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FG allocates 42,000 metric tons of grains at no cost, while Ogun initiates a 5-billion-naira intervention program

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On Wednesday, the Federal Government announced the distribution of 42,000 metric tonnes of grains approved by President Bola Tinubu to underprivileged Nigerians without any charges.

Simultaneously, Ogun State Governor Dapo Abiodun unveiled a N5 billion intervention plan to alleviate the economic challenges faced by residents, addressing issues such as education, healthcare, food distribution, and welfare for workers.

Governor Abiodun commended President Tinubu’s dedication to steering the nation through economic complexities.

 

The Federal Government, through the Minister of Agriculture and Food Security, Abubakar Kyari, disclosed that the Department of State Services and the National Emergency Management Agency were facilitating the distribution of the approved grains.

Kyari emphasized that the 42,000MT of grains would be provided free of charge to those in need, and measures were in place to identify and reach the intended recipients nationwide.

Additionally, the government outlined plans to support farmers, increase rice production, and engage state governors in dry season farming to address the ongoing food crisis.

The intervention initiatives were initiated on February 8, 2024, following President Tinubu’s directive to release grains from national reserves.

The government aims to ensure that the grains reach those who genuinely require assistance, with 1,200 trucks distributing across all states.

Governor Abiodun’s N5 billion intervention program in Ogun State includes educational grants, health insurance, and food distribution to various beneficiaries, reflecting the government’s commitment to citizens’ welfare amid economic challenges.

 

Abiodun stressed the government’s determination to address rising food prices and shortages while settling outstanding workers’ deductions and maintaining security in the state.

 

Nigeria’s oil production experiences a decline to 1.419 million barrels per day, as reported by OPEC

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Nigeria experienced a slight decline in crude oil production to 1.42 million barrels per day in January 2024, as reported by the Organization of the Petroleum Exporting Countries (OPEC).

This reflects a decrease of 3,000 barrels per day (0.21%) from December’s production of 1.422 million barrels per day, according to secondary sources.

Despite the Federal Government’s projection of 1.78 million barrels per day in the 2024 budget, the actual production, based on direct communication data, rose from 1.33 million barrels per day to 1.42 million barrels per day.

President Bola Tinubu’s budget proposal aimed at surpassing the current crude oil production, as the nation heavily relies on crude oil proceeds, which form a major part of the Nigerian government’s revenue.

The OPEC Monthly Oil Report for February 2024 highlighted an increase in crude oil output primarily in the United Arab Emirates, Saudi Arabia, and Venezuela, while the total crude production across the 12 OPEC states averaged 26.34 million barrels per day, decreasing by 350,000 barrels per day.

Global liquids production in January saw a preliminary decrease of 0.6 million barrels per day to an average of 101.8 million barrels per day, with non-OPEC liquids production estimated to have decreased by 0.2 million barrels per day month-on-month, yet higher by 1.6 million barrels per day year-on-year.

The report also noted changes in oil production in various countries, with the share of OPEC crude oil in total global production decreasing to 25.9% in January compared to the previous month.

In summary, Nigeria’s crude oil production fluctuated, falling slightly in January, and the global oil landscape experienced notable shifts, impacting both OPEC and non-OPEC production levels.

 

Dangote Refinery plans to export two shipments of fuel, according to a report

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The Dangote Petroleum Refinery has released tenders for the export of two fuel cargoes from its newly commissioned facility, according to trading sources familiar with the matter.

Anticipation has been high among Nigerians for products from the $20bn Dangote refinery since its inauguration in May last year by former President Muhammadu Buhari.

However, regulatory approvals have reportedly delayed the release of aviation fuel (Jet A1) and diesel for sale in the Nigerian market.

Despite the refinery starting petroleum product production in January, it continues to face hurdles in obtaining necessary regulatory clearances.

The first cargo, a 65,000 metric tonne load of low-sulphur straight run fuel oil, has been awarded to Trafigura and is set to load at the end of February.

 

The second tender, for approximately 60,000 tonnes of naphtha, is open until February 15, with loading details pending.

The Dangote refinery, with a capacity of 650,000 barrels per day, aims to transform Nigeria into a net exporter of fuel to West African countries.

While the refinery plans to deliver its first fuel cargoes to the domestic market soon, the offered fuels are typical products of processing light sweet crude without further upgrading capacity.

Upgrading units are expected to come online in the following months, as the refinery, owned by Aliko Dangote, gradually realizes its potential to reshape the fuel industry in the region.

Despite media inquiries, both Dangote and Trafigura have not provided comments on the matter.

