MTN Group has been named by Brand Africa as the number one African brand that is doing good for people, society and the environment in a new category of its annual awards inspired by businesses shifting from profit to purpose. Brand Africa also named MTN as the most admired African brand recalled spontaneously.
“As we celebrate Africa Day, we are greatly encouraged to receive this accolade, which recognises our work to deliver on our strategic priority to create shared value with ESG at the core,” said MTN Group President and Chief Executive Officer Ralph Mupita. “It motivates us to keep focused on providing leading digital solutions for Africa’s progress and to ensure that everyone enjoys the benefits of a modern connected life.”
The new award category acknowledges MTN’s contributions towards empowering people, supporting sustainable societal development and preserving the environment. Through our broad range of initiatives and alliances, MTN Group demonstrates dedication to making a positive difference in the lives of Africans.
Understanding that commitment needs to translate into action, our advances in this regard in 2022 include ensuring greater digital inclusion by extending broadband (including rural) coverage to almost 88% of the population in our markets; contributing approximately R149 billion in economic value-added to society; and reducing GHG emissions by around 13.9%^ as part of journey to achieve net zero emissions by 2040.
“This award would not have been possible without the support of the many stakeholders with whom we engage every day. I would like to thank them all – among them our customers, our employees, governments and regulators, and society at large across our 19 markets,” added Mupita as he acknowledged the role of the Group’s partners in its achievements in connecting the unconnected, uplifting communities and protecting the planet:
In April, Brand Finance assigned MTN the highest ‘sustainability perceptions value’ of all companies in its ‘South Africa 100 2023’ survey in which the Group retained the rank as South Africa’s most valuable brand.
We hardly ever talk about the fact that — according to the Minister of Women Affairs Pauline Tallen — more than 37 million girls and women in Nigeria cannot afford menstrual hygiene products.
That means every month, more than 37 million girls and women are unable to safely manage their periods, limiting their ability to study, work and live their lives. While this is an unfortunate situation that has become normalized in Nigeria, it still doesn’t make the situation less alarming.
Over the last ten years, sanitary pads — which are the preferred period product in Nigeria — have been subjected to ridiculously inflated prices, especially imported sanitary pads. I remember when I got my period for the first time in 2013, I purchased my first pad for ₦250. Now in 2022, I buy the same pad for ₦700.
In a country where 40% of Nigeria’s population lives on less than $1 per day, menstrual pads (which typically cost up to $1) are more than many can afford. Some girls and women are forced to engage in sexual activities with men just to be able to afford menstrual products.
When girls can’t afford to pay for menstrual hygiene products, they must resort to cheaper but unhygienic options, such as rags, toilet paper and old newspapers. Research shows that poor menstrual hygiene has harmful effects on a woman’s sexual reproductive health — including increasing their risk for reproductive and urinary tract infections, which can result in future infertility and birth complications.
Using unhygienic options not only endangers Nigerian girls physically but also threatens their mental health as they might experience heightened anxiety as they approach their cycle.
One of our fundamental rights as human beings is the right to health — but when it comes to menstrual health, this right is often overlooked. Even though period poverty is the reason why 24% of Nigerian girls miss classes during their menstruation because of their inability to afford hygienic menstrual products, it still remains a gender issue that is hardly spoken about due to patriarchal and religious stereotypes. Society teaches Nigerian girls to see menstruation as a topic of shame that should never be spoken about in public.
I’ve seen firsthand the way period poverty affects Nigerian girls’ lives. My cousin was due to take the Joint Admissions and Matriculation Board (JAMB) exam, an entrance exam for Nigerian universities. She was scheduled to take the exam in Oyo state even though she lived in Ogun state.
By the time she arrived at her JAMB center, she had already exhausted the little cash her mother gave her due to the high cost of transportation. So when she got her period, instead of taking the exam, she was forced to walk the lonely streets of Wakajaye, Ibadan looking for an adult that could spare her ₦600 (less than $1) to buy a pack of sanitary pads.
She wanted to become a lawyer and for the longest time, her JAMB exam was all she spoke about. It broke my heart to know that something as natural as menstruation was what stopped her from gaining admission into any university that year.
Menstrual hygiene should not be a luxury. That’s why I started a Change.org petition petition calling on the Federal Ministry of Women Affairs to remove taxes on all menstrual products, especially imported ones.
The Nigerian government must put policies in place to ensure that all period products are tax-free and more accessible to the entire menstruating population. This petition is directly targeted at Pauline Tallen, the Minister of Women Affairs. But in order for this petition to produce effective results, I need as many signatures as I can get so please add your name to my call.
In addition to these policy changes, I want to break down stigmas around menstruation in Nigeria. I am tired of hearing periods spoken about with disgust and discrimination.
I want our policymakers to be held accountable until they provide free access to menstrual products for school girls. I want girls and women in rural areas to not only be able to afford menstrual products but to also have unlimited access to clean water to ensure safe menstrual health management.
No girl should have to wonder how many days of school she’ll miss each month because of her period. No girl should have to miss an exam because she can’t afford a pad.
Join me in calling on the Nigerian government to remove taxes on all menstrual products and help every girl and woman safely manage her period.
Innovative technology brand TECNO has launched the new SPARK 10 Series Magic Skin Edition, adding even more stylish design choices to its lineup of SPARK 10 series this summer. This special series is an embodiment of the brand’s trailblazing attitude to smartphone design and materials innovation, taking consumers one step forward with flagship-level innovative materials and trendsetting design.
The Magic Skin series combines groundbreaking material design with outstanding selfie-taking, gaming, and processing performance. Available on SPARK 10 Pro, SPARK 10, and SPARK 10C, this special edition allows young trendsetters to express themselves in a new way while enjoying the device’s exceptional and all-round user experience.
