Tinubu to address Nigerians amid nationwide hardship
On Monday, July 31, 2023, President Bola Ahmed Tinubu will deliver a broadcast to the nation at 7 pm. The announcement was made on Monday morning by Dele Alake, the presidential spokesman, urging television, radio stations, and other electronic media outlets to tune in to the network services of the Nigerian Television Authority (NTA) and Radio Nigeria for the broadcast. Though the specific content of the address remains undisclosed, it comes at a time when the country is grappling with widespread hardship due to the removal of fuel subsidy, leading to an increase in petrol prices. President Tinubu has consistently appealed for calm, assuring the public that the government is diligently working to improve living conditions and alleviate the prevailing challenges. Interestingly, this address coincides with an upcoming nationwide protest by the organized labour, which is parleying civil society organisations as they prepare for an industrial action on August 2, and the ongoing strike by the Nigerian Association of Resident Doctors (NARD). The NARD has rejected the recent 25% increment in basic salary announced by the federal government, demanding the full restoration of the Consolidated Medical Salary Structure to its original value as approved in 2009. The association, represented by its president, Dr. Orji Emeka Innocent, secretary-general Dr. Chikezie Kelechi, and publicity and social secretary Dr. Umar Musa, vows to continue the nationwide total and indefinite strike action until the government takes significant steps to address their demands, including the release of the circular on the One-for-One policy for the replacement of exited clinical workers to ease work overload caused by brain drain. As Nigerians await President Tinubu’s address on Monday night, the nation is at a crucial juncture, grappling with pressing issues that demand immediate attention and resolution.
FIBA Afrobasket: Nigeria’s D’Tigress maul Egypt, berth quarter-final
The Nigerian senior women’s basketball team, D’Tigress, demonstrated their prowess once again in the ongoing 2023 FIBA Women’s AfroBasket tournament, securing a convincing victory against Egypt and booking their spot in the quarterfinals. On a Sunday showdown at the BK Arena, D’Tigress unleashed their determination to clinch an unprecedented fourth consecutive continental title. They proved their mettle by outplaying Egypt with a resounding 83-65 triumph, ensuring their early qualification to the last eight stage of the tournament. The match witnessed D’Tigress taking control from the outset, gaining an 18-10 lead in the first quarter and extending it further in the second quarter, finishing with a commanding 24-13 advantage. However, the third quarter saw Egypt make a valiant effort to narrow the gap, securing a 19-14 win in that period. As the tension escalated in the fourth quarter, the North Africans fought desperately to regain ground. Yet, D’Tigress exhibited unwavering determination, maintaining their composure and sealing the game with a strong finish. The final quarter ended with a score of 27-23 in favor of D’Tigress, sealing their comprehensive victory at 83-65. The standout performance came from Amy Okonkwo, who led the scoring with an impressive 29 points and 13 rebounds, steering D’Tigress to their well-deserved triumph and securing their spot in the quarterfinals. Murjanatu Musa also shone brightly with her valuable 18-point contribution, while Nicole Enabosi added 10 points to her name, registering double figures. This win marks Nigeria’s third consecutive victory over Egypt, following their previous triumphs in 2015 and 2017. The Nigerian team’s dominant performance has undoubtedly solidified their reputation as a formidable force in women’s basketball in Africa. With Nigeria safely advancing to the quarterfinals, Egypt and DR Congo will now face a challenging qualifying round to determine if they can join Nigeria in the next stage or head back home.
