South Korea is set to host the inaugural Korea-Africa Summit on June 4-5, 2024, under the theme “The Future We Create Together: Shared Growth, Sustainability, and Solidarity.” This historic event is expected to bring together numerous heads of state and key stakeholders to foster a strong partnership between Korea and African nations. The summit aims to promote economic cooperation, sustainable development, and mutual growth, leveraging the respective strengths of both parties. South Korea’s remarkable economic growth, often referred to as the “Korean Miracle,” was achieved through collective efforts and careful utilization of international aid. Now, Korea is committed to giving…
Author: Emmanuel Olawale Akanji
Ahmad Dan-Wudil, the Personal Assistant on Media in the Office of the Honourable Minister of State for Defence, stated that Dr. Bello Muhammed Matawalle MON, the Honourable Minister of State for Defence, hosted a delegation from the United States Department of Defence for African Affairs at the Ministry of Defence in Abuja. The delegation led by Assistant Secretary Mrs. Jennifer Zakriski, engaged in constructive discussions aimed at enhancing collaboration to strengthen security in Nigeria and the wider African region. During the meeting held at the Ministry’s conference room, Mrs. Jennifer Zakriski emphasized the importance of bilateral cooperation in addressing security…
I’m sure many haven’t read the offending article and compared it with the statement released so as to analyze both properly. There is nothing in the FG statement that says that anything was signed, so the article uses a false equivalence. The statement quoted directly what the chairman said at the meeting, and there are recordings of the meeting. The devil is in the details… to quote the article: ‘Therefore, it is natural to have an ongoing dialogue with the administration. However, we are not able to comment on any investment talks. Maersk is due to report first-quarter results on…
In a significant announcement that could reshape Nigeria’s economic landscape, the Minister of Solid Minerals Development, Dr. Oladele Alake, revealed that Nigeria is sitting on a mineral wealth estimated to be worth over $750 billion. This revelation came during a two-day national stakeholders’ roundtable on sustainable development of the mining industry held in Abuja. The preliminary report, provided by the German firm GeoScan, indicates that Nigeria’s solid mineral deposits could be even more substantial than currently estimated, with further reports from other global firms eagerly anticipated. Dr. Alake emphasized the strategic importance of the mining sector in achieving President Tinubu’s…
In a bold assertion of economic sovereignty, Nigeria has reportedly taken a decisive step to repatriate its gold reserves from the United States. Amidst a backdrop of global economic uncertainty, this move represents a significant shift in Nigeria’s approach to safeguarding its financial future. With 21.37 metric tons of gold reserves valued at approximately $1 billion, Nigeria’s total gold wealth is estimated to be over $4 trillion. This wealth, if confirmed, positions Nigeria as a formidable player in the global gold market. The repatriation of these reserves is not just a financial maneuver but a statement of intent; Nigeria is…
In a recent turn of events, the Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim, have set their sights on Nigeria, a land brimming with potential and resources. Their meeting with the Nigerian government, rather than with political figures, signifies a strategic approach focused on national development and collaboration. Samsung’s investment interests in Nigeria are diverse, ranging from power to metropolitan rail lines, and oil and gas engineering projects. The company has a proven track record in gas fired power plant construction, and with Nigeria’s abundant gas reserves, this seems like a…
In a surprising move, Nigeria’s Central Bank (CBN) has told four big fintech companies to stop adding new customers for now. The companies affected are OPay, Palmpay, Kuda Bank, and Moniepoint. This news comes as a shock to many who use these platforms for their daily financial needs. The CBN’s decision is linked to concerns about how these platforms might be used for money matters that are not allowed. There’s talk that some accounts on these platforms were used for foreign exchange transactions that are not in accordance with the rules. Because of this, the CBN wants to make sure…
The reopening of the Nigeria Niger border has breathed new life into the rice milling industry, and it couldn’t have come at a better time. As the world grapples with food security challenges, this development offers hope for our nation’s staple food rice. For months, rice millers faced an uphill battle. The scarcity of paddy, the raw material for rice production had forced many mills to shut down. The closure of the border with Niger in 2023 disrupted cross border trade, leaving millers in a precarious position. The cost of production soared, and the future looked bleak. Now, as the…
Education is the bedrock of any society seeking progress and development. The recent move by 26 states and the Federal Capital Territory (FCT) to deposit N32.5 billion as counterpart funds for basic education is commendable. However, this action raises critical questions about the commitment of our leaders to the future of our children. The willingness of these states to match the Federal Government’s disbursement through the Universal Basic Education Commission (UBEC) is a positive sign. It shows readiness to invest in the infrastructure, training, and resources needed to uplift the standard of education. This investment is not just in schools…
Heal The Youth Foundation (HTYF), a Non-Governmental Organization (NGO) operating in Nigeria since November 23, 2003, has made progress in responding to the needs of vulnerable children, youths, and women to actualize their life’s potential. However, this progress is marginal when faced with the reality of over-reliance on only one source of revenue, with total dependence on donor funding. Originally adopted by the HTFY Board of Trustees on April 26, 2019, the Strategic Plan of Action (SPA) – 2019 – 2023; Sustainable Organization for Positive Impact was modified in April 2020 to maintain its relevance following the disruption of the…