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Nigerians to start using three-in-one ID card August, says official

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Nigerians to start using three-in-one ID card August, says official

In two months, Nigerians will begin utilising the services of the proposed three-in-one identity card, the National Identity Management Commission has confirmed.

It said the single multipurpose card combining multiple functions of identity, financial and social services will be made available to citizens across the country by August this year.

A high-ranking member of the implementation team, who asked not to be named, disclosed the new information during an exclusive interview with Saturday According on Friday.

The official stated that the commission had been working tirelessly to meet its goals, adding that the plan remains on track and would be launched in the upcoming months.

He also disclosed that the commission has begun the testing and deployment stage.

The official said, “We actually plan for July although there have been a few delays but we are still hopeful that it would come in July. So we are hoping to get it done between July and August. We are still on plan and if there is any shift, the public will know.”

The official added, “When you are deploying a new technology, there is a lot of work to be done, you need to configure the card, enable the outlet, and enable the wallet to work. We also have to do tests and that is what is ongoing.

“The deployment is ongoing, the portal that people need to access the service has to be deployed, and we have to make sure that it is scaleable and those are the ongoing works.

“There are integrations that all the banks need to do to enable the card and all of those little details are ongoing. We have that target and we are working extra hard to make sure that we achieve that.”

On Friday, April 5, 2024, the NIMC announced that it had launched a new card layered with payment capabilities and social service features in collaboration with the Central Bank of Nigeria and the Nigeria Inter-bank Settlement System.

It explained that the identity solution was equipped with payment capability for all types of social and financial services.

According to a statement issued, the initiative represents a collaborative effort to offer increased options for domestic consumers while fostering the delivery of services in a more innovative, cost-effective, and competitive manner.

The identity cards will include a bank-enabled National ID card, a social intervention card, and an optional ECOWAS National Biometric Identity Card.

Lawmaker urges Nigerians to do regular checkups

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Lawmaker urges Nigerians to do regular checkups

The Chairman, House of Representatives Committee on Health, Amos Magaji has advised Nigerians to always do periodic checks on their health either in the hospital or private medical laboratories to know their health status.

Magaji who lamented that most Nigerians don’t usually bother about their health until the time they are sick and get admitted into the hospital said that Nigerians should endeavour to visit the hospitals and conduct medical tests on their health status so as to enjoy long life and good health.

The health committee chairman who spoke with Punch correspondent after the Committee conducted its oversight function at the University of Ilorin Teaching Hospital, Ilorin, Kwara state on Friday, said that there are good radiology departments in Nigeria’s Tertiary Health institutions where they can conduct their health checks to know their health status.

“Most Nigerians don’t go to the hospitals to check their organs until they fall sick. I want to advise them that they should go to the radiology department in our hospitals for periodic health checks. Women should make use of a Mammogram for the test of breast and Cervical cancer while men should also go for tests for Prostate enlargement regularly at least once a year.

“We have this equipment in our hospitals. We should make use of this opportunity so as to enjoy better health and long life People should develop a culture of periodic health checks on their bodies. They should not wait until the time they are sick before going to the hospital. They should go to the radiology department to know the condition of their body system.

“This will also assist doctors to know their health status when they get to the hospital. They should not wait until the time that they are sick before conducting health checks either in the hospital or approved medical laboratories in the country”, Magaji added.

He also urged them to seek medical advice from experts before ingesting drugs for ailments saying that such self-medication had contributed to the increase in cases of Renal and Liver problems in the country.

“Many Nigerians are used to taking different types of drugs including Agbo (local herbs) and other drugs not prescribed by medical experts without thinking of their effects and that is why cases of Renal and Liver diseases are becoming rampant among our people.

“Nigerians should desist from taking unprescribed drugs, they should seek medical advice from experts before they take drugs when they are sick.”

He also cautioned them against taking drugs that are very cheap which they usually buy from roadside health vendors adding that they should take prescriptions from experts and renowned pharmacies in the country so as to live long.

He said, “Though people are complaining of the high cost of drugs in the country is better to take expensive drugs than to take cheap drugs that will send you to an early grave.”

