President Tinubu congratulates Liberia's president-elect, Joseph Boakai

President Bola Tinubu congratulates the government and people of Liberia on the successful conduct of the Liberian presidential election.   The President also congratulates President-elect Joseph Boakai, who won the mandate of the people, enjoining him to unite the country and build on the popular support expressed through the ballot box to deliver good governance to the people of Liberia. President Tinubu commends President George Weah for demonstrating uncommon leadership by conceding the election and averting any form of socio-political crisis.   The President says President Weah's great act of democratic sportsmanship is exemplary, particularly at this time in West Africa, when democracy is under attack by malign actors who are bent on subverting the will of the people."   I commend President George W. Bush for his sterling example, undiluted patriotism, and statesmanship.   He has defied the stereotype that peaceful transitions of power are untenable in West Africa.   He has demonstrated that the outcome of elections in the sub-region need not become the propellant of violence and unrest and that the will of the people must always be respected," the president states.   President Tinubu thanks the people of Liberia for peacefully exercising their rights and implores them to remain steadfast in the furtherance of peace and democracy.

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Stakeholders highlight role of passion and mentorship in startup success at WES

Pioneers and successful players in startup businesses have unanimously advised that success can only come to upcoming entrepreneurs through passion and perseverance rather than the desire to get rich quick. They gave the advice on Thursday at the breakout session on the WorldStage Economic Summit 2023 held at the event centre of the Nigerian Exchange Group (NGX), Lagos, themed “The Game Changer.” Moderated by the Editor-in-Chief of Global Financial Digest, Oludare Mayowa, guest speakers that took turns to share their experiences and address issues that were critical factors in understanding and running startup businesses to succeed were CEO, New Horizons Nigeria, Tim Akano, and Managing Director, HumanManager Limited, Adekunbi Ademiluyi, who represented the Group Managing Director of SystemSpecs Holdings, Nigeria, John Tani Obaro. Giving a presentation on startups as the game changer, Akano admitted that it was always tough at the beginning but that passion and perseverance would help starters overcome any challenge that might come their way in the build-up stages. Reliving personal experience, he said it took him over 12 months to convince Nigerians about his startup, which he started about 20 years ago after resigning from lucrative jobs with Coca-Cola and Dunlop. According to Akano, it takes perseverance to overcome challenges, and it’s not a bed of roses to scale various hurdles for anyone ambitious enough to venture into startups. But every startup entrepreneur must have it in the back of their minds that the reward for solving problems is money, and therefore make problem solving their focus if they desire to make headway, he stated. Sounding out would-be startup entrepreneurs against failure, he warned against partnering with the wrong people and to cut off with negative individuals who were only good at seeing challenges but not solutions. “Don’t make a company of negative people, particularly the learned and academic who are fond of analysis and paralysis, only rolling out problems rather than solutions,” he warned. there iswith He also advised upcoming startups that there is nothing wrong with sharing ideas with people who may not be experts to avoid discouragement by people with more knowledge. Asked if it’s advisable to engage partners from the start, he replied that it might be difficult to build a company with just one brain. “The fear is understandable, but there’s no straight answer to it,” he said. He, however, reminded the audience that Google was a product of some students and professors and that, therefore, it might not be a bad idea to have partners who are like-minded from the beginning. He advised the youth not to be dominated by fear of the risk of bringing in people to co-own startup businesses. Speaking on the benefits of mentoring and mentorship, Akano argued that not everyone could be a mentor, but real mentors were called to serve other people with little concern for reward. Describing how critical mentors are to the generation of upcoming entrepreneurs, he quoted a statement by Albert Eistein that ‘he sees far by standing on the shoulder of a giant’ to support his position on the