Business
‘Nigerian youth are reliable’, says Tinubu as he signs multi-sectoral investment agreements with Qatar
President Bola Tinubu has signed an agreement with Tamim Bin Hamad Al-Thani, Emir of Qatar, to improve cooperation in seven sectors of the economy.
The sectors include education, enterprise development, investment promotion, youth empowerment, mining, tourism, and sports.
The two countries entered the agreement on Sunday in Doha, according to a statement by Ajuri Ngelale, presidential aide on media and publicity.
Before the signing ceremony, Tinubu was said to have assured his host of Nigeria’s preparedness to welcome investors into the country, adding that the ongoing reforms favour innovation, return on investments, and multiculturalism.
“Our greatest strength is our people. Our strength lies in the capacity of Nigerian youths,” Tinubu said.
“They have energy, talent, and self-belief. They are quality partners for the Qatari industry. They are educated and reliable, and they are proactively seeking to add value wherever they are.
“A few cannot give a bad name to the many. Nigerian youths are ready to be unleashed for the mutual benefit of both nations.
“We have seen clearly the rapid pace and thorough quality of Qatar’s development process. It is impossible not to be moved by what you have accomplished. The leadership in the country has proven its mettle, and we are here to gain deeper insight.
“There is nowhere in the world where you will find return on investment at the level of what you will see in Nigeria. A massive market of over 200 million skilled Nigerians, always industrious and ready to work.
“We face some short-term turbulence at the moment, but we have a government today that reflects the dynamism and talent of the Nigerian people.
“We are implementing the right solutions. This team works collaboratively with each other and our partners. Nigeria is ready for serious business.”
On his part, Al Thani, emphasised that Qatar is open to Tinubu’s investment push.
He also recalled that he travelled to Nigeria in 2019 due to his belief that Nigeria is an important and strategic ally on its own and within the context of its role in regional affairs.
“I have no doubt about the great capacity of the Nigerian people. Everywhere in the world, they are known for their brilliance and hard work,” he said.
“We only need to ensure that this is happening inside of Nigeria rather than outside. The investments we have made around the world have been very fruitful.
“This is because we take our time and study opportunities before we invest in the commonwealth of our people. It is not my money. The money we invest belongs to the future generations of Qatar.
“Mr. President, I am very encouraged by your actions and your passion to create new opportunities. We are very open to this, and follow-up is everything at this point.
“The will is there for both of us, but we must follow up. I will send a team of officials to Nigeria after Ramadan, and we will advance discussions on what some of the actionable investment opportunities are.”
Business
Naira is depreciating because I was out of the country, says Odumeje
Chukwuemeka Ohanaemere, the self-styled Onitsha-based pastor better known as Odumeje, says he will stop the naira from further depreciating against the dollar.
Odumeje spoke at the airport when he returned from London.
The cleric travelled to the UK earlier this month to host a comedy show. He often boasts that he possesses a plethora of spiritual powers, which he releases periodically to fix issues plaguing society.
He had boasted of being behind the naira’s appreciation with one of his powers, when the currency gained 12 percent against the dollar in early April, building on a 14 percent surge in March.
On Friday, the naira depreciated to N1,320 to the dollar at the parallel market.
At the official window, the local currency depreciated by 2.24 percent to N1,339.23 against the dollar on Friday, from N1,309.88 on April 25.
However, Odumeje said he is back to stop the naira’s slide like he has always done.
“This is Indaboski Bahose. The war and the battle. A man full of power and activities. The only man who tells you ‘I will bring down the dollar’ and gets it done. When I left the country, dollar began to rise; now, I am back, I will continue where I stopped,” Odumeje said.
On April 8, the local currency strengthened to N1,120 to the dollar at the black market and N1,230 at the official window.
Odumeje had taken credit for the naira’s appreciation at the time.
Business
Sierra Leone energy minister, Kanja Sesay resigns over electricity crisis
Kanja Sesay, Sierra Leone’s minister of energy, has resigned after weeks of electricity crisis in the West African nation.
According to BBC, in his resignation letter on Friday, Sesay said he took full responsibility for the crisis.
In a statement, the government said the energy ministry has been placed under the direct supervision of President Julius Maada Bio, who will be assisted by two other officials.
Sesay’s resignation came hours after the government paid $18.5 million to two power providers, Turkish Karpowership and Transco-CLSG group.
Sierra Leone owed the two producers $40 million.
After two months of outages, power was restored in Freetown after the payments were announced.
Since mid-April, Freetown and the cities of Bo, Kenema and Koidu have experienced multi-day stretches without electricity.
Karpowership confirmed the payment in a statement.
“We are pleased to confirm that the electricity supply has returned to full capacity in Freetown,” the statement reads.
The company has been supplying electricity to Sierra Leone since 2018 from a floating offshore unit, but it had reduced its capacity from 65 megawatts to just five in recent months due to payment issues.
It had previously cut supplies to Sierra Leone in September over unpaid bills.
In October, it briefly cut power to Guinea-Bissau, saying it had been left with no option “following a protracted period of non-payment”.
Business
Naira depreciates in parallel market, official window
The naira depreciated to N1,320 per dollar at the parallel section of the foreign exchange (FX) market on Friday.
The current FX rate signifies a decline of 1.54 percent from N1,300/$ traded on April 24.
Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,260 and the selling price at N1,320 — leaving a profit margin of N60.
At the official window, the local currency depreciated by 2.24 percent to N1,339.23 against the dollar on Friday, from N1,309.88 on April 25.
According to FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the official window, during trading hours, a dollar was sold as high as N1,410 and at a low rate of N1,051.
Meanwhile, on April 24, Emeka Obegolu, president, Abuja Chamber of Commerce and Industry (ACCI), asked the federal government to develop policies that will strengthen the naira and foster economic growth in Nigeria.
“We are here to brainstorm innovative strategies for strengthening the naira, assessing progress, identifying challenges, and formulating practical solutions,” Obegolu said.
He pledged that the recommendations from the roundtable will be diligently conveyed to the relevant authorities for implementation.
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