Tinubu to Ministers: Revive the economy

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August 28, 2023

President Bola Tinubu on Monday gave the Federal Executive Council (FEC) a marching order to marshal the revival of the economy and make life more bearable for the people.

The maiden council meeting he presided over at the Council Chambers of the presidential villa in Abuja, considered the “Road map for the economy” presented by the minister of finance and coordinating minister for the economy, Wale Edun.

Speaking on the issue at the post-FEC press briefing, Edun said the council agreed that the economy is not where it should be.

He said FEC examined eight priority areas and identified targets to deliver in the next three years.

Edun affirmed that President Tinubu has charged the ministers to roll out policies and programmes to turn around the economy.

96th Oscars: Nigerian Selection Committee Calls For Submissions

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Koko Lawrence

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August 28, 2023

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The Nigerian Official Selection Committee (NOSC) for the Academy of Motion Pictures, Arts and Sciences (AMPAS) has called on Nigerian filmmakers to submit their feature films for consideration.

The filmmakers are expected to enter their films in the International Feature Film (IFF) category of the 96th Annual Academy Awards (Oscars).

The AMPAS officially recognises the NOSC and will choose one film as the country’s official submission for the IFF Award.

The portal, according to the committee, is open for submissions from 28 August 2023 to 15 September on thenosc.org.

The IFF Award is presented annually by the Academy to a feature-length motion picture produced outside the United States that contains 50 per cent or more in a language or languages other than English.

The Academy Awards requires that submitted films meet other criteria, including accurate, legible English subtitles, shooting formats, and theatrical releases – details of which are available on the NOSC website.

Nigeria attained the first feat at the Academy with the country’s submission, The Milkmaid. The film was ratified by the Executive Committee of the IFF, having passed the eligibility test before failing to make it past the first shortlist category.

In 2019, Nigeria’s official submission, Genevieve Nnaji’s Lionheart movie, was disqualified for not meeting the non-English dialogue criteria.

It led to the controversy on whether or not Nigerian pidgin should not be considered a local language.

Culture Minister Hannatu Musawa Outlines Eight-Point Plan

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Koko Lawrence

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August 28, 2023

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Arts, Culture, and Creative Economy minister, Hannatu Musawa, has outlined an eight-point plan to boost the Nigerian entertainment and creative sector.

An official statement released Monday by an official in charge of Destination 2030, Maryam Ahman, highlighted the minister’s vision to make Nigeria the world’s creative, cultural and entertainment capital.

Since 2015, the Nigerian creative industries have been tipped to become a significant revenue generator for the country. Specifically, in the same year, Nigeria’s GDP amounted to N94.14 trillion ($308.6 billion), with the creative industries jointly contributing about N5 trillion ($16.4 billion).

In 2021, the former CBN governor, Godwin Emefiele, also said the creative industry was worth $4.5 billion. However, the value as of today has almost doubled.

To further accelerate the economic potency of the creative industry, the minister promises to provide the necessary tools to enable the continuous growth of entertainment, art and culture.

It read, “We will deliver job opportunities and foster foreign partnerships and local collaborations that proudly exhibit our rich and unique national identity on a local and global stage, and we will elevate our nation’s economic standing.”

The statement disclosed that aside from the ministry’s eight-point plans, multiple initiatives and projects are planned, such as creative hubs and a Nigeria cultural expo.

The projects include a national entertainment centre, a national art gallery, innovative publishing partnerships and a gaming sandbox project.

“We are building a global standard film festival, a culinary academy led by a Michelin star chef and a fashion foundry,’’ the minister said.

Eight-point plan

The first agenda on the eight-point list is Nigeria Destination 2030, a national initiative to grow the arts, culture and creative economy under one united vision.

Aside from growing the creative economy, the initiative aims to position Nigeria as Africa’s creative capital.

Here, the minister promises to deliver more jobs, inbound visitors, and local opportunities to enhance the development of all creative sectors.

Skill acquisition is second on the list aimed at equipping talents through comprehensive training programs nationwide.

Highlighting other listed plans, the statement partly read, “Fastrack the improvement, creation and implementation of policy frameworks that effectively stimulate increased revenue generation, job creation, and sustainable growth across the entire sector.”

“Our Collective Success Requires Focused Strategy, Governance, and Collaboration. Our team is developing a comprehensive and effective strategy for the arts, culture, and creative economy.”