significance of mentorship. “One has to be very bold to seek help, and youths have to be disciplined, trust-worthy, and have value to contribute,” he admonished. break-even,fails Akao highlighted other challenges to upcoming startups as fear of the unknown, overconfidence about break-even, which in most cases fails expectations, and cash flow, which according to him is about retaining cash coming in rather than just inflowing cash. Launchaspiring In her own presentation on ‘Journey from Conception to Launch, Mrs. Adekunbi Ademiluyi agreed with Akano that understanding and knowing one’s passion is key to upcoming entrepreneurs achieving success. “Focus on your goals even when your plan is cascading,” she counselled. She outlined other factors for success in entrepreneurship as understanding and engaging with the community; asking the right questions with ideation; challenging the status quo; listening to the unmet needs and desires of the world; conceptualising by shaping ideas into tangible, viable, and scalable solutions; determining a solution that fits the problem; creating a value proposition; defining the business model; and putting a legal structure in place. Ademiluyi also recommended execution based on nurturing ideas, refining and bringing them to life, processing product development, building a workable team, and planning resources. “A successful launch isn’t where the story ends; going live aims at monetization, customers’ satisfaction, and creating new markets,” she elaborated. Asked how ideas could be translated to reality, she recommended that a plan be created, concerns should be shared, structure should be put in place, ideas should be shared, a strategic partnership should be initiated, and knowledge of what moving from point A to B in the growth process meant and entailed must be established. Micro finance banks, She mentioned the contributions of the government to businesses, such as establishments such as institutions such as banks (BoI), microfinance banks, etc.), to ensure easy access to funding for financially deprived individuals that sought to go into startups. Responding to the question about the fintech sector being dominated by technical people, she said it was because investors and venture capitalists always looked for technologists and that those who applied for their jobs were people with backgrounds in financial technology. To halt or curb the “japa” syndrome currently depriving Nigeria of the services of her bulk of professionals, Ademiluyi submitted that it’s a global challenge that’s not limited to Nigeria alone. However, she saw an opportunity in the challenge. “In every problem, there is an opportunity. It’s a global issue. There’s even domestic Japan, where people resign their jobs and prefer to work on their own. There are opportunities in Nigeria; we only need to adjust ourselves to curb the lure of Japan,” she reasoned. To further curb the phenomenon of 'japa', she called on the government at all levels to improve infrastructure for people to be interested in the country. She equally advocated the improvement of the educational system as well as social factors. In his opening remarks, the President and CEO of WorldStage, Segun Adeleye, said WES 2023 was accommodating a special breakout session tagged Startups on WorldStage with the theme ‘The Game Changers’ for founders, startup enthusiasts, corporate, angel investors, and media to network and chart the way forward. He said that WorldStage, a globally focused media group with strong business and economic content, is leveraging its capacity to engage emerging startups and project them for global visibility. “Data from the National Bureau of Statistics indicated that unemployment and underemployment rates increased to an all-time high of 56.1 percent in 2020, pushing 133 million Nigerians into multidimensional poverty, with economic growth not inclusive as it faced key challenges of lower productivity and weak expansion of sectors with high employment elasticity,” he said. “Getting the youths to work must be an immediate task for the government and will be driven by fixing productivity through combinations of policies that cut across some strategic sectors of the economy. “Many startups that need to be encouraged are developing technology to solve identified problems in payment systems, insurance, agribusiness, and e-commerce, among others. The beauty of their emergence is that their concepts are globally acceptable, making them eligible to expand to other countries while attracting foreign exchange and creating new jobs."

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Biden administration slams Elon Musk for repeating a "hideous" antisemitic lie

