Day: September 26, 2024

The Executive Director of Lotus Bank, Mrs Kafilat Araoye, has called on governments and Nigerian universities to create an environment for sports to foster unity, encourage healthy competition and promote global excellence for students.

Araoye made the call at the 11th scientific Conference of Federation of Africa University Sports (FASU) 2024 on Tuesday in Lagos.

The weeklong FASU Games 2024 is being jointly hosted by Lagos State University (LASU) and University of Lagos (UNILAG).

It has the theme: ‘Fostering Unity, Healthy Competition and Global Excellence through University Sports’.

Araoye said that university sporting activities, like successful teams in the banking sector, were about building unity, promoting healthy competition and creating platforms for growth and excellence.

‘Sports has a long and rich history as an essential part of human civilisation.

‘Sports has been instrumental in uniting people, transcending political and social divides.

‘In African universities, the dusty pitches and ga
me courts have produced not just national champions but world-class athletes who inspire and remind us of the strength and potential of our continent,’ Araoye said.

She added that in fostering healthy competition, student-athletes’ well-being and physical and mental health were important.

‘As competition intensifies, so does the pressure on these young individuals to succeed, sometimes, at all costs.

‘This can make them vulnerable to the lure of performance enhancing drugs and other harmful substances,’ Araoye said.

In her opening remarks, Prof. Ibiyemi Olatunji-Bello, Vice-Chancellor of LASU, said that the conference provided an opportunity to drive essential conversations about the role of university sports in Africa’s development.

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Olatunji-Bello said that the competition would lay a groundwork for a more cohesive and collaborative sports culture that would transcend regional and national boundaries.

‘In recent deca
des, the African continent has witnessed various divisions fueled by political, economic and social tensions often exacerbated by competition for limited resources,’ she said.

The vice-chancellor described university sports as a powerful tool for bridging divides and fostering a sense of unity.

‘Through sports, we have the unique opportunity to replace animosity with camaraderie, hatred with love, and rivalry with cooperation,’ she said.

Prof. Folasade Ogunsola, Vice-Chancellor of UNILAG, said that sports remained one of the most potent forces for building bridges across cultures, fostering collaboration, and cultivating resilience and discipline among the youth, preparing them for leadership.

Ogunsola said that university sports also fostered understanding and promoted healthy lifestyles.

She described FASU Games as a beacon of unity, which created a platform for students from various nations to engage in a healthy competition while building friendships and networks that transcended borders.

The News A
gency of Nigeria (NAN) reports that more than 30 universities from African countries are participating in the competition.

The countries include Nigeria, Ghana, Zimbabwe, Egypt, Mauritius, Angola, Guinea, Zambia and Kenya.

Source: News Agency of Nigeria

President Bola Tinubu says Africa holds a significant portion of the world’s mineral reserves, including 92 per cent of global platinum, 56 per cen of cobalt, and 54 per cent of manganese, yet underdevelop.

The President attributed the continent’s underdevelopment to the fact that, the resources were primarily extracted and exported to foreign countries for refining and manufacturing.

Tinubu, represented by his Vice, Kashim Shettima, stated this in a keynote address, during the African Minerals Strategy Group (AMSG) meeting, held on the sidelines of the ongoing 79th Session of the United Nations General Assembly in New York, United States.

A statement on the event was made available to newsmen in Abuja by Mr Stanley Nkwocha, the spokesperson of Vice-President.

In the statement, the President noted that extracting raw minerals in Africa had continued to keep the continent in a state of poverty

According to him, the extraction of raw minerals without local processing only deepens Africa’s underdevelopment
and prolongs its economic challenges.

Tinubu, therefore, stressed the urgent need for the continent to break free from the dependency.

‘This has left the continent at the mercy of foreign markets, forcing it to repurchase finished products at much higher prices.

‘A situation in which the raw minerals are extracted from our countries, exported, refined, and sold to us as finished products merely consolidates the foundations of our misery and pushes us further down the depths of underdevelopment,’ he said.

The President called on African nations to adopt a new agenda that prioritised local value addition, which was essential to industrialising the continent and providing sustainable economic growth.

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On the evolution of lithium-ion technology, Tinubu noted that the development had enabled the swift production and manufacturing of portable consumer electronics such as laptops, computers, cellular phones, and electric cars.

‘We live in a world
of electronic mobility in which lithium-powered batteries provide higher specific energy, higher energy density, higher energy efficiency, longer cycle life, and longer calendar life.

‘The global need for new battery technology has triggered a new scramble for Africa’s critical minerals.

‘Africa possesses 92 percent of global reserves of platinum, 56 per cent of Cobalt, 54 per cent of Manganese and 36 per cent of Chromium.

