Presidency: Amaechi Begs Kogi People To Prevail On Yahaya Bello To Step Down For Him

May 21, 2022

Immediate past Minister of Transportation and presidential aspirant under the platform of All Progressives Congress (APC), Rotimi Amaechi has asked the Kogi State Governor, Alhaji Yahaya Bello to withdraw his presidential ambition for him because he has more experience than the governor.

Amaechi, who is also former Governor of Rivers State, while in Lokoja, the state capital today, May 21, to woo delegates ahead of the presidential primary of the party, called on the delegates to prevail on Governor Bello to step down his ambition for elderly people like him.

He said that though Governor Yahaya Bello is qualified to contest for the presidency, he’s still young and should make way for him to become the party flag bearer.

“This is the 28th state I will be visiting. I can no longer be called one of the APC aspirants because I have become the leading aspirant.”

Amaechi said that he deserved the ticket ahead of other aspirants, explaining: “I was Speaker at the age of 34, Governor at the age of 42, and a minister in my early 50s. I have acquired the needed experiences to lead Nigeria.

“I am a former Chairman of Speakers forum, two-term Chairman of Governorship forum, coupled with my interaction as Presidential DG campaign, I have what it takes to lead a country like ours.”

He said that even though he was aware that Governor Bello is a contestant, he as an older, with more experience should be given the chance to lead so that he will provide him with the needed experience in governance.

“I am aware that His Excellency is also a contestant, but I am the only leading contestant, older with more experience and I want to inform him that I will provide him with the necessary experience he needs to govern when the time comes.”

The Deputy Governor of the State, Edward Onoja who received the presidential aspirant on behalf of the Governor, urged Amaechi to visit the governor and deliberate with him, saying only Governor Bello can tell the delegates the direction to follow.

He said that the state remained an APC strong hold, assuring that they will deliver for the party in the next year general election the way they did in 2015 and 2019 general elections.

Amaechi was accompanied on the visit by the former Army Chief, Gen. Tukur Buratai.

Kano Police Intercept Vehicle Loaded With Explosives, Sophisticated Weapons

Editorial staff

May 21, 2022

The Kano Police Command has cracked down on a car loaded with bomb-making devices and sophisticated weapons in the state.

It was gathered that with security challenges in some states in the North-west, civilians in Kano have been cooperating with security operatives by reporting suspicious movement.

The latest discovery and similar ones were obtained by security services through the information provided by the public.

Police Spokesperson, DSP Abdullahi Haruna Kiyawa confirmed the incident but explained that the Police were investigating the matter.

In an official statement as follows, the police spokesman gave the details as follows:

“On the 19/05/2022, following an intelligence report that a Mercedes Benz Motor Vehicle, ash in color with suspected sophisticated Improvised Explosive Devices (IEDs) is coming from Jigawa State to Kano State, the Commissioner of Police, Kano State Command, CP Sama’ila Shu’aibu Dikko, fsi immediately raised a crack team comprising Explosive Ordnance Disposal – Chemical, Biological Radiological and Nuclear Defence (EOD-CBRN) and Operation Puff Adder.

“At about 1630hrs of the same date, following a hot chase, the suspects abandoned the Motor Vehicle at Bubbugaje Quarters Kumbotso LGA Kano State. A technical search conducted by the team revealed that the motor vehicle was fully loaded with Improvised Explosive Device materials.

“Two (2) AK-47 Rifles, Four (4) AK-47 Magazines, One Thousand and Ninety-Eight (1,098) Live Ammunition, and Two (2) Pistol Magazines were also recovered. An investigation has commenced,” the police statement said.

Source: PRNigeria.

Soldiers Dislodge IPOB Training Camp In Imo After Fierce Gun Battle, Kill 2 Criminals

Editorial staff

May 21, 2022

Soldiers of the 34 Brigade of the Nigerian Army in conjunction with operatives of the Department of State Service, have dislodged a training camp of the proscribed Indigenous People of Biafra (IPOB) and its armed wing, Eastern Security Network (ESN).