Innovative Eco-Friendly Materials with Flagship-level Texture
SPARK 10 Pro Magic Skin Edition’s eco-leather materials bring smartphone material design into an exciting new era. Delicate and smooth to the touch, the skin-friendly materials have a rich, grained texture. The material delivers a refined and premium texture with the look and feel of genuine leather and is extremely durable. In fact, SPARK 10 Pro Magic Skin Edition owners can relax in the knowledge that the back cover material is stain-resistant, doesn’t attract fingerprints, and is easy to wipe clean from oil, makeup and more. The material also provides great sweat resistance, corrosion resistance and UV resistance, so users can find peace of mind that their phone can handle the rigors of everyday life.
The SPARK 10 Pro Magic Skin Edition’s material design also embraces the eco-friendly qualities of silicon leather as an alternative to traditional coated fabrics. With an energy-saving production process that minimizes pollution, the SPARK 10 Pro Magic Skin Edition delivers for environmentally conscious consumers.
Eye-catching Color Composition with a Dynamic Visual Fashion
The SPARK 10 Series Magic Skin Edition empowers its consumers to “glow as you are” and make a stylish statement with trend-setting aesthetics. Featuring bold black stripes, the design of SPARK 10 Pro Magic Skin Edition speaks to a youthful and confident audience with a dynamic style inspired by the vibrant energy of street fashion. The black leather, magnetically embossed to preserve and enhance the beauty of the material, contrasts with a striking white upper section of the back cover to deliver an even greater impact. All of these make SPARK 10 Pro Magic Skin Edition a truly eye-catching accessory. Additionally, the SPARK 10 Magic Skin Edition is available in Orange and the SPARK 10C Magic Skin Edition is available in Blue, giving consumers more options to show off their style.
Ultimate All-rounder in its Price Bracket
This special series features not only an ultra-upgraded design and materials but also an ultimate high-performance selfie phone that incorporates all the great features of the SPARK 10 Series. The SPARK 10 Pro Magic Skin Edition boasts a 32MP Ultra-Clear Front Camera, dual soft lights with adjustable brightness, and intelligent nighttime, portrait, and video modes for capturing special moments in any lighting condition. It is powered by MediaTek’s remarkable Helio G88 gaming processor, while the device supports MediaTek’s HyperEngine 2.0 and TECNO’s GameTurbo Algorithm. Thanks to a 5000mAh Super Battery with 18W Fast Charge, the SPARK 10 Pro Magic Skin Edition lets the enjoyment go on and on, while games pack a punch on the series’ 6.8” ultra-high resolution display. With 256GB ROM and 16GB RAM (8GB extended RAM), it is a memory specialist in its price range, offering users a supremely smooth experience for gaming, entertainment, social, and everyday use.
Availability
The SPARK 10 Series Magic Skin Edition will be available in Sub-Saharan Africa, Southeast Asia, South Asia, South America, and the Middle East. The retail price is subject to each market.
Award-winning Nigerian actors Ireti Doyle and Bucci Franklyn will star in the Africa Magic original series titled The Hidden. The show will premiere tomorrow, May 28, 2023, on Africa Magic Showcase (DStv ch.151) at 8:30 pm.
The Hidden is a fictional thriller-drama with events and emotions expressed with characters in conflict at crucial moments in their lives. It sets out to explore a rigged society where the strong prey on the weak, where culture and tradition are turned to weapons of oppression and motives are twisted and turned at whim.
The show follows the life a woman who has seen it all, a shadow of her former self, been through the furnace, lost her loved ones to the brutal dividends of a once thriving career, seeks redemption in being the haven for others who seek refuge even as her calm, near perfect demeanour hides her thirst for vengeance.
Although no one here is related by blood, each is connected to the other by a bond of hidden trauma, violence, neglect and abuse far thicker, stronger and more potent than blood. Ireti Doyle, a veteran in the Nigerian film industry, has established herself as a talented and versatile actress, winning the hearts of audiences with her remarkable performances in both film and television. Her portrayal of complex characters has earned her critical acclaim and numerous accolades.
With her involvement in The Hidden, fans eagerly await her portrayal of a character measured, calm and deliberate person. She is an empath, with healthy boundaries. She recognises the wounds in her residents and tries to help them heal. She’s battled most of her demons and won. She accepts that while she cannot alter the past, she can help shape the future. If not for herself then for someone else.
Bucci Franklyn, a rising star known for his impressive range and ability to breathe life into diverse roles, is equally thrilled to be part of this groundbreaking series. Franklyn’s previous works have showcased his remarkable talent, making him a sought-after actor in the industry. In The Hidden, he will be taking on a character of Flo’s (Ireti Doyle) longest serving associate and most trusted partner.
He knows her intimately and has seen her in some of her weakest moments. He sees Flo ‘Ireti Doyle’ as a mother figure, and always has her back but at the same time there’s no denying there’s something sensual between them. His character will challenge his skills and captivate viewers with his on-screen presence.
The Hidden is set to push the boundaries of storytelling on African television, offering a unique blend of suspense, drama, and supernatural elements. With Ireti Doyle and Bucci Franklyn leading the cast, expectations are soaring high for this production.
Speaking about the series, Executive Head of Content and West African Channels, Busola Tejumola expressed her enthusiasm, saying, “This is an incredible project with immense potential value within the entertainment industry. The script is gripping, and the opportunity to work with such talented cast and crew is undeniably exciting.
The Hidden promises to be a game-changer in African television, and we can’t wait for viewers to join in on this thrilling journey. We are committed to spotlighting African storytellers and we would continue to do that through various innovative approaches.”
Africa Magic is renowned for its commitment to delivering high-quality, engaging content that resonates with African audiences. With The Hidden, the broadcast company aims to further strengthen its position as a frontrunner in the African entertainment industry.
The series is scheduled to premiere exclusively on Africa Magic Showcase every Sunday by 8:30 pm, bringing captivating storytelling and exceptional performances to television screens across Africa.
