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08/10/2024

Federal University of Technology Ilaro, Ogun State(Establishment) Bill 2024. SB 345, sponsored by Senator Solomon Olamilekan Adeola, FCA passed by the Senate for a second time. It was previously passed by the 9th Nigerian Senate but did not move through all the legislative process and assent. A new dawn beckons…

25/07/2024

I participated in peaceful protests for democracy - Tinubu

President Bola Tinubu affirmed on Thursday that protests are an integral part of democracy but that no government will condone demonstrations that lead to the destruction of lives and property.

Speaking when he received the Letter of Credence from the newly appointed United States Ambassador to Nigeria, Mr Richard Mills Jr., at the presidential villa in Abuja, he acknowledged that he was one of those who made their voices heard through peaceful protests for democracy without destroying properties.

Emphasising the importance of sustaining democracy, its norms, and its institutions, the president said, ”Our relationship with America is rich.

“We believe in democracy and freedom. Some of your predecessors worked hard during our transition, and we remember the likes of Ambassador Howard Jeter.

”We look forward to Nigeria and the United States continuously working to expand cooperation on shared goals and democratic values.

”During the military era, we made our voices heard against dictatorship, and I was part of the group that engaged in peaceful protests without resorting to the destruction of property.

”We have worked hard to ensure 25 years of unbroken democracy, and I will continue to maintain this democracy.

”In as much as we believe that demonstrations are part of democracy, we will never encourage any protests that lead to the destruction of lives and property.”

Welcoming the U.S. State Department’s acknowledgment of Nigeria’s strategic role on the continent as Africa’s largest democracy, President Tinubu called on the U.S. government to pay more attention to Africa.

”Nigeria is ready to play its role as the largest democracy in Africa that is worthy of emulation by other African countries, but we need more U.S. partnership on the continent that is beneficial to both sides.

”We believe in freedom, and we are providing the leadership to make Nigeria’s economy grow,” the president said.

Ambassador Mills affirmed U.S. support for Nigeria’s democracy and pledged support for bigger roles for Nigeria in the international arena.

”Nigeria is crucial to the United States because we share democratic values, and we are ready to give you all the support.

”I am here to make sure that the relationship blossoms both on the democratic and the economic side,” Ambassador Mills said.

Expressing the United States’ commitment to expanding cooperation with Nigeria on cybercrimes, the Ambassador announced the establishment of a special office at the Embassy to work closely with the Economic and Financial Crimes Commission (EFCC).

Earlier, President Tinubu also received Letters of Credence from the High Commissioner of Malaysia to Nigeria, Mr Aiyub Bin Omar, and the High Commissioner of Botswana, Ms Phild Nani Kereng.

President Tinubu told the High Commissioner of Malaysia that Nigeria would work towards improving the balance of trade between the two countries.

”Diversification of the economy is uppermost the top of my renewed hope agenda for Nigeria. We must look at how we can improve the balance of trade with Malaysia,” the president said.

President Tinubu acknowledged that many Nigerian students find studying in Malaysia attractive, adding that Nigeria looks forward to their contributions to the development of critical sectors of the economy, such as agriculture and ICT.

The Malaysian High Commissioner said that ahead of the 50th anniversary of the establishment of bilateral relations in 2025, Malaysia is looking forward to strengthening relations with Nigeria.

”We are pleased with our cooperation in the areas of education. We are also keen on working with Nigerian partners in the financial services sector,” the High Commissioner said.

In his audience with the Botswana High Commissioner, the President expressed Nigeria’s readiness to develop robust cultural and economic cooperation with the Southern African country.

Acknowledging Botswana’s progress on livestock development, the president said he had received a briefing from a committee established to create a ministry of livestock development in Nigeria.

”The committee is at work, and their report will be ready in the next two weeks. Africa’s solution is in our hands. Nobody will help us if we do not help ourselves,” the president said.