Director of the Army Public Relations, Brigadier General Onyema Nwachukwu, who made this known in a statement today, said that two notorious members of the group, who have been on the wanted list of security agencies and have been terrorizing residents in the general area of Orlu, Orsu and Njaba were killed after a fierce gun battle.

The battle ground, according to the army spokesman, is Okporo in Orlu Local Government Area of Imo State.

“The troops equally destroyed the training shed and other facilities used by the separatists, including a shrine, which members of the outlawed group reportedly use for spiritual fortification. A local factory for fabricating weapons was also discovered and destroyed.

“A search of the factory uncovered three dane guns, one locally fabricated pistol, one live round of 7.62mm, one live cartridge, two used shells of 7.62mm (special) and objects suspected to be charms, among other dangerous weapons.”

Naira Falls, Now N605 To A Dollar, As Inflation Rises

Editorial staff

May 21, 2022

The exchange rate at the official market recorded a marginal depreciation during the week, with N605 going for a Dollar. Also Nigeria’s crude oil production and its external reserve saw a downward trend.

Nigeria’s inflation equally rose to 16.82% in April 2022 as a result of the increase in energy and food prices, even as Eurobond Yield rose to 10.6%, driven by the increase in US Interest rates by the US Federal Reserves.

These and many more happened during the week.

Here is a compilation of notable happenings in the Nigeria macro-economic space, markets, regulators as well as other world economies.

MACROECONOMY

Exchange rate: Naira closes week at N605/$1 at the black market

The exchange rate at the official market recorded a marginal depreciation during the week, falling by 0.005% to close at N419.02/$1 on Friday from N419/$1 recorded on the corresponding day of the previous week.
Similarly, at the black market, naira closed at N605/$1 on Friday, 20th May 2022 compared to N591/$1 recorded in the previous week. This is the lowest level on record that the naira has hit against the US dollar.
Also, the exchange rate at the peer-to-peer market closed at N604/$1, representing a fall compared to N598.5/$1 recorded as of the previous week. Meanwhile, it is worth noting that the exchange rate had traded as high as N607.32/$1 in the previous week.

Nigeria’s inflation rate jumps to its highest level in 8 months

Nigeria’s inflation rose to 16.82% in April 2022, following a similar uptick recorded in the previous month as a result of the increase in energy and food prices.
Food inflation rose to 18.37% in the review month, an increase compared to the 17.2% recorded in the preceding month. This rise in the food index was caused by increases in the prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.
The core inflation rate rose to 14.18% in April 2022 from 13.91% recorded in the previous month. The rise in the core index was attributed to the increase in the prices of Gas, liquid fuel, Cleaning, repair and hire of clothing, Clothing materials, other articles of clothing, and clothing accessories.

Energy crisis pushes Nigeria’s core inflation rate to a 5-year high

Nigeria’s core inflation rate soared to a 5-year record high in April 2022 as the index rose by 14.18% year-on-year in the review month from 13.91% recorded in the previous month.
According to the NBS, Nigeria’s “all items less farm produce”, otherwise known as Core inflation quickened by 0.26% points month-on-month in April 2022, largely due to significant increases in the prices of gas, liquid fuel, clothing materials, repair and hire of clothing amongst other clothing accessories.
Incessant hikes in the price of goods and services have been a recurrent issue in Nigeria, since 2019 when the federal government ordered the closure of land borders, which caused a spiral effect in food prices. This was also exacerbated by the covid-19 pandemic as the cost of most services soared across the world.