The White House on Friday accused Elon Musk of repeating a "hideous" antisemitic lie on his social media site X this week, calling it an "abhorrent promotion of antisemitic and racist hate" that "runs against our core values as Americans." The White House statement follows decisions by at least two more major corporations to pull their advertising dollars from X after watchdog Media Matters found ads by IBM, Apple, and others were placed alongside content promoting Adolf Hitler and the Nazi Party. Responding to Musk's post on Wednesday, the White House condemned what it called an "abhorrent promotion of antisemitic and racist hate" that "runs against our core values as Americans." Musk on Wednesday endorsed a post on X that falsely claimed Jewish people were stoking hatred against white people, saying the user who referenced the "Great Replacement" conspiracy theory was speaking "the actual truth." That conspiracy theory holds that Jewish people and leftists are engineering the ethnic and cultural replacement of white populations with non-white immigrants that will lead to a "white genocide." "It is unacceptable to repeat the hideous lie... one month after the deadliest day for the Jewish people since the Holocaust," White House spokesperson Andrew Bates said, referring to Hamas' Oct. 7 attack on Israel. Representatives for Musk and X on Friday again declined to comment on Musk's post on Wednesday. Lions Gate Entertainment Corp. on Friday said it was pausing its X ads, while Axios reported Apple, the world's largest company by market value, was also pausing its ads. IBM on Thursday halted its advertising on the platform. "When it comes to this platform, X has also been extremely clear about our efforts to combat antisemitism and discrimination. There's no place for it anywhere in the world; it's ugly and wrong. Full stop," X CEO Linda Yaccarino wrote on Thursday. Advertisers have fled the site since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on X, civil rights groups have said. Antisemitism has been on the rise in recent years in the United States and worldwide. Following the outbreak of war between Israel and Palestinian Islamist group Hamas after last month's attack, antisemitic incidents in the United States rose by nearly 400% from the year-earlier period, according to the Anti-Defamation League, a nonprofit that fights antisemitism. Musk, chief executive of electric vehicle maker Tesla and founder of rocket company SpaceX, has blamed the Anti-Defamation League for the ongoing drop in advertisers without offering any evidence.

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CBN anticipates raising interest rates amidst rapid monetary policy shifts

In an upcoming meeting on November 20th and 21st, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN)is expected to announce a further 100 basis point hike in its Monetary Policy Rate (MPR), signalling a continued commitment to combat inflation. Since the July MPC meeting, the monetary policy landscape has undergone significant changes, accelerated by recent initiatives introduced by the Central Bank, notably in October. The decision to forego the September policy meeting due to the appointment of a new CBN governor added anticipation to this week's gathering. A report from Cordros Capital highlighted that a potential MPR increase would convey the apex bank's dedication to managing inflation, especially with short-term inflation expectations pointing towards a potential peak of 28.02 percent year-on-year in December. Maintaining the MPR at current levels is seen as incongruent with the prevailing uptick in market interest rates. Cordros Capital suggests that a further MPR increase is likely, given its role as a key signalling tool for market interest rates and the persistence of inflationary pressures. Notable changes in the monetary space include the removal of the maximum limit on the Standing Deposit Facility (SDF) and alterations to Open Market Operations (OMO) auctions. These modifications have influenced expectations for the upcoming MPC meeting. After an eight-month hiatus, the CBN auctioned OMO bills in August, with stop rates averaging 12.49 percent across various tenors. The subsequent October auctions saw increased rates, aligning with the aim of mopping up system liquidity and attracting foreign portfolio investors (FPIs). Inflationary pressures persist, with domestic prices rising to 27.33 percent as of October. Food and core baskets contributed to the upward trend. Additionally, currency pressures continue, with local players dominating the Nigerian Autonomous Foreign Exchange Market (NAFEM), although offshore investors are exhibiting renewed interest. As the MPC convenes, these factors contribute to an environment where a proactive stance on interest rates is expected to address evolving economic dynamics.

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President Tinubu jets out Saturday to Berlin for G20 investment summit

Nigeria's President Bola Tinubu will jet out to Berlin on Saturday to attend the G20 Compact with Africa conference as he seeks to attract investments in energy and infrastructure and boost trade, his office said. The conference, hosted by German Chancellor Olaf Scholz, will focus on enhancing economic and business cooperation between African nations and G20 countries, spokesperson Ajuri Ngelale said in a statement. Tinubu will also participate in the fourth G20 Investment Summit, co-hosted by the German government, where he will make a case for Nigeria as an investment destination, Ngelale said. Nigeria is seeking to boost investment rather than rely on debt to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation, foreign currency shortages and thefts of crude oil, its main export.