The stage was set for an elating display of talent as the top ten contestants showcased their abilities. IK Osakioduwa, the host, introduced the panel of esteemed judges of Nigerian Idol- Obi, Simi, and D’banj, who were ready to provide their insights and critique. However, the eviction announcement next week added an extra layer of tension to the proceedings.
Before the performances began, the host shared some comments from trolls who found various aspects of the show displeasing. Despite the negativity, the anticipation remained high as the contestants prepared to give it their all.
The host introduced the first contestant of the day, Victory Gbakara. With confidence, Victory took the stage and delivered a remarkable rendition of Alicia Keys’ “Fallin.” The judges were instantly impressed. Obi commended Victory’s incredible voice, while Simi praised both his vocal prowess and appearance. D’banj was equally captivated, predicting a long journey for Victory in the competition.
Savy Henry followed, opting for John Legend’s “You and I.” While the judges appreciated his vocal talent, Simi expressed a desire for more stage presence. She wanted in her words “a little bit more of display.” Nevertheless, Savy’s performance was still deemed impressive. When the host asked Savy why he chose the song, he explained the reason being the song’s lyrical theme of unwavering love.
Reigny, despite her initial nervousness, impressed the judges with her rendition of Keyshia Cole’s “Heaven Sent.” Simi commended her for proving her initial doubts wrong and encouraged her to embrace confidence.
Chisom brought energy to the stage with Usher “You Got It Bad,” incorporating some Michael Jackson-inspired moves. The judges thoroughly enjoyed his performance, praising his unique spin on the song and admiring his talent as both a singer and entertainer.
Goodness was up next with a seemingly effortless performance of Beyoncé’s “Halo,” leaving the judges in awe of her commanding voice and star-like presence. They applauded her for tackling a challenging song and making it sound effortless. Goodness revealed that her performance was dedicated to her best friend who was present in the live show.
Abraham took a risk by choosing Michael Bolton’s “Go the Distance” and wowed the judges with his vocal power. They commended his performance, appreciating his ability to showcase his range and emotion. Abraham explained that the song resonated with his personal journey which reminded him that with determination, great works and consistency, he can go the distance.
Quest tackled Celine Dion’s “It’s All Coming Back to Me,” a challenging ballad that shook her vocal abilities. While the judges admired her incredible voice, they advised her to choose songs strategically and find her rhythm. Despite the critique, Quest’s potential was evident, and they applauded her stage presence.
Ose Daniel graced the stage with his performance of Adele’s “Make You Feel My Love.” The judges compared his voice to hot chocolate, acknowledging the maturity and passion he brought to the performance. Ose Daniel’s ability to captivate the audience without excessive movement was commendable. Ose Daniel explained that the song represented his journey, and how his performance was a cue for people to feel his love and feel his music.
Precious Mac exuded confidence as she sang Alicia Keys’ hit, “No One.” The judges were impressed by her outfit and captivating performance. They praised her for maintaining eye contact with the audience throughout. Precious Mac’s ability to handle the pressure of coming from a family of singers was commendable.
Constance, referred to as “the new baby of the house” by the host, closed the show with her performance of Adele’s “All I Ask” and dedicated it to her late sister. The judges acknowledged her beauty and admired her emotional performance, but suggested she choose songs that suited her voice and comfort level in the future.
As the episode came to a close, the host recapped the memorable performances of the day, leaving the audience eagerly awaiting the results of the upcoming eviction.
It is clear that Nigerian Idol has unearthed a remarkable pool of talents and the journey is only just beginning. And thus, the curtains fell on another exciting episode of Nigerian Idol, promising more sensational performances and intense competition in the episodes.
Alex Otti, the newly sworn-in governor of Abia State, has committed to begin paying May 2023 salary and pensions to all civil officials and retirees in the state within the next few days.
Otti expressed discontent with the division between “core” and “non-core” civil officials in his inaugural speech on Monday, saying that starting in June 2023, all state salary and pension obligations would be resolved by the 28th of every month.
Otti, who was inaugurated in as the fifth democratically elected governor of Abia State at the Umuahia Township Stadium, stated that beginning this month, all civil servants and retirees in the state will get their lawful entitlements as and when due.
He also disclosed his administration’s plans to overhaul the state’s civil service, stating he will prioritize the workforce for efficiency and professionalism.
The newly inaugurated governor has stated that the Abia State Civil Service will be conducted differently under his administration.
Otti added that the state government will embrace technology as part of its efforts to uncover ghost workers in the civil service.
He added that the action aims to “determine who has been genuinely employed and who is actively stealing from the public treasury.”
He added, “Merit shall take prominence and only those who demonstrate requisite diligence in the discharge of their duties shall remain in the service. Technology will be used to support the Civil Service in the State.
“We propose to use technology to enable all Abia State employees, including myself, to work from anywhere to achieve operational efficiency and enhanced productivity.
“There shall be no room for corrupt practices and the full weight of the law shall be deployed in tackling all cases of indiscipline or any act that brings the service into disrepute.
“We shall be reviewing some of the most recent appointments and promotions made by the previous administration to ensure that persons recruited and promoted have the relevant qualifications and are suitably deployed.”
As the United States (U.S.) dollar continues to be scarce, the naira weakens on all major foreign exchange exchanges. Due to a lack of supply, May 2023 saw a more than 9% fall in the volume of US dollars transacted at the Investors, Exporters window.
According to analysts, the lack of interest from international investors contributed to the local economy’s hard currency illiquidity, which had a detrimental effect on the exchange rate. The Naira plunged substantially at the official window by 0.84 to end the week at 464.51 to the US dollar.
Despite the CBN’s sales at its foreign currency auction last week, exchange rates have mainly struggled as a result of the imbalance between market supply and demand for foreign exchange. The aviation, agricultural, petroleum, and raw materials/machinery sub-sectors gain from the CBN FX auction. This covers reimbursement for both personal and business travel, which local banks cut by 50% to $2,000 per eligible user.
Analysts noted that there has been increased involvement while stating that only exporters who sell their revenues through the window are eligible to acquire foreign currency via the CBN market intervention.
