Wednesday, September 6, 2023

Video - Electric train linking mainland Lagos with island starts operations in Nigeria



Authorities say the train service will operate 12 trips daily for the next four weeks using the locomotive system. Electric power train operation will follow thereafter with 76 trips planned for each day, transporting at least 150,000 passengers.

CGTN

Related stories: New China-assisted light rail services commences in Abuja, Nigeria

Video - Nigeria plans to spend tens of billions to modernise railway network

Video - West Africa's first light railway system launched in Abuja, Nigeria

Tribunal in Nigeria to decide if Tinubu stays as president

 Nigeria's presidential election tribunal is due to rule on Wednesday on whether Bola Tinubu should stay as president after two rivals challenged his victory in February's disputed vote.

There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none have succeeded. Most political observers expect the tribunal to uphold Tinubu's win.

Atiku Abubakar of the People's Democratic Party and Labour Party's Peter Obi asked the court to invalidate the election, alleging irregularities and accused the electoral body of breaching the law by failing to use electronic machines to upload polling station results, among other criticisms.

The tribunal, which will deliver its ruling in the capital Abuja, has the power to cancel an election and order a fresh one, among other remedies.

If it upholds Tinubu's win, Atiku and Obi can still make a final appeal at the country's Supreme Court, the highest court in Nigeria. An appeal should be concluded within 60 days from the date of the tribunal judgment.

Ahead of the ruling, the military set up check-points on major roads into Abuja, randomly searching commuters and vehicles.

Tinubu, who is in India ahead of a G20 Summit, has defended his victory and says he is focused on reviving the economy. He has implemented reforms that include removing a popular but costly petrol subsidy and ending currency controls.

But getting Nigerians to stomach the painful reforms has been hard and the 71-year-old veteran faces opposition from labour unions, who started a two-day strike on Tuesday ahead of an indefinite strike from Sept. 21.

Anaemic growth, high unemployment, the highest inflation rate in two decades, record debt, massive oil theft that has hit government revenues and widespread insecurity are among the issues that Tinubu inherited from predecessor Muhammadu Buhari.

Fixing these pressing problems requires public support but Tinubu garnered 8.79 million votes, the fewest won by a Nigerian president since the country returned to democracy in 1999, limiting the goodwill towards him.

By Camillus Eboh, Reuters

Monday, September 4, 2023

Video - President Bola Tinubu raises alarm over increasing numbers of coups



Nigerian presidential spokesperson Ajuri Ngelale said President Tinubu continues to work with other African heads of state on how to handle the crisis in Gabon. Tinubu wants a united front against the growing threat of what he calls "contagious autocracy”. The governments of Sudan, Chad, Mali, Burkina Faso, Guinea, Niger, and now, Gabon are all under military rule.

CGTN

Nigeria plans to set up solid minerals corporation

Nigeria plans to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte, a minister said on Sunday.

"The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive foreign direct investment for the mining sector," Solid Minerals Minister Dele Alake said in a statement.

Nigeria wants mining to play a much bigger role in its economy by expanding its mineral extraction sector to diversify away from an overreliance on oil exploration.

Alake did not give a timeframe for when the new company would be set up. Existing enterprises - the National Iron-Ore Company and the Bitumen Concessioning Programme - will be reviewed to fit into the new company while a mines police force will be active from October to detect illegal mining, he said.

President Bola Tinubu has embarked on the country's boldest reforms in decades to try to improve Nigeria's investment climate and draw foreign investors to Africa's biggest economy.

Tinubu inherited a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, inflation at a near two-decade high, skeletal power supplies and falling oil production due to years of underinvestment, crude-oil theft and pipeline vandalism.

His administration has said it will seek to promote investments rather than rely on borrowing to create jobs.

Tinubu plans to attend the forthcoming G20 summit to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure.

The new corporation will engage local financial institutions, which have shied away from the mining sector in the past due to a long gestation period for projects, to promote investment, Alake said.

By Camillus Eboh, Reuters

Nigeria considering G20 bloc membership

Nigeria is considering applying to become a member of the G20 bloc of major economies after concluding consultations on the risks and benefits, the president's spokesperson said on Sunday.

President Bola Tinubu will leave on Monday to attend the G20 summit in India at the invitation of Prime Minister Narendra Modi, spokesperson Ajuri Ngelale said.

South Africa is the only African member of the group of the world's 20 most industrialised nations.

"While Nigeria's membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership," Ngelale said in a statement.

Tinubu's attendance was in part to further Nigeria's membership objective, he said.

On Friday, Ngelale said Tinubu will attend the G20 summit to try to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure.

Nigeria's new government wants to encourage investments rather than rely on borrowing to create jobs as it tries to revive an economy struggling with record debt, a weak currency, double-digit inflation and skeletal power supplies.

Tinubu has embarked on the boldest reforms in decades, which have been welcomed by investors. However, they have brought additional hardship to Nigerians already dealing with a cost of living crisis.

Tinubu will attend the summit with some of his cabinet members including foreign affairs, finance and trade ministers.

By Felix Onuah, Reuters