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Liberia President George Weah concedes defeat to main rival in presidential election Boakai

Liberia President George Weah on Friday conceded election defeat to opposition leader Joseph Boakai after a tight race, ending a presidency marred by graft allegations but helping to ensure a smooth transition of power in the once volatile African nation. Boakai, 78, a former vice president who lost to Weah in the 2017 election, led with 50.9% of the vote over Weah's 49.1%, with nearly all the votes counted, the country's elections commission said on Friday. The result marks a stark turnaround from 2017, when global soccer legend Weah, buoyed by a wave of hope, trounced Boakai with 62 percent of the vote. Many have since grown disillusioned with the lack of progress: Poverty, unemployment, food insecurity and poor electricity supply persist. "A few moments ago, I spoke with president elect Joseph Boakai to congratulate him on his victory," Weah said on national radio. "I urge you to follow my example and accept the results of the elections." Weah's concession paves the way for Liberia's second democratic transfer of power in over seven decades - the first was when Weah swept to power six years ago. His comments stood out in West and Central Africa where there have been eight military coups in three years, eroding faith in democratic elections. When elections do go ahead in the region, accusations of fraud abound and results are frequently contested in court. Instead, Boakai supporters in the capital Monrovia danced, shouted and honked car horns in the rain after the near-final results were announced. "We have a job ahead of us to do and I'm excited that the citizens have given us approval," Boakai told Reuters shortly after the results were announced. "First and foremost, we want to have a message of peace and reconciliation." Boakai, a softly spoken career politician, emerged neck-and-neck with Weah in the first round of voting in October but below the 50% needed to secure an outright victory, leading to Tuesday's run-off. Liberia is struggling to recover from two civil wars that killed more than 250,000 people between 1989 and 2003, and from a 2013-16 Ebola epidemic that killed thousands. Many felt that Weah did not follow through on promises to alleviate poverty and improve the country's crumbling infrastructure. Arkoi Sarkor, 43, told Reuters she supported Boakai because she was not able to get a job during Weah's term. "I am very hopeful because I know Boakai is... a man of principles and I know when he gets in here, he is going to bring changes," she said. "Some things that were not done, that were not correct, he will put it in place, I am hopeful of that."

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Nigeria Must Prioritise Revenue Generation Over Borrowing for the 2024 Budget ~Finmin Edun

In a recent development, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the need for Nigeria to refrain from relying on borrowing to finance the 2024 national budget. Speaking before the joint Senate Committee overseeing the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF–FSP), Edun, alongside FIRS Chairman Zacch Adedeji and DMO Director General Patience Oniha, advocated for increased revenue generation and reduced budget deficits. Edun highlighted that spending on revenue-generating infrastructure was crucial for sustainable budget financing. He also pointed out that accessing foreign loans could be prohibitively expensive, given the current international economic climate. Edun stated, "The last thing you can think of is to pile up more debts," emphasising the importance of prioritising revenue sources. Expressing concern, Committee Chairman Sani Musa cautioned against external interventions, noting discrepancies between the revenue projections of government agencies and the federal government's proposed income for the 2024 fiscal year. Musa called attention to revenue leakages, delayed remittances by MDAs, and the impact of waivers on Customs Service revenues. The Senate Committee on Finance seeks clarity on customs modernization (e-customs) agreements to prevent deficit budgets. As Nigeria navigates financial challenges, Edun underscored the significance of optimising government spending and enhancing revenue streams for economic stability and growth.

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Senate confirms appointment of Maida as Executive Vice Chairman of NCC

The Senate Thursday in Abuja, confirmed the appointment of Dr. Aminu Maida as the substantive Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC). Maida was confirmed by the Senate during its plenary session where it adopted a report of the Senate Committee on Communications that screened Maida on Wednesday, November 15, 2023. The Chairman of the Senate Committee on Communications, and former Minister of Communications, Senator Ikra Aliyu Bilbis, who submitted the report submitted the report urged the Senate to consider the request of President Bola Tinubu for the confirmation of Maida for appointment as the country’s Chief Telecom Regulator.