The Health Committee chairman who said that health for all can be achieved in Nigeria, however, lamented low budgetary capital allocation to Tertiary Health institutions which had been hindering the provision of facilities and equipment in Health institutions.

“The government should increase capitation of the National Health insurance. As at present, the National Health insurance covers below 20% of the people, it should be increased to about 80% and you cannot have health for all if people are still paying from their pocket.”

Magaji said that from the oversight function conducted at UITH, the committee discovered that the capital component given to the hospital was too low in the 2022/2023 budget, adding that the hospital’s budget for capital projects was below N1billion as against the recurrent of N14 billion approved for the Hospital.

“With this oversight function, our assessment is that the capital allocation for the hospital is too low. If we want to reverse the medical tourism in this country, we have to develop infrastructure and replace key equipment in our hospitals and there should be a change of attitude of our medical professionals”, he said.

He said that the Committee would work towards increasing capital budgetary allocation to health institutions in the 2025 budget.

In his comments, the Chief Medical Director of UITH, Professor Abdullahi Yusuf while appreciating the Committee for their visit stated that the committee should ensure that medical tourism is brought to the minimum.

Yusuf who said that the health committee met with the management of the hospital and offered useful advice said that some challenges facing the hospital included poor power supply, high cost of diesel and shortage of funds.

Price hike making food unaffordable, Abuja chamber of commerce laments

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Price hike making food unaffordable, Abuja chamber of commerce laments

The persistent hike in food prices is currently worsening poverty levels across the country, the Abuja Chamber of Commerce and Industry declared on Saturday.

 

ACCI’s President, Emeka Obegolu, SAN, said the situation is also affecting small-scale businesses adversely, adding that basic meals are becoming unaffordable to most citizens nationwide.

 

 

“The Abuja Chamber of Commerce and Industry expresses deep concern over the persistent rise in commodity prices, which is adversely affecting small-scale business owners and escalating poverty levels in the country.

 

 

“The surge in prices of essential food items such as rice, beans, cassava flour, tomatoes, pepper, onions, and others has aggravated the plight of the average citizen, rendering basic meals increasingly unaffordable for many households,” he said in a statement issued in Abuja.

 

The chamber’s president said official records from the National Bureau of Statistics indicate a staggering 35.41 per cent food inflation rate in May 2023.

 

“However, on-ground observations suggest that the true food inflation rate exceeds 50 per cent, highlighting the severity of the situation and its dire impact on livelihoods.

 

“Experts attribute this economic hardship to the drastic depreciation of the national currency, the naira, which has significantly eroded citizens’ purchasing power. The resulting exchange rate volatility has disrupted businesses, increased production costs, and thwarted projections for economic growth,” Obegolu stated.

 

The chamber stated that the Chief Executive Officer, Araba Technology, Segun Olugbile, had urged the ACCI to initiate business actions against the food crisis and hunger in the Federal Capital Territory.

 

Olugbile, according to ACCI, said the food crisis is becoming a serious issue due to multifaceted challenges affecting farmers, herders and climate change, and the current high inflation.

 

He said the ACCI stands at a critical juncture as the Federal Capital Territory faces an escalating food crisis and hunger emergency due to challenges impacting food production and supply chains.

 

With an estimated 24.7 million individuals affected by food and nutrition insecurity across 26 states, including the FCT, urgent action is imperative, the expert explained.

 

Olugbile emphasised the pivotal role that ACCI could play in collaboration with government and stakeholders to avert a worsening crisis and bolster food security in the region.

 

 

Reacting to this, Obegolu said ACCI provides support services in the area of training and advocacy to help local businesses navigate challenges and seize opportunities in the food sector to impact its members.

 

He said the distressing situation has made necessities such as food, housing, and healthcare increasingly unattainable, pushing numerous households to the brink of poverty and extreme deprivation.

 

The NBS in one of its reports in 2023, stated that Nigeria already had 133 million people living in multidimensional poverty before the recent economic challenges. However, there are growing concerns that this number has swelled over the past eight months.