We’re neither IPOB nor ESN members, Emefiele’s lawyers hit back at DSS
The sixty lawyers who have approached the Federal High Court sitting in Abuja to commence committal proceedings against the Director General of the State Security Service (SSS) for disobedience to court order on the continued detention of Mr. Godwin Emefiele, have accused the organisation of threatening to frame them with terrorism and referring to them as Indigenous People of Biafra (IPOB) and the Eastern Security Network (ESN) lawyers. The consortium of lawyers, in a media briefing in Abuja, led by Mr. Tijani Ahmed, following a viral tweet by the DSS on their official tweeter handle in reaction to the processes they filed, said the security agency is planning to frame them up as terrorists. In the tweet, the DSS was quoted as having written the following, “Charge and bail, overzealous uninformed IPOB/ESN lawyer Maxwell Okpara mobilises other like-minded lawyers against DGSS. Futile Efforts. Well, Nigerians, beware! This is in bad faith. Transferred aggression. A Biafran Republic agitator and outlawed IPOB counsel defending the suspended CBN governor. Is IPOB defending one of theirs???? What a contradiction….hmmm… what’s the connection? May Maxwell be properly educated on points of law, please.” The lawyers claim that the tweet had now gone viral stating that, “at about 6am when we met this morning, the tweet was still there on the handle of the SSS. This was about 17 hours after it had been posted and had really gone viral. At that time, it had been seen by about 2 million people globally, generated over 3600 comments, retweeted almost 5000 times, and liked more than 2500 times. The tweets, which have been greeted by national outrage and condemnation are still on the handle of the security agency. Furthermore, the lawyers, whilst expressing their trauma following the tweets, listed several cases of disobedience to the Court order against Mr. Bichi involving Igbo people and asserted that Mr. Bichi must have been suffering from what they termed ‘Igbophobia’. “In the same vein, the tweet by the SSS has also exposed it very clearly to the world that the persecution Mr. Godwin Emefiele suffers today is largely due to the ethnic profiling as directed by the DG SSS. “The fact that Mr. Emefiele is Igbo and attained the height of CBN Governor to Mr. Bichi is an abomination hence his resolve to see that Emefiele is pulled down because, to him, all Igbo are IPOB/ESN Terrorists,” the lawyers said. Mr. Tijani also said it seems clear that Mr. Bichi has declared war on lawyers and the Igbo people and that the persecution being suffered by Emefiele is largely due to ethnic and political reasons, asserting that it could not be a coincidence that several cases involving Igbo people were being serially disobeyed by the DG DSS. The lawyers thereafter called for the sack of Mr. Bichi from office for what they termed manifesting open hatred against an ethnic group. They also alleged that the attitude of the DG DSS would tarnish the image of President Bola Tinubu and thanked the public for the overwhelming condemnation that trailed the tweet. The lawyers resolved to write to the UN, EU, UK, and US governments, the President, CJN, and NSA and also approach the court for the enforcement of their rights.
CBN, CBE collaborate to establish Nigeria-Egypt FinTech Bridge
The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have signed a memorandum of understanding (MOU) to establish a Nigeria-Egypt FinTech Bridge. The signing ceremony, which took place at the Seamless North Africa 2023 conference at the Egypt International Exhibition Center, Cairo, on July 17 – 18, 2023, comes after a series of engagements on issues around payment systems, financial technology, and financial inclusion in Africa. Speaking at the event, the CBN Deputy Governor, Financial System Stability, Mrs. Aishah Ahmad, who signed on behalf of the CBN, said that the Bank was extremely excited by the partnership with the Central Bank of Egypt, which followed several months of engagement on payments, fintech and financial inclusion. “We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African Continent,” Mrs. Ahmad declared. Also speaking, the Deputy Governor of the Bank of Egypt, Mr. Rami Aboulnaga, commended the MOU and expressed optimism that the partnership would yield the desired expectation. The groundbreaking partnership between the apex banks of the two largest economies in Africa encompasses a broad range of collaborative initiatives, including joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals and talent development. The conference was hosted by the Central Bank of Egypt and had in attendance over 4,000 policymakers, payment service providers, financial institutions and technology startups from Egypt, Nigeria and across the African continent.
