Lagos State Plans 18km Embankment, Sea Walls To Protect Residents

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August 17, 2023

Gov. Babajide Sanwo-Olu of Lagos State has reiterated his administration’s commitment to taking giant strides through initiatives in combating the effects of the so-called climate change.

Sanwo-Olu gave the assurance at the 10th Annual Association of Lagos State Retired Heads of Service and Permanent Secretaries (ALARHOSPS) Summit held at Alausa, Ikeja.

The summit had “Climate Change: Man, Nature and Threat To Life: Lagos State, A Case Study” as its theme.

The governor was represented by his deputy, Dr Obafemi Hamzat.

According to him, there is still much work to be done since the challenges require continuous innovation, collaboration and adaptation.

He added that his administration would ensure that the state had resilient communities and be able to protect vulnerable groups.

Earlier, Dr Olufemi Olugbile, President of ALARHOSPS, said that the summit was conceived as a mechanism for the association to fulfill its mandate as a think-tank for the government and people of Lagos State.

Olugbile said, “We hope to provide a useful guide on how, we as a society, navigate the terrain that we find ourselves in, concerning this crucial matter.”

The highpoint of the event was a Special Recognition Award to the immediate past Secretary to Lagos State Government, Mrs Folashade Jaji, for efforts in making the association more vibrant.

VP Shettima Presides Over NEC Meeting In Abuja

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Rhoda Onuzulike

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August 17, 2023

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Vice President Kashim Shettima is currently presiding over the National Economic Council (NEC) meeting in Abuja.

The meeting being held at the Council Chamber of the Presidential Villa, Abuja, has in attendance, governors from across the Federation and other stakeholders.

The meeting is expected to address some of the pertinent economic challenges in the country occasioned by the removal of petrol subsidy.

Also expected to be discussed are security challenges across the country, with recent attacks in some parts of the North.

Journalists have been excused from the meeting and are waiting to be briefed on the outcome.

The NEC meeting comes about 24 hours after the Nigerian National Petroleum Company (NNPC) Limited announced that it secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank.

Naira Gains Further, Trades at 860/$ Thursday

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Rhoda Onuzulike

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August 17, 2023

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Naira furthered its gaining streak against the Dollar on Thursday as the parallel segment of the foreign exchange (FX) market continues to react to the $3 billion crude oil repayment loan secured by the Nigerian National Petroleum Company Limited (NNPCL) from Africa Import and Export Bank (AFREXIM) to stabilise the local currency.

Parallel Market FX dealers were as at 9.52am on Thursday August 17 seen buying dollar at N835 while selling at N860, according to data by AbokiFX, an online platform that tracks the exchange rate on the parallel market.

Before the news of the AFREXIM loan deal broke on Wednesday, parallel market FX dealers were buying the green back at N880 while selling at N910.

Otega Ogra, senior special assistant to President Bola Tinubu on Digital/New Media explained in a tweet what the $3billion Emergency Crude Repayment Loan from Afrexim is meant to achieve.

“What’s the benefit of this loan to Nigeria? The loan will assist NNPC Limited in settling taxes and royalties in advance. It will also equip the Federal Government with the necessary dollar liquidity to stabilise the Naira, with limited risk,” he said.

“Will this affect fuel prices? A strengthened Naira as a result of this initiative will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted,” Ogra added.

“What about subsidies? Are they coming back? No. A stronger Naira will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged,” the President’s aide said.

In their recent commentary, Damilare Ojo-led team of research analysts at Lagos-based Meristem said, “In our view, core inflation will remain elevated in the near term in light of the continued free-fall of the Naira. The outlook of the FX market is largely marked by uncertainty and volatility; as such, there is an urgent need for a unified strategy to address these challenges, involving enhancing FX liquidity, promoting export diversity, and fostering investors’ confidence through transparent policies.”

The National Bureau of Statistics (NBS) reported the headline inflation rate for July 2023 to have increased by 129 basis points (bps) to 24.08percent year-on-year (YoY) from 22.79percent YoY in June 2023.