 

In the past, staple foods like cassava flour (garri) and beans served as affordable options for the common man. However, the current scenario paints a starkly different picture, with prices skyrocketing beyond the reach of the average citizen.

 

A measure of beans in the Federal Capital Territory and its environs, for instance, now costs between N2,000 to N2,500, while garri is priced between N1,200 to N2,000. The affordability of rice, a widely consumed staple, has also been severely hit by inflation.

 

Obegolu emphasised the urgent need for government intervention to address the escalating food crisis warning that failure to act promptly could lead to a state of malnutrition and further aggravate the nation’s socio-economic challenges.

 

“Food is a fundamental necessity of life, and its affordability directly impacts the well-being of citizens. The escalating food inflation crisis poses severe threat to food security and exacerbates poverty levels. The government must take decisive action to mitigate this crisis and alleviate the suffering of the populace,” he said.

 

The ACCI president further highlighted the adverse effects on the business community, particularly farmers and agricultural product sellers, who are grappling with disrupted operations due to the prevailing economic conditions.

 

“ACCI calls for urgent measures to stabilise food prices, enhance food security, and alleviate the economic burden on Nigerians, thereby fostering sustainable socio-economic development within the country,” Obegolu stated.

Yiaga, CSOs lament decline of democracy in AfricaratorS

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Yiaga, CSOs lament decline of democracy in AfricaratorS

Υiaga Africa and Civil Society Organisations have expressed concerns over the level of decline in democracy on the continent.

According to them, the decline might not be unconnected to the rise in coup d’etat in Africa.

According to a statement issued by its Director of Programmes, Cynthia Mbamalu, on Friday during the launch of Democratives, an innovative initiative to collaborate with creatives to promote democracy tagged ‘Leveraging the power, influence and resources of creatives to promote and defend democracy’ in Lagos, Yiaga said following the trend and conversations on the continent, there have been conversations about the decline of democracy.

The statement read, “We are really pleased to be part of the democratives. Democratives for us is a movement. If we follow the trend within the continent and globally, there is a conversation about the decline of democracy and conversations around democratic recession.

“Within our subregion in West Africa, we have seen the rise in coup d’etat and the tendencies for individuals who are elected to become authoritarian after they win an election.

What we are trying to achieve with democratives is to truly define what democracy means to us as Africans and also work to enable and entrench what that democracy ought to be.

“We must constantly remember that the civic space includes all of us, so when we support the success of the people’s movement in Senegal, we draw lessons from that and also learn how we can support each other within the subregion.

“We must constantly look for how to support the system that promotes our rights to free expression, because without that right, we cannot achieve democracy. As we expand the frontiers to build better solidarity with civil society partners and our creative while also leveraging the energy within the several spaces that we engage, I want us to remain conscious of one word ‘solidarity’ because if we truly wants to build a democratic system that works for Nigeria and Africa at large, we must constantly learn to work with each other and speak up for each other because when democracy succeeds in one country, it becomes an inspiration and a hope for others in neighbouring countries,” the statement averred.

On his part, the Executive Director of CDD-Ghana and Director of the WADEMOS Network, Kwasi Prempeh, said the event has been long in the making, pointing out that in the early post-pandemic period, CDD-Ghana began to reflect on the general decline in democracy, good governance, and inclusive development in the West African sub-region.

“A region that had led other regions in the early 2000s as champions of democracy and good governance during what was called the ‘Africa Renaissance’ period with Obasanjo, Kufour, Wade, and Mbeki, among others.

“It was this discourse that birthed WADEMOS in 2022. From the start, our vision to mobilise the whole of society to counter democracy’s decline saw the role of creatives as critical.

“Across the sub-region, we could feel, see, and hear the energies and expressions of West Africans in their music, poetry, dance, art, crafts, and in their writing.

“Democreatives was the answer, an initiative to activate the mobilisation of creatives across the sub-region to defend and advance democracy, good governance, and inclusive development.

Ogun gov creates new agencies, bans monarchs from mining deals

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Ogun gov creates new agencies, bans monarchs from mining deals

The Governor of Ogun State, Dapo Abiodun, has issued three Executive Orders establishing two new agencies.