Set Nigeria on prosperity path, Adesina tasks Tinubu
*Say Nigeria has no reason to be poor African Development Bank (AfDB) President, Dr Akinwumi Adesina, has urged President Bola Tinubu to wake up to his responsibilities and set the country on the path of prosperity. In his keynote address at the Business Day Chief Executive Officers (CEO) Forum on Thursday in Lagos, the AfDB President noted that until Nigeria wakes up from its slumber, the country will continue to stagnate economically. According to his address titled: “The Day the Lion Roared! Making Nigeria a Global Industrial and Economic Giant”, the AfDB helmsman said the country had no reason to be a poor country. ”’The day that Nigeria wakes up and becomes a lion king, everything will change for its people; and everything will change for all of Africa. ”Nigeria should never be a poor country; and Nigerians are tired of being poor. “For now, Nigeria is developing too slowly and well below its potential. The challenge is for the lion to roar. Then we will have the making of an economic giant. “The key for that is for Nigeria to have an Industrial Revolution,” he said. Adesina said the share of manufacturing in the GDP of Nigeria had hovered around seven percent in the past decades. According to him, the nation has not been able to extricate itself from the comatose of its industrial manufacturing sector to unleash the fullness of its potential. “The performance of the manufacturing sector in the past five years has been poor. Between 2015-2017 the sector declined by -1.5per cent, -4.3per cent and -0.2per cent. ”This is in sharp contrast to the dynamic and rapid performance of manufacturing in Asian countries, such as Singapore, Malaysia, India, and China. The manufacturing sector of Nigeria represents only three per cent of the total revenue from exports, but accounts for 50 per cent of imports in the country. “Instead of being forward-looking in expanding the share of the manufactured goods in its total export revenue, Nigeria focuses on the model of import substitution,” Adesina said. Adesina said further that the country has a manufacturing sector that cannot develop to compete globally, but limits itself to “survival mode” and not a “global manufacturing growth mode”. He said a well-developed and policy-enabled manufacturing sector, with export orientation will spur greater innovation, industrial policy for export market development, and structural transformation of the economy. He said rather than being consumed with conserving foreign exchange, the focus should shift to expanding foreign exchange through greater export value diversification. African countries, including Nigeria, he said have had policies, templates, and programs for industrialization and expanding industrial manufacturing for decades, but there is a huge gap between policy ideas and actions.
Nigeria’s FDI drops to $469m in 2022 – AfDB
The African Development Bank (AfDB) has said that foreign direct investment inflows into Nigeria fell to $469 million in 2022 from about $8.8 billion in 2011. Describing it as the lowest in a decade, AfDB’s Director General, Nigeria Country Department, Mr. Lamin Barrow, noted in Abuja that Nigeria’s private sector is hamstrung by policy inconsistencies and implicit taxation. According to him, “many private sector firms in Nigeria are overburdened byimplicit taxes; they provide their own electricity, sink boreholes to get access to water, and repair roads in their towns and neighborhoods.” Speaking on “Trade and Non-Oil: Changing the Narratives for Rapid National Development” at the 2023 Nigeria Employers’ Summit, Barrow said closer collaboration and dialogue between the Federal Government and the private sector is critical to policy making and position Nigeria as an ideal investment destination. The AfDB chief said that a vibrant and competitive private sector can accelerate diversification of the economy and boost exports. Over the years, successive administrations have mouthed economic diversification without matching it with action. He said that the unification of the exchange ratemanagement system and the removal of fuel subsidies, has shown that the government was ready to engage in bold reforms that will transform the country into an economic powerhouse. “If the Federal Government implements bold strategies to take advantage of investment and market access opportunities. Rising labor costs and technological upgrading in countries such as China, India, and Brazil offer an excellent opportunity to developing economies, including Nigeria, to attract FDI and diversify their exports,” he said. Barrow further said that trade offers a great opportunity to further diversify the Nigerian economy. According to him, with the coming into force of the African Continental Free Trade Area, Africa is becoming more integrated, with a larger market for exports from Nigeria. “Developing regional infrastructure and putting in place the requisite trade policies are a necessary condition for tapping opportunities in the regional and international markets. “A good starting point is the effective utilization of Trade Agreements to which Nigeria is currently a signatory. However, Nigeria’s trade policies should prioritize the promotion of value-added exports. “The significance of the non-oil exports in driving inclusive growth, sustainable development job creation, especially for the women and youth, cannot be overemphasized,” Barrow explained.