The Meristem analysts noted that the July data also reflects the effect of the petroleum subsidy removal in May and the resultant increase in prices of human and merchandise transportation in the subsequent months.

Before receiving firepower from Afrexim Bank in Cairo to help fight speculators that have ambushed the FX market, the gap between official and the parallel market had widened by about N200 in the past week. It had reached N950/$ at the parallel market before this recent drop.

Tunde Delu, an economist explained that the loan is an attempt to bridge the FX supply gap.

“It is apparent that the short-term panacea/solution to the rising foreign exchange prices is to seek alternative supply avenues. One of the options open to the federal government is to seek such foreign loans directly or through its appointed agencies. The implication would be a positive effect on the supply of FX thereby pushing the price of FX down as the demand-supply gap shrinks,” Delu said.

“To simplify it in the nutshell, we need ‘quick cash’ to cover the demand for forex by all sectors and that has been sourced via the $3billion Crude oil Repayment Loan which enables NNPCL meet its payment obligations,” he added.

Black Market: Naira Falls to ₦915 Per Dollar

Omotayo Akorede Samuel, corporate finance lawyer said that the $3billion Emergency Crude Repayment Loan from Afrexim is standard practice.

“This is standard practice in the Oil and Gas industry Crude oil repayment financing has several benefits for oil companies.”

He said one of the primary benefits is that it allows companies to repay their debts without having to use their cash reserves.

“This can be particularly beneficial for companies that are experiencing financial difficulties or FX issues like Nigeria. Rather than go to the CBN for FX, this $3billion dollar will be used!

“Another benefit of crude oil repayment financing is that the repayment is tied to Crude Oil. Which means that the company can use its cash reserves for other purposes, such as investing in new projects. ‘Crude oil no Dey finish!!!’ You can pay your loan off in 6 months if you want,” Samuel said.

Real Estate Developers Decry Rising Cost Of Materials

By

Rhoda Onuzulike

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August 17, 2023

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The Chairman of Real Estate Developers Association of Nigeria, Lagos, Bamidele Onalaja, said the real estate sector is currently facing soaring inflation, which is creating a worrying trend and has a grave impact on the builds sector.

The Chairman said this at a press conference in Lagos State, South West Nigeria, where he called for the concerted effort of all players in the economy to salvage the situation.

He appealed to all the government agencies responsible for regulating the economy to work extra hard for the benefit of the common man, adding that shelter is a basic necessity for every Nigerian.

He lamented that the cost of real estate development has skyrocketed, following current economic trends which include inflation, and the weak Naira.

“Presently, all the factors that drive an increase in commodity prices in Nigeria, galloping inflation, volatile foreign exchange rate and cost of transporting goods from one point to another have all contributed to challenges confronting the real estate sector.

Examining The Lagos Real Estate Industry

“Exchange rate in the country is not left behind as it is dwindling and increasing daily. This is a huge source of worry because this is a country where over 70 per cent of building materials are imported.”

Onalaja noted that a recent survey on the prices of building materials showed how inflation has badly affected the cost of acquiring and transporting them.

He added, “the price of granite, sharp sand, aluminum roofing sheet, tiles, iron rods, hardwood timber, among others, keeps skyrocketing, leaving us to grapple and making the cost of real estate construction skyrocket.”

Also, the Publicity Secretary of the Real Estate Developers Association of Nigeria, Ololade Abuta, explained that the labour cost of hiring professionals for real estate development was equally on the rise.

Abuta said, “In every economy, the real estate sector plays a pivotal role in the overall economic growth and development. This is why we, the Real Estate Developers Association of Nigeria, Lagos Chapter, are urging the government to find ways of lessening the impact of inflation on the citizens and operators of the real estate sector.

“We find it very important to sensitise the general public and would-be buyers of real estate products of this unprecedented inflation affecting the real estate market and the economy in general as this may affect the cost of delivering housing projects, including off-plan sales.”