The new agencies are Ogun State Mineral Resources Development Agency and Ogun State Landscaping and Recreation Agency.

Abiodun, through the third executive order, barred traditional rulers from entering into any form of agreement or Memorandum of Understanding concerning mining activities or any other land matters in their domains.

The governor gave this marching order in a statement issued on Saturday by his Special Adviser on Media and Strategy, Kayode Akinmade.

According to the statement, the three executive orders take immediate effect.

The governor said, “Ogun state has rich and vast deposits of mineral resources which must be explored responsibly, judiciously and without detriment to the environmental ecosystem in mining areas.

”Now by the authority vested in me as the governor of Ogun State under the constitution of the Federal Republic of Nigeria 1999 constitution as amended, Prince Adedapo Oluseun Abiodun hereby other than an agency to be known as the Ogun State Mineral Resources Development Agency is hereby established.

“The Agency shall directly or through qualified third parties, conduct and establish working relationships with host communities and local governments for the conduct of geotechnical and geological surveys of solid mineral deposits within their domains; geotechnical survey of solid mineral deposits in the State and maintain relevant data in the Sector; organises the solid minerals sector to the best interest of the state.

“Develop and strengthen the local capacity of investors in the solid minerals sector and build value re-orientation of indigenes of the state towards  engaging  in solid mineral SME business; empower the youths in the state to participate in the mining business under specified programmes among others”

Speaking on Executive Order Two creating Ogun State Landscaping and Recreation Agency, the governor said it is in line with his administration’s transformation agenda to ensure sustainable development and fight climate change.

Abiodun explained that “Part of the visible evidence of the Transformation Agenda is the attraction of both Local and International commendation of the current administration’s vision in the State with regards to Tree planting, landscaping and beautification programmes in line with the International environmental standard and its vision for a flood free, hygienic and beautiful Gateway State such as to mitigate the effect of climate change.

“The Ministry of Environment has started a massive and aggressive tree planting campaign to complement the beautification and landscaping programs to ensure an environmentally sustainable, healthier and beautiful society.

“This greening initiative of the Ogun State Government is therefore conceived not just to beautify the environment but also to be experienced as an effort to mitigate the effect of Climate change, save the environment and protect our future which is aimed at reclaiming open spaces from all agents of environmental degradation.

“There is,  therefore, the need to create the Ogun State Landscaping and Recreation Agency, to sustain the modest achievement of the Ministry of Environment in the area of environmental regeneration and restoration and through the provision of Parks, Gardens and Recreational Centres State-wide to preserve the biodiversity and ecosystem of the environment”.

Abiodun said that the third executive order is to discourage and stop the sabotaging efforts of some traditional rulers conniving with some undesirable elements mining some resources of the state without the approval of the government.

“Pursuant to the authority vested in me as the governor of Ogun State, I hereby order as follows: That all forms of Traditional Institutions existing within the State are hereby with immediate effect barred from entering into any form of Memorandum of Understanding or Agreement with any individual, companies or organisations seeking Land within any part of the entire State for purposes of Mining or Industry and are to forthwith refrain from issuing any form of consent letters for mining across the State.

“Any Traditional Institution or stakeholder in the Institution who flouts this Order shall be sanctioned in line with the provisions of the Obas and Chiefs Law and other relevant criminal statutes.

“From the date of this order, any individual, company or organisation that enters into any Memorandum of Understanding or agreement with a Traditional Institution or stakeholders,  whom this order applies on mining or industry shall be proceeded against in line with Section 61 of the Ogun State Criminal Law 2006 which prohibits interference with executive power. This Executive Order takes effect immediately.”

Therapist urges trauma victims to speak out

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Therapist urges trauma victims to speak out

A relationship expert and therapist, Lara Kudayisi, has advised individuals undergoing any form of trauma to speak up and seek help.

Kudayisi, Founder of Lara Kudayisi International, advised at a news conference ahead of the maiden edition of “Finding Love After Trauma Fiesta”, on Friday in Lagos.