Similarly, the minister noted that innovative strategic partnerships are required to achieve the set goals faster.

As such, the fifth point in the agenda is to facilitate the creation of Public-Private partnerships that will stimulate investment in the creative economy and expedite the development of critical infrastructure, technology, and innovation hubs.

The sixth point on the list is to ensure that Nigeria ranks among the top 20 globally regarding GDP contribution, amongst other growth targets.

Creating an enabling business environment by thriving on technology takes the seventh spot while preserving Nigeria’s cultural heritage and sustainability takes the last place on the plan.

The Mandate

In the statement, the minister disclosed that two parties inspired the plan to grow the creative economy better than it was.

She noted, “It is a mandate from the presidency and the people to grow this sector, creating new jobs, new revenue, a firmer policy framework, and supporting new creations & artistic expressions of our greatest resource, The Nigerian People.”

While highlighting that the creative economy is an economy of ideas, innovation, and invention in the digital age, the minister called for collaborative efforts from stakeholders nationwide.

Conclusively, she emphasised that a strong creative and cultural economy is a crucial growth driver and presents an opportunity to accelerate Nigeria’s local and global development.

Residents Storm Warehouse, Loot Palliatives In Bayelsa

By

faith Jegede

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August 28, 2023

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A warehouse in Bayelsa has been broken into and looted by residents in the state.

The warehouse located along Isaac Boro Expressway in Yenagoa the state capital was reportedly forced into and raided.

The warehouse contained, palliatives provided for flood victims in the state but had yet to be distributed. It was not confirmed whether the subsidy palliatives provided by the President to states to cushion the effects of the subsidy removal are among the items looted.

Confirming the invasion of the warehouse, the Bayelsa State Emergency Management Agency, said the incident occurred at about 7:45pm on Sunday almost an hour after the Director-General, Walamam Igrubia, alongside some BYSEMA personnel, left the warehouse premises, adding that during the 2022 flood in the state, the Agency used the warehouse to store food items.

BYSEMA in the statement condemns the action of the yet-to-be-identified persons that invaded the premises of a warehouse and also condemns the attempt to politicise the incident by opposition elements in the state.

U.S, China Agree to Export Control Information Dialogue

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Rhoda Onuzulike

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August 28, 2023

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The United States and China have agreed to launch an export control enforcement information dialogue and a new formal working group on commercial issues, the U.S. Commerce Department said on Monday, giving Beijing a potential forum to express concerns.

After meetings between U.S. Commerce Secretary Gina Raimondo and Chinese Commerce Minister Wang Wentao, the exchange would provide a “platform to reduce misunderstandings of U.S. national security policies,” Raimondo said, adding: “We are not compromising or negotiating on matters of national security. Period.”

The first in-person meeting of the export control information exchange will be held at the assistant secretary level at the Ministry of Commerce in Beijing on Tuesday, Raimondo said.

“The United States is committed to be transparent about our export control enforcement strategy,” she said. “To show you how real this is, the first meeting of that new information exchange is tomorrow in Beijing. We’re wasting no time.”

China has criticized U.S. efforts to block China’s access to advanced semiconductors through export controls, but Raimondo has said those are not open for debate.

The White House this month moved to start prohibiting some U.S. investment in sensitive technologies in China and plans to soon finalize sweeping export restrictions on advanced semiconductors adopted in October.

Some Republicans in Congress had urged Raimondo earlier this month not to open a formal working group on export control issues.

Raimondo noted earlier this year that she had put over 200 Chinese companies on a U.S. export control list and has repeatedly said she not hesitant to use the power as necessary.

The new commercial issues working group is a consultation mechanism involving U.S. and Chinese government officials and private sector representatives “to seek solutions on trade and investment issues and to advance U.S. commercial interests in China.”

Raimondo, who had a meeting lasting more than two hours with Wang followed by a two-hour lunch, said she wants to address concerns from U.S. businesses that are having difficulties operating in China.

“We’re delivering. We will have that formal communication,” she said.

The working group will meet twice annually at the vice minister level, with the U.S. hosting the first meeting in early 2024.

The United States and China also agree to convene subject matter experts from both sides for technical discussions “regarding strengthening the protection of trade secrets and confidential business information,” Raimondo said.

South African Rand Gains Against U.S. Dollar

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Rhoda Onuzulike

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August 28, 2023

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The South African rand edged up against a weaker dollar in early trade on Monday, at the start of a packed week for local economic data.

