Business
Nigeria spent N1.85tn on food import in nine months – Buhari economic aide
A total of N1.85 trillion was spent by Nigeria on import food for nine months during the closure of international land borders last year, President Muhammadu Buhari’s chief economic adviser, Dr Doyon Salami, has said.
He said this was an indication that the nation lacked the capacity to feed itself.
Salami, an ex-member of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), is the Chairman of the Presidential Economic Advisory Council.
He spoke at the presentation of the National Economic Outlook for 2021 organised virtually by the Chartered Institute of Bankers of Nigeria (CIBN) on Tuesday in Lagos.
He said, “Despite border closure, our national import of food amounted to N1.85 trillion between January and Sept 2020 – a 62 per cent increase when compared to same period 2019. This suggests a weakness in our ability to feed ourselves and raises the need to consider review of intervention policies in agriculture.”
He said agriculture had continued to decelerate, growing at 1.7 per cent year-to-date while consumer-sensitive sectors like manufacturing and distribution continue to contract, in double digits.
According to him, serious climatic concerns are undermining agricultural output with 2.5 million farmers being impacted by flooding in 2019.
He noted that preliminary assessments suggested that 2020 was worse with persistence into 2021 to adversely affect output and food prices.
Salami said during the period, Nigeria’s cumulative trade deficit amounts to N4.6 trillion ($12 billion).
He said Nigeria’s external imbalances were increasingly precarious, with continuing concern over exchange rate differentials.
He said uncertainty around foreign exchange – convergence, market-reflective rates and transparent determination mechanism, balance of payment imbalances were large and would remain key questions in 2021.
Salami said by the measure driving the value of the naira based on the naira/dollar inflation differential, the currency, should be trading around N439/$ at the official market.
The agricultural sector, ICT, real estate and oil and gas are vulnerable to a probable major adjustment to the foreign exchange rate, according to him.
Salami said official payment data showed that about $30 billion (almost 10 per cent of national economy) was obtained from sources outside the CBN, adding that the gap between the official and other exchange rates was a source for concern.
He said the COVID-19 shock of 2020 represented the third major shock to the Nigerian economy in 12 years.
He noted that ahead of the crisis, the Nigerian economy was contending with a set of pre-existing conditions such as macro Instability, stagflation – slow growth and rising inflation, pressure on households – in the form of rising inflation, unemployment, and poverty and pressure on corporate(s) margins – weak consumer and cost pressures.
He said there were also growing fiscal and external imbalances, monetary Policy distortions – the bifurcation of sovereign instruments leading to a distortion of the interest rate term structure.
Salami stated that with the impact of COVID-19, prices continued to rise – at the end of November 2020, overall inflation was 14.8 per cent with food prices increasing at 18.3 per cent when compared with November, 2019.
He, however, noted that the stay-at-home imposition implied greater use of telco/tech communication platforms.
“A health crisis morphed into an economic crisis resulting in humanitarian and in some cases, security challenges, a global development visiting great disruption to established norms – largely negative short-term impact but some positives – especially with technology deployment, the full impact of which will manifest in the years ahead,” he stated.
The international economic environment, he said, deteriorated sharply last year but recovery expected in this year, based on the capacity to suppress the virus through vaccination.
He also said transport and hospitality sectors were gravely affected by the lockdowns of April/May as well as by voluntary containment measures and/or imposed restrictions post-lockdown.
President/Chairman CIBN, Mr Bayo Olugbemi, represented by second Vice President Prof. Pius Olanrewaju, said the National Economic Outlook initiated in 2014 was designed to bring together relevant stakeholders together to discuss emerging and pertinent issues facing national and global economies and their implications for businesses.
Business
UK Social Media Ban Could Increase Online Risks for Teens — Telegram CEO
UK Social Media Ban Could Increase Online Risks for Teens — Telegram CEO
Telegram CEO, Pavel Durov, has intensified his criticism of the United Kingdom’s proposed policy to restrict social media access for users under the age of 16, describing the move as “dangerous” and arguing that it could create unintended risks for teenagers rather than protect them.
The UK government is currently advancing plans to ban under-16s from accessing major social media platforms, including Instagram, TikTok, Snapchat, Facebook, YouTube and X (formerly Twitter), as part of a wider online safety framework aimed at reducing children’s exposure to harmful content, cyberbullying and online exploitation.