‘ These are the minerals employed in the manufacturing of the new batteries. In short, the world needs Africa today more than ever,’ he said.

Tinubu further emphasised Africa’s determination to move beyond the historical exploitation of its resources, advocating the localisation of the entire mineral value chain within the continent.

He assured of his administration’s commitment to adding local value to Nigeria’s mineral resources as part of the Africa Minerals Strategy Group’s (AMSG) vision chaired by Nigeria’s Minister of Solid Minerals Development, Dele Alake.

Tinubu drew attention
to Nigeria’s vast market of over 226 million people, adding that the success of the country’s 10 billion dollars telecoms market is a proof of its growth potential

‘ This is evident in the manufacturing of Lithium batteries, concentrates and components to set up their business and domesticate the value chain from extraction to production in Nigeria.’

He affirmed that the AMSG was focused on transforming Africa from a supplier of raw materials into a global mining industry stakeholder.

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On his part, the Minister of Solid Minerals, Dele Alake, who spoke in his capacity as the Chairman of the Africa Minerals Strategy Group, laid out the group’s vision to transform Africa’s mining industry through local value addition and industrialisation.

The minister criticised the traditional model of mineral extraction in Africa where raw materials are exported for processing abroad.

This, according to him, resulted in loss of economic opportunities and jobs on the c
ontinent.

He maintained that the pattern of trade had left African nations vulnerable, as they were forced to import finished goods at inflated prices.

Alake proposed a shift towards local value addition – processing raw minerals into finished goods within Africa – as a strategy for enhancing the continent’s economic independence and contributing more significantly to its GDP.

He acknowledged that, although the continent faces significant developmental challenges, Africa’s natural wealth provides a pathway to prosperity if leveraged correctly.

The General Secretary of AMSG, Mr Moses Engadu, called for a new vision and political will among African leaders to ensure value addition becomes a sacrosanct condition to granting mineral license to any investor.

The roundtable had representatives from investors, development partners, multilateral institutions and major financial institutions in attendance.

Source: News Agency of Nigeria

Africa’s philanthropist, Tony Elumelu, has reiterated his commitment to promoting financial inclusion, youth empowerment and food security for a sustainable future.

Elumelu said this during a high-level meeting held on the sidelines of the ongoing 79th United Nations General Assembly (UNGA79) in New York.

He said since 2010, the Tony Elumelu Foundation (TEF), had supported young Africans who have ideas but lack the economic resources to actualise them.

Elumelu, who is also the Group Chairman of UBA Group, said young Africans needed support in diverse areas such as human capital, technological, financial, and policy support to actualise their aspirations.

According to him, the foundation has empowered young entrepreneurs across 54 African countries, fueling the rise of a new generation of young Africans who are creating sustainable solutions for the continent’s future.

‘To date, the TEF has directly disbursed over $100 million in seed capital to empower over 20,000 young African entrepreneurs, 35 per cen
t of whom are driving sustainable solutions for food security across the continent.

‘Together, we are shaping a future where no one has to go hungry,’ he said.

According to him, his vision for UNGA79, centres on economic growth, youth empowerment, and energy transition to drive positive transformation globally, especially in Africa.

On the hunger crisis, Elumelu said that addressing the hunger crisis would create a foundation for economic development and also empower future generations with the resources they need to thrive.

‘Business success cannot be realised if people are hungry. There is an intrinsic link between economic prosperity and the well-being of society.

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‘It is, therefore, pertinent that corporations, governments, and individuals share a responsibility in supporting initiatives aimed at eradicating hunger,’ he said.

Elumelu, who held a meeting with Cindy McCain, the Executive Director of the World Food Progra
mme, joined the call for urgent collaboration to eradicate global hunger.

‘We need the world to come together; those of us who at least are lucky to afford three square meals, we need to think about the 733 million citizens of the world who do not know where their next meals will come from.

‘We cannot be successful in business if people are hungry. Today, hunger has become almost a way of life, we must work together to end this,’ Elumelu said.

Elumelu also met with the former U.S. President Bill Clinton, Jakob Granit, Director-General of the Swedish International Development Agency, and Prime Minister of Jamaica, Andrew Holness, to discuss climate change, youth empowerment and entrepreneurship.

The philanthropist and his team interfaced with global leaders and policymakers on the need to collectively foster progress, invest in impactful change for Africa’s future.

Elumelu also hosted a cocktail reception to celebrate 75 years of UBA Group and the 40th anniversary of UBA America’s effort to drive financia
l inclusion globally.

The UBA cocktail event was targeted at connecting global leaders to shape the future of Africa and the world at large.