To reassure all foreign exchange users of the apex bank’s intention to continue to service all genuine FX demand, the apex bank has significantly increased the amount of foreign currency it has injected into the market. The open or parallel market, where the US dollar and other foreign currencies are freely exchanged at uncontrolled spread prices, saw an increase in unmet FX demand last week.
The currency rate then declined to N778 per US dollar from N775 while the gross balance of the country’s foreign reserves showed a little decline to $35.2 billion. Nigeria’s foreign exchange reserves barely decreased.
The volume of US dollars transacted at the IEW window declined in May 2023 amidst a forex struggle. Activity level or FX turnover declined 9.3% in May 2023 to $649.1 billion from $716.0 billion in April, Afrinvest said in a market report.
The external reserves at the end of 2022 stood at US$36.61 billion, a level that covered 6.8 months of import for goods and services or 9.3 months of import for goods, above the international standard benchmark of 3 months of import cover. In the oil market this week, oil price movement rebounded in early trading on Friday but is somewhat on course for another week of price decline as it traded at $74.75 per barrel on Friday in the midst of debt talks in the United States and the surprise contraction in China’s manufacturing activities.
The charter law for the Institution of Directors of Nigeria was previously approved by the National Assembly, and according to the institution, the Federal Government has also approved.
According to the organization, former President Muhammadu Buhari signed the Bill into law on Friday while he was still president.
The corporate governance institute in Nigeria, which also advocates for high ethical standards, announced that it would henceforth be called and referred to as the Chartered Institute of Directors Nigeria.
“This has confirmed the leading status of the institute as the apex body upholding sound corporate governance practices and ethical standards in Nigeria,” stated Dr. Ije Jidenma, President and Chairman of the Governing Council of the Institute of Directors Nigeria.
“And with this one action, the institute has achieved chartered status, giving it the authority to plan and carry out director development programs, capacity building initiatives, and corporate governance standards in Nigeria” he continued.
“We are truly appreciative of the National Assembly and President Muhammadu Buhari for painstakingly carrying out the process that has resulted in this,” he stated.
“We are happy that it has finally materialized as a present worthy of the institute’s 40th anniversary after a protracted trip”.
Jidenma further stated that the institute was appreciative of both its former and current leaders for their contributions to the accomplishment.
“They have worked tirelessly to promote the fundamentals of good corporate governance and have assisted in establishing the institute as a respected and influential organization in Nigeria and beyond,” he said.
“As an institute, we will continue to be dedicated to enhancing director capacity, professionalization, and providing our fair share of support for the expansion and development of the Nigerian economy”.
The Governor of Osun State, Ademola Adeleke amidst the scarcity of fuel has threatened to close down filling stations hoarding Premium Motor Spirit (PMS), also known as petrol.
“Any fuel station found guilty of hoarding fuel to create artificial scarcity shall be sealed off and operators prosecuted for crime of economic sabotage,” the governor said in a statement on Tuesday by his spokesman, Olawale Rasheed.
The country’s new fuel scarcity comes after Nigeria’s new President, Bola Tinubu, said on Monday that the era of fuel subsidy payments has gone.
“Fuel subsidy is gone,” Tinubu proclaimed in his inaugural speech as Nigeria’s 16th President on May 29 at Eagle Square.
The newly sworn-in President stated that the 2023 Budget makes no provision for fuel subsidies, and that such payments are no longer justifiable.
Tinubu has since received support from the Nigerian National Petroleum Company Limited (NNPCL) for the elimination of gasoline subsidies.
Since the president’s announcement, fuel lines have resurfaced across the country as Nigerians search for the premium commodity.
In its warning to marketers, the Osun State Government stated that deliberate stockpiling of PMS by petrol dealers within the state as a result of Tinubu’s comments has imposed unnecessary hardship on the people of the state.
“This deliberate action is not only inhumane but unpatriotic and will not be allowed by the government.
“To this end, the Special Monitoring Team on fuel scarcity set up by His Excellency, Governor Ademola Nurudeen Jackson Adeleke headed by the Chief of Staff, Hon Kazeem Akinleye is still effective and shall not condone any form of economic sabotage.
“As from today, 30th May 2023, the Committee shall begin special monitoring of all the filling stations across the state in collaboration with law enforcement agencies and other stakeholders,” the statement partly read.
The ongoing concession of the Mallam Aminu Kano International Airport in Kano and the Nnamdi Azikiwe International Airport in Abuja is expected to bring in $4 billion (or around N1.84 trillion) for the federal government.
This information was revealed in a statement released on Monday in Abuja by Oluseyi Odutayo, the Federal Ministry of Aviation’s head of press and public affairs, which included updates on the current Nigeria Airport Concession Programme.
The ministry urged Nigerians to work together for the concession of the country’s major airports to be a success, highlighting the significant benefits that were anticipated.
“Over the concession period, the projected nominal revenues from the combined concession of NAIA and MAKIA exceed $4bn. With over 70 per cent of the projected revenues payable to the Federal Airports Authority of Nigeria, the government will benefit from a substantial revenue stream that can be utilised for various developmental projects,” it stated.
It said this infusion of private sector investment and the resulting financial benefits would enable Nigerians to implement the much-needed upgrades to airport infrastructure, technology, and services.
Providing more updates on the programme, the FMA said the successful bidder had pledged $8.5m upfront payment for the Abuja and Kano airports.
“Under the concession agreement for Nnamdi Azikiwe International Airport and Mallam Aminu Kano International Airport, the successful bidder, Corporacion America Airport Consortium, (a New York Stock Exchange Company), has committed to making upfront payments of $7m for NAIA and $1.5m for MAKIA.
“These immediate payments demonstrate their commitment to investing in the development and enhancement of these airports,” the ministry stated.
The Federal Government started the airport concession procedure, which is governed by the Infrastructure Concession Regulatory Commission, in 2016 to entice international investments and technological alliances in the aviation infrastructure sector.
