Latest news with #BolaTinubu-led
The Star
11 hours ago
- Business
- The Star
Nigerian gov't backs 400-mln-USD rare earth plant
ABUJA, June 23 (Xinhua) -- The Nigerian government has announced its full support for the construction of one of Africa's largest rare earth and critical minerals processing plants in the central state of Nasarawa, expected to attract at least 400 million U.S. dollars in direct investment and create over 10,000 jobs nationwide. Dele Alake, minister of solid minerals development, said in a statement sent to Xinhua Monday that the project, funded by Hasetins Commodities Limited, aligns with the value addition campaign by the President Bola Tinubu-led government, emphasizing in-country processing and beneficiation of minerals. Alake described the development as a "significant milestone in efforts to boost investor confidence in Nigeria's mining sector," saying the plant will promote crucial skills transfer and enhance the solid minerals sector's contribution to the national economy. He said the local firm aimed to increase its current installed capacity of 6,000 metric tons by an additional 12,000 metric tons, with preparations for the groundbreaking of the expanded facility already underway. "I applaud the company for its strategic foresight and patriotic investment in the 400-million-dollar rare earth metals plant," the minister said. Hasetins Commodities Limited is a local private company specializing in the production of critical metals essential for high-tech applications and defense systems, including rare earth and platinum group metals. In a separate statement, the firm said its operational model incorporates early-stage beneficiation by pre-separating metals locally. It added that this approach is designed to generate immediate income for artisanal miners and is coupled with comprehensive training programs, provision of protective equipment, and broader community engagement.
BBC News
14-04-2025
- Politics
- BBC News
Refund our 300 million naira - inside Rivers goment response to di Bar Association
Rivers State goment say make di Nigerian Bar Association NBA refund di 300 million naira ($186,000) wey dem pay for hosting rights as dem shift dia annual conference from Port Harcourt to Enugu. Dis one dey for statement wey Hector Igbikiowubo, SSA Media to di Rivers State Goment sing to react to di NBA earlier Statement. E say di reason why dem shift dia annual conference from Port Harcourt to Enugu, sake of di emergency rule for di State dey affect democracy and di rule of law, dey misleading and e no fit a professional bodi like dem. On Friday 10 April, 2025, di umbrella body for lawyers for Nigeria, di NBA announce say dem don shift dia annual conference wey for hold for Port Harcourt to Enugu sake of di "suspension of democratically elected state officials by di President Bola Tinubu-led Federal Goment. Di NBA statement wey di President, Mazi Afam Osigwe (SAN); General Secretary, Dr Mobolaji Ojibara and Chairman of di Annual General Conference AGC Planning Committee, Emeka Obegolu (SAN) follow sign, say: "di NBA no fit, in good conscience, proceed wit di AGC for a state wey dey governed unconstitutionally by a Sole Administrator." Dis statement by di NBA cause plenty reaction as pipo lament di loss of business opportunities wey dis shift of di NBA conference dey cost to businesses for di State. But di Rivers State goment say even though di NBA get right to determine di venue of dia events, dem no gree wit di reasons dem give for dia decision - particularly di insinuation say di Sole Administrator actions dey undermine democracy and di rule of law, as dat wan no dey fair. Di reason for di state of emergency Di Rivers State Goment explain say di NBA dey overlook di constitutional basis of di current administration as state of emergency na a necessary response to check a breakdown of public order and democratic processes. E say President Bola Tinubu, as e exercise im constitutional authority, act in di best interest of di state to restore stability. So di Sole Administrator mandate dey clear: to oversee a transitional period wey go ensure di return of full democratic governance in line with di Constitution. "To suggest say dis intervention "dey flout di rule of law" no only dey incorrect but e dey ignore di Supreme Court rulings wey validate key decisions wey e don make during dis period.' E refer di association to di landmark judgment of di Supreme Court in Suit No. SC/CV/1176/2024 (Rivers State House of Assembly & Oda vs. Rivers State Independent Electoral Commission (RSIEC) & Nine Odas), wia di apex court rule say any local goment election wey dey conducted in violation of di Electoral Act dey "unconstitutional, null, and void.' Di statement say di Sole Administrator don stand by im commitment to: - Restore democratic institutions as soon as e dey practicable. - Uphold di constitutional rights of all residents, including freedom of movement, speech, and association. - Respect judicial pronouncements, including those of di Supreme Court, wey dey guided di administration actions. E add say di NBA, as a body of legal minds, suppose know better than to reduce a complex constitutional matter to political sensationalism. 'We dey committed to democracy' Di Rivers State Goment add say e dey wonda say di NBA, despite dia "principled position"— no address di refund of di N300 million wey di goment don already pay for di hosting rights of di 2025 conference. "If di NBA truly stand on principle, make dem demonstrate di same integrity by promptly returning dis funds rather than benefiting from a state wey dem dey publicly discredit." Di statement come appeal for constructive engagement as Rivers State dey pass through a challenging but necessary phase for dia democratic journey. "So instead of contributing to unnecessary tension, we expect di NBA - as a critical stakeholder for Nigeria democracy - to engage constructively, offer solutions instead of amplifying divisive narratives, as di Sole Administrator dey focused on im mandate to stabilize the state and facilitate a smooth return to full constitutional governance.' e tok.