 

FULL LIST: CAF AFCON Initial Lineup

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The Confederation of African Football has unveiled the complete roster for the CAF African Cup of Nations Starting XI.

Spanning a month, the tournament kicked off on January 11 and concluded on February 11, 2024, in Abidjan, Ivory Coast.

Host nation Ivory Coast secured victory in the 34th edition, clinching their third AFCON title.

The Elephants triumphed over the Super Eagles of Nigeria in a nail-biting final with a 2-1 scoreline, thanks to goals from Franck Kessie and Sebastien Haller, countering William Troost-Ekong’s first-half lead.

On Wednesday, CAF, the continent’s football governing body, disclosed the full Starting XI of the concluded tournament.

Among the standout performers were three Nigerian players – Captain William Troost-Ekong, Ola Aina, and winger Ademola Lookman, all earning their place on the list.

The 30-year-old captain not only contributed three goals but also secured the Player of the Tournament award.

Aina, with a consistent performance, started all seven matches for Nigeria.

Lookman, playing for the Italian club Atalanta, showcased his prowess with three goals, emerging as one of Nigeria’s top performers.

Ivory Coast’s representation in the Starting XI featured Jean Michael Seri, Ghislan Konan, and former Barcelona midfielder Franck Kessie.

The Democratic Republic of Congo had two players on the list – Chancel Mbemba and Yoane Wissa.

South African goalkeeper Ronwen Williams and midfielder Teboho Mokoena also earned their spots. Ivory Coast’s manager, Emerse Fae, was chosen as the coach for the Starting XI.

Equatorial Guinea’s striker, Emilio Nsue, who secured five goals, clinched the Puma Golden Boot award.

The Starting XI comprised:

Goalkeeper
Ronwen Williams (South Africa)

Defenders
Ola Aina (Nigeria)
Ghislan Konan (Ivory Coast)
William Troost-Ekong (Nigeria)
Chancel Mbemba (DR Congo)

Midfielders
Teboho Mokoena (South Africa)
Jean Michael Seri (Ivory Coast)
Franck Kessie (Ivory Coast)

Strikers
Yoane Wissa (DR Congo)
Ademola Lookman (Nigeria)
Emilio Nsue (Equatorial Guinea)

 

A technical malfunction plunged 14 Ogun communities into a power outage, according to IBEDC

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Currently, 14 communities in Ogun State are facing power outages, attributed by the Ibadan Electricity Distribution Company (IBEDC) to technical faults in power installations.

IBEDC’s spokesperson, Busolami Tunwase, confirmed this during a phone conversation with The PUNCH on Wednesday.

The disruption, caused by a faulty breaker on the Ijoko 33kV feeder, has left areas in Ado-Odo/Ota Local Government, including Sango, Gasline, Oyero, Onipetesi, Agoro, Olowoagolo, Okunola estate, Lagos/Abeokuta road, Elerinko, Shoprite, Abule-Iroko, and others without power.

IBEDC is collaborating with the Transmission Company of Nigeria to resolve the issue.

 

Additionally, a technical fault in Kwara State has been fixed, affecting areas like Apalara, Oke-Fomoh, Madi, Ogundale, Owode Kekere, Oloje Husing Estate, Gbaako, Oko Olowo, Sobi Barracks, Alagbado, Gambari, Okelele, Sefura, Dada, and surroundings.

The persistent low power supply nationwide, attributed to gas shortages, remains unresolved.

The Eko Electricity Distribution Company and Port Harcourt Electricity Distribution Company have also cited gas shortages affecting their services.

Since January, Nigerians have complained about blackouts, with the Minister of Power, Adebayo Adelabu, pledging to address the gas constraints issue.

US aviation lawyer criticizes Flying Wigwe and others for incorrect actions during adverse weather conditions

Aviation lawyer Robert Clifford, the Founder of Clifford Law Offices in Chicago, has suggested that the tragic helicopter crash in California, which claimed the lives of Access Holdings CEO Herbert Wigwe and other prominent Nigerians, could potentially have been avoided.

The crash involved an Airbus Helicopter EC130B4 carrying six occupants, and Clifford questions the decision to take off in challenging weather conditions.

The US National Transportation Safety Board is conducting an investigation, with the preliminary report expected in four weeks.

Clifford, who previously served as Lead Counsel in the Boeing 737 MAX8 crash in Ethiopia, hopes the investigation will reveal if the crash was avoidable.

Love Through the Ages: A Historical Journey of Valentine’s Day

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The history of Valentine’s Day is shrouded in legends and historical anecdotes.