The Federal Government also reaffirmed its unwavering dedication to handling continuing legal issues in a timely manner, in full compliance with the law, and with openness throughout the settlement of the legal challenges.
The NACP plans to use best practices from other countries as a guide to enhance airport functionality and quality, improve Nigerians’ travel experiences, draw in foreign direct investments, and boost tax income.
“We urge all stakeholders to support this transformative process and work together to achieve our shared vision of a thriving aviation sector that benefits all Nigerians.
“By embracing the Nigeria Airport Concession Programme, we can create an aviation industry that drives economic growth, attracts foreign investment, and positions Nigeria as a regional hub for air travel and commerce,” the ministry stated.
Following purchasing activity in the stocks of major, midsize, and small-cap businesses, the Nigerian Exchange, or NGX, increased by N428 billion, marking a solid recovery from last week’s collapse. Stockbrokers claim that the market saw significant bargain-hunting activity across tickers with favorable entry positions, driving the NGX indications higher.
The Nigerian Exchange All-Share Index increased somewhat week over week by 1.5% to 52,973.88 points, and the return for the year as a whole was 3.4% after rebounding from selling surges.
The weekly rise was specifically fueled by investors’ interest in NESTLE (+10.0%) and MTNN (+1.5%). According to market statistics, activity levels were mixed as average volume decreased by 30.0% to 329.1 million units while average traded value increased by 5.7% to $6.8 billion.
By volume, ZENITH (5.0 billion), GEREGU (4.0 billion), and GTCO (3.1 billion) were the most actively traded equities, followed by UBA (244.6 million units), ACCESSCORP (204.1 million units), and ZENITH (189.4 million units).
According to Afrinvest Limited’s market report, bulls were in control of trading across all sectors covered by its analysts, with the exception of the Industrial Goods index, which fell 0.7% as a result of BUACEMENT’s share price falling 2.2% on a weekly basis. The Banking and Insurance indexes topped the gainers with gains of 5.6% and 3.6%, respectively, thanks to rising stock prices in companies like UBA, Zenith, LASACO, and AIICO, among others.
According to exchange data, UBA increased by 11.4%, ZENITH increased by 3.8%, LASACO increased by 14.5%, and AIICO increased by 6.9%. The Consumer Goods, Oil & Gas, and AFR-ICT indexes all made gains of 3.2%, 3.1%, and 0.8% week over week while trailing. Share price increases at Total, Nestle Nigeria, and MTN Nigeria all contributed to the gain.
In the last five trading sessions on the local exchange, TOTAL increased by 14.5%, NESTLE increased by 10.0%, and MTNN increased by 1.5%. Market breadth, a measure of investor mood, increased to 0.6x from 0.2x the previous week as 60 companies gained, 20 lost, and 71 finished flat as a result of the upward price action.
The greatest gainers were FTNCOCOA (up 54.5%), RTBRISCO (up 40.7%), and CHAMS (up 36.7%), while the top losers were SOVERENIN (down 20.0%), CHELLARAM (down 18.8%), and ARDOVA (down 13.9%).
Overall, sector performances were favorable, with the exception of the banking (+5.6%), insurance (+3.6%), and oil and gas (+3.2%) and Consumer Goods (+3.1%) – save for the Industrial Goods (-0.9%) index, posted gains. Stock market analysts said they anticipate a bearish tilt in the aggregate market performance due to the shortage of sustainable positive catalysts.
Overall, the equities market capitalisation nudged higher by ₦428.0 billion to ₦28.8 trillion while the year-to-date return recovered to 3.4% from a low of 1.8% in the previous week. The most traded stocks by volume were UBA (244.6m units), ACCESSCORP (204.1m units), and ZENITH (189.4 million units), while ZENITH (₦5.0 billion), GEREGU (₦4.0 billion), and GTCO (₦3.1 billion) led by value.
In its market report, Afrinvest Limited said the bulls dominated proceedings across sectors under its analysts’ coverage, save for the Industrial Goods index which faltered 0.7% following the 2.2% w/w decline in the share price of BUACEMENT.
For the gainers, the Banking and Insurance indices led the park, up 5.6% and 3.6% respectively, due to price appreciation in UBA, Zenith, LASACO, and AIICO among others.
Data from the exchange showed that UBA gained 11.4%, ZENITH rose by 3.8%, LASACO jumped by 14.5% and AIICO popped up +6.9%.
Trailing, the Oil & Gas, Consumer Goods, and AFR-ICT indices advanced 3.2%, 3.1%, and 0.8% week on week respectively. The growth was spurred by share appreciation in Total, Nestle Nigeria, and MTN Nigeria.
TOTAL inched higher by 14.5%, NESTLE rose by 10.0%, and MTNN jumped higher by 1.5% in the last five trading sessions in the local bourse. With the positive price movement, investor sentiment, measured by market breadth, strengthened to 0.6x from 0.2x the prior week, as 60 stocks gained, 20 lost while 71 closed flat.
FTNCOCOA (+54.5%), RTBRISCO (+40.7%), and CHAMS (+36.7%) led the top gainers while SOVERENIN (-20.0%), CHELLARAM (-18.8%), and ARDOVA (-13.9%) led the decliners. The performances across sectors were broadly positive AS the Banking (+5.6%), Insurance (+3.6%), Oil and Gas (+3.2%), and Consumer Goods (+3.1%) – save for the Industrial Goods (-0.9%) index, posted gains.
Stock market analysts said they anticipate a bearish tilt in the aggregate market performance due to the shortage of sustainable positive catalysts. Overall, the equities market capitalisation nudged higher by ₦428.0 billion to ₦28.8 trillion while the year-to-date return recovered to 3.4% from a low of 1.8% in the previous week.
According to latest information from the apex bank, the Federal Government borrowed N6.07 trillion through Ways and Means Advances from the Central Bank of Nigeria in 2022.
