President Bola Tinubu’s declaration in a national broadcast to mark Democracy Day that though his reforms have created hardship for the masses they are necessary to bring about the needed change the country has longed for decades ago dominates the headlines of Nigerian newspapers on Wednesday.
The Vanguard newspaper reports that President Bola Tinubu has declared that though his reforms have created hardship for the masses they are necessary to bring about the needed change the country has longed for decades ago.
Tinubu said this in a national broadcast to mark the 2024 Democracy Day and the 25th year of uninterrupted democratic rule in the country.
The President said that as a beneficiary of the historic efforts of the heroes of democracy, he was morally bound to preserve the present form of government.
“I stand uniquely placed in this regard. I was among those who took the risk to midwife the birth of our democracy. I am now a direct and obvious beneficiary of the fruits of those historic efforts.
“As President of this nation, I am morally and constitutionally bound to preserve this precious form of governance.
“I vow to do my utmost best to protect your rights, freedoms, and liberties as citizens of Nigeria.
“Even more than that, I pledge to do whatever is necessary to cement democracy as our way of life,” he said.
The President expressed gratitude to Nigerians for the opportunity to lead the country and promised not to turn his back on them.
He urged Nigerians to beware of those trying to exploit the current challenges in the country to undermine and destroy the democracy for which so much had already been given.
The newspaper says that in a major boost for the transportation of liquefied petroleum gas in Nigeria and the West African sub region, NLNG Shipping and Marine Services Limited (NSML) on Tuesday signed a vessel management agreement with indigenous firm Temile Development Company Limited for the management of shipping vessel, LPG Alfred Temile 10.
The LPG Alfred Temile 10 is a 23,000 cubic metres liquefied petroleum gas vessel owned by Temile Development Company Limited, with NSML designated as the technical vessel manager.
Speaking at an event in Abuja to seal the deal, the Managing Director, NSML, Mr. Abdulkadir Ahmed, who described the deal as a “significant milestone”, said it would boost the supply of LPG across the sub-region.
Ahmed explained that the partnership between both companies began in the “construction and delivery to NLNG of the first LPG Vessel, the Alfred Temile in 2020”, and has grown into the delivery of a second vessel.
He said the deal was a testament of the companies’ commitment to operate a modern, efficient and environmentally responsible fleet, adding that with its cutting edge design and technology, the vessel would set a new standard in LPG transportation.
Also speaking at the event, the Chairman/CEO, Temile Development Company, Mr. Alfred Temile and the General Manager, Operations, Douglas Berkheiser said the company intends to deliver another vessel before the end of the year.
According to Temile, delivering the first vessel in 2020 was a huge challenge because there was no Nigerian company playing the marine transportation of LPG at that time.
The Vanguard also reports that the World Bank yesterday affirmed its 3.3 per cent economic growth forecast for Nigeria in 2024, saying the nation’s economy was mildly buoyant in the early part of the year in spite macroeconomic adjustments.
However the World Bank downgraded its forecast for Nigeria’s economic growth in 2025 to 3.5 per cent, from 3.7 per cent forecast made in January.
Similarly, the World Bank downgraded its forecast for Sub Saharan economic growth in 2024 to 3.0 per cent from 3.8 per cent forecast made in January.
The report stated: “Growth in Sub-Saharan Africa (SSA) weakened to 3.0 percent in 2023. Growth in the region’s largest three economies—Nigeria, South Africa, Angola—remained weak. In early 2024, private sector activity picked up, buoyed by a strengthening global economy.
At the same time, many economies in the region continue to struggle with weak government balance sheets, stemming partly from low revenue collection and high debt-service costs, while some also need to manage the adverse effects of currency depreciations. In Nigeria, growth slowed to 2.9 percent in 2023. Despite ongoing macroeconomic adjustments, the economy was mildly buoyant in early 2024.
Growth in SSA is projected to pick up from 3.0 percent in 2023 to 3.5 percent in 2024 and about 4 percent annually in 2025-26, as fading inflationary pressures allow for interest rate cuts, which will support private consumption and investment.
Growth in the region’s largest three economies is expected to accelerate from 1.8 percent in 2023 to 2.4 percent in 2024 and an average of 2.6 percent in 2025-26. Yet, this is markedly below the region’s average growth. Non-resource-rich economies are forecast to maintain growth above their historical average rate, while resource-rich economies recover from their slow growth in 2023 that mainly reflected declining metal prices.
The Punch says that a multinational company, Tolaram, is set to acquire Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc.
This was disclosed in a document filed with the Nigeria Stock Exchange and signed by the Company Secretary of Guinness Nigeria Plc, Abidemi Ademola, on Tuesday.
According to Ademola, the acquisition will enable Tolaram to acquire a commanding role in Nigeria’s beverage companies.
He stated that the transaction, expected to be completed during Fiscal 2025, was subject to requisite regulatory approvals.
He added that as part of the agreement, Tolaram would enter into long-term license and royalty agreements to continue the production of the Guinness brand, as well as Diageo’s locally manufactured ready-to-drink and mainstream spirits brands.
The company secretary noted that despite selling its majority stake, Diageo would retain ownership of the Guinness brand, which would be licensed to Guinness Nigeria for the long term.
The statement partly reads, “Under the terms of an agreement signed today, 11 June 2024, Tolaram will acquire Diageo’s 58.02% shareholding in Guinness Nigeria, and enter into long-term license and royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.
GIK/APA