According to her, keeping quiet while going through trauma can be risky.

She said to encourage the culture of speaking up promptly, ‘Finding Love After Trauma Fiesta’ would be hosted to help traumatised individuals recover.

Kudayisi said the programme was targeted at singles, married and divorced individuals who are trying to recover from one form of trauma or the other.

She said the programme slated to be held on June 29, at Muson Centre in Lagos, would be an avenue to address sensitive issues, particularly marital and relationship trauma.

According to her, certified relationship therapists will be engaged to offer professional help during the fiesta.

She said that the fiesta would feature panel sessions where individuals who had healed from traumatised relationships share their experiences for others to learn and recover as well.

She said that the programme would also provide an avenue for people to understand the essence of maintaining sound mental health in relationships.

“FLAT is meant to bring traumatised individuals to their safe spaces. We are looking at the singles, married and divorced for this maiden edition.

“From this programme, people will get to learn effective communication techniques to enhance their connections with others.

“People will also learn strategies for navigating challenges and conflicts healthily and constructively as well as gain inspiration from real-life success stories.

“We will have Omowunmi Akinnifesi; Sandra Eze; Morayo and Femi Afolabi-Brown; Chiamaka Obuekwe; Oladotun Ojuolape and many others speak on the panel.

“This is going to be a celebration of love, learning and connection for all; we want to debunk the narrative that being single means going into prostitution, ” she said.

Speaking on the entertainment segment of the fiesta, Teddy Don-Momoh, co-founder of Lara Kudayisi International, said the programme would not only feature healing and therapy sessions.

Don-Momoh said there would also be comedy sessions, musical performances, dance sessions, games and networking sessions.

NAN

Resist FG access to pension fund, ASUU urges Nigerians

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Resist FG access to pension fund, ASUU urges Nigerians

The Academic Staff Union of Universities in the Niger Delta University, Amassoma in Bayelsa State, has urged Nigerians to resist plans of the Federal Government to use pension funds for developmental programmes.

Addressing a press conference on Friday, ASUU chairperson, Lucky Bebeteidoh, said, “Of recent, we have watched the Minister of Finance say they want to dip their hands into the Pension Fund, that is the life-saving of a lot of Nigerians.”

He said the FG is allowed by law to access only five per cent of the funds, “but they want to have it all” and urged Nigerians to resist the move.

The academic staff who staged a protest to press home its demands, called on the FG to honour several memoranda it signed with ASUU on funding for the revitalisation of public universities.

Members carried placards with inscriptions such as “Enough will be enough when all the necessary positive interventions are made in public universities”, “Implement UTAS in place of IPPIS: IPPIS is not suitable for universities” and “Niger Delta University needs improved funding from the Bayelsa State Government: NDU needs staff offices, lecture halls, laboratories & hostels for students.”

Earlier, Bebeteidoh told journalists that the contentious issues include the illegal dissolution of governing councils, the release of three months of withheld salaries, the release of salaries of staff on sabbatical and the release of third-party deductions.

Others are payment of EAA, proliferation of private universities, implementation of reports of visitation panels, implementation of UTAS in place of IPPIS and renegotiation of the 2009 agreement with ASUU.

On the issue of renegotiation of the 2009 agreement, Bebeteidoh said after the initial payment by former President, Goodluck Jonathan’s administration nothing else has been paid until now.

ASUU said it has resolved to increase media and public engagement on the government’s failure to renegotiate the 2009 agreement and begin the process of going on strike.

Taking a swipe at those who had negotiated past agreements on behalf of the FG, he said, “Those same people who came to the union to negotiate, saying when we get into power there will be no longer strikes, ASUU will not need to go on strike. Today, it is those same set of persons that have become stumbling blocks to the renegotiation of the 2009 agreement.

“Release revitalisation funds that were budgeted for last year that have not been released. Those funds help in building infrastructure in public universities.”

Meanwhile, the union has also expressed displeasure over the lack of attention to the developmental needs of Niger Delta University by Governor Douye Diri, who is the visitor to the university.