One popular belief traces its origins to a Roman priest named Valentine who defied Emperor Claudius II’s ban on marriages for young men, continuing to perform marriages in secret.

Another story suggests Valentine, imprisoned for helping Christians, sent the first “valentine” greeting to a jailer’s daughter, signing it “From your Valentine.”

Over time, Valentine’s Day evolved in medieval Europe, intertwining with the belief that mid-February marked the beginning of birds’ mating season.

By the 18th century, exchanging love notes and tokens became a common tradition in England.

In the 19th century, mass-produced valentine cards emerged, making the celebration more accessible.

In the 20th century, the commercialization of Valentine’s Day expanded globally.

Today, it’s celebrated worldwide as a day to express love and affection, often with cards, flowers, and gifts.

Despite its commercial aspects, the day retains its romantic essence for many.

Cease cyberbullying Iwobi; his sole offense is representing Nigeria, says AY

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Nigerian comedian Ayo Makun, popularly known as AY, has issued a plea to fellow Nigerians to cease engaging in cyberbullying directed at Alex Iwobi. AY, using his Instagram platform, implored Super Eagles fans to stop the online harassment, emphasizing that Iwobi’s sole offense was representing his homeland.

Iwobi faced criticism after Nigeria’s 2023 Africa Cup of Nations (AFCON) final defeat to Ivory Coast, leading him to delete all his official Instagram posts.

 

AY called for a broader perspective, urging people to consider the detrimental impact of their actions, emphasizing the immediate and lasting consequences of cyberbullying.

Expressing concern about the pervasive nature of cyberbullying, AY highlighted its potential to harm individuals and tarnish reputations swiftly.

 

He underscored the need for a collective effort to cultivate a culture of care and respect on the internet, urging Nigerians to refrain from such negative behavior to support and encourage their national athletes.

Nigerian master bakers and caterers are set to initiate a nationwide strike starting on February 27

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Bakers and Caterers across Nigeria have declared a nationwide strike set to commence on February 27, 2024.

The announcement came during a press conference in Lokoja, where Adeniyi Gabriel, the Chairman of the Association of Master Bakers and Caterers of Nigeria (AMBCN) in Kogi, disclosed the decision.

Gabriel highlighted the challenges faced by the industry, emphasizing the need for measures such as liberalizing flour and sugar importation, reducing or eliminating import duties on key baking materials, providing concessional forex exchange, supporting local cultivation of wheat and sugar cane, and implementing financial relief for bakers affected by the pandemic.

 

The Association specified that unless the government addresses these concerns, they will proceed with a complete cessation of their services from the specified date.

 

 

The Forex crisis has the potential to dissuade foreign investors, warns Comercio Partners

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A recent report by Comercio Partners, titled “Finding Rain in Drought” within its Macroeconomic Outlook 2024, suggests that foreign investors may delay investments in Nigeria due to the ongoing forex crisis.

 

The report highlights concerns about the forex backlog, external challenges amid global uncertainties, and warns of heightened pressure on Nigeria’s exchange rate.

It emphasizes the ominous scenario exacerbated by factors like diminishing external reserves and unpredictable fluctuations in crude oil prices.

The report underscores that the specter of exchange rate strain adds volatility and uncertainty to the local bonds market.

 

Local investors, wary of potential currency devaluation impacts, approach the market cautiously, while foreign investors may opt for a prudent approach, staying on the sidelines amidst the turbulent economic conditions.

Moreover, the report indicates that Nigeria faces economic headwinds, with the interplay of inflationary pressures, tightening measures, liquidity dynamics, and currency challenges shaping its uncertain economic future.

 

The report emphasizes the pivotal juncture the nation stands at and the keen anticipation of investors, both domestic and foreign, as they brace for the unfolding economic developments.

Recent weeks have seen the naira subjected to relentless devaluation pressure, dropping from N899/$ as of December 31, 2023, to N1,534/$ on February 12, 2024.

 

This depreciation followed the Central Bank of Nigeria’s decision to adjust the metric used for calculating the exchange rate, leading to the worst official exchange rate since the currency floatation in June 2023.

The report also touches on the global macroeconomic landscape, including scrutiny and pressure faced by governments worldwide.

 

Comercio Partners provides a detailed macro analysis covering areas such as the global outlook, inflationary challenges, long-term interest rates, global equities, and commodities.

 

The report aims to offer precision and analysis, focusing on African Eurobond markets, geopolitical fallout affecting countries like Egypt, and challenges faced by nations like Kenya and Ghana entangled in election uncertainties and fiscal sustainability concerns.