Economy
Tinubu’s Economic Reforms, Diplomatic Alliances ‘ll Attract Investments, Partnership – Shettima
Vice President, Kashim Shettima, says President Bola Tinubu’s economic reforms and diplomatic alliances are intended to attract investments and partnerships to the country.
Mr Olusola Abiola, Director, Information, Office of the Vice President, in a statement, said Shettima stated this in his address to world leaders at the third BRICS-Africa Outreach and BRICS Plus Dialogue on the sidelines of the ongoing 15th BRICS Summit at the Sandton Convention Centre, Johannesburg, South Africa.
Shettima spoke to a large audience which includes Presidents of China, India, Brazil, South Africa and Russia’s Foreign Minister on the theme, ‘BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism’.
According to him, the new Nigerian government, which began less than three months ago, is examining the variables and evaluating the scope and level of regional and global cooperation to pursue in order to establish Nigeria as the desired friend and partner.
Shettima said the theme “underscores the profound realisation that the cornerstone of stability within our intricate multipolar landscape lies in fostering developmental partnerships”.
He commended the efforts of the organisers for focusing on the agenda items which centers on “BRICS and Africa”.
The vice president stated that the agenda aligns with “the aspiration of the people we represent, the future citizens of a world that can ensure our collective prosperity”.
He extended Nigeria’s gratitude to the Government and people of the Republic of South Africa for convening the 15th BRICS Summit.
“The BRICS-Africa Outreach and BRICS-Plus Dialogue provide a unique platform for deliberation, note comparison, and exploration of a mutually beneficial partnership that could evolve into a novel driving force for development.
“The international global governance structure to which we currently adhere was established prior to the independence of the African continent and many countries in the global south.
“So, it’s indeed imperative to reform global governance to align with the realities of today’s world and to acknowledge the necessity for partnerships that ensure shared prosperity, inclusivity and sustainable development.”
Shettima assured that Nigeria, under President Tinubu, was committed to shaping and fortifying the global framework and governance concerning all major international issues.
“These are particularly in the fields of finance, climate change, bridging the digital divide, adopting a comprehensive strategy towards debt alleviation, addressing food and energy insecurities, instituting post-pandemic recovery measures, and fostering financial inclusion within developing countries.”
He stressed the need for a revitalised international cooperation that is effective, representative, and inclusive to tackle the challenges facing the world.
Shettima opined that Nigeria is ready for collaboration and partnership that guarantee a world governed by acceptable rules and norms.
“We seek partnership that provides opportunities for all to engage in trade, prosperity, and shared progress with no marginalisation based on geography, race and legitimate sovereign affiliations,” he affirmed.
On the 2030 Agenda for the Sustainable Development Goals (SDGs), he observed that the reality of achieving the SDGs remains bleak for many developing countries.
“These nations confront historical developmental vulnerabilities and challenges that are beyond their control. Thus, it is imperative for us to unite within regional groups and forge a novel form of international cooperation.
“This endeavor aims to foster global economic governance reform while enhancing the representation and voice of emerging market economies or developing countries.”
Shettima, while emphasising partnership as a major key for addressing current global challenges, seeks formidable global partnerships through harnessing the agricultural potentials of nations.
He also underscored the need for harnessing renewable energy to revolutionise Africa; fostering technology, innovation, and job prospects for holistic and equitable progress; collaborative efforts on climate change and nature-centered approaches to development.
“Others include strengthening vibrant private-sector participation among the countries of the global south; nurturing youth employment and skill building as a deterrent against terrorism, organized crime, related challenges; proactive crisis prevention and heightened resilience as well as promoting proactive involvement of business leadership in shaping an improved and ideal landscape for trade and economic exchanges in the Global South.”
Earlier, in his address on the third day of the Summit, the Chair of BRICS and President of South Africa, Cyril Ramaphosa, expressed the commitment of South Africa to advance the interests of the global south.
He announced the admission of six new full members – Argentina, Egypt, Iran, Saudi Arabia, Ethiopia and United Arab Emirates – as part of the outcomes of the Summit to expand its objectives.In the delegation of the Vice President to the Summit were Nigeria’s High Commissioner to South Africa, Amb. Mohammed Mantra, the Consul-General, Amb. Andrew Idi, and other senior government officials. (NAN
Economy
Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)