The Nigerian Government has agreed to benefit and be part of the Group of 7 (G7) “Energy for Growth in Africa” initiative investments in clean energy projects across African countries. The joint statement with other African and European countries was published on the website of the Italian Government, the current holder of the G7 Presidency in 2024, on Friday. It was previously reported that leaders of the G7 countries(United States, Italy, Canada, France and others) held a meeting with Italian and United States private sector representatives resulting in a $420-million-dollar investment commitment towards African countries. Joint Statement on Energy for Growth in Africa …
Author: Temitope N.
The federal government has confirmed the death of three miners in Niger state in a new mine collapse. This is the second mine collapse in the month of June after similar incident earlier in the month. The Minister of Solid Minerals Development, Dr. Dele Alake, disclosed this in a statement through his Special Assistant on Media, Segun Tomori, on Saturday in Abuja. The collapse occurred on Thursday in Bazakwoi, a village in the Adunu community, Paikoro Local Government Area of Niger, where local miners were allegedly mining for gold illegally. According to the statement, owners of licensed land units mined…
Four Lebanese nationals, including Muhammed Fouani, Managing Director of Fouani Nigeria Limited, a leading distributor of electronics such as LG, Hisense, and Huawei in Nigeria, have been abducted by armed men suspected to be kidnappers. The kidnappers are demanding a $1.5 million ransom for their release. The abduction took place on Friday in Lagos State, as the Managing Director and the other foreigners were ambushed near the Falomo Bridge while traveling by boat from Apapa to Victoria Island, several media reports have confirmed. The Police Public Relations Officer of the Lagos State Police, Benjamin Hundeyin, confirmed that Lebanese nationals were…
Lagos State Governor Babajide Sanwo-Olu has vowed to arrest the perpetrators behind the recent kidnapping of three Lebanese nationals, including Muhammed Fouani, the Managing Director of Fouani Nigeria Limited. The Governor emphasized that his administration would not tolerate individuals with malicious intentions in the state. He reassured Lagos residents, particularly business owners and religious tourists, that stringent security measures are being implemented to ensure their safety. These assurances were contained in an official statement by Gboyega Akosile, Special Adviser on Media and Publicity to the Lagos State Governor, on the Lagos State Government’s website on Wednesday. “Lagos State Governor, Mr.…
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Canada provides comprehensive options for international graduates to work, stay, and potentially transition to permanent residency. As graduating from a university in Canada is a significant milestone for international students, exploring the options to remain in the country post-graduation can seem daunting, yet it presents an exciting opportunity. Evaluating your choices should therefore be based on your career aspirations, study duration, and readiness to navigate the immigration process. Canada’s diverse opportunities offer a promising start to your post-graduation life. Here, we explore five essential pathways to stay in Canada after your studies: Obtain a Post-Graduation Work Permit (PGWP) The PGWP is a…
The Nigeria Export Processing Zones Authority (NEPZA) has stated it will offer startups and foreign businesses operating in free trade zones tax breaks, customs duties waiver and other incentives as part of measures to stem the growing tide of foreign business exit in the country. The Managing Director of NEPZA, Olufemi Ogunyemi told the News Agency of Nigeria (NAN) that it was supporting businesses within its free trade zones and enclaves. He said, “This initiative aims to reduce production costs and incentivise companies to maintain operations in Nigeria. We offer a range of incentives designed to attract and retain foreign direct…
Universities Scotland has expressed concern that a 20% reduction in international student numbers could impede the ability to subsidize tuition fees for Scottish students. Experts have therefore emphasized the need for the Scottish Government to increase funding for each Scottish student to help stabilize the higher education sector. However, the Vice-Chancellor at the University of Dundee and convener of Universities Scotland, Professor Iain Gillespie mentioned that merely increasing funding for Scottish-domiciled students might not suffice to eliminate universities’ dependency on tuition fees from international students. Financial challenges of Scottish universities Prof Gillespie said that roughly 70% of international students cite the post-study work…
African ICT and Communications Ministers of the African Union (AU) said they have unanimously endorsed a “Continental Artificial Intelligence (AI) Strategy” and “African Digital Compact” to accelerate “Africa’s digital transformation” by unlocking the potential of the new digital technologies in Nigeria and other African countries. This was disclosed in a statement published on AU’s official website on Monday, June 17, 2024. Over 130 African ministers and experts virtually convened between June 11 to 13, 2024 for the AU 2nd Extraordinary session of the Specialized Technical Committee on Communication and ICT. The meeting aimed at igniting digital transformation across the continent amidst rapid…
The Nigerian box office is expected to reach N10 billion in revenue from cinema ticket sales and movie releases by the end of 2024. This projection is driven by a strong lineup of new titles from both Hollywood and Nollywood, promising increased content and cinema admissions. Key factors contributing to the N10 billion target include new cinema openings, higher ticket prices, foreign investment in local productions, a growing middle class, and the availability of premium formats – according to a report by Filmone Entertainment, a leading West African movie distribution company. The 2024’s projected revenue is a 42% increase up…