At 0645 GMT, the rand traded at 18.5750 against the dollar, about 0.2% stronger than its closing level on Friday.

The dollar last traded around 0.2% weaker against a basket of global currencies.

The rand gained roughly 2% last week, mainly taking its cue from offshore factors.

“The rand is, unfortunately, merely a passenger in the global current of macro developments,” Rand Merchant Bank analysts said in a research note.

He said the currency would probably stay volatile in the months ahead “as the (U.S. Federal Reserve) dictates terms for global asset prices via the dollar”.

South Africa’s benchmark 2030 government bond was slightly stronger in early deals, with the yield down 2.5 basis points to 10.185%.

OAU Stipulates Students Dress Code, SU Fights Back

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faith Jegede

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August 28, 2023

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The University of Ife also known as the Obafemi Awolowo University has joined the list of government-owned tertiary institutions, updating their codes of conduct to include a strict dress code, whose violation is punishable under the university constitution.

The university released an internal memo with a list of offences and punishments side by side.

The student union of the university, one of the oldest and most prestigious universities in the country, in response, sent out a memo, titled “Review Of The Code Of Conduct For The University Community And Other Policies In The University”, castigating the universities decision.

The document read in part,

“As a union, we differ with the plan of management to regulate students’ mode of dressing which is a violation of their right to freedom of expression as guaranteed in all known laws. we must state unequivocally that the university campus is not a prison and that the use of uniforms is really backward and archaic as it does not in any way contribute to the learning process.

‘”OAU as an institution has grown to become a model of law and orderliness amongst the comity of higher institutions in the country…it is, therefore, a deviation of what OAU is known with and stands for to start regulating the dressing pattern of students.

The union went further to say that “In clear terms, dictating how students should dress is simply an attempt to enslave them and we are not in support of such. Students’ mode of dressing does not in any way constitute any threat to the university community and does not lessen the greatness of the university. We find it embarrassing and an attempt to justify the sexual harassment students face at the hands of paedophile lecturers by categorizing wears as being “provocative”.

“We expect that with the happenings in our ivory towers, the management of OAU will be compelled to provide a safe learning environment by preventing sexual harassment by enforcing anti-sexual harassment policies.”

France Bans Muslim Students From Wearing Abayas’ In State Schools

By

faith Jegede

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August 28, 2023

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Children in French state schools will no longer be allowed to wear the abaya, a long loose-fitting dress worn by some Muslim women.

The French education minister announced the ban ahead of the school term starting at the beginning of September.
According to the education minister Gabriel Attal you shouldn’t be able to identify the pupils’ religion when you walk into a classroom, just by looking at them.
France has had a strict ban on religious symbols in state schools and has banned pupils from wearing headscarves since 2004 but the question of whether the abaya is a sacred symbol is the subject of debate.

Late last year, former education minister Pap Ndiaye identified the abaya as a garment that can “take on a possible religious character” even if it is not an explicitly religious symbol.

France’s Council of Muslim Worship said the abaya is “mistaken” by some as a Muslim religious sign.
“Any item of clothing is not a religious sign in itself,” the group said in a statement in June.

“You only have to travel through Muslim-majority countries to realize that the citizens of these countries, of all faiths, are indistinguishable based on the clothes they wear,” it added.

Read Also : France Uncovers Cybersecurity Breaches Linked To Russian Hackers

In 2010, France banned full-face veils in public, angering some in its five million-strong Muslim community.

The country is governed by strong rules on secularity that mean no displays of religion in public institutions.

In schools, the laws were originally aimed at removing any traditional Catholic influence from public education, but have been updated over time to include other religions.

Jewish kippah, “oversized” crosses and other religious symbols are also banned from state schools.

President Tinubu To Preside Over Inaugural FEC Meeting today

By

Mana Balagbogbo

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August 28, 2023

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President Bola Tinubu is expected to preside over his first Federal Executive Council meeting as the Nigerian President. The meeting is scheduled for Monday at the Council Chambers of the Presidential Villa, Abuja by 12 noon.

According to sources at the presidential villa, the meeting will feature all the new ministers recently appointed by the President.

Recall that President Tinubu recently assigned portfolios to 45 of the appointees, before organising an elaborate inauguration ceremony to swear them in.

Shortly after their inauguration, most of the ministers proceeded to the office of the Secretary to the Government of the Federation, under Senator George Akume’s purview to collect their appointment letters.

