Business
FG Unveils N1tn Economic Relief Package For Nigerians
The Nigerian government has rolled out a massive N1tn palliative and construction project to cushion the effects of the current economic hardship on citizens. The project was announced by President Bola Ahmed Tinubu at the 142nd National Economic Council meeting and aims to boost food production, strengthen the economy, and provide urgent economic relief to Nigerians.
The project includes the immediate rollout of the National Construction and Household Support Programme, which will cover all geo-political zones in the country. The programme will prioritize the Sokoto-Badagry Highway, which will traverse seven states, including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos. Other road infrastructure projects that will be prioritized include the Lagos-Calabar Coastal Highway and the Trans-Saharan Highway. The project also includes full counterpart financing for the Port Harcourt-Maiduguri Railway and the Ibadan-Abuja segment of the Lagos-Kano
Standard-Gauge Railway. The project will also provide N50,000 grants to 100,000 families in each state for three months, as well as N155bn for the purchase and distribution of assorted foodstuff. Additionally, N540bn will be allocated for household grants, and N10bn will be allocated to each state for CNG buses.
The project is designed to boost food production, strengthen the economy, and provide urgent economic relief to Nigerians. The prioritization of the Sokoto-Badagry Highway project is due to its importance in the agricultural sustainability of the nation.
The project will also create jobs and generate wealth through the production and export of excess food. The government has also announced plans to boost agricultural productivity, strengthen the economy, and provide urgent economic relief to Nigerians. This includes the activation of the Presidential Food Systems coordinating unit, which will be chaired by Vice President Kashim Shettima.
The unit will work with state governments, the private sector, and other stakeholders to boost food production and reduce food insecurity. The government has also announced plans to establish a $1bn agriculture mechanization program, which will provide tractors and other agricultural equipment to farmers.
The European Union (EU) and the Government of Liberia have signed a significant €25 million financing agreement to support private sector development in the country.
The deal, signed by Liberian Finance Minister Augustine Ngafuan and EU Ambassador Nona Deprez, aims to enhance critical value chains, including cassava, fisheries, and wood processing sectors.
According to Minister Ngafuan, the agreement is a crucial step towards achieving Liberia’s national development goals.
“The private sector is the engine of growth, and we cannot abandon it,” he emphasized.
The EU’s support will help create jobs, improve livelihoods, and increase economic opportunities for Liberians.
EU Ambassador Deprez highlighted the importance of the agreement, saying, “This is a holistic package that connects with Liberia’s inclusive development priorities, supports vocational education and training, enhances food value chains, and promotes better work conditions.”
With this new agreement, Liberia is poised to take a significant step towards sustainable economic growth and development.
The project’s success will depend on effective implementation and collaboration between the government, private sector, and development partners.
Africa’s richest man, Aliko Dangote, is set to retire as Chairman of the Board of Directors of Dangote Sugar Refinery Plc, effective June 16, 2025.
Dangote’s exit marks the end of over two decades of leadership, having founded the company in 2005.
Under his stewardship, Dangote Sugar Refinery has emerged as a key player in Nigeria’s food sector.
Dangote’s legacy at the helm of the company is notable for expansive projects and strategic investments.
Recently, the company opened a new sugar refinery in Ghana’s Kwame-Danso, Bono East Region, signaling a major milestone in its West African expansion.
The factory boasts a capacity to crush 12,000 tons of sugarcane daily across 25,000 hectares of irrigated crops.
In Nigeria, Dangote Sugar Refinery has recorded impressive financial gains, with revenue surging 74.3% year-on-year to N213.9 billion ($133 million).
The company’s net losses also narrowed significantly to N23.6 billion from N122.7 billion in the previous year.
Arnold Ekpe, a seasoned banker and industrialist, will succeed Dangote as Chairman.
Ekpe brings extensive experience, having served as Group CEO of Ecobank and held leadership roles in various African banks and enterprises.
The transition marks a new chapter for the Dangote Group, as Ekpe takes the reins of Dangote Sugar Refinery.
Industry stakeholders are eager to see how the company will continue to thrive under new leadership.
….
The Chair of the CARICOM Council for Trade and Economic Development (COTED), Hon. Kerrie Symmonds, has emphasized the critical role of the Council in addressing the challenges facing businesses in the region due to the turbulence in the global trading system.
Minister Symmonds, who is also the Minister of Foreign Affairs and Foreign Trade of Barbados, made the call at the opening of the Sixtieth Regular Meeting of COTED at the CARICOM Secretariat Headquarters in Georgetown, Guyana.
According to Minister Symmonds, the global trading system and economy are now confronted with unprecedented turmoil, which has resulted in cancelled export orders, new and unexpected tariffs, and uncertainties that are affecting the business community.
He stressed the importance of ensuring that CARICOM’s exports enter global markets with minimal barriers.
“The question of whether our exports can enter markets with the least possible barriers and whether imports reach us in a timely, safe, and affordable manner, will all impact the performance of our economies and determine whether we thrive or struggle as a Community,” Minister Symmonds stated.
The meeting, which took place from June 10-11, brought together CARICOM trade ministers to address key issues, including the Caribbean Single Market and Economy (CSME), the proposed implementation of the revised Common External Tariff (CET), and progress of the Sectoral Working Group reviewing CARICOM Rules of Origin.
The ministers also discussed external trade issues, such as the impact of the America First Policy on CARICOM, negotiations on CARICOM-Colombia trade agreements, and Belize’s partial scope agreement with El Salvador.
Other agenda items included regional standards, report on the industrial policy, and public procurement mechanisms.
The meeting aimed to find solutions to the challenges facing the region’s trade and economy, and to promote economic growth and development in the CARICOM community.
-
Tech1 week agoMoove Set to Join Unicorn Club with $300m Funding
-
News5 days agoPutin Condemns U.S. Strikes on Iran, Warns of Escalating Global Danger
-
Opinion1 week agoWhy Israel Attacked Iran – Explaining Operation ‘Rising Lion’
-
News3 days agoNigeria’s Consul General in New York Receives Diaspora Watch Publisher, Boniface Ihiasota
-
Business3 days agoEU, Liberia Sign €25m Agreement to Boost Private Sector Development
-
Features3 days ago
Guyana, CDF Sign US$18m Agreement for Agricultural Development