As a result, the Federal Government borrowed N23.53 trillion from the CBN in December 2022 as opposed to N17.46 trillion in December 2021. However, given that the debt was N23.77 trillion in October 2022, the Federal Government may have borrowed more than N6.07 trillion.
By December, it seems that debt servicing may have marginally decreased it to N23.53 trillion. Recently, the Senate and the House of Representatives accepted the President’s proposal for a restructuring of the Ways and Means Advances, which increases the stock of current debt.
The Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits. Since the government started experiencing a significant shortfall in revenue, it has relied heavily on the central bank to finance its expenditure programmes via Ways and Means.
The Federal Government had said it would repay the loan with securities such as treasury bills and bonds issuance.
Prominent economists, Nigeria Employers’ Consultative Association and opposition parties took a swipe at the President, Major General Muhammadu Buhari, (retd.), and the National Assembly over the government’s over N22.7tn extra-budgetary spending approved by the legislative chambers.
While groups including NECA and the Lagos Chambers of Commerce and Industry questioned the rationale for the loan by a regime that was approaching its exit, economists described the approval by the Senate as unusual.
With the approval by the Senate of the N22.7tn loan from the CBN extended to the Federal Government under its Ways and Means provision, Nigeria’s total debt will rise to N68.95tn.
The Debt Management Office recently revealed that Nigeria’s total public debt stock increased to N46.25tn in the fourth quarter of 2022. It stated that the figure consisted of the domestic and external total debt stocks of the Federal Government and the sub-national governments (36 state governments and the Federal Capital Territory).
The Senate Leader, Ibrahim Gobir, who led the Senate in the debate for the approval of the Ways and Means, explained that part of the money was given as loans to states.
Gobir added that the Special Committee was set up by the Red Chamber to scrutinize the fiscal document and put up the report after critical analysis and review of submissions made by the Federal Ministry of Finance, Budget, and National Planning and the CBN.
He noted that the Senate approved the sum of N819.54bn from the N1tn additional request made by the President, leaving an outstanding balance of N180.4bn being the accrued interest on the sum
A Nigeria-based anti-corruption group, SecureWorld and Liberty Initiative for Peace, SELIP, has petitioned the Economic and Financial Crimes Commission, EFCC, to probe the outgoing Minister of Aviation, Hadi Sirika, for allegedly using the establishment of a national carrier, Nigeria Air, to perpetrate fraud and commit economic sabotage.
The petition, which was addressed to the EFCC Chairman, Abdulrasheed Bawa, was signed by the Executive Director of SELIP, Comrade Mark Adebayo, requesting the anti-graft agency to investigate the outgoing minister for undertaking ventures designed to benefit a few individuals and lead to the eventual collapse of aviation, a critical sector of the Nigerian economy.
The group noted with dismay the unveiling of an aircraft on Friday in Abuja purportedly belonging to Nigeria Air, despite an existing court order restraining the minister from taking any action regarding the project.
The group alleged that in a desperate bid to hoodwink President Muhammadu Buhari’s government and the generality of Nigerians, the minister imported a re-painted aircraft owned by Ethiopian Airlines and passed it off as the maiden flight belonging to Nigeria Air.
The civil society group averred that the Federal High Court sitting in Lagos headed by Justice A.L Allagoa, in a suit filed by the Airline Operators of Nigeria, had granted three separate orders of injunctions, restraining the Federal Government from taking any step about the Nigeria Air project ‘but the minister in a desperate bid to cover up the monumental fraud in the deal elected to flagrantly disobeyed an order of a court of competent jurisdiction and produced a sham called unveiling of Nigeria Air flight last Friday.’
“We are compelled to bring to your attention that the aircraft purportedly unveiled on Friday, May 26, 2023, by Minister Sirika, as the first flight of the national carrier, Nigeria Air, is still in active service of Ethiopia Airlines. We can confirm that the aircraft, a Boeing 737-800 with the registration number ET-APL, has since left the country this weekend for Turkey according to a check on the flight radar; it only transited Nigeria for the farce of a show put up by the minister.
The flight landing in the country with Ethiopia Airlines’ registration number means Nigeria Air has no Air Operator Certificate. No aircraft can be registered in Nigeria without the carrier having an AOC which means that the aircraft does not belong to Nigeria Air either as leased or owned equipment. So, Sirika should not be allowed to fool Nigerians,” the group said in the petition.
The group urged the anti-graft agency to make Sirika account for a whopping N15.9 billion that has been committed so far to the project by the federal government, alleging that the desperation by the minister is geared towards covering up the misappropriation of funds and monumental fraud.
“The unveiling was a desperate attempt to justify the N15.9 billion appropriated by the federal government to Nigeria Air since 2016. The phantom project has continued to lick up budgetary provisions; N1.3 billion was allotted to it in the 2023 budget with an additional N700 million as ‘working capital’ and N200 million as consultancy fee; so, the minister must not be allowed to hoodwink Nigerians with the ‘importation of a rented aircraft into the country and pass it off as a step to the commencement of the operation of the airline days to his exit from office. This act of fraud and economic terrorism must not be allowed to go unpunished,” the petition read.
Sirika claimed that Nigeria Air Limited is a private sector-led airline, with only five per cent of the company owned by the Nigerian government. The minister also added that a consortium of entrepreneurs in Nigeria owns 46 percent while investors in Ethiopian Airlines retain 49 percent of the shares.
However, SELIP in the petition, countered the minister saying the conception and implementation of the national carrier project were shrouded in ambiguity and designed to defraud the people of Nigeria by a few Nigerians in connivance with their international collaborators.
“There’s no agreement with the stakeholders in Nigeria, so on what basis has a painted plane be brought in to deceive Nigerians? The lack of transparency on funding and alleged zero consideration for local players and national interest is frightening as the proposed Shareholders’ Agreement which is yet to be signed the, reserves all Executive Directors positions for the Ethiopians with Nigerians as deputies,” the group said.
