Shettima Declares Tinubu-Led Government Most Investor-Friendly in Nigeria’s History at 79th UNGA

Vice President Kashim Shettima has lauded the current administration under President Bola Ahmed Tinubu as the most investor-friendly in Nigeria’s history. Speaking at the 79th United Nations General Assembly (UNGA), Shettima announced that Nigeria had already secured $320 million in investment commitments from the U.S. Chamber of Commerce.

Among these commitments, the American International Development Finance Corporation pledged $200 million toward mortgage refinancing in Nigeria, $100 million was allocated to FCMB to finance small and medium enterprises (SMEs), and $20 million was dedicated to Robust International to boost Nigeria’s cashew nut processing industry.

During a U.S.-Nigeria executive business roundtable, Shettima promoted Nigeria as a prime destination for foreign investment, citing recent economic reforms such as the removal of fuel subsidies and the unification of the foreign exchange market. He urged investors to trust the new economic direction set by President Tinubu’s administration.

The Nigerian delegation at the event included key ministers across various sectors, all of whom were present to emphasize the country’s commitment to fostering sustainable growth and international collaboration. Vice President Shettima is also set to deliver Nigeria’s national statement at the General Debate of the UNGA.

Oil Industry Mafia Stronger Than Drug Cartels, Says Dangote

Aliko Dangote, Africa’s richest man and owner of the Dangote Refinery, has revealed some of the major obstacles in Nigeria’s oil industry, pointing to the powerful control exerted by cartels. In a recent interview with Bloomberg, Dangote likened the oil mafia’s influence to being even greater than that of drug cartels.

“I never knew that the oil industry mafia is stronger than the drug cartel; it’s a big cartel,” Dangote remarked, emphasizing how these groups manipulate fuel prices to protect their own interests and block competition.

However, Dangote expressed confidence that his refinery could outsmart these cartels due to its ability to operate in local currency (naira), an advantage the cartels lack.

In related news, the Federal Government and Dangote Refinery have finalized a deal to supply 12 million barrels of crude oil to the facility in October. This agreement is part of the “Crude Oil for Naira” initiative, a partnership designed to enable local processing of crude oil into petrol, diesel, and jet fuel.

Dangote Urges Nigerian Government to Remove Fuel Subsidy for Economic Growth

Aliko Dangote, President and CEO of the Dangote Group, has called for the removal of fuel subsidies in Nigeria. Speaking during a 26-minute interview with Bloomberg Television in New York, Dangote emphasized that eliminating the subsidy would help determine the country’s actual petrol consumption and reduce financial waste.

Dangote, who owns two oil blocks expected to begin production next month, stated that fuel production from his $20 billion Lagos refinery would ease pressure on the naira by reducing reliance on petrol imports. He further explained that removing the subsidy would ensure transparency in fuel distribution and help the government save significant resources.

He also highlighted that while the refinery aims to be profitable, the decision to remove subsidies rests with the government, which needs to balance fiscal policies for the greater good.

“It’s time for the subsidy to go,” Dangote concluded, pointing to the potential benefits for the Nigerian economy.

FG Approves National Citizens Value Brigade for Schools to Promote Moral Values

The Federal Government has approved the establishment of the National Citizens Value Brigade in primary and secondary schools nationwide, aimed at addressing the decline of moral values among the youth. Announced by the Minister of Information and National Orientation, Mohammed Idris, after the Federal Executive Council (FEC) meeting, the initiative will foster a culture of values and instill discipline in younger generations.

Additionally, a national value charter will be integrated into school curricula, with a focus on civic education. Government appointees will also undergo training on national values and symbols. The new curriculum, designed to enhance knowledge, skills, and values, will be implemented from October 2024.

The Minister of Education, Prof. Tahir Mamman, also revealed plans for a new Senate building at the University of Ibadan and discussed the approval of funds for National Examinations Council (NECO) examinations.

RSIEC Clears Candidates Ahead of Party’s Senatorial Campaigns Set to Begin on September 24

Candidates for the upcoming senatorial elections have successfully passed the screening process conducted by the Rivers State Independent Electoral Commission (RSIEC). Following this development, the party has announced plans to officially launch its senatorial campaigns and rallies starting tomorrow, Tuesday, September 24.

