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Buhari Urges American Investors to Invest in Nigeria

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President Muhammadu Buhari says Nigeria remains the best destination for American investors to put their money.

He said  aside the population advantage in size and demography, various incentives and policies emplaced by the Nigerian Government make it a destination of choice for investment.

Malam Garba Shehu, the President’s media aide in a statement, said Buhari spoke at the U.

S – Nigeria Business and Investment Forum, Business Roundtable organised by the American Corporate Council on Africa (CCA).

The forum was organised in conjunction with the Federal Ministry of Industry, Trade and Investment, on the sidelines of the US-Africa Leaders Summit, in Washington DC, USA.

President Buhari said: “It is therefore, imperative that I reiterate at the outset, the comparative advantages that exist within the Nigeria’s economy.

”First as the most populous country and largest economy in Africa, there is no doubt that Nigeria remains Africa’s largest single consumer market, projected to account for over 15% of overall growth in Africa’s spending, by 2025.

”Secondly, investors in the country would have access to new markets under the African Continental Free Trade Area, (AfCTA), which would be the world’s largest free trade area.

”It would be expected to connect 1.3 billion people across 55 countries and a consumer market that will be worth over 3 trillion dollars by 2030, and a combined Gross Domestic Product (GDP) valued at 3.4 trillion dollars.

“Since 2015, when my administration assumed office, fixing of the infrastructural gaps needed for business to thrive in Nigeria, namely; roads, railways, air and sea ports, energy and telecommunications, constituted greater priorities for Government.”

He said  these conscious and practical efforts is the resolve by the Federal Government to improve the business environment through business incentives, regulatory reforms and visa-regime that are business-friendly.

“The outcome of the massive efforts and investments by our administration in Infrastructure Development and Refurbishment, i.e. Road Construction and Rehabilitation, Investment Tax Credit Policy, led to the reconstruction of 21 selected Federal Roads, totaling 1,804.6 KM.

”With regards to railways, sea and air ports as well as energy, which are expected to facilitate movements of people, goods and services as well as sustain the stabilization of industries and their growth respectively,” he added.

Buhari informed his audience that in spite  the global challenges occasioned by COVID-19 and the war in Ukraine, the Nigerian economy had continued to record impressive growth in many sectors.

“On economy, Nigeria like other countries , including the developed economies, is facing economic challenges, occasioned by the disruptions as a result of the COVID – 19 pandemic the ongoing Ukraine war and the Climate Change, in which massive flooding is one the manifestations.

”Notwithstanding these global challenges, Nigeria had witnessed seven consecutive quarters of growth, after the negative growth rates recorded in the 2nd and 3rd Quarters of 2020.

”Nigeria’s GDP grew by 3.54% year-on-year in real terms in the 2nd Quarter of 2022, which represents a sustained positive economic performance, especially for the Non-Oil GDP which fell by 4.77% in Q2 2022 against Oil GDP that grew by -11.77%.

“Statistics continue to indicate that most sectors of our economy recorded positive growth despite these challenges, which reflect the effective implementation of the economic sustainability measures introduced by our Administration.

”For our economy to favourably meet up the global digitization, Nigeria embraced Communication and Digital Economy.”

According to him, already, the broadband coverage of the country stands at 44.32% and 77.52% while 4G coverage has also been achieved, with the establishment of 36,751 4G base stations nationwide.

The President apprised the gathering of the sustained efforts of his administration to reverse the pervasive state of insecurity he inherited especially in the Northeast.

He commended the government of the United States for the support it had rendered in this aspect.

“When our administration came to power in 2015, most of the North-East of Nigeria was under the control of Boko Haram Terrorist Group. Governance and Socio-Economic activities came to stand-still.

”This state of happening has today been reversed. Internally Displaced Persons (IDPs) are returning to their ancestral home-areas, rebuilt through efforts by the Borno State Government and some philanthropic individuals, to recommence their lives in relative peace.

”As a country and sub-region, we continue to make sustained investments and efforts to strengthen our national and sub-regional security.