SELIP said Sirika must be compelled to explain why in the proposed Shareholder Agreement, Ethiopian Airlines will also collect millions of dollars yearly as management fees despite having 49% shares and why the East African company will attract such grace by using just their own planes as contributions to the project.
The group also charged the EFCC to probe the 3% of the total shares allocated to Fairfax Ltd which was appointed as the Transaction Adviser to the project.
SELIP appealed to the anti-graft agency to probe the deal that granted Fairfax Nigeria Limited the shares without paying a dime.
“This company will also be paid millions of dollars monthly and will be in charge of procurement for Nigeria Air. There is overwhelming evidence that Sirika has a substantial interest in Fairfax Nigeria Limited albeit by proxies, and one of the most curious things is why a firm incorporated in March 2021 without robust experience in the aviation industry will be factored into such a monumental project.
“Please, use your good office to probe the perpetration of conflict of interest and grand fraud against the Nigerian people so that sanity will be restored in that sector and cause a rebound in the confidence of investors in the industry,” the group said.
SELIP said the implementation of the project is capable of undermining the efforts of the incoming Bola Tinubu administration and the EFCC must make the promoters of the phantom deal face the full length of the law.
“Being a high flight risk after May 29th, 2023, we demand the immediate arrest of Minister Hadi Sirika before he flees the country. We urge your Commission to keep perfect vigilance on Minister Sirika and not allow him to escape from these shores but be made to answer for his massive corruption that is bound to harm the critical sector of Nigeria’s Aviation Industry.
“This scam scheme can only be compared to the daring scam by a Nigerian who sold a phantom airport to some Brazilians years ago. We are sure the Commission has an institutional memory of that obnoxious financial crime that caused Nigeria international embarrassment. The current scam is no less obnoxious.
“We have confidence that the EFCC will do justice and timely, too, to get to the bottom of this scam and save Nigeria’s Aviation Industry from the impending doom,” the petition read.
With the dawn of a new administration, the clarion call for a free press in Nigeria grows louder. However, the WSCIJ 2022 media monitoring report of civic space infractions across ten years (2012-2022) showed journalists as primary victims of violent attacks by state and non-state actors. The 2023 World Press Freedom Index corroborates this as it ranked Nigeria 123 out of 180 – one of the most dangerous and difficult countries for journalists to work in.
International Press Centre (IPC) recorded sixty-six cases of attacks on Nigerian journalists and three on media houses in 2022, while the Centre for Journalism Innovation and Development (CJID) recorded 45 attacks on journalists in 2023 only. Data collated between 2015 and 2023 by ‘Spaces for Change’ showed 767 cases of civic space infractions bordering on freedom of expression, freedom of association and assembly, press freedom, digital closure and surveillance, as well as anti-money laundering/counter financing of terrorism cases that targeted journalists, media organisations and dissenting voices.
The National Broadcasting Commission (NBC) regularly issues contestable sanctions to broadcast stations under different guises. At the sub-national level, state governors have not fared better. In 2022, reports said the Zamfara state government shut down four broadcast stations for transmitting the political rally of an opposition party. In Gombe state, the state government allegedly ordered the arrest of a Federal Radio Corporation of Nigeria (FRCN) staff for hosting an opposition member on his radio programme.
The Foundation for Investigative Journalism reported various sanctions by NBC on over 100 news platforms in the last eight years. To halt the sloppy slide, the new government must abort repressive bills and laws that seek to gag press freedom. It must adopt affirmative action. During the WSCIJ May edition of Journalism and Society Twitter Spaces marking the 2023 World Press Freedom Day, speakers suggested that the new administration must see the media as partners in nation-building, urged the 10th National Assembly to enact laws to empower journalists and the media and encouraged the media to continue to speak up in the face of oppression, irrespective government’s disposition.
Now, more than ever, media support organisations and civil society groups must collaborate and empower small independent media organisations to hold the government to account. Media organisations with national spread must take their place of pride and lead the defence of the press. Courtesy of our Civic Space Guard project and other interventions, the WSCIJ will also continue to fortify the position of the media as the protector of the civic space, create platforms for conversations, support the media, and engage stakeholders to improve the robustness of human rights.
Whether the Tinubu/Shettima government will intentionally uphold press freedom is unknown. We, however, know that a shackled press births a shackled democracy and impinges on national development. And we will relentlessly call the government to task on this requirement of democracy.
Motunrayo Alaka ED/CEO, Wole Soyinka Centre for Investigative Journalism
Following Bola Tinubu, the president’s statement that there is no longer a fuel subsidy, Nigerians have been hit with scarcity of petroleum commodities.
Tinubu, during his inauguration on Monday, May 29, 2023, declared that there would no longer be a fuel subsidy regime as the current 2023 budget he glimpsed does not contain it.
He stated this on Monday in his inaugural address at the Eagle Square, Abuja.
The current 2023 budget has provision for the fuel subsidy till June.
Tinubu stated that funds for subsidies will be diverted to other things like public infrastructure, education, health care, and jobs.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. The subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” he said.
BizWatch Nigeria understands that the Nigerian government has, for decades, subsidised fuel and fixed retail prices of petroleum products. The payment has, however, threatened the nation’s fiscal position and impacted the government’s ability to fund developmental projects across the nation.
However, a few hours after the claim was made, filling stations across Nigeria, particularly Lagos started to witness long queues, such that many of them later shut their businesses.
The statement may have caused panic buying among Nigerians, who feared what the new price of petrol would be.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.95 per $1 on Thursday, May 25.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦760 and ₦775 with an average of ₦766.80 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks
Chief Raymond Dokpesi, Founder of DAAR Communications and African Independent Television (AIT) is dead.
Dokpesi, who was a chieftain of the Peoples Democratic Party (PDP), died at the age of 71 in Abuja.
His son, Raymond Dokpesi (JNR), announced the passing in a brief statement on Monday.