Northern group cautions Tinubu against appointing ex-govs as ministers
The Voice of Northern Youths Patriots (VNYP) has cautioned President Bola Tinubu against appointing some former governors from the North West region as his cabinet members. The Kano State branch of the group gave the advice on Monday in Kano during a news conference. Alhaji Mustapha Mai-Royal, Leader of the group, said appointing the ex-governors as ministers would make the president eat his words. He specifically listed three former governors Abdullahi Ganduje of Kano State, Bello Matawalle of Zamfara, and Atiku Bagudu of Kebbi State. Mai-Royal said the trio are under the EFCC investigation for alleged corruption cases to the tune of billions of Naira. The group therefore called on Tinubu not to go back on the promise to give the country the best leadership it needed by appointing the best hands to manage the nation’s resources for optimal performance. They also cautioned that they would not want a situation where the North would in future disregard whatever the president would tell them by making the wrong appointments. “We are hereby calling on His Excellency, President Bola Ahmad Tinubu, not to appoint some three former governors from the North West region as ministers because of various cases of (alleged) corruption against them. “Mr. President, you have stated that you would run an all-inclusive government for the unification and betterment of the country, we want to see that from the people you are going to appoint from our region. “These former governors from the North West have not displayed such qualities as to deserve being appointed in your government because they are only after their personal aggrandizement,” the youth leader stated. “We have seen the poor performance of some of these governors in the fight against insecurity in their states and the roles they have played. “These weaknesses are enough for Mr. President to consider and not appoint them into his cabinet,” Mai-Royal explained.
Agara, Aluo, Nkechi Obi head Leagues’ Boards
A former deputy governor of Nasarawa State, His Excellency Silas Agara has been appointed as Chairman of the Nigeria Nation-Wide League One, which has been reconstituted along with the boards of the Nigeria National League and the Nigeria Women Football League. Agara will have Mr. Adeoye Adepeju as his vice, with Mallam Sabo Muhammed Dutse, Mr. Ogheneochuko Ambakaderemo, Mr. Tunji Onatolu, Barr. Bucknor Akintade and Mallam Danladi Ibrahim as members. Mallam Hassan Abdullahi Garo will be the chief executive officer. Mr. George Aluo is the new Chairman of the Nigeria National League, with Hon. Khamisu Ahmed Mailantarki as his vice. Mr. Yakubu Sarma, Mallam Sani Mohammed, Dr. Donald Ikpe, Chief Joseph Uzoma Ebowusim and Chief Dotun Sanusi will serve as members, while Mr Emmanuel Attah will be the chief executive officer. Renowned marketing expert Nkechi Nneka Obi will head the Nigeria Women Football League, with Hajiya Hussaina Suleman as vice chairman. Alhaja Rukayat Lola Alaya, former FIFA referee Hadiza Musa, Mr. Ayodele Thomas, Ms Henrietta Ehiobor and Mr. Danny Nazzal will be members. The boards will be inaugurated once the President of NFF, Alhaji Ibrahim Musa Gusau returns to the country from continental assignments in Morocco and Cote d’Ivoire. AT A GLANCE: NIGERIA NATIONAL LEAGUE: Mr. George Aluo (Chairman); Hon. Khamisu Ahmed Mailantarki (Vice Chairman); Mr. Yakubu Sarma (Member); Mallam Sani Mohammed (Member); Dr. Donald Ikpe (Member); Chief Joseph Uzoma Ebowusim (Member); Chief Dotun Sanusi (Member); Mr. Emmanuel Attah (CEO). NIGERIA NATION-WIDE LEAGUE ONE: Hon. Silas Agara (Chairman); Mr. Adeoye Adepeju (Vice Chairman); Mallam Sabo Mohammed Dutse (Member); Mr. Ogheneochuko Ambakaderemo (Member); Mr. Tunji Onatolu (Member); Barr. Bucknor Akintade (Member); Mallam Danladi Ibrahim (Member); Mallam Hassan Abdullahi Garo (CEO). NIGERIA WOMEN FOOTBALL LEAGUE: Mrs Nkechi Nneka Obi (Chairman); Hajiya Hussaina Suleman (Vice Chairman); Alhaja Rukayat Lola Alaya (Member); FIFA Hadiza Musa (Member); Mr. Ayodele Thomas (Member); Ms Henrietta Ehiobor (Member); Mr. Danny Nazzal (Member)
