977, By The Federal Capital Development Authority (FCDA) To Produce The Abuja Master Plan And Its Regional Grid.
According to the terms of reference, the master planning process was to include a review of relevant data, selection of a capital city site, preparation of regional and city plans and the accompanying design and development standards manual.
The master plan for Abuja defined the general structure and major design elements of the city that are now visible.
More detailed design of the central areas of the capital, particularly its monumental core, was accomplished by Japanese architect Kenzo Tange, with his team of city planners at Kenzo Tange and Urtec company.
Climate
The FEDERAL CAPITAL TERRITORY experiences three weather conditions annually. This includes a warm, humid rainy season and a blistering dry season.
In between the two, there is a brief interlude of harmattan occasioned by the northeast trade wind, with the main feature of dust haze and cloudless skies.
The rainy season begins from April and ends in October,[99] when daytime temperatures reach 28 °C to 30 °C and nighttime lows hover around 22 °C to 23 °C.
In the dry season, daytime temperatures can soar as high as 40 °C and overnight temperatures can dip to 15 °C.
Even the coolest nights can be followed by daytime temperatures well above 30 °C.
The FCT falls within the Guinean forest-savanna mosaic zone of the West African sub-region.
Patches of rain forest, however, occur in the Gwagwa plains, especially in the rugged terrain to the southeastern parts of the territory, where a landscape of gullies and rough terrain is found.
These areas of the Federal Capital Territory (FCT) form one of the few surviving occurrences of the mature forest vegetation in Nigeria.
Is Abuja An Industrial City Or A Civil Service City?
Abuja, Nigeria’s Federal Capital Territory, benefits from above average infrastructure and has been recognized as Africa’s fastest growing city – but with that come challenges.
With the rapid population growth, it is clear that the FCT cannot continue to depend on government as its prime economic base.
Outside of Government, Abuja’s key industries include, Agro-Allied, Transportation, Retail, Real Estate and Hospitality.
Abuja lies within a rich belt of mining activity, which would provide access to materials that could be key components of new technologies, in ICT, Agriculture, Construction and Energy, to name a few.
Embassies And Foreign Missions/ International Agencies
Abuja also houses several embassies and foreign missions. International agencies are not left out.
Central Bank of Nigeria
Abuja also houses Nigeria’s apex bank, also know as Central Bank of Nigeria, CBN.
The mandate of the Central Bank of Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999 and 2007.
The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.
In addition to its core functions, CBN has over the years performed some major developmental functions, focused on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors).
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So whether you’re a history buff, an adventure seeker, or a cultural enthusiast, Abuja offers something for everyone. So, pack your bags and get ready to embark on an extraordinary journey, filled with unforgettable experiences and new discoveries.
A federal appeals court has overturned an injunction suspending the license for Canadian firm Brazil Potash Corp to build Latin America’s largest fertilizer mine in the Amazon rainforest.
The Federal Regional Tribunal 1 ruled on Tuesday that the Amazon state environmental agency IPAAM has the authority to issue the license because there is no officially recognized Indigenous territory in the area of the planned $2.5 billion mine.
Federal judge Jaiza Fraxe in Manaus last month reiterated her 2016 decision to suspend the project until the Mura, a local Indigenous people, were consulted.
She also ruled that a license must come from federal environmental agency IBAMA and not state agency IPAAM.
The appeals court ruled that there is no evidence that the area where the mine is planned is located on Indigenous lands, according to the decision seen by Reuters.
“If the area of the mineral deposit in question was covered by demarcated Indigenous land, there would be no doubt about federal competence for licensing; or even if it was Indigenous land in demarcation process. But that is not the case,” it said.
Brazil Potash on Wednesday declined to comment on the ruling, which was based on an appeal by the state environmental agency IPAAM.
The Mura, who number about 15,000 people, are divided on whether to agree to the mine.
A delegation of those who support the project met on Wednesday in Brasilia with Mines and Energy Minister Alexandre Silveira, who said the mine was “strategic” for the country.
“Brazil is the world’s breadbasket and we cannot be without potash,” Silveira said in the meeting, according to a ministry statement that said the mine could supply 20% of Brazil’s needs for 23 years.
The proposed mine in Autazes, 75 miles (120 km) southeast of the Amazonas state capital Manaus, would reduce Brazil’s current reliance on imports for 95% of its potash fertilizer use.
The mine is slated to produce up to 2.4 million tonnes a year.
According to findings, about 71 companies enjoyed N390.26bn pioneer status incentives in two years.