Nigeria’s oil production falls to 1.2mbpd in April 2022

Nigeria’s crude oil production fell to an average of 1.219 million barrels per day (mbpd) in April 2022, representing a 1.53% decline compared to 1.238mbpd recorded in the previous month.
Recall that the Organization of the Petroleum Exporting Countries (OPEC) increased Nigeria’s oil production quota earlier in the month from the 1.735mbpd target approved in May 2022 to a new target of 1.772mbpd for June 2022.
This is significantly higher than the current levels at which Nigeria is producing. Meanwhile, the continuous decline in recent times has been attributed to oil theft, pipeline vandalism, and oil bunkering.

External reserve

Nigeria’s external reserve continues in its downtrend as it lost $246.25 million during the week, representing a 0.63% decline from $39.04 billion to stand at $38.79 billion as of Thursday, 19th May 2022.
The Nigerian reserve level continues to plunge considering the apex bank’s continual intervention in the official I&E window. The levels have remained low despite rising crude oil prices as Nigeria’s production capacity is below the OPEC quota.

Nigerian mega-companies earn higher revenues despite inflation

Nigeria’s largest companies operating in the manufacturing, telecommunication, oil and gas, and agricultural sectors earned a whopping sum of N2.33 trillion as revenue in the first quarter of 2022, outpacing their earnings in the corresponding period of 2021 by 33.2%.
Most interestingly is the stellar 38.1% growth recorded in their operating profit at N614.25 billion compared to N444.89 billion recorded in the corresponding period of 2021. This shows how the companies have been able to manage their operating expenses despite inflationary headwinds in the Nigerian economy
According to the analysis. telco giant, MTN Nigeria recorded the highest revenue of N470.98 billion, largely driven by its voice call revenue, while leading cement manufacturer, Dangote Cement followed with a N413.18 billion top-line revenue.

MARKETS

Equities market

The All-Share Index of the Nigerian stock market moderated during the week, declining by 0.22% to stand at 52,979.96 index points. This is the first decline after five consecutive weekly gain recorded by the local bourse.
A total turnover of 3.02 billion shares worth N31.78 billion in 29,153 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.82 billion shares valued at N27.19 billion that exchanged hands last week in 36,286 deals.
The Financial Services Industry led the activity chart in terms of traded volume with 2.24 billion shares valued at N12.39 billion traded in 10,877 deals; thus contributing 74.3% and 39.01% to the total equity turnover volume and value respectively.

Nigeria’s Eurobond Yield rose to 10.6%

Nigeria’s Eurobond Yield with a maturity of 2022 closed trading on Friday at a yield of 10.6% up from 8.9% at the end of April 2022. The bond is expected to mature in 5 years.
Bond yields have risen in the last few weeks driven by the increase in US Interest rates by the US Federal Reserves. The US Fed commenced rate hikes in response to the record-high inflation rate experienced in the world’s largest economy. The US Inflation rate stood at 8.3% in April.
A hike in US interest rates is targeted at curbing inflation in the world’s largest economy which is achieved when the rate hikes lead to a rise in borrowing costs.
The rise in borrowing costs means people borrow less thus reducing the amount of cash in circulation in the US Economy.

Source: Nairametrics.

eNaira Will Continue To Co-Exist With Conventional Naira, CBN Clarifies

Greenbarge Reporters

May 21, 2022

The central Bank of Nigeria (CBN) has said that the eNaira will continue to co-exist with the conventional Naira note in circulation.
The Director of corporate communications Department of the apex bank, Osita Nwanisobi, who said this while disclaiming a statement made by an officer of the bank during a stakeholders’ engagement on eNaira adoption in Asaba, Delta state, called on the general public to disregard such in it’s entirety.
Nwanisobi said that the digital version of the Naira is meant to complement the existing currency notes and therefore, will circulate simultaneously as means of exchange and store of value.
On the benefits of adopting the eNaira, the spokesman said that the digital legal tender aside from the safety and speedy features, will also ensure greater access to financial services by the underbanked and unbanked populace thereby enhance financial inclusion.
The spokesman therefore, advised members of the public and business owners to embrace the digital currency, the eNaira as it offers more possibilities.
The eNaira was formally launched into circulation by President Muhammadu Buhari in October last year

Bishop Dumps Church, Joins Politics, Declares For Abia Governorship

Editorial staff

May 21, 2022

President of Bishop Africa Radio and Bishop of Methodist Church Nigeria, Sunday Ndukwo Onuoha has turned his back on Church work, joined politics and declared for the governorship of Abia State in 2023 on the platform of African Democratic Congress (ADC).