Dangote Reflects on Missed Chance to Buy Arsenal Due to Refinery Commitment

Aliko Dangote, the President and CEO of Dangote Group, has expressed his regret over not purchasing Arsenal Football Club when it was valued at around $2 billion. In an interview with Bloomberg’s Francine Lacqua, Dangote explained that his financial focus on completing the Dangote refinery project prevented him from acquiring the North London football team.

Dangote revealed that he had intended to purchase Arsenal once his refinery was completed, but the club’s value has since risen to $4 billion, making it less feasible. While the billionaire businessman admitted he regrets not buying the club earlier, he remains a devoted fan, watching their games regularly.

Dangote, Africa’s richest man, founded Dangote Group, the largest conglomerate in West Africa, in 1981 and continues to focus on his business ventures, setting aside his ambitions to own a major football club.

Black Market Dollar to Naira Exchange Rate for 24th September 2024 and Insights on Nigeria’s Foreign Reserves Boost

Dollar to Naira Exchange Rate Today

As of 24th September 2024, here are the black market (parallel market) rates for Dollar to Naira transactions. At Lagos’ Parallel Market, a dollar is bought at N1660 and sold at N1665, according to Bureau De Change (BDC) sources.

Note: The Central Bank of Nigeria (CBN) does not officially recognize the black market and advises individuals seeking foreign exchange to consult their banks.

Black Market Dollar to Naira Rates (Aboki FX):

  • Buying Rate: N1660
  • Selling Rate: N1665

CBN Official Rates:

  • Buying Rate: N1587
  • Selling Rate: N1588

Prices may differ depending on market conditions and other factors.

Nigeria’s Foreign Reserves Increase

Nigeria’s foreign reserves have seen a net inflow of $2.35 billion, helping to stabilize the naira. This was confirmed by the Finance Minister, Wale Edun, during a forum in Lagos. The increase in reserves is attributed to proactive government economic policies and steady inflows over the past seven months.

However, Edun noted that the country’s tax-to-GDP ratio remains low at 10%, with revenue-to-GDP at 15%, highlighting the need for more infrastructure spending and improved revenue generation.

Ganduje Dismisses Lawsuit Challenging His APC Chairmanship as Baseless After Court Ruling

The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has responded to a lawsuit aimed at removing him from office, calling it baseless. On Monday, the Federal High Court in Abuja, presided over by Justice Inyang Ekwo, dismissed the case filed by the North Central APC Forum led by Saleh Zazzaga.

The lawsuit (FHC/ABJ/CS/599/2024) challenged Ganduje’s appointment as APC chairman, claiming he is not from the North Central region. The defendants listed included Ganduje, the APC, and the Independent National Electoral Commission (INEC).

Speaking at the APC secretariat in Abuja, Ganduje expressed gratitude for the legal victory, stating the allegations lacked merit. He also commended North Central APC elders for their continued support amid the controversy.

Justice Ekwo ruled that the plaintiff lacked the legal standing to file the suit and agreed with INEC that the North Central APC Forum was not a registered entity.

Turkey Warns of Regional Chaos Amid Israel’s Attacks on Lebanon

Turkey has expressed grave concerns over Israel’s recent airstrikes in Lebanon, which resulted in the deaths of 356 people, including 24 children. The attacks mark a significant escalation in violence following the outbreak of war in Gaza on October 7.

The Turkish Foreign Ministry condemned the strikes, stating that they threaten to drag the entire Middle East into chaos. Turkey has called for immediate action from the international community, particularly the United Nations Security Council, to prevent further bloodshed.

President Recep Tayyip Erdogan, set to address the UN General Assembly soon, has emphasized the need to hold Israel accountable for its actions in both Gaza and Lebanon, labeling them as acts of genocide.

Tinubu Launches Disaster Relief Fund in Response to Maiduguri Floods

Following severe flooding in Maiduguri, President Bola Tinubu has initiated a Disaster Relief Fund to address climate change-related disasters across Nigeria. The announcement came after the Federal Executive Council (FEC) meeting, where Minister of Finance, Wale Edun, highlighted the importance of mobilizing resources to handle emergencies.

The recent flooding in Maiduguri claimed lives and destroyed infrastructure, emphasizing the urgent need for a proactive disaster response system. Tinubu’s administration aims to ensure preparedness for future disasters through continuous support for the fund.