Data obtained from the Federal Inland Revenue Service annual reports showed that pioneer status incentives gulped N1.43bn in 2021 and N388.83bn
The Federal Government grants tax holidays to companies with pioneer status awarded by the Nigerian Investment Promotion Commission.
This tax incentive was in accordance with the Industrial Development Income Tax Relief Act, No 22 of 1971, to boost investment in the industries.
The tax holiday which grants qualifying industries and products relief from payment of corporate income tax is for an initial period of three years, extendable for one or two additional years.
The products or companies eligible for this pioneer status are meant to be those that do not already exist in the country.
The second quarter 2022 report by the NIPC (which was the last released document by the commission) disclosed that there were about 71 beneficiaries of this tax incentive.
However, at the end of 2021, 46 companies had benefitted from the tax incentive scheme while the requests of 186 companies were still pending.
This means there were 25 more beneficiaries of the tax incentives within six months.
The beneficiaries operate in sectors that include manufacturing, solid material, pharmaceuticals, information and communication, trade, construction, waste management, electricity and gas supply, tourism, infrastructure, among others.
The companies that have benefitted included Dangote Sinotrucks West Africa Limited, Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, Jigawa Rice Limited, and Stallion Motors Limited.
More included African Foundries Limited, Royal Pacific Group Limited, Kunoch Hotels Limited, Princess Medi Clinics Nigeria Limited, Medlog Logistics Limited, and Masters Liquefied Gas Limited.
Others included Aarti Rolling Mills Limited, Von Automobile Nigeria Limited, Ikorodu Steel Mills Limited, Confluence Metals Fabrication Company Limited, Cormart Nigeria Limited, Tiamin Rice Limited, Outsource Global Technologies Limited, Crown Flour Mills Limited, Elvis Hotels Nigeria Limited, Olam Hatcheries Limited, among others.
The Federal Government recently disclosed plans to review and reduce tax waivers given to companies operating in Nigeria.
The Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, recently said the committee would carry out a comprehensive tax waiver review in line with the plan the previous administration had set.
With 88 days to the kick-off of the 34th edition of the Africa’s premier sports competition, the Africa Cup of Nations, Dr. Rafiu Ladipo has assured that the Super Eagles will not be lacking in support at the event.
The tournament will be like a home duel for the team, despite being grouped with the hosts, Cote d’Ivoire according to the PG.
“Afcon 2023 in Cote d’Ivoire is a national project. Everything possible is being done to see that out team do well”, he remarked.
“To this end, the Nigeria Football Supporters Club is putting in place a plan to actualise this onerous task.”
He pointed that going to Cote d’Ivoire will be like home-coming for him and his brand of football supporters. “It will be recalled that we launched the first international chapter in 1992 in Cote d’Ivoire.
Afcon 2023 in Cote D’Ivoire is a national project, says Dr. Rafiu Ladipo
According to him, other international chaptershave been launched in Ghana, The Gambia, Mali, Burkina Faso and Niger Republic. He said that the proximity of Ghana, Mali and Burkina Faso to Cote d’Ivoire has helped him in raising at least 3,000 supporters who will be backing the Super Eagles at AFCON.
He said that the co-ordinator of the Cote d’Ivoire chapters is Sunday Alabi Adeyemi who has been liaising with the Nigeria Embassy in Abidjan.
“At the moment, he is getting hotel accommodation ready for the members and also exploring the options of getting school hostel just as we did at Ghana 2008 AFCON.”
Dr. Ladipo said that it was the formation of the international chapters that got him the title ‘President- General Worldwide;. He said said that Cote d’Ivoire alone has eight chapters if the Nigeria Football Supporters Club and that the popularity of his team cuts across different national frontiers to the point that they were adjudged the best supporters club at the USA ‘94 World Cup.
Apart from the 3,000 projected supporters from the international chapters, he pointed out that an additional 1,000 members will also join them from Nigeria.
According to Dr. Ladipo, a logistic meeting has been fixed for Thursday where plans will also be examined on whether some members can travel by sea to Cote d’Ivoire.
“Owing to cost of flight tickets, only few of us will be able to fly to Abidjan. Others will go by road on our buses and those of transport companies that we have contacted.
“In addition, we are exploring sea travel too”, Ladipo said. He pointed out that the 66-year experience of the Nigeria Football Supporters Club will come into play even as his band is reaching out to the others football supporters groups in the country so that Nigerians will be in Abidjan as a unit.
“We need to be in Cote d’Ivoire together and back the Super Eagles as an entity. What binds us together should be stronger than our individual differences”, Ladipo said as he plans to reach out to other groups.
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