Making the declaration at the State headquarters of ADC, Bishop Onuoha, who is also the President of Vision Africa said: “a son of God has come to reposition God’s own State.”

He listed what he described as 11 points manifesto aimed at repositioning Abia State, and to place the state above its current state of affairs.

Bishop Onuoha said that he decided to run on the platform of ADC because its agenda is in tandem with his aspiration.

The Bishop said that his entrance into the race stemmed from sustained pressures and appeals from student bodies, market women, notable stakeholders and others who called on him to lead the State.

According to him, the need to introduce a new and participatory style of governance informed his decision to listen to the numerous calls for the job.

He listed quality education, functional health system, youth employment, digital economy, trade and investment as part of his manifesto even as he unveiled security, modern agriculture, faith community as his plans for Abia State.

Onuoha, who expressed confidence in winning the guber contest in 2023, promised to return Aba to her vibrant economic potentials when elected Governor, adding that qualified contractors would be engaged to construct quality roads and drainages in the Enyimba city while the face of Aba woukd be cleaned of dirt.

He said that the masses of Abia form his largest base of supporters, declaring that he is the best material for the job, judging by his experience in public administration and closeness to the grassroots.

He assured that the modern agricultural and community-based policies would help in creation of employment as well as checkmate needless rural-urban migration.

South Korea Commits $13 Million To Nigeria’s e-Government Project

Editorial staff

May 21, 2022

The Republic of South Korea is set to commit 13 million U.S. dollars to the second phase of the Nigerian e-Government national master plan 2021-2026.

The agreement provides that the project will be funded by Korean International Cooperation Agency’s, KOICA, grant aid.

The South Korean Ambassador to Nigeria, Kim Young-Chea, said who made this known today, May 20, at the official commencement of the “Project for Building Foundations towards Digital Governance for Nigeria” in Abuja, said that the project, funded by KOICA’s grant aid is expected to enhance capacity for the further execution of key initiatives of the national e-Government master plan.

The representative of KOICA’s Country Director, Sungil Son, Young-Chea said that South Korea would spend the sum to develop capacity and further enhance the execution of the national e-Government master plan.

“It is expected to boost competencies for the e-government service delivery, and the development of the Government Service Portal. It can also create increased access of the NIN enrolment for ordinary people.”

He said that South Korea’s success on e-Government development was portrayed as one of the world’s most successful storie, adding that there are many aspects of unique Korean experiences that could be adapted to suit other partnering countries.

Young-Chea said that the continued partnership between Nigeria and South Korea had provided an activated platform for both countries to collaborate and take advantage of the most of Korean experience.

In his remarks, the Minister of Communications and Digital Economy, Professor Isa Pantami, recalled that the first phase of the project commenced in 2013.

Pantami, who was represented by the Permanent Secretary, William Alo, said that KOICA supported the project as part of Bilateral Cooperation between Nigerian and the South Korean Governments.

He said that the master plan would guide the adoption and implementation of the e-Governance programme in the country, which was approved in 2019 by the Federal Executive Council.

He said the ministry under the first phase, embarked on the process of developing policies, frameworks and strategies for a robust implementation of plan management and implementation of e-Governance initiatives in Federal Government institutions.

He also recalled that the ministry in August 2021, signed the agreement with the Korean government through KOICA for the implementation of the second phase of e-Government development for Nigeria.

“This will expand delivery of government digital services through the enhancement of government services Portal.

“It will create increased access to NIN enrollment through the establishment of additional NIN enrollment centers,” he said.