He said the Committee had screened Maida, who had earlier passed all scrutiny by the relevant security agencies in the security governance sector. Bilbis informed the Senate that Maida possesses the requisite qualifications, professional experience, competence, and regulatory capacity to ensure accelerated development of the nation’s telecommunications sector. He urged the Senate to approve the nomination of Maida by Mr. President. Consequently, the Senate proceeded to confirm the appointment of Dr. Aminu Maida, through a voice vote to serve a five-year term in office, subject to renewal by the President. Earlier at his screening by the Senate Committee, Maida responded to questions related to his insights into the industry, qualifications, experience, suitability, and competence to manage the nation's telecom regulatory sector, and was variously described by members as the round peg in a round hole. Maida told the committee that his top priorities are to improve coverage and connectivity by bridging access gaps between rural and urban communities through increased broadband infrastructure as well as increasing the quality service (QoS) and quality of experience (QoE) for the consumers to enable them to get value for money. He also stated that, under his stewardship, he would ensure that the Commission’s licensees numbering over 8,000 across different segments of the sector, are made to adhere strictly to their Service Level Agreements (SLAs) with their consumers in terms of service delivery. Maida also said that he would create a more conducive environment for investment in the sector. Maida also promised to work with the dynamic team at the NCC to “re-think” how the Universal Service Provision Fund (USPF) would be better leveraged to bridge the extant digital divide in the country. The new Chief Executive Officer of Nigeria’s telecom regulatory authority also promised to prioritise inter-agency collaboration towards achieving the current blueprint for the digital economy sector, just as he said that the ongoing review of the NCA 2003 would lead to greater innovation for improving the performance of the sector and solicited the support of the National Assembly to succeed. Maida further emphasised his commitment towards aligning regulatory activities with the Strategic Plan of the Ministry of Communications, Innovations and Digital Economy, developed to accelerate the actualisation of the Renewed Hope Agenda of the Federal Government. CBN

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Nigeria’s consumer inflation soars to 27.33% in Oct vs 26.72% in Sept ~NBS

Nigeria’s inflation rate surged to 27.33 percent in October, the National Bureau of Statistics disclosed on Wednesday. This is a 0.61 percentage point from the 26.72 percent that was recorded in September. In its Consumer Price Index (October 2023) that was released on Wednesday, the NBS stated, “In October 2023, the headline inflation rate increased to 27.33 percent relative to the September 2023 headline inflation rate, which was 26.72 percent. “Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61 percentage points when compared to the September 2023 headline inflation rate. “Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage points higher compared to the rate recorded in October 2022, which was 21.09 percent.

This shows that the headline inflation rate (on a year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022).” Major contributors to the increase in inflation were food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, transport, furnishings, and household equipment and maintenance. The continued rise in inflation has been attributed to the removal of gasoline subsidies and the devaluation of the official exchange rate. In its recent forecast for the year, KPMG predicted that Nigeria’s headline inflation may rise to 30 percent by December 2023 because of fuel subsidy removal and the unification of the foreign exchange market.

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Maida applauds Project Train 3M on ICT Skills

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, has applauded the proposal by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, to enlist and train three million Nigerians over a period of four years, which will make the country an exporter of digital skills. Maida, who spoke recently in Lagos at the City Business News Summit, said the programme, which has already attracted one million applicants, is capable of increasing Nigeria’s pool of technically skilled persons in the global market, leading potential employers of digital and technical skills in the international scene to begin to engage more Nigerians. Speaking on the theme of the summit, ‘Repositioning Nigerian Economy through Telecommunications: 2023 and Beyond', the NCC boss noted that, in recognition of the rapid pace of technological advancement that is disrupting industries across the globe, Nigeria’s vision is rooted in the belief that embracing this disruption and fostering innovation will propel the nation towards sustainable growth, economic diversification, and enhanced living standards for all Nigerians. Represented by the Commission’s Director of Research and Development, Ismail Adedigba, the NCC’s chief executive officer said, “The vision is, thus, to accelerate the growth of Nigeria as a global technical talent hub and a net exporter of talent; to deepen and accelerate our position in global research in key technology areas; and to raise the complexity and dynamics of our economy by significantly increasing the level of digital literacy across Nigeria. In this regard, the honourable minister is looking to create a pipeline of three million technical talents.

