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President Tinubu to attend 5th Mid-Year Coordination Meeting of AU in Nairobi, Kenya

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President Bola Tinubu is set to travel to Nairobi, Kenya on Saturday July 15, to participate in the Fifth Mid-Year Coordination Meeting (5thMYCM) of the African Union (AU),  the Regional Economic Communities (RECs), the Regional Mechanisms (RMs), and the African Union Member States.

As the Chairperson of ECOWAS, the Nigerian leader will join Heads of State and Government, Foreign Ministers of the AU Member-States, and high-level dignitaries at the mid-year meeting which will take place on Sunday, July 16.

The President will present a report on the status of regional integration in ECOWAS, highlighting actions carried out during the period under review by ECOWAS institutions, member-states, the private sector, and other stakeholders to deepen integration through trade, free movement of persons, investment promotion, infrastructure development, peace, security and stability.

The 5th MYCM, which is convening under the AU’s theme for 2023 christened “Acceleration of African Continental Free Trade Area (AfCFTA) Implementation,” will bring together the Bureau of the AU Assembly, comprising the Heads of State and Government from Comoros, Botswana, Burundi, and Senegal, as well as the leaders of the eight RECs.

These regional economic communities include ECOWAS chaired by Nigeria, the East African Community (EAC), the Intergovernmental Authority on Development (IGAD), the Common Market for Eastern and Southern Africa (COMESA), the Southern African Development Community (SADC), the Community of Sahel–Saharan States (CEN SAD), the Arab Maghreb Union (UMA), and the Economic Community of Central African States (ECCAS).

The meeting will also involve the African Union Commission and the RMs.

President Tinubu, who will be accompanied by senior government officials, is expected to return to the country at the conclusion of the meeting.

Dele Alake

Special Adviser to the President

(Special Duties, Communications and Strategy)

July 14, 2023

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Economy

BREAKING: Fuel Subsidy is Organised Crime – Peter Obi Declares

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The presidential candidate of the Labour Party in the 2023 election, Peter Obi, has described fuel subsidy as an organised crime.

POLITICS NIGERIA reports that Obi made the statement on Monday while speaking on Arise TV’s ‘The Morning Show’ on what approach he would have taken differently in resolving the looming strike by the Nigeria Labour Congress and Trade Union Congress.

“Fuel subsidy is organised crime. I said it repeatedly that it should be removed,” Obi said. “For me, the approach would have been, is to remove the corruption and criminal side of it and remove the excess demand.”

“By doing this, you would have reduced it by 50 per cent. The remaining 50 per cent is what we would have been able to, after consultation with various stakeholders in order to find a way in an organised manner, remove and show the proceed of the gains of the removal to be invested in critical development areas.”

Obi, the former governor of Anambra State, is known for vocal criticism of the Tinubu-led government, especially in managing public finances. He had pledged to remove fuel subsidy and invest the proceeds in critical development areas, such as education, healthcare, and infrastructure, if elected president.

He lost the 2023 election to President Bola Tinubu

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Business

BREAKING: Jubilation across Nigeria as BUA Reduces Price Of Cement To N3,500

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One of the major companies in Nigeria, BUA Group , has announced a reduction of ex-factory cement price to N3,500 per bag.

The company, which made this known in a statement on Sunday, said the reduction will take effect from 2 October, 2023.

The statement titled : ‘BUA Cement reduces ex-factory cement prices to N3,500/bag effective October 2, 2023’, reads in full :

“We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.

As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.

NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance

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Economy

Oyetola @69th: Your Adventure is a Remarkable Milestone. – Hon Taiwo Oluga

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A member of the 9th Assembly of the House of Representatives, Hon Taiwo Oluga has felicitated with the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola on his 69th birthday describing his adventure so far as very impactful and remarkable milestone.

In message personally signed by her, the former legislator described Mr Oyetola as a compassionate, humble, urbane and civil democrat-politician, whose cool, calm and collected disposition added tremendous values to his community, his associates and now Nigeria as a country.

Hon Oluga pointed out that the Minister is a man of impeccable character and high integrity,both in private and public spheres as evidenced by accounts of those who had worked with him for over three decades in the insurance sector and about two decades in governance and public service.

The message reads, ” Dear Hon Minister and leader of our party in Osun State, your adventure in the last 69th years and your service in both public and private spheres speak volume of the depth of your character and integrity. As a gentleman with unassuming candour, you achieve unimaginable results in everything you touch. Your are a leader who is indeed worthy of emulation “.

The Frontline politician who represented Ayedaade/Irewole/Isokan Federal Constituency of Osun State also seize the opportunity to express confidence in Oyetola’s capacity to transform the Blue Economy as a pioneer executive of the Ministry, considering his ingenuity in managing Osun State when the state’s finance was at zero level.

“Your pivotal role in advancing policies for sustainable marine and blue economy practices is crucial and I am confident of your commitment to environmental conservation and the development of maritime resources which will contribute significantly to the growth of the marine sector, promoting economic opportunities and safeguarding marine ecosystems.”

Hon Taiwo Oluga praised the minister’s efforts in fostering collaborations with international partners to enhance maritime security and explore avenues for sustainable blue growth, a development which she noted was demonstrated by the Minister’s meeting with Professor Gunter Pauli, the creator of Blue Economy worldwide.

Reflecting on Oyetola’s accomplishments, particularly as the Governor of Osun State, Hon Taiwo Oluga highlighted specific milestones achieved under his leadership, such as the introduction of contractor financing scheme for capital projects, through which the Olaiya flyover was constructed, security of live and property, commerce, workers welfare including regular payment of salary, blocking of revenue loopholes, running a minus federal allocation state without borrowing a dine among others.

Honoring the minister not only for his professional achievements but also for his personal qualities, Hon Oluga applauded Oyetola’s resilience, vision, and dedication to public service.

Hon Taiwo Oluga prayed God to grant Mr Adegboyega Oyetola the grace of good health and wisdom to live a more impactful life in his service to God, to Nigeria, Osun State and mankind in general.

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