Yahoo
26-02-2025
- Business
- Yahoo
Nigeria's economy could be turning the corner
Nigeria's economy could be turning the corner toward stability as new data showed gross domestic product grew at its fastest rate in three years, suggesting the government's rapid-fire reforms may be paying off. The economy grew by 3.4% last year, the country's statistics bureau said Tuesday, a mark last reached in 2021 as Nigeria rebounded from the effects of the COVID-19 pandemic. Growth in the final months of 2024 was the largest in at least nine quarters, the bureau said, driven by a 5% expansion in the services sector. The real GDP improvements follow a push by the Bola Tinubu-led administration to calm shocks triggered by the Nigerian president's decision to end a long-standing petrol subsidy and remove a fixed peg for the naira in June 2023. Both actions escalated prices across the board especially for food and transportation, sending businesses and multinationals scrambling for solutions to continue operations in the country. Now, the uptick in economic growth could be happening alongside a slowdown in price increases. Petrol prices that rose sharply last year have largely been stable in recent weeks, as has the naira's exchange rate to the dollar. 'Currency and petrol price stability have pumped the brakes somewhat on the inflationary picture,' said Ikemesit Effiong, a partner at SBM Intelligence, a Lagos-based consultancy firm. Both indicators are keeping transportation costs 'somewhat predictable and improving investor sentiment in the short term,' he said. Midway into his first term, taming inflation — which climbed to a three-decade high last year — and growing the economy has been at the top of Tinubu's economic agenda and political calculus for reelection in 2027. A rebase by the statistics bureau to change how it computes inflation data produced a much smaller figure that gives the impression of a crash in inflation. 'Rebasing does not mean reduction but a change in the reference point,' said Amaka Anku, head of Eurasia Group's Africa practice. But there appears to be a slowdown in prices based on anecdotal data, she added. The latest GDP figures, which have not been rebased and so are comparable to previous years, suggest that 'so far, it looks like the economy is recovering,' Anku said, though more data is necessary to make a definitive case. At a bustling market in Wuse, a district in Nigeria's capital city Abuja, a wholesale rice trader who gave her name as Madam Eze has no complaints about patronage. Customers are happy to find her prices cheaper than they were this time last year, she said. Aminu Mukhtar, another rice wholesaler selling at lower prices than this time a year ago, said it was a welcome outcome for consumers and marketers though farmers may be feeling some immediate discomfort. Tinubu's first full year as president has matched his predecessor's best year of economic growth, even after what many in the country feared was an undue rush to push through reforms. The outcome could be taken as vindication by the administration and its international partners — especially the International Monetary Fund — that persisted in demanding an end to the petrol subsidy regime. While the government continues to issue import licenses for petrol, the launch of the Dangote Refinery in Lagos in September 2024 has increased local supply and competition, ensuring that consumers are not entirely priced out of an unsubsidized market. A growing economy with price stability bodes well for Tinubu's lofty ambition to create a trillion-dollar economy by 2033, up from about $363 billion in 2023. He wants Nigeria to reclaim its crown as Africa's largest economy. But Tinubu's government remains under close scrutiny, analysts warn, especially on whether reform measures will be sustainable. Better policy coordination between the central bank and government agencies to grow exports remains 'the key missing thing,' Anku said. For SBM's Effiong, there are still concerns as to whether the government's savings — including from the subsidy removal — are being used to artificially support the naira's strength. 'The economy, at best, is in wait-and-see mode,' he told me. Retail petrol prices and exchange rates are 'still high and strenuous for the average Nigerian and businesses' when assessed against the minimum wage, GDP per capita, and average earnings, said Basil Abia, co-founder of the Abuja-based economic research firm Veriv Africa. Getting the economy on a growth curve, to a point that will actually feel beneficial to residents, will require significant reductions in consumer prices and a boost in food production, Abia said. Also crucial is the need to increase productivity in the real economy and raise crude oil production to the pre-2015 range of 2 million barrels daily, he added. The naira has been strengthening this year but some economists expect a correction, Leadership News reported.