He said what the ministry and KOICA were doing was in line with the government’s policy to use Information Communications Technology, ICT, drive transparency in governance.

He used the opportunity to seek for more support from the South Korean government.

“We hereby solicit your support in the implementation of the project, which promises to have boundless impacts on Nigeria’s digital transformation agenda and national development.”

The Programme Director, KOICA, Nigeria, Professor Hung Kook-Park, said that Korea ias hoping that by 2026 Nigeria should have moved from the 140th position in the e-government ranking to be among the first 100.

“Currently Nigeria is ranked 140 in the world’s e-Government index ranking but we want Nigeria to be below 100 by the year 2026.

“That is what we hope to achieve with this programme.”

Source: NAN.

To Avert Looming Food Crisis, AfDB Approves $1.5 Billion For 20 Million African Farmers

Editorial staff

May 20, 2022

The African Development Bank (AfDB) has approved a $1.5 billion emergency food production facility for 20 million farmers on the continent to avert a looming food crisis brought on by Russia’s invasion of Ukraine.

A statement today, May 20 from the bank said: “with the disruption of food supplies arising from the Russia-Ukraine war, Africa now faces a shortage of at least 30 million metric tons of food, especially wheat, maize, and soybeans imported from both countries.

“African farmers urgently need high-quality seeds and inputs before the planting season begins in May to immediately boost food supplies. The African Development Bank’s $1.5 billion African Emergency Food Production Facility is an unprecedented comprehensive initiative to support smallholder farmers in filling the food shortfall.

“The African Emergency Food Production Facility will provide 20 million African smallholder farmers with certified seeds. It will increase access to agricultural fertilisers and enable them to rapidly produce 38 million tons of food. This would be a $12 billion increase in food production in just two years.”

African Development Bank Group President Dr. Akinwumi Adesina said “Food aid cannot feed Africa. Africa does not need bowls in hand. Africa needs seeds in the ground, and mechanical harvesters to harvest bountiful food produced locally. Africa will feed itself with pride for there is no dignity in begging for food…”

The African Emergency Food Production Facility has benefited from stakeholder consultations, including those with fertiliser producers and separately with African Union agriculture and finance ministers earlier this month.

The ministers agreed to implement reforms to address the systemic hurdles that prevent modern input markets from performing effectively.

The price of wheat has soared in Africa by over 45% since the war in Ukraine began. Fertilizer prices have gone up by 300%, and the continent faces a fertilizer shortage of 2 million metric tons.

Many African countries have already seen price hikes in bread and other food items. If this deficit is not made up, food production in Africa will decline by at least 20% and the continent could lose over $11 billion in food production value.

The African Development Bank’s $1.5 billion strategy will lead to the production of 11 million tons of wheat; 18 million tons of maize; 6 million tons of rice; and 2.5 million tons of soybeans. The African Emergency Food Production Facility will provide 20 million farmers with certified seeds, fertiliser, and extension services. It will also support market growth and post-harvest management.

The African Development Bank will provide fertiliser to smallholder farmers across Africa over the next four farming seasons, using its convening influence with major fertiliser manufacturers, loan guarantees, and other financial instruments.

The Facility will also create a platform to advocate for critical policy reforms to solve the structural issues that impede farmers from receiving modern inputs. This includes strengthening national institutions overseeing input markets.

The Facility has a structure for working with multilateral development partners. This will ensure rapid alignment and implementation, enhanced reach, and effective impact. It will increase technical preparedness and responsiveness.

In addition, it includes short, medium, and long-term measures to address both the urgent food crisis and the long-term sustainability and resilience of Africa’s food systems.

Dr. Beth Dunford, the African Development Bank’s Vice President for Agriculture, Human and Social Development, said: “The Africa Emergency Food Production Facility builds on lessons learned from the African Development Bank’s Feed Africa Resonse to Covid-19 program. That program has provided a strategic roadmap to support Africa’s agriculture sector and safeguard food security against the pandemic’s impact.”