“In such circumstances, Nigeria continues to treasure strong partnerships with friends and allies in our national, continental and global efforts for safety and survival.

”We thank the United States of America for her partnership and as an ally, which made it possible to acquire arms, weapons and other military hardware, which has assisted Nigeria in her efforts to contain the scourge of terrorism and maritime insecurity,” the president said.

The Nigerian leader informed the gathering of the plans of his administration to ensure that the problem of energy supply is addressed in the immediate future.

He said: ”In the pursuit of our energy development, Nigeria remains mindful of her commitment to carbon neutrality by 2060.

”In this regard, our administration launched an Energy Transition Plan (ETP) in September, 2022 aimed at meeting the national energy needs, in line with Nigeria’s net zero target.

”The Energy Transition Plan is a home-grown, data-backed, multipronged strategy developed for the achievement of net-zero emissions’ reduction across five (5) key sectors; Power, Cooking, Oil and Gas, Transport and Industry. The Energy Transition Plan (ETP) is therefore, a huge investment opportunity in the gas sector.”

Earlier in his remarks, the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo told the audience that Nigeria is politically stable and ready for more investments

He expressed confidence that the trend would continue ”because President Buhari has put in place electoral reforms that are enduring, giving room for free, fair and transparent elections.”

Also speaking, Ms. Florie Liser, President of CCA said the the organisation had been around since 1993 promoting US and African business and investment relationships.

She said: ”Gathered here are CCA members, partners and investors doing great works in Nigeria who have a strong interest in sealing their operations there.”

She added that the organisation had been privileged to also host past presidents, governors, ministers and numerous private sector leaders to cement trade ties and facilitate investments between the US and Nigeria for the benefit of the people of Nigeria and American people.

She described Nigeria as a priority country for the CCA. (NAN)

Foreign News

Kenya Fuel Prices Rise Sharply Despite Reduction in Tax

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Kenya has sharply raised the cost of petroleum, with diesel prices rising by a record margin despite a fuel tax cut, as the conflict in Iran pushes up global oil prices.

In its latest review, the energy regulator raised the cost of diesel by 40 Kenya shillings to 206 ($1.

6; £1.
2) a litre, while petrol rose by 28 shillings to a similar level.
It said this reflected higher global oil and shipping costs, even as the government cut value added tax to 13% from 16%.

The new prices will last until 14 May when the next review is due.

Fuel shortages have been reported in parts of the country, although the government insists stocks are sufficient and accuses some fuel companies of hoarding supplies.

The reports of shortages have been overshadowed by controversy over an allegedly substandard consignment imported last month outside government-to-government arrangements and at a significantly higher cost.

Reports that the fuel may have entered the market after being blended with stocks in government storage tanks have sparked public outrage and calls for accountability.

The government has previously said it cancelled the consignment amid concerns over its quality and cost and barred oil marketers from selling it. The matter, which led to the arrest and resignation of senior energy officials, is still under investigation.

On Wednesday, the Energy and Petroleum Regulatory Authority (Epra) said the disputed consignment had not been included in the computation of the new prices.

The price rises come amid the global fuel crisis caused by the US-Israel war with Iran that began on 28 February.

Concerns remain that the energy crisis may deepen despite a conditional two-week ceasefire signed last Wednesday that included opening the Strait of Hormuz, a key shipping route for global oil and gas supplies.

Shipments through the strait have largely been at a standstill since the war began.

Countries have taken various measures to cope with the crisis and cushion consumers from the price shocks, including cutting taxes and minimising wastage.

Kenya’s directive to cut VAT on fuel is scheduled to last until July. South Africa announced a one-month cut in the fuel levy two weeks ago to limit pump prices.

Other African countries to have announced similar measures include Zambia, Namibia and Ghana, while South Sudan announced electricity rationing and Ethiopia prioritised certain sectors to deal with the crisis.