“This programme, which has already commenced with over 1 million applications by potential trainees, is expected to increase the level of digital and technical skills among Nigerians, especially young and middle-level talents, to 70 percent by the end of 2027. This will position Nigerians to productively contribute to the economy and place us in the top 25 percentile of research globally in the key areas of artificial intelligence (AI), unmanned aerial vehicles (UAVs), IoT, robotics, blockchain, and additive manufacturing, in keeping with the strategic plan unveiled by the Honourable Minister,” he said. Maida said the policy direction of the Ministry, which is being driven by five pillars, will deliver on the goals of fostering economic growth and development. These pillars, which include policy, infrastructure, innovation, entrepreneurship, capital, trade, and knowledge, are the bedrock of the Strategic Vision Plan (2023–2025) and form the guide to channelling our efforts to harness the potential of the telecommunications sector and drive positive change in Nigeria. He said the Commission remains committed to providing an enabling environment for the building of the critical infrastructure required to power a strong digital economy, guarantee improved access to quality broadband connectivity, and ensure the efficient management of the nation’s spectrum resources. “As we work with our supervising ministry—communications, innovation, and digital economy—to take these steps to provide the enabling environment for repositioning the Nigerian economy through telecommunications in 2023 and beyond, we call on Nigerians—and especially our compatriots in the media—to tap into the aspects of these interventions that are relevant to them. The ambitious plans we have set out may seem lofty and even incredible, but through strategic partnerships and collaborations with all stakeholders, we believe that they are achievable,” the EVC said.

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Nigeria, Angola struggling to find buyers for crude oil May delivery ~traders

Nigeria, Angola struggling to find buyers for crude oil May delivery ~traders: As much as half of Nigeria’s planned crude loadings for May haven’t yet found buyers, according to oil traders specializing in West African grades.

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Nigeria cabinet approves N1.59 trln for Customs, FIRS, University of Ibadan

Nigeria on Wednesday approved N1.59 trillion for the purchase of 16 patrol boats and 427 operational vehicles for the Nigerian Customs Service (NCS), READ MORE

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Nigeria to raise N150 bln at bond auction next week, says DMO

The debt office said it will raise N50 billion apiece in the 10-, 15-and 25-year tenor paper at the auction on April 21. READ MORE

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Dubai Islamic Bank raises $500 mln in perpetual Sukuk

In a statement, the bank said despite the record low yield, the Sukuk was 5.6x oversubscribed with an orderbook that peaked at $2.8 billion. READ MORE

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Nigeria’s naira weakens as CBN sells $20 mln to offshore investors

The CBN sold dollars on the 150-day forward markets at N435.81, traders said, near the low on the over-the-counter spot market. It offered the dollar at N410 for spot. READ MORE

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The Palms shopping mall owner, Persianas to buy over Shoprite’s assets in Nigeria

Shoprite, with more than 2,300 stores across Africa, is awaiting regulatory approval on the sale of its Nigerian supermarket operation. READ MORE

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Nigeria’s e-payment transactions rise 99% to N23 trln in March ~NIBSS

The instant payments were carried out by customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data. READ MORE

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Boko Haram sacks Borno LG headquarter, razes houses, schools ~Witnesses

Confirming the latest Damasak attack and killings, the Chairman of Mobbar Local Government Area, Mustapha Bunu Kolo said that the latest attack was disturbing, as the remaining humanitarian hubs in the town were razed down, including Police Station, Market, shops and residential houses. READ MORE

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JAMB indicts Abuja university, others of issuing illegal admission to candidates

“It is, therefore, pertinent to state that such admissions that have not been proposed, approved nor accepted on the CAPS are null and void, and as such, asking hapless candidates to pay acceptance fees for such admissions that had not been processed through CAPS amounts to illegality. READ MORE

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EFCC arrests Okorocha, ex-Imo State governor over corruption allegations

The spokesman, however, declined to provide reason for the arrest of the Senator representing Imo West Senatorial District. READ MORE

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