The Australian government has implemented stricter regulations to curb “visa hopping” among international students, with changes set to take effect from July 1. ‘Visa hopping’ refers to when temporary visa holders continuously extend their stay by applying for other visa classes. The move comes as part of Australia’s effort to put an end to this practice where international students prolong their stay in the country by transitioning from one temporary visa to another. The strategy highlighted that the number of international students remaining in Australia on a second or subsequent student visa increased by over 30% to more than 150,000 in the…
The federal government has announced a $3.5 billion agreement with Afreximbank to enhance the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on X on Tuesday. Uzoka-Anite said the deal was signed with the international financial institution during 31st Afreximbank Annual Meeting in Nassau, The Bahamas. She stated that the agreement will help realize President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy. “I am pleased to report that a groundbreaking $3.5 billion MOU agreement between…
Five individuals, including three brothers from Fouani Nigeria Limited, a prominent electronics distributor, have regained their freedom four days after being abducted in Lagos last Friday. A ransom of $1.5 million was reportedly demanded by their abductors for the release of the Lebanese nationals. The spokesperson for the Lagos State Police Command, Benjamin Hundeyin, on Tuesday confirmed that a joint rescue operation by the Marine Police and the Nigerian Navy in the Orugbo Iddo area of Epe successfully secured the release of the abducted victims on Monday night. Among those freed were three Lebanese nationals: Abbas Fouani, Youssef Fouani, and…
Nigeria has been projected to lose 300 millionaires at home to another country in 2024, according to a report on migration by Henley & Partners. According to the report, approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the United Arab Emirates (UAE) and the USA topping the list of destinations by these millionaires from Nigeria and others. The report states that millionaire migration is a leading indicator of the overall health of a country and its economy. Henley & Partners is a British investment migration consultancy that runs the world’s leading government advisory practice…
The Senate President, Godswill Akpabio, has announced that more than 30,000 Nigerian students have been selected to benefit from the student loan scheme introduced by President Bola Tinubu. Akpabio said this in a statement on Tuesday during his visit to the Nigeria Institute of Legislative and Democratic Studies in Abuja. He said the Student Loan bill was one of the most significant pieces of legislation passed by the tenth Assembly of the country. He stated that the bill allows underprivileged children to pursue higher education without the burden of financial constraints. Accordingly, Akpabio said that was what made the legislature…
Hollywood action comedy “Bad Boys: Ride or Die,“ starring Will Smith, has grossed N167 million at the Nigerian box office in its first 11 days. The film, which premiered on June 7, 2024, is currently the top Hollywood movie in Nigeria, according to data from Film One Entertainment. Starring and produced by Will Smith, alongside Martin Lawrence, “Bad Boys: Ride or Die” made N68.94 million in its opening weekend (June 7-9, 2024), making it the most-watched movie in Nigerian cinemas during that period. Six days later, it surpassed the N100 million mark, grossing over N104 million. Directed by Adil & Bilall and written by…
The Manufacturers Association of Nigeria (MAN) has warned that the continued abductions of company executives could undermine confidence in the Nigerian economy. Mr. Segun Ajayi-Kadir, the Director-General of MAN, made this statement on Tuesday in Lagos. His remarks came following the successful rescue of the Managing Director of Fouani Group, Mohamed Fouani, and four others by the Lagos State Police Command. Ajayi-Kadir emphasized that the issue of insecurity poses a significant threat to the business community and the overall economic development of Nigeria. He praised the security agencies for the safe release of Mr. Fouani, noting that their efforts were…
President Biden of the United States (U.S.) has unveiled a major immigration initiative designed to offer legal status and a streamlined pathway to U.S. residency and citizenship for approximately half a million illegal immigrants married to American citizens. President Biden stated that these measures would take effect “later this summer.” This new policy will allow eligible immigrant spouses and children of U.S. citizens, who have resided in the country for at least a decade, to apply for lawful permanent residence without the current requirement of leaving the U.S. first—a process that could previously separate families for years. Previously, marrying a U.S. citizen…
The Federal Government has expressed concern over the impact of lower crude oil production volumes on its revenues, which is jeopardizing its ability to achieve the N19 trillion revenue projection in the 2024 budget. This was outlined in the Accelerated Stabilisation and Advancement Plan (ASAP), developed by the federal government’s Economic Management Team (EMT) Emergency Taskforce (EET), and presented by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. According to Minister Edun, the federal government’s retained revenue for January and February 2024 was approximately 60.0 percent of the budget, mainly due to lower crude oil production…
Investors showed strong interest in the one-year Open Market Operations (OMO) bills auction held on Wednesday, with yields climbing to an attractive 28.55 percent. The auction for the 357-day OMO bills was oversubscribed by N487.95 billion, which was more than three times the N150 billion offered. This auction marked the first OMO bill sale following the Monetary Policy Committee’s decision to increase interest rates by 150 basis points to 26.25 percent, resulting in real returns narrowing to a negative 2.3 percent. Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) had earlier outlined strategies to combat Nigeria’s high inflation…