Tahir Mamman Unveiled As Nigeria’s 47th Minister Of Education

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Precious Obazee

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August 17, 2023

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The Federal Government of Nigeria has approved and unveiled Professor Tahir Mamman as the new Minister of Education.

Mamman, the former Director-General of the Nigeria Law School from 2005 to 2013 takes over from Adamu Adamu and becomes the 47th Minister of Education in the country since 1958.

Born in 1954, the senior lawyer obtained his Bachelor of Laws degree from Ahmadu Bello University in 1983, proceeded to the NLS in 1984, and earned his Masters’ degree from the University of Warwick.

The education sector in Nigeria, particularly tertiary education has been plagued with incessant strikes actions which have led to a collapse in the academic calendars.

During the last administration of former President Muhammadu Buhari, with Adamu Adamu, manning the education ministry, the tertiary education sub-sector witnessed lots of industrial actions by academic unions such as the Academic Staff Union of Universities, Academic Staff Union of Polytechnics, and the Colleges of Education Academic Staff Union, among others.

The industrial actions bordered on the implementation of agreements, poor welfare, infrastructure dearth, and shortage of academics, among others.

Another priority for the new minister is to make schools safe places to learn.

Nigeria adopted the global Safe Schools Declaration in 2019 after endorsing it in March 2015.

Based on this proclamation, the nation is required to implement programmes and policies to stop attacks on schools, respond to them, and combat assault impunity much of which was not seen during the Muhammadu Buhari-led administration.

This is another area of focus for the new minister, which would entail him ensuring that students deprived of educational facilities as a result of conflict, violence or crisis are promptly given access to alternative temporary schools, in line with the National Guidelines for Accelerated Basic Education.

With the new appointments of Tahir Maman as Minister of Education and Yusuf Sununu as Minister of State for Education, the huge task of remedying the sector rests on these appointees.

WTO Rules Against China Retaliatory Tariffs On US Imports

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faith Jegede

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August 17, 2023

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GERMANY-CHINA-DIPLOMACY-ECONOMY — Chinese President Xi Jinping stands by national flags at the Schloss Bellevue presidential residency in Berlin on March 28, 2014. Chinese President Xi Jinping begins a landmark visit to fellow export powerhouse Germany Friday, the third leg of his European tour, expected to cement flourishing trade ties and focus on the Crimea crisis. AFP PHOTO / JOHANNES EISELE (Photo credit should read JOHANNES EISELE/AFP/Getty Images)

World Trade Organization experts HAVE ruled that tariffs imposed by China on billions’ worth of US imports in retaliation for Washington’s steel and Aluminium tariffs violated international trade rules.

A WTO panel set up to help resolve one of the numerous disputes within the tit-for-tat trade war between the world’s two biggest economies found that China’s additional duties measure is inconsistent with various articles of the General Agreement on Tariffs and Trade (GATT).

Washington hailed the ruling, with Sam Michel, a spokesman for the US trade representative, saying it recognized that China illegally retaliated with sham ‘safeguard’ tariffs.

The case revolves around China’s decision in April 2018 to impose tariffs on 128 US imports, worth $3 billion, including fruits and pork.

The administration of former US President Donald Trump announced steep tariffs on steel and aluminium imports from China and a number of other countries around the same period.

Marking a departure from a decades-long US-led drive for free trade, Trump justified the steep tariffs with claims that massive flows of imports to the United States threatened national security.

The administration of his successor, President Joe Biden, has taken a less combative tone but has stuck with the tariffs.

Separate panels set up by the WTO’s Dispute Settlement Body to settle complaints filed over the US steel and aluminium tariffs ruled late last year they too violated international trade rules.

Washington has appealed those rulings, which also determined that the inconsistencies found were not justified by the security exceptions provided for in the GATT, as they were not applied in a time of war or during a case of serious international tension.

Wednesday’s panel ruling did not delve back into whether Washington was justified in claiming national security exemptions.

