Business
UN supports Nigeria’s economic programme with $250m
The United Nations has offer Nigeria $250 million to boost the nation’s Economic Sustainability Plan.
This, the UN said was to complement the country’s COVID-19 economic recovery efforts under the Economic Sustainability Plan initiative.
The offer was made known by the UN Deputy Secretary-General, Ms. Amina Mohammed, and top officials of the world body, as an initiative of the UN in Nigeria as well as the Nigeria Development Partners’ Group.
Vice-President Yemi Osinbajo said the offer aligned with the Federal Government’s Economic Sustainability Plan.
This was contained in a statement by the media aide to Osinbajo, Mr Laolu Akande.
The statement showed that out of the $250 million to be mobilised, $13.78 million would be earmarked to develop health response system; $53.3 million to protect people; $30.7 million for macroeconomic stability and economic recovery and $26.6 million for social protection to assist communities in building back better.
Osinbajo stated, “I think that the offer aligns with the government’s Economic Sustainability Plan.
“It seeks to mobilise close to $250 million and will provide targeted support to the development of health response systems ($13.78 m); protecting people ($53.3); macroeconomic stability and economic recovery ($30.7); as well as social protection ($26.6m) to assist communities in building back better. Rallying support and thinking through a programme such as the UN Plus Offer for socio-economic recovery is a demonstration of the kinship that we developed with our partners and the United Nations.”
Earlier, Mohammed had said the launch of the initiative was a demonstration of an effective partnership between the UN system and the administration of President Muhammadu Buhari.
According to her, various components of the initiative will expedite interventions in four key areas which are also being addressed under the Nigerian Economic Sustainability Plan.
“This offer is aimed at supporting Nigeria in its immediate efforts at risk mitigation by cushioning vulnerable communities, and through medium-term measures that will aid socio-economic recovery while addressing structural drivers of exclusion, inequalities and discrimination as a component of recovering better,” she said.
The statement also quoted the United Nations Development Programme (UNDP) Resident Representative and Chair of Nigeria Development Partners Group, Mr. Mohammed Yahya, as saying that the offer is in response to the UN Secretary General’s call for action, noting that the offer was conceived to support the government’s action on post-COVID-19 medium-term socio-economic recovery.
Auto
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Ultimate winner of the forthcoming NAPE Charity Golf Tournament holding in Abuja will drive home Chery Tiggo 8 Pro, a superlative sport utility vehicle.
Carloha Nigeria, one of the major sponsors of the event, disclosed this in a statement issued in Lagos.
The golf tournament is scheduled to take place at the prestigious IBB Golf & Country Club, Abuja, on October 26, 2024.
Carloha, franchise holder and assembler of Chery vehicles in Nigeria, said its sponsorship of the tournament was part of its commitment to fostering sports development in the country.
Part of the statement read, “Chery is offering its flagship SUV, the Tiggo 8 Pro as the ultimate prize for any player who achieves a hole-in-one during the tournament.
“This event promises to be an unforgettable experience for golf enthusiasts and those passionate about positively impacting our community.”
It specifically noted that the highlight of the tournament would be the incredible hole-in-one winning feat attracting a prize of Chery Tiggo 8 Pro generously provided by Carloha without insurance premium coverage for the tournament.
This prize is said to underscore Chery’s support for sporting initiatives in Nigeria and reflect the brand’s passion for nurturing talent and promoting community engagement through sports.
Director of Sales for Carloha Nigeria, Mr. Joseph Omokhapue, said, “We are glad to be one of the major partners in the NAPE Charity Golf Tournament, and offering an amazing prize for the hole-in-one with Tiggo 8 Pro represents Chery’s dedication to supporting sports in Nigeria, as well as enhancing the excitement and competitiveness of the tournament, making it an event to remember.
“More importantly, this gesture is one of the many ways Carloha is contributing to the underprivileged in our society by associating with the NAPE Charity Golf Tournament.”
By participating in this prestigious event, Golfers have the chance to showcase their skills and also contribute to a worthy cause.
Proceeds from the tournament would go towards supporting local charities, creating a lasting impact on the lives of those in need, the statement added.
The Tiggo 8 Pro, according to the firm, is renowned for its luxury, cutting-edge technology, stylish design, dynamic performance, and it perfectly embodies Chery’s dedication to excellence for on and off-road experience.
The Tiggo 8 Pro features an elegant, high-tech electronic gearshift system that provides effortless and precise control, enhancing safety performance and ease of operation, adeptly tailored for the diverse terrains of Nigeria.
It urged golfers and sports enthusiasts to get ready to swing for success at the NAPE Charity Golf Tournament.
“We look forward to seeing you at the IBB Golf Country Club as we come together to make a difference, promote sports development in Nigeria, and celebrate the Chery brand,” it stated.
As part of its commitment to make vehicle ownership easy and affordable for all, Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometers, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 24/7 services and parts support nationwide.
This ensures that owners can enjoy their Tiggo 8 Pro with confidence, knowing they have reliable support and service from Chery for years to come.
Auto
NNPC to establish 40 new CNG stations nationwide
NNPC to establish 40 new CNG stations nationwide
The Nigerian National Petroleum Company (NNPC) has acquired equipment to establish 40 new Compressed Natural Gas (CNG) stations across the country, as part of efforts to expand CNG infrastructure.
This comes as the Federal Government aims to set up 100 CNG stations within six months.
Oluwagbemi Michael, Director of the Presidential CNG Initiative, revealed the plans during an event in Ogun State.
He noted that 12 CNG stations were set up in the past year, six in Abuja and six in Lagos, with further expansion underway.
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This move follows concerns over the limited availability of CNG stations, which has slowed the adoption of CNG as an alternative to petrol.
Michael highlighted ongoing investments in infrastructure, including a recent N122bn funding for private companies involved in CNG distribution.
He also mentioned the government’s plan to distribute one million CNG conversion kits to commercial drivers, which is expected to increase demand and attract more investors to the sector.
Additionally, existing petrol stations are being upgraded to include CNG refuelling points, with 40 such upgrades planned by the NNPC.
NNPC to establish 40 new CNG stations nationwide
Business
MTN threatens to shut down services without tariff hike
MTN threatens to shut down services without tariff hike
MTN Nigeria has warned of a potential shutdown if tariffs are not increased to address the rising operational costs that are threatening the profitability of the telecommunications sector.
During a tour of MTN’s facilities in Ibeju-Lekki, Lagos, MTN’s CEO, Karl Toriola, said the telecom sector has been facing significant financial losses and urgent measures are needed to reverse the trend.
Toriola pointed out that MTN, which currently has around 78 million subscribers, is operating on reserves accumulated over the past two decades, a situation he described as unsustainable.
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The company’s operating costs, especially diesel prices needed to power its base transceiver stations, have surged, adding pressure to its financial performance, he added.
The CEO stressed the importance of returning the telecom industry to profitability, warning that without a tariff hike, MTN might be forced to shut down operations.
“There should be no delusion; if the tariff doesn’t go up, we will shut down,” he said.
He noted that MTN, once one of the largest corporate taxpayers in Nigeria, has seen a decline in its tax contributions due to the financial challenges the sector is facing.
MTN threatens to shut down services without tariff hike
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