Under the proposal, platforms would be required to enforce strict age-verification systems, which could include government-issued identification checks, facial recognition technology, or bank card verification before users are allowed access.
According to official proposals, the measures form part of the government’s broader push to strengthen the Online Safety Act, with enforcement expected to be overseen by regulator Ofcom and phased in over the coming period.
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Reacting in a series of posts on X, Durov questioned the effectiveness of age-based restrictions, arguing that teenagers are likely to bypass such controls using VPNs and other tools, which he says may expose them to even less regulated and more harmful online environments.
He warned that banning social media outright for teenagers “only puts them in greater danger,” adding that historical attempts to restrict platforms in other countries did not stop usage, but instead pushed users to alternative access methods.
Durov also stressed that parental responsibility remains more effective than government bans, insisting that parents already have tools such as screen-time controls and parental monitoring systems to manage children’s online activity.
He further argued that excessive regulation cannot replace parenting choices, noting that many children are already introduced to digital devices at a very young age without adequate supervision.
The Telegram chief also raised concerns about the privacy implications of mandatory age verification, suggesting that requiring users to prove their identity online could lead to increased data collection and surveillance risks.
He questioned whether the policy was solely about child protection or whether it could also expand government oversight of online users, a point that has added to ongoing debates about digital privacy and regulation in the UK.
The UK government, however, maintains that stronger restrictions are necessary to protect children from online harm, while public debate continues over how best to balance child safety, privacy, and digital freedom in an increasingly connected world.
The proposal is still under consideration, with further details expected as lawmakers refine the framework before implementation.
UK Social Media Ban Could Increase Online Risks for Teens — Telegram CEO
Aviation
Witness Reveals How Sirika Approved Nigeria Air Consultancy Deal for Associate
Witness Reveals How Sirika Approved Nigeria Air Consultancy Deal for Associate
The trial of former Minister of Aviation, Hadi Sirika, took a fresh turn on Wednesday as an investigator with the Economic and Financial Crimes Commission (EFCC) detailed before a Federal Capital Territory High Court in Abuja how the former minister allegedly influenced the award and extension of consultancy contracts linked to the controversial Nigeria Air project.
The EFCC witness, Christopher Odofin, testified before Justice Sylvanus Oriji that Sirika allegedly directed the award of a consultancy contract for the establishment of Nigeria Air to Tianaero Nigeria Limited, a company reportedly linked to Gabriel Tilmann, whom investigators described as a close associate of the former minister.
Sirika is facing trial alongside his daughter, Fatima Sirika; his son-in-law, Hamma Jalal Sule; and Al Buraq Global Investment Limited over an amended six-count charge bordering on abuse of office, contract fraud, and the alleged diversion of public funds. All the defendants have pleaded not guilty to the charges.
According to the witness, Tianaero Nigeria Limited was awarded an initial consultancy contract worth over N299 million on April 4, 2022, for services related to the establishment of Nigeria Air. Odofin told the court that the contract was subsequently extended on October 17, 2022, increasing its value to more than N599 million. The EFCC investigator alleged that findings from the commission’s investigation indicated that the extension was granted on Sirika’s instruction due to his relationship with Tilmann.
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Odofin further informed the court that investigators examined the mobile phone of former Permanent Secretary in the Ministry of Aviation, Enitan Muyiwa Abel, and allegedly discovered a voice note sent by Sirika while he was in Spain. According to the witness, the former minister instructed the permanent secretary to ensure that the consultancy contract was awarded to Tianaero Nigeria Limited. He also alleged that the contract did not pass through the Bureau of Public Procurement (BPP) before approval but was instead processed based on Sirika’s directive.
The witness told the court that payments relating to the consultancy contract were traced through the company’s accounts with Access Bank and Guaranty Trust Bank. He added that records obtained from the Corporate Affairs Commission (CAC) showed that Tianaero Nigeria Limited was incorporated on March 29, 2021, less than two years before it secured the consultancy contract.
Odofin said investigators tendered bank statements, CAC documents, and a compact disc containing the alleged voice note as exhibits before the court. The exhibits were subsequently admitted into evidence.