President Tinubu described President Mokgweetsi Masisi of Botswana as a good friend and extended his appreciation to the Botswana President for attending his inauguration.

High Commissioner Kereng said Botswana is committed to being a leader in the production of livestock vaccines and is prepared to partner with Nigeria in this area.

She expressed admiration for Nigerian arts, entertainment, and culture, adding that young people from Botswana had a lot to learn from Nigeria’s youth-driven creative economy.

”My coming to Nigeria fulfils my president’s vision of improved relations with Nigeria, and I will work very hard to achieve these objectives,” the High Commissioner said.

22/02/2024

FG to resume repair work on Third Mainland Bridge on Thursday

The Federal Government has declared that repair activities on the Third Mainland Bridge will resume on Thursday.

This was made known in a statement by Mrs. Olukorede Kesha, the Federal Controller of Works in Lagos State, on Wednesday in Lagos.

Kesha, recognizing the potential disruption caused by traffic reroutes to drivers, requested the public’s understanding and collaboration.

She explained that traffic diversions are necessary to facilitate the contractor’s ongoing thorough maintenance work.

“This is to allow for timely completion of works on all sections of the bridge and to also ensure speedy hand-over of a newly-rehabilitated bridge to the motoring public with better comfort and smoother riding surfaces,” Kesha said.
She stated that the traffic rerouting would persist throughout the repair period, urging drivers to work with traffic authorities and to strategically plan their trips.

Alternative routes for motorists

Kesha provided alternate routing suggestions for drivers due to the Third Mainland Bridge’s temporary shutdown for maintenance on Thursday.

She explained that in the morning, as the bridge is solely open to traffic directed towards the island, drivers destined for Oworonshoki are advised to take different routes.

Conversely, in the afternoon, when the bridge permits only traffic heading to Oworonshoki, those travelling to the island must find alternative routes.

Nairametrics previously reported that the Federal Government announced that it would close the Third Mainland Bridge for a 24-hour period starting from midnight on Sunday, February 18, until midnight on Monday, February 19 for repairs.

The alternative routes recommended for drivers during the February 18 to February 19 maintenance will also be in effect for the bridge closure on Thursday.

These alternatives include the Ojota-Ikorodu Road-Funsho Williams Avenue-Eko Bridge-Apogbon-CMS route, the Ojota-Ikorodu Road-Jibowu-Yaba-Oyingbo-Iddo-Carter Bridge-CMS route, and the Gbagada-Anthony-Ikorodu Road-Funsho Williams-Eko Bridge-Apogbon-CMS route.

Motorists are encouraged to cooperate with traffic management personnel stationed to oversee traffic flow and facilitate smooth travel, aiming to reduce inconvenience throughout this period.

20/02/2024

Exchange rate falls to a record low of N2040/£1 and N1,712/$1 at the black market

The Naira experienced a sharp depreciation against the US dollar on February 19, 2024, reaching an intra-day high of N1,712.

The domestic currency depreciated by 3.78% to close at N1,598.54 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.

The parallel market exchange rate has experienced a significant decline, plummeting to a record low of N2040 per Great Britain Pound (GBP), driven by persistent demand pressures that continue to erode the currency’s value.

This marks a notable decrease of 5.39% or N110 compared to the N1,930 rate recorded the previous day.

This depreciation stands as an unprecedented occurrence, representing the lowest point in the historical performance of the Naira.

Concurrently, black-market exchange rates have continued to witness the devaluation of the Nigerian Naira, exacerbated by a substantial surge in inflation, as reported by the National Bureau of Statistics (NBS) for January 2024.

The inflation rate surged to 29.90%, indicating a significant rise from the 28.92% recorded in the previous month.

This data reflects a noteworthy uptick in the headline inflation rate for January 2024, with a 0.98% increase compared to December 2023 figures.

These developments persist despite the Central Bank of Nigeria’s (CBN) implementation of several policies aimed at bolstering the supply of foreign exchange (forex).