Smartphone data consumption to surge in Nigeria– Ericsson
Data consumption is expected to surge in Nigeria and other Sub-Saharan African countries by 2028. This would be driven by smartphone traffic, which would witness a four-time increase to hit 19 GB per month in 2028, according to Ericsson Mobility Report (June 2023). It said, “Sub-Saharan Africa is forecast to be the region with the highest growth in total mobile data traffic, rising by 37 percent annually between 2022 and 2028 as service providers across the continent continue to invest in 4G networks and migrate customers from 2G and 3G. “This increase in data traffic will primarily be driven by a four times increase in smartphone traffic in the period, with average data per active smartphone settling at 19 GB per month in 2028.” As of the end of 2022, the average monthly mobile data usage per smartphone was 4.7 GB in the region. The growth in mobile traffic was expected to be driven by an uptake in 5G, which would drive video streaming consumption. By 2028, video streaming would be responsible for 80 percent of all mobile data consumption,” the report stated. Ericsson noted, “However, if adoption is stronger than expected, data traffic could increase significantly more than currently anticipated toward the end of the forecast period, particularly in the uplink. “Currently, video traffic is estimated to account for 71 percent of all mobile data traffic, and this share is forecast to increase to 80 percent in 2028. Populous markets that launch 5G early are likely to lead in terms of traffic growth over the forecast period. 5G’s share of mobile data traffic was 15 percent at the end of 2022, an increase from 9 percent at the end of 2021.
Equity market continues bullish run, gains N534bn
Nigeria’s equity market on Monday appreciated by N534 billion as an investment in the shares of United Bank of Africa, FCMB, Access Bank and others lifted the market activity The market capitalization of listed equities increased by 1.60 percent to N33.731 trillion from N33.197 trillion reported the previous day. The NGX All Share Index also increased by 980.97 basis points to 61949.24 points from 60968.27 points traded on Friday. A review of the investment during the day showed that JapaulGold, UPL, and Fidelity Bank led the gainers’ table gaining 10 percent each to close at N0.77 percent, N2.75, and N7.70 percent respectively, Meyer Paint and Eterna Plc also increased by 10 percent each to close at N23.10 per share. On the contrary, Triple G topped the losers’ chart during the day, shedding 9.87 percent to close at N3.38 percent each, Cornerstone Insurance and NSL Tech trailed with a loss of 9.09 percent each to close at N1.00 and N0.30 per unit respectively. ABC Transport fell by 6.82 percent to close at N0.41 per share, Julius Berger was down by 3.23 percent to close at N30.00 per share. Volume of trades increased by 20.692 million, representing 20.73 percent as investors traded 1.205 billion shares valued at N14.039 billion in 12128 deals against 998.080 million shares valued at N15.956 billion in 10580 deals. Transactions in the shares of FCMB group was the toast of investor during the account for 173.808 million shares valued at N930.697 million, United Bank for Africa followed with an account of 160.673 million shares worth N2.119 billion, Access Corp traded132.518 million shares valued at N2.383 billion, Jaiz Bank exchanged 80.637 million shares worth N138.392 million while Transnational Corporation of Nigeria Plc sold a total of 74.963 million shares cost N285.247 million.