The testimony also revived concerns surrounding the controversial launch of Nigeria Air in 2023. In an earlier court appearance, the same witness alleged that the aircraft unveiled as Nigeria Air shortly before the end of former President Muhammadu Buhari’s administration was actually an Ethiopian Airlines aircraft temporarily brought into Nigeria for branding and display purposes. According to the witness, the aircraft remained in Nigeria for only a few days before returning to Ethiopia after the unveiling ceremony.
The claim forms part of the broader allegations being investigated by the EFCC regarding the implementation of the national carrier project during Sirika’s tenure as aviation minister.
Following Wednesday’s proceedings, Justice Oriji adjourned the matter until July 8 for the prosecution to play the audio recording allegedly sent by Sirika and for the continuation of hearing.
The case remains one of the most closely watched corruption trials involving a former cabinet member, given its connection to the controversial Nigeria Air project and the allegations of abuse of office and contract irregularities.
Witness Reveals How Sirika Approved Nigeria Air Consultancy Deal for Associate
Auto
Jetour X90 Plus Combines Power, Luxury, Family-Friendly Space in One Package
Jetour X90 Plus Combines Power, Luxury, Family-Friendly Space in one Package
As demand grows for spacious, feature-rich and value-driven SUVs in Nigeria, the Jetour X90 Plus is carving out a strong reputation as a premium family vehicle that seamlessly combines luxury, advanced safety technology and impressive performance.
Designed to meet the needs of modern families and ambitious professionals, the seven-seater SUV delivers a compelling blend of comfort, practicality and innovation, making it one of the standout contenders in Nigeria’s highly competitive mid-size SUV market.
The Jetour X90 Plus offers an appealing mix of generous cabin space, refined styling and cutting-edge technology, positioning it as a vehicle built for both daily commuting and long-distance travel.
Its growing presence in the Nigerian market is further strengthened by an extensive dealership network comprising Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R. T. Briscoe Motors and Mandilas Autos, according to a statement by Jetour Nigeria Mobility Services.
The SUV’s bold exterior is defined by a prominent hexagonal grille, sleek LED headlamps and a commanding road presence that projects confidence and sophistication.
Under the hood, the X90 Plus is available with two turbocharged powertrains.
The 1.6-litre turbo engine generates 197 horsepower and 290Nm of torque, while the 2.0-litre turbocharged variant delivers a more robust 254 horsepower and 390Nm of torque.
Both engines are mated to a seven-speed dual-clutch transmission and front-wheel-drive system, ensuring responsive performance, fuel efficiency and smooth handling across varying road conditions.
Measuring 4,858mm in length, 1,925mm in width and 1,780mm in height, the SUV translates its substantial dimensions into a remarkably spacious interior.
The seven-seat cabin features premium materials, soft-touch finishes and elegant wood accents, while generous headroom and legroom across all three rows provide comfort for every occupant.
A panoramic sunroof further enhances the airy and luxurious feel of the interior.
Technology is at the heart of the driving experience, with a 12.3-inch LCD touchscreen infotainment system supporting phone mirroring, Bluetooth connectivity, voice control and wireless charging.
The climate control system is managed through a digital touchscreen interface and includes automatic rear and roof-mounted air vents, as well as an air purification function.
Occupant comfort is enhanced by power-adjustable front seats equipped with heating, ventilation, memory settings and lumbar support, while an eight-speaker Sony sound system provides a premium audio experience.
Safety remains one of the vehicle’s strongest selling points. The X90 Plus comes equipped with multiple airbags, Vehicle Stability Control, Advanced Emergency Braking, Hill-Start Assist, Hill-Descent Control, an Electronic Parking Brake with Auto Hold and a high-mounted stop lamp.
The SUV also features an array of advanced driver-assistance technologies, including a 360-degree camera with 2D and 3D viewing options, forward collision warning, parking sensors, radar monitoring and lane departure warning, all designed to improve safety and driver confidence.
Additional convenience features include smart keyless entry, push-button start, electronic gear selection, multiple drive modes, cruise control, automatic tailgate operation and advanced LED lighting systems.
Jetour Nigeria says the X90 Plus is supported by a comprehensive aftersales programme that includes warranty coverage, trained technicians and readily available spare parts, reinforcing the brand’s commitment to reliability, customer satisfaction and long-term ownership value.
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