One of the recent policies was the CBN’s announcement of halting international oil companies (IOCs) operating in Nigeria from immediately remitting 100% of their forex proceeds to their parent companies abroad.

Similarly, the Naira depreciated against dollar in the parallel forex market, where forex is unofficially traded, with the exchange rate quoted at N1,655/$1, reflecting a 3.93% decrease from the N1,590 rate it closed at the previous day.

Additionally, the Naira weakened against the Euro by 4.09%, closing at N1720/EUR1 compared to N1650/EUR1 reported the previous day.

16/02/2024

Cement price hit N9500 in retail outlets across Lagos

The price of a 50kg bag of cement has soared to around N9500 in many retail outlets in Lagos further exacerbating the effects of inflation in the country.

Checks by Nairametrics in many retail shops in Lagos reveals that since January, the price has risen from around N6,000 to N6,500 to over N9000 as of today.

The sporadic rise in the price of the product has made some retailers halt selling fearing they might see increased prices in the near future.

What retailers are saying

A cement retailer in Ikorodu who wished to remain anonymous told Nairametrics that he has stopped selling since this Monday and still waiting for his distributor to provide the current price.

He stated, “I stopped selling around Monday, my distributor has not given me new market price. She told me to wait for now.”
Another retailer lamented about the increase in the price on sales stating that there has been a significant drop in sales since January when the volatility in cement prices began.

According to her, “January and February is our peak sales period but everywhere is just quiet. N9000 for a bag of cement is too expensive and would discourage people from starting any project.”

BUA’s N3,500 per bag mere lip service

The increase in the price of cement cuts across major cement producers in Nigeria- Dangote cement on the average sold for N9,500. On the other hand, BUA cement retailed for N9,000 while some shops sold Elephant cement for N9,500.

Of particular interest is the increase in the price of BUA cement whose Chairman, Abdulsamad Rabiu had stated that the company will peg the price of BUA cement at N3,500 after a meeting with President Tinubu in October.

The increase in the price of cement syncs with a projection by Cardinal stone that stated that the price of cement will stay high in 2024 due to producers increased operational cost.

In its financial report for Q3, 2023, Dangote cement recorded an increase of 33% in operation expenses when compared to the previous year.

FG’s use of concrete for road construction

An earlier statement by the Cement Producers Association of Nigeria had warned that cement prices may hit N9,000 from around N5000 then over the federal government’s insistence on building roads with concrete.

Via NairaMetrics

04/02/2024

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31/08/2021

Sunday Igboho’s associates sing Yoruba Nation anthem after release from DSS custody

Via GoldMyneTV

24/08/2021

PEOPLE WHO SHOULD BE IN JAIL ARE ON CAMPAIGN POSTERS - BANKY W

13/07/2021

Bring out your dancing shoes for “Ade Ori-Okin Unleashed” 2021 USA Tour! Coming to a city Near You🇺🇸

🎥

07/07/2021

29/06/2021

THE MOMENT K1 DE ULTIMATE CRIED ON STAGE YESTERDAY

VIA

24/06/2021

Life was easier when this happened! x

15/06/2021

Miss Africa Russia representative from Nigeria, Udeh Chiamaka Victoria steps out with a blood stained Nigerian flag at the recently concluded beauty pageant.

The event was held on Sunday June 13 in Moscow.

06/06/2021

TB JOSHUA knew he was going to leave before his birthday 💔😔

He wished himself happy birthday and said these words... keep resting TB JOSHUA

Father of the nation

03/06/2021

Not Your Regular Guest!!! E CHOKE

02/06/2021

Fresh crisis erupts in Celestial Harton Street Parish International Arch Diocese, London UK as two ladies were caught stealing money

02/06/2021

THOSE WHO WANT TO DESTROY THIS COUNTRY HAVE SHOCK COMING THEIR WAY, SAYS PRESIDENT BUHARI