Bebeteidoh stated “Now, coming home as a statement university, we’ve submitted letters to the state government on the 35/25% wage award. The federal academic staff have started earning it with two months’ arrears paid to them last January and we believe more arrears have even been paid with the May/June salaries.

“We expect the state government, Bayelsa State Government, to approve the 35/25% wage award with all urgency. We’re no different from federal lecturers that have started earning it.

“On the issue of funding, we expect the state government to increase funding to the university. They chose the path of subvention. In our agreement signed September 2022, they chose the path of subvention and the subvention that they are bringing, we agreed that it should be increased annually, and it’s just been increased once.

“Infrastructural development: if you go through the university as it is presently, what you see are federal projects – TETFUND, NEEDS Assessment, NDDC – and it’s a state university.

“We are one of the few public universities that don’t have staff accommodation on campus. Staff have to commute from Yenagoa every day”.

In conclusion, Bebeteidoh said, “We are also calling on the state government to see how they can build infrastructures in the Niger Delta University.

“We need faculty buildings. Several of our faculties don’t have faculty buildings. We need staff accommodation. We need offices for staff. We need laboratories. How do you teach students without laboratories?

“And we even need hostels for students. What we have here are not hostels. We can’t in good conscience call them hostels.

“And the 35/25 per cent government should as soon as possible approve it for the staff of NDU”.

AKK gas pipeline inches closer to completion with Q1 2025 target

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AKK gas pipeline inches closer to completion with Q1 2025 target

The Ajaokuta-Kaduna-Kano (AKK) gas pipeline project has received a positive update from the Nigerian National Petroleum Corporation (NNPC).
During a visit to the project site alongside government ministers on Friday, NNPC Group Chief Executive Officer Mele Kyari announced they were on track for completion by the first quarter of 2025.
According to a statement signed by the Chief Corporate Communications Officer
NNPC Limited, Olufemi Soneye, made available on its X account on Friday, Kyari explained that major segments of the job had been completed.
“Without promising too much, we assure you that this project will be delivered on schedule. Our mission is to work towards delivering it by December this year. But we are confident this project will be delivered by the first quarter of 2025,” Kyari informed the three visiting Ministers.
The three ministers who visited the Project Site were: Minister of Finance / Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Information and National Orientation, Mr. Mohammed Idris, and Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.
READ ALSO:Eight years after, FG poised to complete $700m OB3 gas pipeline project in March
The 614-kilometer pipeline, designed to deliver natural gas from southern production centers to major cities in northern Nigeria, has faced previous delays.
Initial targets for completion were set for 2023. However, Kyari emphasized significant progress has been made, putting them back on schedule for the revised timeframe.
The AKK pipeline is a critical piece of infrastructure with the potential to significantly impact Nigeria’s economic landscape. By providing a reliable gas supply for power generation in the north, it could increase electricity output by an estimated 3.6 gigawatts.
This boost in power generation could have a ripple effect, stimulating economic activity and development across the region. Additionally, the pipeline is expected to unlock opportunities for gas-based industries to flourish along its route, creating jobs and further diversifying the Nigerian economy.
While Kyari’s comments paint a promising picture, Nigeria has a history of infrastructure project delays. Several factors, including unforeseen logistical challenges or budgetary constraints, could still push back the completion date.
Despite this, the AKK pipeline appears to be making substantial strides, and stakeholders will be closely monitoring progress in the coming months to see if the ambitious Q1 2025 target can be achieved.
The post AKK gas pipeline inches closer to completion with Q1 2025 target appeared first on Latest Nigeria News | Top Stories from TVN.