Ln247 has confirmed that most of the ministers have reported to their respective ministries to familiarise themselves with their new working environment, with some already carrying out site visits.

Among the prominent ministers are former governor of Rivers State, Nyesom Wike, assigned to the FCT Minister, former governor of Plateau State, Simon Lalong, assigned to the Ministry of Labour and Employment, former governor of Kebbi State, Atiku Bagudu among others.

Tinubu was sworn in as Nigeria’s President on May 29th, 2023 and has unveiled a number of economic policies some of which involved the removal of subsidy on fuel among others.

Senate vows to create enabling environment for domestic industries

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Mana Balagbogbo

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August 28, 2023

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The Senate has vowed to create the enabling environment for domestic industries in the country to thrive and foster economic growth. It also promised to leave no stone unturned as the country was embarking on trans-formative journey of renewed economic prosperity by embracing innovation, transparency, and untiring dedication.

Chairman of the Senate Committee on Finance, Senator Sani Musa, APC, Niger East, who made the vow in a statement yesterday, said that the Senate would fasten its commitment to prudent revenue sourcing and ensure every income earned was accounted in order to promote Nigeria’s priorities and development goals.

The statement read: “I wish to extend my heartfelt congratulations to the recently appointment Ministers of the Federal Republic of Nigeria, especially the Minister of Finance and Coordinating Minister of the Economy, Mr Adebayo Olawale Edun, a position that carries with it a profound responsibility for shaping Nigeria’s economic trajectory.

“In my capacity as the Chairman, Senate Committee on Finance, I’m very much aware and in the know of the economic and developmental challenges our country is going through, including the escalating debt burden, low revenue profile and fiscal irresponsibility by some MDAs.

”In this pursuit, I pledge to lead the committee with diligence, innovation, and a steadfast focus on securing our nation’s economic prosperity.

“It is a known fact that the Nigerian economy stands at a critical juncture, navigating through a complex web of economic challenges that necessitate strategic and informed policy responses.

”With a backdrop of low GDP growth which the NBS put at 2.51%, in the second quarter of 2023 lower than 3.54 % of second quarter of 2022, persistent inflation, high unemployment, a mounting debt profile, and a limited revenue base, the economic landscape demands concerted efforts to address structural imbalances and foster sustainable growth.

“The recent removal of fuel subsidies has added to the burden felt by many citizens, underlining the urgency for comprehensive measures that not only stabilise the economy, but also ensure equitable access to basic necessities and opportunities for all segments of society.”

“The country is faced with dual challenges of rising debt and insufficient revenue which demand our immediate attention. The Senate finance committee under my leadership commitment will embark on a mission to amplify our revenue streams, drive economic growth that is not only robust but also resilient through legislative means, manage our debt judiciously, explore avenues for favourable terms and sustainable repayment simultaneously.

“Also, of importance, the Senate finance committee will seriously look at the informal sector which constitutes about 80% of the Nigerian economy. The committee will look in to empowering the informal sector with spotlight on mining.

“The informal sector, particularly the mining industry, is a hidden gem in our revenue potential. This was corroborated by Ministry of Mines and Steel Development, MMSD, that the solid minerals have the capacity to generate about 2-3 billion US dollars annually. We will dedicate our efforts to understanding and nurturing this sector with appropriate legislation with emphasis on formalising artisanal and medium-scale mining activities.

“This strategic move will bring economic benefits while promoting safer and more responsible practices. We will harness and raise revenue sources from both the Blue Marine and the Creative Economies, by setting targets. The committee will legislate to encourage regulations of consumption and production, and facilitate an enabling environment through legislation for domestic Industries to develop and stimulate economic growth through direct foreign investment inflow.

“Upholding fiscal discipline is pivotal to our financial health. As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing, ensuring that every income earned is been accounted for so that our nation’s priorities and development goals can be addressed.

“The committee will ensure that the annual budget aligns with the Medium-Term Expenditure Framework and fiscal strategy paper to ensure a coherent roadmap, bridging medium-term aspirations with concrete fiscal plans, and fostering accountability in the efficient utilisation of resources.

“The Senate Finance Committee will extend unwavering support to the Presidential Committee on Fiscal Policy and Tax Reform in its ambitious endeavour to address the substantial annual revenue gap of N20 trillion from non-oil sources and also to achieve 18% tax-to-GDP ratio.”