In attendance were the President of São Tomé and Principe, Carlos Vila Nova; President of Sierra Leone, Julius Maada Bio; President of Gabon, Brice Nguema; President of Ghana, Nana Akufo-Addo; and Queen Maxima of the Netherlands.

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Also present was Africa’s richest person, Alhaji Aliko Dangote; President of African Export-Import Bank, Benedict Oramah, and the Chief Executive Officer (CEO), All On, Wiebe Boer.

Gov. Mohammed Baggo of Niger State; Gov. Caleb Mutfwang of Plateau State, Minister of Women Affairs, Madam Uju Kennedy-Ohanenye also graced the event.

The UBA team had its Group Managing Director, UBA Group, Oliver Alawuba; CEO of UBA Africa, Biola Bawuah; CEO of UBA International, Sola Yomi Ajayi; and UBA Group Director for Corporate Communications, Bola Atta, among others.

Source: News Agen
cy of Nigeria

The Federation of Tourism Associations of Nigeria (FTAN) has commended tourism practitioners across the country for their resilience and quest to upscale the industry and uphold peace initiative.

Mr Nkereuwem Onung, National President of FTAN, gave the commendation on Wednesday during a virtual news conference, on the occasion of the 2024 World Tourism Day, usually observed every Sept. 27.

The News Agency of Nigeria (NAN) reports that the theme for the 2024 edition of the World Tourism Day is, ‘Tourism and Peace’.

He appreciated them for their resilience and contributions toward sustaining the sector in the face of numerous challenges.

He said that the survival of the country’s travel and tourism sector was a testament to the resilience of the private sector players who had surmounted difficult challenges.

He recognised the powerful impact travel could have in bridging cultural divides, facilitating dialogue and nurturing peaceful coexistence.

‘In a world often challenged by conflict and misunderstandi
ng, tourism serves as a beacon of hope, encouraging respect for diverse cultures and promoting unity within communities.

‘World Tourism Day is not merely a celebration of travel; it is a celebration of our collective potential to build a more peaceful world.

‘Our members are vital to this mission, creating opportunities for cultural exchange and understanding that transcends borders,’ he said.

Onung said that the theme underscored the crucial role that the tourism sector played in promoting cultural understanding and fostering reconciliation across the globe.

He encouraged members of the tourism body to engage in activities that aligned with the theme of the Day, and to reflect on its significance.

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Onung urged them to continue championing the values of peace, understanding and reconciliation in their practices.

‘From organising events to fostering dialogue between tourists and local communities, there are countless opportunities to pro
mote peace through tourism.

‘Together, we can harness the transformative power of tourism to create a more harmonious world,’ he said.

Onung reiterated the call for collaboration among the leadership of the Ministry of Tourism, the Nigerian Tourism Development Authority (NTDA), and the National Institute for Hospitality and Tourism (NIHOTOUR).

He noted that meaningful and profitable growth in the tourism sector could only be achieved through cooperative efforts.

‘Let us all commit to working together to build a vibrant and impactful tourism industry that promotes peace and understanding for the benefit of all,’ he said.

The FTAN president noted that there had been little progress made at the public sector level in advancing the country’s tourism sector over the last two decades.

He advocated a blueprint which should clearly state the roles and terms of engagement between the government and the private sector operators for the much-talked about inclusivity.

He insisted on a proper working document or te
mplate defining roles and terms of engagement and participation by all parties in the Nigeria tourism ecosystem.

Onung said that this was crucial to jumpstarting the process of recovering grounds lost in the past due to what he described as ‘bad leadership’.

‘Besides this, we have been waiting for that working document to be able to establish a proper framework of engagement with government by us at FTAN, representing the private sector.

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‘We are celebrating the resilience of these individuals who have survived these challenges and defied the odds in prevailing over the security and infrastructure challenges to remain in business,’ he said.

Onung expressed concern over the current lack of synergy between public and private sector operators under the current administration.

He noted that aside the occasional appearances of the Minister of Tourism at selected events, little progress had been made.

He also lamented the absenc
e of concrete measures to elevate tourism to a standalone ministry, a goal long advocated by stakeholders.

‘This is not the tourism industry we envisioned when the ministry was established, and it is disheartening to see the aspirations of many go unaddressed,’ he said.

Source: News Agency of Nigeria

The Compressed Natural Gas (CNG) programme of the President Bola Tinubu administration is designed to transform the country’s transportation system by giving citizens cheaper alternative to Premium Motor Spirit (PMS).

Mr Bayo Onanuga, Special Adviser to the President, Information and Strategy, and Mr O’tega Ogra, Senior Special Assistant to the President, Digital Communication and Engagement, said this while briefing State House correspondents on Wednesday in Abuja.