Nigeria sees surge in Chinese interest, but questions remain

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Nigeria sees surge in Chinese interest, but questions remain

The Nigerian government has reported strong interest from China in bolstering economic ties, with over 200 Chinese firms expressing a desire for collaboration.
This report was made known by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, when he kicked off a working visit to China on Friday.
He spoke speaking at the China-Nigeria Business Exchange event, jointly organised by the Nigerian Embassy and Chinese organization, Yingke Law Firm.
According to a statement by the minister’s media aide, Alkasim Abdulkadir, the business event was part of the activities marking Tuggar’s official visit to China at the invitation of his Chinese counterpart, Wang Yi.
“Amb. Tuggar emphasised the importance of the longstanding relationship between Nigeria and China, highlighting mutual respect and shared developmental goals.
“This event is a testament to our commitment to strengthening Nigeria-China relations.
“Over 200 Chinese companies took part in the event, showing a strong interest in fostering economic collaboration between the two nations,” the statement read.
This news comes amidst a complex economic relationship between the two nations, marked by both potentials and challenges.
READ ALSO:Chinese national allegedly kills crane operator for declining s3x request in Abia
The high number of interested Chinese firms, according to the Nigerian government (FG), signifies China’s growing interest in the Nigerian market. This enthusiasm could translate into increased investments in various sectors, potentially leading to job creation and infrastructure development in Nigeria.
However, there is a need to use a cautious approach. Nigeria has a history of lopsided trade deals with China, often characterized by a surge in Chinese imports and a struggle for Nigerian exports to gain a foothold in the Chinese market.
This can lead to an unequal exchange, where Nigeria primarily provides raw materials while China benefits from finished product sales and technological advancements.
Furthermore, concerns exist around labor practices and the transfer of knowledge. Large-scale Chinese involvement in infrastructure projects could limit opportunities for domestic companies to develop expertise.
Moving Forward:
For Nigeria to maximize the benefits of this renewed Chinese interest, a strategic approach is crucial. Here are some key considerations:
• Negotiating Fair Trade Deals: Nigeria needs to focus on agreements that encourage balanced trade and technology transfer. This could involve joint ventures that allow Nigerian companies to gain expertise alongside Chinese partners.
• Prioritizing Domestic Labor: Government policies should ensure that Nigerian workers benefit from Chinese investments. Training programs and fair labor standards are essential to protect Nigerian workers’ rights.
• Infrastructure Development with Long-Term Vision: While infrastructure development is crucial, Nigeria should ensure projects align with its long-term economic goals. Building domestic capacity in key sectors like construction will lessen dependence on foreign expertise in the future.
The surge in Chinese interest presents a significant opportunity for Nigeria. By carefully navigating this partnership and prioritizing its own development goals, Nigeria can leverage Chinese investment to create a more robust and diversified economy that benefits all its citizens.
The post Nigeria sees surge in Chinese interest, but questions remain appeared first on Latest Nigeria News | Top Stories from TVN.

13 states show inflation slowdown as CBN policy takes effect

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13 states show inflation slowdown as CBN policy takes effect

Nigeria’s monthly inflation rate has slowed for the third consecutive month, indicating the effectiveness of the Central Bank of Nigeria’s monetary policy tightening measures.

The CBN highlighted this in a statement shared with Journalists on Saturday.

According to the National Bureau of Statistics, the headline month-on-month inflation rate decreased to 2.14 per cent in May, down from 2.29 per cent in April and 3.02 per cent in March. Food inflation also fell for the third consecutive month to 2.28 per cent in May.

The Deputy Governor of the Economic Policy Directorate at the CBN, Muhammad Abdullahi stated, “Slowly but surely, the inflation tide is turning.  We will continue to work diligently with coordinated policy measures to ensure that the worst of the inflationary cycle is behind us in the nearest future.”

The CBN’s efforts to combat inflation have been ongoing since February, and the monthly numbers indicate a positive trend. While year-on-year inflation continues to rise, the monthly rates show a slowdown in price increases for essential goods.

The CBN Governor, Olayemi Cardoso has made tackling inflation a top priority to achieve sustainable economic growth and improve the standard of living for Nigerians.

The decline in inflation rates is a nationwide trend, with 13 states, including Abuja, Akwa Ibom, and Rivers, experiencing a slowdown in year-on-year inflation in May.

Abdullahi noted that, “This development is a promising sign that the CBN’s policies are having the desired effect, and Nigerians may soon experience relief from the high cost of living that has persisted since the COVID-19 pandemic.”

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