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Refinery: FG Will Source Forex from Dangote – CBN Gov

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DANGOTE SALT INTRODUCES THE DANGOTE SALT ART CHALLENGE 2021 – UNLEASH YOUR CREATIVITY

 

 

The Federal Government will soon start sourcing foreign exchange (forex) from Dangote Group, as soon as the latter’s refinery, petrochemicals and fertilizer projects come on stream.

This potential reversal of roles was disclosed by the Central Bank Governor, Mr. Godwin Emefiele, after he spent over four hours touring the ongoing Dangote Refinery, Petrochemicals, Fertilizer projects and Dangote deep-water jetty at the weekend.

Emefiele toured the project sites in the company of the President/CE of the Dangote Group, Aliko Dangote; Deputy Governor of the CBN, Aishah Ahmad; Group Managing Director, Dangote Industries Limited, Mr. Olakunle Alake; Group Executive Director of Dangote Industries, Mr. Devakumar Edwin; and the Managing Director of Guaranty Trust Bank, Mr. Segun Agbaje.

The CBN governor premised his comment on the huge forex earnings that are expected to accrue from the export of the petrochemical and fertilizer products from the Dangote refinery and fertilizer plants by the time the fertilizer plant begins operations in May this year, and the refinery takes off as planned in 2020.

Mr. Emefiele, who commended Aliko Dangote for the volume of work done on the Dangote projects since his last visit over two years ago, also enthused that the refinery and fertilizer projects would help Nigeria to create thousands of Jobs and check importation of fuel by the federal government; thereby saving government huge amounts of forex currently being spent on fuel import.

He added that about 55 to 60 per cent of Nigeria’s spending on foreign exchange for the importation of petroleum products and food items would be saved when the Dangote Refinery come on stream. Emefiele said one third of Nigeria’s spending on forex will also be retained when the Dangote Refinery is completed.

Emefiele described the Dangote Refinery as transformational project for Nigeria, which totally keys into the objectives of President Muhammadu Buhari on self-sufficiency in petroleum products, conservation of forex and diversification of the economy. “I am sure by that time, the CBN will be begging Dangote to sell its dollars to the bank,” he said.

He noted that the completion of the refinery would make Nigeria self-sufficient in the production of refined products and also make the country to be among the league of exporters of petroleum products.

Emefiele declared the CBN’s support to any company or individuals who are ready to invest in the transformation of the Nigeria economy. “We are ready to support in Naira and also ready to provide foreign exchange for any investor who is ready to support Nigeria’s transformational agenda.

“I use this opportunity to repeat that we are ready to support any individual like Aliko Dangote who is willing to invest in this country. We will continue to support companies that display the determination to support the CBN. I feel so delighted and I am happy this is happening in my own life-time and I am sure you are all so happy.”

Speaking also, President, Dangote Group, Aliko Dangote, said the project would definitely transform the Nigerian economy. “We have a couple of projects at hand and we will continue with these transformative projects. The biggest problem we have in Nigeria is that we currently import more than we produce like any other African countries. But, by the time we finish our fertilizer plant, Nigeria will be the largest exporter of fertilizer in Africa. We will also be the largest exporter of petrochemicals and the largest exporter of petroleum products in the whole of Africa. This is a major transformation.”

He said the 3billion Standard Cubic Feet gas pipeline and other Dangote Projects are geared towards Nigeria’s economic transformation.

Dangote commended CBN for its moral support to the refinery project. “There are lots going on in Nigeria. We want the CBN to support us like what it did in cement sector, which made Nigeria not only self-sufficient in the production of cement, but it became an exporter of the product. Today, Nigeria will not even import cement because we no longer have capacity for importation of cement,” he added.

In a presentation made to the CBN governor, Group Executive Director at Dangote Industries Limited, Devakumar Edwin, disclosed that the company’s target is for a significant portion of Nigeria’s crude oil production to be refined domestically, rather than imported, thereby creating jobs within Nigeria, and bringing a halt to the current importation of refined petroleum product.

Edwin said the refinery is going to provide over 100,000 indirect employment through retail outlets. He said the refinery is designed to meet Euro V grade, which is the highest standard in the world, hence products can be exported to any part of the world.

“It will be well diversified and able to process Nigerian crude, African crude and crude from other parts of the world. In terms of evacuation routes, two crude oil single point mooring (SPM) buoys and three multi-product SPMs will be located within the Atlantic Ocean to transfer crude oil to a calling tanker.

