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Insecurity Making Nigeria Unattractive To Investors- Minister

Niyi Adebayo, minister of trade and investment, said this at the 26th ministerial press briefing organised by the presidential communication team at the presidential villa, Abuja

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The federal government says prevailing insecurity affected Nigeria’s ranking on the top 10 preferred investment destinations in Africa. 

Niyi Adebayo, minister of trade and investment, said this at the 26th ministerial press briefing organised by the presidential communication team at the presidential villa, Abuja. 

While speaking at the Expo 2020 Dubai trade and investment forum in UAE, President Muhammadu Buhari had said that Nigeria is ‘Africa’s most attractive investment destination.’ 

But a recent report by Rand Merchant Bank (RMB) titled ‘Where to Invest in Africa 2021’ placed Nigeria in the 14th position on investment attractive nations in Africa. 

According to the latest index, Egypt, Morocco, and South Africa emerged as first, second, and third most preferred markets on the continent.

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Rwanda and Botswana moved up the rankings from five and thirteen in 2020 to positions four and five, respectively.

The minister attributed the latest ranking by RMD to the security challenges in the country.

“The reason for that are various, the major one being the security problems that we have in the country,” he said.

According to him, the federal government is making stringent efforts to resolve the security problems so that Nigeria will return to the position of being the preferred destination for investment. 

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“However, having said this, the feedback that I have begun to get lately from some of the people, the foreign governments that I have been meeting is that our position is getting better because there seems to be a big interest now again in investing in Nigeria,” the minister said.

“So, I’m sure as time goes on, we will begin to see an improvement in that situation.”

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Electricity, telecom tariffs increase unconscionable, should be stopped – Shehu Sani

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Former lawmaker, Senator Shehu Sani, has described the planned increase in electricity and telecom tariffs as unconscionable.

The statement comes after the telecoms regulator last week approved the increase in mobile tariffs.

The federal government also recently said that plans were ongoing to increase electricity tariffs “over the next few months.”

However, Sani, who said the government’s plan is unreasonable, insisted that it should be halted.

The ex-lawmaker also expressed his support for the Nigeria Labour Congress (NLC) over the scheduled protest against the government’s proposal, calling it a welcome development.

“The planned increase in electricity tariffs in the midst of poor power supply and the proposal to increase telecom tariffs is unconscionable and should be halted. The scheduled labour union protest is a welcome development,” he posted on X.

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Trump to cut off funding to South Africa, gives reason

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Donald Trump

The United States President, Donald Trump, has revealed his decision to cut off all future funding to South Africa, citing poor treatment of “certain classes of people.”

Trump made this known on Sunday in a post on Truth Social, his social media platform.

According to Trump, South Africa was seizing land and mistreating some citizens without concern for the violations of their rights.

“South Africa is confiscating land and treating certain classes of people VERY BADLY.

“I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!” Trump wrote.

Reports suggest that the American leader may be defending White South Africans, some of whom have alleged that the South African policy is unfair to them.

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Telecoms tariff hike: Nigerian govt in last-minute move to avert NLC shutdown

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NLC

There are indications that the federal government will on Monday meet with the Nigeria Labour Congress, NLC, to stop the planned Tuesday nationwide protest against the 50 percent telecommunications tariff hike.

A reliable source familiar with the matter, who preferred anonymity, disclosed this on Monday morning, noting that the meeting between the NLC leadership and the federal government is scheduled for 5 p.m. on Monday.

The source said the meeting was a “dialogue on matters of national interest as it affects Nigerian workers.”

According to the source, it will be an inter-ministerial meeting with the Secretary to the Government of the Federation (SGF), purposely to resolve issues raised by the NLC concerning the federal government’s approved upward adjustment to telecommunications tariffs, which the NLC, its allies, and others are vehemently opposing.

This comes as the NLC is already mobilizing workers for a mass protest tomorrow (February 4) against the 50 percent tariff hike approval.

On Thursday last week, in a letter to affiliate unions and state councils, NLC General Secretary Emma Ugboaja urged them to mobilize other Nigerians to send a serious message to the government.

The planned protest follows the 50 percent telecom tariff approval by the Nigerian Communications Commission (NCC) on January 20, 2025.

The approval had sparked widespread rejection among telecom subscribers.

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