“It is with deep sadness and heavy hearts that we announce the passing of High Chief Raymond Aleogho Anthony Dokpesi (Ezomo of Weppa-Wanno Kingdom) who passed away on May 29th, 2023,” the statement reads.
“High Chief Dokpesi was a beloved husband, father, grandfather, and friend to many. He will be deeply missed by all who knew him.
“High Chief Dokpesi was also a respected and accomplished businessman, a pioneer in the media industry, and a philanthropist who dedicated his life to the service of his country and his community. His legacy will live on through the impact he made on the lives of many.
“The Dokpesi family is grateful for the outpouring of love and support during this difficult time. We ask that you keep us in your thoughts and prayers as we mourn the loss of our patriarch. We also ask for privacy during this time as we grieve together as a family.”
He added that more details on the funeral arrangements will be released in due course.
There is currently chaos and confusion over the hurried introduction of “Brown Card”, a new document for permanent residency for foreigners in Nigeria by the immediate past government.
The innovation, which was announced by the former minister of interior, Rauf Aregbesola, was packaged without the input of relevant agencies and stakeholders. Aregbesola made the announcement at the conferral ceremony for 385 foreigners.
However, there has been apprehension and confusion since the introduction as stakeholders are querying the hurried nature of the new policy. These worries revolve around the execution, and the intention of this policy. A source close to the new administration disclosed that the policy is being reviewed.
Currently, there are reports of unscrupulous ISIS characters using the back door routes with ECOWAS passports from countries such as Guinea Bissau thronging through West Africa. Who can key into this Brown Card.
It would be recalled that towards the twilight of the previous administration, many policies and bills were signed which are expected to benefit Nigerians in the long run. However, this is one of those policies that is being revisited by the new administration to ensure that the interest of Nigeria, overrides the interest of a few.
I stand before you honoured to assume the sacred mandate you have given me. My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity.
This day is bold and majestic yet bright and full of spirit, as is our precious nation.
As a nation, we have long ago decided to march beyond the dimness of night into the open day of renewed national hope.
The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.
For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.
This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.
We have endured hardships that would have made other societies crumble.
Yet, we have shouldered the heavy burden to arrive at this SUBLIME moment where the prospect of a better future merges with our improved capacity to create that future.
To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.
The peaceful transition from one government to another is now our political tradition. This handover symbolizes our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be.
Here, permit me to say a few words to my predecessor, President Muhammadu Buhari. Mr President, you have been an honest, patriotic leader who has done his best for the nation you love. On a more personal note, you are a worthy partner and friend. May History be kind to you.
For many years, Nigeria’s critics have trafficked the rumour that our nation will break apart, even perish.
Yet here we are. We have stumbled at times, but our resilience and diversity have kept us going.
Our burdens may make us bend at times, but they shall never break us.
Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.
As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, NIGERIA SHALL EXIST.
Today, Fate and Destiny join together to place the torch of human progress in our very hands. We dare not let it slip.
We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.
Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.
We are here to further mend and heal this nation, not tear and injure it.
In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.
The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.
They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.
They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law. Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.
We must never allow the labor of those who came before us to wither in vain but to blossom and bring forth a better reality.
Let us take the next great step in the journey they began and believed in.
Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.
My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.
May we uphold these fitting and excellent notions as the new Nigerian ideal.
My fellow compatriots,
The Nigerian ideal which I speak of is more than just an improvement in economic and other statistics. These things are important; but they can never convey the fullness of our story.
Our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another, and duly rewards our collective effort to resolve the social ills that seek to divide us.
Our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding. Let us develop a shared sense of fairness and equity.
The South must not only seek good for itself but must understand that its interests are served when good comes to the North. The North must see the South likewise.
Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all.
In the coming days and weeks, my team will publicly detail key aspects of our programme. Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal:
The principles that will guide our administration are simple:
Nigeria will be impartially governed according to the constitution and the rule of law.
We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion.
We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.
In our administration, Women and youth will feature prominently.
Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.
SECURITY
Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.
To effectively tackle this menace, we shall reform both our security DOCTRINE and its ARCHITECTURE.
We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay and firepower.
THE ECONOMY
On the economy, we target a higher GDP growth and to significantly reduce unemployment.
We intend to accomplish this by taking the following steps:
First, budgetary reform stimulating the economy without engendering inflation will be instituted.
Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.
I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.
We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.
JOBS
My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.
Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable.
Agriculture
Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.
Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.
Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.
INFRASTRUCTURE
We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail and ports shall get priority attention.
FUEL SUBSIDY
We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
MONETARY POLICY
Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.
FOREIGN POLICY
Given the world in which we reside, please permit a few comments regarding foreign policy.
The crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern.
As such, my primary foreign policy objective must be the peace and stability of the West African subregion and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.
As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.
Conclusion
This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria.
On this day, Nigeria affirms its rightful place among the world’s great democracies. There, Nigeria shall reside forever.
The course of our past and the promise of the future have brought us to this exceptional moment.
In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.
With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria. May God bless you and May He bless our beloved land.
On Monday in Abuja, President Bola Tinubu declared that his administration would end the subsidy on petroleum products.
Soon after being sworn in as the 16th President of Nigeria, Tinubu declared “Subsidy is gone” in his inaugural speech at Eagle Square, Abuja.
President Bola Tinubu stated during his inaugural speech on Monday in Abuja that his administration’s minimum GDP growth target is 6% per year. Additionally, he pledged to govern the nation with “compassion and amity toward all.”
“In terms of the economy, we’ll aim for GDP growth of no less than 6%. Budgetary reforms will be used to accomplish this. In his inaugural speech at Eagle Square, Abuja, Tinubu promised to make maximum use of home production while reducing importation.
He committed to evaluate any concerns about numerous taxes in order to increase foreign direct investment.
“Our administration will examine all concerns about various taxes, as promised to our foreign investors. All firms would be permitted to bring their hard-earned profits home, added Tinubu.
The former governor of Lagos and Nigeria’s vice president, Kashim Shettima, had taken the oath of office together a few hours earlier.
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