Over the past three years, the Bank’s Technologies for African Agricultural Transformation initiative has delivered heat-tolerant wheat varieties to 1.8 million farmers in seven countries, increasing wheat production by 2.7 million metric tons, worth $840 million.

Long-term sustainability to wean Africa off wheat and other food imports A five-year ramp-up phase will follow the two-year African Emergency Food Production Facility.

This will build on previous gains and strengthen self-sufficiency in wheat, maize, and other staple crops, as well as expand access to agricultural fertilisers.

The five-year phase will deliver seeds and inputs to 40 million farmers under the Technologies for African Agricultural Transformation program.

Authority Shuts down Lagos Airport: Ethiopian Flight From Lome Diverted

Editorial staff

May 20, 2022

Federal Airport Authority of Nigeria (FAAN) has temporarily shut down the Murtala Muhammed International Airport, Ikeja, forcing one of the flights from Lome to be diverted back to the point of take off.

The international flights, including Ethiopian Airlines flight 3907, a Boeing 77F aircraft with registration number ETAVN, coming from Lome, Togo to Lagos, were stopped from landing because of the corpse of an unidentified man that was discovered on the airport run-way.

The discovery of the corpse, according to an aviation expert, is a major security breach that necessitated the closure of the airport, to enable the evacuation of the body.

A former Military Commandant of the airport, retired Group Captain John Ojikutu, said that there is a need to investigate how the unidentified man found his way into the sensitive area of the airport.

“The authorities need to investigate how the man got to the airport. Nobody can say much now; but he may have been knocked down by the wingspan or undercarriage of a jumbo jet but it is too early to say anything like that now.

“But we need to examine the issue of houses that have been built too close to the Lagos airport. The rule says no building should be situated less than six metres to the airport structure or fence. However, we have seen cases of people crossing the runway before.

“The Nigerian Civil Aviation Authority and FAAN need to investigate this to ascertain what really happened. They need to find out the flights that landed before that incident.

“The current airport perimeter fence is not a security fence and we need to do something about it,” he said.

it could not be immediately ascertained if the man was knocked down by an aircraft while taking off or landing on the runway.

The Police Public Relations Officer, Airport Command, Olayinka Ojelade, had confirmed the incident, saying that the command was alerted in the early hours of Thursday to evacuate the corpse from Runway 18R.

Source: Per Second News.

Osinbajo To Fellow Aspirants: No Need For Animosity Amongst Us

Editorial staff

May 20, 2022

The Vice President and front line Presidential aspirants under the ruling All Progressives Congress (APC), Professor Yemi Osinbajo has cautioned fellow aspirants to avoid breeding animosity towards themselves.

Addressing delegates of the ruling party in Rivers State today, May 20, Osinbajo said that despite the number of presidential aspirants in the party, everyone must rally around whoever emerges as the presidential candidate of the party.

He emphasized that there is no need for hostility among presidential aspirants as the ultimate goal remained the country’s unity, adding: “we are all progressives. We represent the same point of view that this country can be better; that we can improve the fortunes of our young people; that our country can be a great place. Every one of us has that desire, and every one of us can achieve that, given the chance.

“Everywhere I’ve gone, I’ve pointed out that there is no need for conflict of any kind, especially among presidential aspirants. All of us, who are presidential aspirants, have either worked together or eaten together in one place or the other. We are aspirants today, but only one person would emerge, and we must be prepared to work with that person.

“We are also, of course, completely at one on the idea that the party needs to be united. So, everything that needs to be done is being done and will be done to ensure the unity of the aspirants.

“Our party is, as you know, not just the ruling party, but the party that has the greatest potential to do the best for this country.”

Osinbajo, speaking on his consultations with the delegates, said: “what we spent our time doing today was talking more about national issues, about issues of development; and we all affirm that we have to do a lot of work; we are willing and able to do the work.”

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