But it acknowledged the US tariffs had been imposed evoking such objectives, and not as so-called safeguard measures imposed to protect domestic industry.

It therefore found that an agreement allowing for retaliation against unjust safeguard measures did not apply in this case, as China maintained.

The panel recommended that “China bring its WTO- inconsistent measure into conformity with its obligations under the GATT”.

WHO Holds First Traditional Medicine Summit

By

faith Jegede

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August 17, 2023

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The World Health Organization opened its first summit on traditional medicine with the group saying it was seeking to collect evidence and data to allow for the safe use of such treatments.

the UN health agency admitted that it was aware that, traditional medicines are the first port of call for millions of people worldwide, hence the talks in India to bring together policymakers and academics with the aim mobilize political commitment and evidence-based action towards them.

WHO Chief Tedros Adhanom Ghebreyesus said that WHO was working to build the evidence and data to inform policies, standards and regulations for the safe, cost-effective and equitable use of traditional medicine.

Traditional medicine could boost healthcare “access gaps”, but was of value only if used “appropriately, effectively, and above all, safely based on the latest scientific evidence” which the organization would provide Tedros warned earlier.

The two-day WHO Traditional Medicine Global Summit takes place alongside a meeting of G20 health ministers in the Indian city of Gandhinagar.

“We need to face a very important real-life fact that traditional medicines are very widely used,” Nobel laureate and Chair of WHO Science Council Harold Varmus told the summit via video link.

“It is important to understand what ingredients are actually in traditional medicines, why they work in some cases… and importantly, we need to understand and identify which traditional medicines don’t work”.

The summit, set to become a regular event, follows the opening last year of a WHO Global Centre for Traditional Medicine, also in India’s Gujarat state.

The UN health agency defines traditional medicine as the knowledge, skills and practices used over time to maintain health and prevent, diagnose and treat physical and mental illness.

The agency believes that many traditional treatments have no proven scientific value and conservationists say the industry drives a rampant trade in endangered animals, just because they have no way to regulate it.

As a reaction to the use of homemade remedies, which soared during the Covid-19 pandemic and worked for many when they could no longer trust “the science”, including a green herbal drink based on Artemisia that was promoted by Madagascar’s president as a cure.

The plant has proven efficacy in malaria treatment, but its use to combat Covid was widely scorned by foreign doctors.

In China, traditional medicine has a distinguished history, but top European medical bodies have previously demanded it be subject to the same regulatory oversight as conventional medical methods.

“Advancing science on traditional medicine should be held to the same rigorous standards as in other fields of health,” WHO research chief John Reeder said in a statement.

Of the WHO’s 194 member states, 170 acknowledged their use of traditional and complementary medicine since 2018, but only 124 reported having laws or regulations for the use of herbal medicines — while only half had a national policy on such methods and medicines.

“Natural doesn’t always mean safe, and centuries of use are not a guarantee of efficacy; therefore, scientific method and process must be applied to provide the rigorous evidence required,” the WHO said.

The sudden desire of the health regulator, to meddle in time-tested and trusted traditional remedies, passed from generation to generation could probably be a result of their inability to exert 100% medical control on the world during the Covid fiasco. WHO claims that about 40 per cent of approved pharmaceutical products currently in use derive from a “natural product basis”, citing “landmark drugs” that

Kenyans Debate Over TikTok Ban Petition

By

faith Jegede

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August 17, 2023

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A petition urging the prohibition of TikTok has ignited a lively discussion within Kenya’s parliamentary and public spheres.

The Kenyan parliament engaged in a comprehensive debate surrounding the petition, which was submitted by Kenyan citizen Bob Ndolo.

Ndolo implored Members of Parliament to consider outlawing TikTok, asserting that the platform poses a challenge to the fundamental cultural and religious values of Kenya.

In his submission, the petitioner highlighted the inadequate regulation of TikTok within Kenya, attributing it to the surge of offensive and unsuitable content pervading the platform.