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Foreign News

Cameroon Separatists Pause Fighting Ahead Pope Visit

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Anglophone separatists in Cameroon have announced a period of “safe travel passage” and halted fighting ahead of Pope Leo XIV’s visit to the conflict‑hit region this week.

Leaders of several armed and secessionist groups said the three‑day measure was in recognition of the “profound spiritual importance” of the papal visit, which starts on Wednesday, and the need to safeguard civilian life.

In a statement from Unity Alliance which brings the groups together – they said they would facilitate the movement of those celebrating the visit. The government is yet to comment.

A near-decade of violence in the English-speaking regions has left at least 6,000 dead and many more forced from their homes.

Pope Leo is currently in Algeria for a second day as part of his 11-day tour of the continent, in which he will also visit Cameroon, Angola and Equatorial Guinea.

Peace is one of the major themes of his visit.

The pontiff arrived in Algeria on Monday, marking the first visit by any pope to the predominantly Sunni Muslim country.

It is also the birthplace of St Augustine, and Leo XIV is the first pontiff from the order to follow his teachings.

He is currently in Annaba where the saint was a bishop – and in the afternoon, is expected to celebrate Mass at the Basilica of Saint Augustine.

The Pope’s second country stop is Cameroon, where he will visit Bamenda, the capital of the country’s North-West region.

The city is regarded as the centre of Cameroon’s conflict between Anglophone separatists and state forces.

A national dialogue organised by the government in 2019 failed to end the violence in the country’s two English‑speaking regions.

Unity Alliance said the decision to pause the fighting “reflects a deliberate commitment to responsibility, restraint, and respect for human dignity, even in the context of ongoing conflict.”

It added that the Pope’s visit should remain “spiritual” and “pastoral” in nature, and warned against any politicisation of the event.

While the Cameroonian, francophone-dominated government has not reacted to the announcement, authorities say appropriate measures had been taken to ensure security in cities scheduled to host the Pope.

Pope Leo’s visit to Bamenda is seen as a symbolic effort by the Catholic Church to promote peace and reconciliation. He is expected to hold a meeting for peace in the city’s Saint-Joseph’s Cathedral.

Officials said all sites to be attended by the Pope will be free of charge for visitors.

Pope Leo’s wide-ranging tour will include stops in 11 cities across the four countries. It is his second major foreign visit since being elected to the papacy last year, and reflects the importance of Catholicism in Africa.

More than a fifth of the world’s Catholics are in Africa, some 288 million people, according to figures from 2024.

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Trump Orders US Naval Blockade of Strait of Hormuz

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President Donald Trump on Sunday ordered a US naval blockade of the Strait of Hormuz in response to Iran’s “unyielding” refusal to give up its nuclear ambitions during peace talks in Islamabad.

While acknowledging that the marathon negotiations in Pakistan had gone “well” and “most points were agreed to,” Trump said Tehran had refused to concede on the issue of its nuclear program.

“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said on his Truth Social platform.

“Any Iranian who fires at us, or at peaceful vessels, will be Blown To Hell!”

US Vice President JD Vance left Pakistan without a deal after weekend talks with a team led by Iran’s parliamentary speaker Mohammad Bagher Ghalibaf — the highest-level meeting between the two sides since the 1979 Islamic revolution.

Tehran’s delegation also included Foreign Minister Abbas Araghchi.

“We leave here with a very simple proposal, a method of understanding that is our final and best offer. We’ll see if the Iranians accept it,” Vance told reporters.

In two lengthy posts on Truth Social, Trump slammed Iran for promising to open the Strait of Hormuz, a strategic waterway through which a fifth of the world’s crude oil passes, and “knowingly” failing to deliver.

“They say they put mines in the water, even though all of their Navy, and most of their ‘mine droppers,’ have been completely blown up. They may have done so, but what ship owner would want to take the chance?” Trump said.

Iran had effectively blocked the Strait of Hormuz for weeks, since the United States and Israel launched a bombing campaign against the Islamic republic more than six weeks ago.

On Saturday, the US military announced that two US warships had transited the strait at the start of a mine clearance operation.

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