Onanuga said the Federal Government developed a CNG programme to give Nigerians an alternative to PMS.

‘If you don’t want to use PMS, you can use CNG. You can see what’s going on in some of our cities: Lagos, Ibadan, Benin, and others, where transporters are already embracing CNG.

‘The whole idea is that CNG is the equivalent to PMS. If they sell a litre of PMS at N850; what you’re going to get by the equivalent of CNG is about N230. The gap is very wide,’ said Onanuga.

According to him, the government will ensure that about a million vehicl
es run on CNG.

‘The whole idea is that if they run on CNG, the cost of transportation will go down.

‘In addition, the government is encouraging many states to embrace urban transportation, so they can help to reduce the cost of transportation in many of our cities,’ he said.

He said at present only Lagos State had an urban transport system, and that the government planned to encourage cities like Ibadan, Kaduna, Kano and others to start urban transportation systems.

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According to him, the government will also make sure that private car owners convert to CNG at a reduced cost.

‘For transporters, it’s almost free for them. But for private vehicle owners, the government has a plan to subsidise the cost of conversion from petrol to CNG,’ he said.

Ogra noted that more foreign investments coming into the gas sector would help transform the country’s public transportation system.

He cited TotalEnergies’ partnership with NNPC to develop
the Ubeta Field, a gas development project valued at the 550 million dollars.

He said the price of CNG is now N230 per standard cubic feet and from the testimonials of commercial transporters and Uber drivers, those who earned N30, 000 to N40, 000 a day spent about N20, 000 on PMS.

But he said with CNG, they now spend about 4,000 to 5,000 to fill their tanks, which would take them for two days, and then they have the rest as profit.

‘So, whether you were taking back maybe 10,000 or less home as profit at the end of the day before, now they are closer to 20,000 profits a day or sometimes more.

‘So, the benefits are there. Nigeria is primarily a gas country, and that’s why you see that this government is putting so much effort into positioning gas as the next fuel of the future,’ said Ogra.

Source: News Agency of Nigeria

Mr Bayo Onanuga, Special Adviser to the President, Information and Strategy, says foreigners earning income in Nigeria will henceforth pay taxes under a proposed amendment to the National Identity Management Commission (NIMC) Bill, 2024.

Onanuga said this while briefing State House correspondents on Wednesday in Abuja.

He said the proposed NIMC bill was part of the Economic Stabilisation Bills approved by the Federal Executive Council (FEC) on Monday, soon to be forwarded to the National Assembly for consideration.

Onanuga said the Economic Stabilisation Bills comprised many bills, which included a bill on the plan to amend the NIMC bill, 2024.

‘This bill will amend the law that was made some years ago, and it now provides, if the National Assembly passes that bill, that everybody living in Nigeria, foreigners, all of them will now be registered and be given tax identity.

‘Once you are doing some work here and you are earning income, you will be registered and given tax identity and you will be taxed, a
nd you come under our tax structure.

‘The law that was set up initially precluded foreigners from being registered, and so they were not taxed,’ said Onanuga.

He said another bill, which was part of the Economic Stabilisation Bills, had to do with the operating laws guiding the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA).

‘Now, amendments are also proposed so that all their fees, charges, levies, and fines accruing to them will now be paid in Naira at the applicable exchange rate.

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‘Presently those agencies are only charging in dollars, but with the proposed bill, they will now charge in Naira.

‘This government wants to put a lot of emphasis on our national currency. Instead of everything being dollarised in our economy, the government is now saying, pay in Naira,’ said Onanuga.

According to him, another bill, which is a component of the Economic Stabilisation Bills, is the Terti
ary Education Trust Fund Amendment Bill 2024, an element of the Nigerian Education Loan Fund.

‘Some people may have been wondering, how are we going to fund the loans we are giving to Nigerian students? Well, I think the government has provided an answer.

‘Most of the funding will also come from the money going to the Tertiary Education Trust Fund,’ he said.

He said an amendment had been proposed to the Tertiary Education Trust Fund Act, which stipulated that before disbursement of the amount in the fund, 30 per cent would be transferred to the Nigerian Education Loan Fund.

He said that would provide a ready-made source of funding for the Nigerian Student Loan Fund.

The News Agency of Nigeria (NAN) reports that FEC approved the Economic Stabilisation Bills, which proposed specific measures, draft laws, and policies aimed at improving the overall economic environment.

The Economic Stabilisation Bills also include proposals for the amendment of the Foreign Exchange Act, Companies Income Tax Act and Fiscal
Responsibility Act.

Source: News Agency of Nigeria