Moses Wetangula, the Speaker of the Kenyan parliament, said “The petition emphasizes that although TikTok has gained substantial popularity among Kenya’s youth, the nature of content being disseminated on the platform is unsuitable.

This trend, including the promotion of violence, explicit sexual content, hate speech, profanity, and offensive conduct, poses a substantial threat to Kenya’s cultural and religious values.”

Ndolo further stressed that the ban would function as a safeguard, shielding Kenyans from TikTok’s adverse repercussions, which encompass addiction, potentially disrupting the education and mental well-being of students. He also expressed concerns about the potential illicit collection or dissemination of personal data of Kenyan citizens by the app.

Within the parliamentary debate, a dichotomy of opinions emerged. While some lawmakers and citizens aligned with the proposed ban, others voiced reservations, citing potential setbacks to Kenya’s technological advancement and the livelihoods of numerous young content creators on TikTok.

Lawmakers such as Kimani Ichung’wah, the majority leader in parliament, have advocated for a different approach. Rather than an outright ban, they proposed more rigorous content oversight on the platform.

The TikTok ban petition has ignited a crucial dialogue, reflecting the intricate balance between cultural preservation, technological progress, and the digital landscape’s impact on society. As the discussion continues, Kenyan stakeholders grapple with navigating the path forward that best serves the nation’s values and aspirations.

Anambra Seals Orphanage Over Illegal Adoption

By

faith Jegede

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August 17, 2023

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The Anambra State Government has sealed off the Arrow of God Community Children’s Home in Onitsha over allegations of illegal adoption and selling of children.

The state Commissioner for Women Affairs and Social Welfare, Ify Obinabo, led security agents to seal off the facility after the founder absconded.

The government’s decision came after an investigative piece,the outcome of a 19-month investigation was published by the Foundation for Investigative Journalism exposing the orphanage for allegedly trading babies for cash.

The report published on August 10, 2023, was conducted by investigative journalist, Fisayo Soyombo.

A total of about 20 children, ages one to seventeen, including a newborn baby, were recovered from the orphanage while the founder and the employees fled.

Obinabo said, “The ministry is not aware of any adoption with the Arrow of God Orphanage Home and the adoption process never went through the ministry.

“Since I assumed office, all application for a court order of adoption or care goes through the designated Children, Sexual and Gender-Based Violence Magistrates’ Court in Awka as against the Nnewi Court order presented in the documentary. This is so because the fundamental goal is to protect the best interest of the child.”

She warned other children’s home operators involved in illegal adoption to desist forthwith or face the consequences, stating that the state government is all out to clamp down on operators who don’t follow the stipulated standardised operational practices and processes in the state.

“The children recovered are currently in the care of the state government as necessary steps are underway to trace and reunite them with their different families,” she added.

Pres. Biden, First Lady To Visit Maui Wildfire Disaster Site

By

Angel Gimalo

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August 17, 2023

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U.S. President Joe Biden and first lady Jill Biden will travel to Hawaii on Monday to survey the devastation from deadly wildfires that destroyed much of the Maui resort town of Lahaina last week and killed at least 106 people.

Biden will get a first-hand look at the damage and meet with first responders, survivors and federal, state and local officials, the White House said in a statement.

“I remain committed to delivering everything the people of Hawaii need as they recover from this disaster,” Biden said in a post on the social media platform X, previously known as Twitter.

The inferno spread rapidly from grasslands outside town into Lahaina last Tuesday, catching people by surprise and charring a 5-square-mile (13-square-km) area of town in hours.

The fire destroyed 2,200 buildings and caused an estimated $5.5 billion in damage, officials said.

On Wednesday Biden approved Hawaii’s request that the federal government reimburse the full cost of 30 days of the emergency work expected to be carried out over the next four months, said Deanne Criswell, head of the U.S. Federal Emergency Management Administration, during a news briefing at the White House.

The federal government so far has disbursed $2.3 million in assistance to families, and approved more than 1,300 registrations for assistance, Criswell said in Wednesday’s briefing.