“The 2-Line Dangote Fertilizer Complex, consisting of Ammonia and Urea plants, is conceived to be one of the world’s largest fertilizer plants with a total capacity of 3 Million Tonnes per Annum of Urea fertilizer. Therefore, the Dangote Fertilizer is positioned to bridge the gap between local demand and national capacity. Dangote Fertilizer Plants will produce Urea that will assist farmers boost their crop yields through easy access to fertilizer,” he added.

 

 

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Top 5 Most Visited Countries in The World

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Top 10 Most Visited Countries in 2024

Top 5 Most Visited Countries in The World

 

International tourism has come a long way to returning back to pre-pandemic levels. The United Nations World Tourism Organization (UNWTO) reports that international arrivals reached 80% of prior levels during the first quarter of 2023. That’s an estimated 235 million tourists traveling internationally in just three months, more than double the same period in 2022. The recovery has been robust across various regions, including Europe, Africa, the Americas, and the Middle East

Why has this happened? In addition to few (if any) restrictions on travel, the popularity of online travel and booking platforms makes it easy for jetsetters to buy flights from their phones. They can compare real-time prices, plan out personalized itineraries, and pay for bookings with a few button clicks.

We’ve also seen a blending of business and personal travel into longer, more flexible trips. Termed “bleisure” by travel fans, the concept gives business travelers an excuse to book a few extra days to see the sites and even bring friends or family along. It’s not surprising to see some of these trips lean toward the more exotic, with luxury accommodations and excursions becoming the norm for trips of all lengths.

So, where are people traveling? The Global Tourism Data of inbound tourists from the UNWTO gives a peek into the most popular destinations across the globe from data collected in 2023.

1. France

100 million visitors ($68.6 billion USD in receipts)

Tourism in France took a big jump in 2023, with Forbes reporting a 12.3% increase in just the first quarter. France currently has around 29,000 tourist accommodations for travelers to stay, with hotels making up 17,600 of those locations. Luxury hotels alone saw a jump in occupancies, an incredible 31.4% increase from the year before.

The region with the most hotels is the Auvergne-Rhône-Alpes region, followed by Île-de-France, where Paris can be found.

2. Spain

85.17 million visitors ($92 billion USD in receipts)

Spain has seen phenomenal growth in its popularity as a tourist spot, with the Spanish Statistical Office reporting 5.2 million international tourists in December. This was an increase of 26.2% from the previous December and represented part of the total 18.7% increase for the entire year.

Where were visitors from? The United Kingdom sent the most tourists (907,752 million), followed by France (819,405 million) and Germany (561,521 million). All three countries had more tourists in 2023, with increases of 18% to 23% over 2022.

Spain is known for its lovely year-round weather, which may be why so many flock to its warm temps when other places turn cold. More visitors came in January than other months, and June was the least popular.

3. United States of America

66.48 million visitors ($175.9 USD in receipts)

While the U.S. is at number three on this list, the post-pandemic recovery it’s seeing lags a bit behind other countries. The U.S. Travel Association reports international travel volumes at 84% of 2019 levels, with a full recovery expected by 2025.

Visitors to the U.S. spend around $4,000 per visit and add $155 billion to the U.S. economy each year.

Of the countries that send the most tourists, many have exceeded pre-pandemic levels. These include the Caribbean and other countries in the Americas, as well as Europe. Visitors from China and Japan have been reluctant to return after COVID. Both send around half of the tourists they used to, leaving the U.S. economy with four million fewer shoppers to spend their vacation dollars.

4. Italy

57.25 million visitors ($55.9 billion USD in receipts)

Reuters reports that Italy broke records in 2023 with more international tourists visiting the country than domestic travelers. This hadn’t happened since the pandemic.

The influx of visitors created a boon for the hospitality industry, and Italy saw a 13.4% increase in hotel stays. The 134 million registered guests was an all-time high, with 10% more total nights booked in 2023 than in 2022.

However, all the buzz about Italy caused the country to rethink its hottest tourist spots, even limiting the number of hours vacationers could visit and charging for the most popular sites. Venice, for example, has instituted a fee system to move about the city during peak hours; Capri, Linosa, and other locales created an outright ban on cars for everyone but the locals.

5. Turkey

55.16 million visitors ($49.5 billion USD in receipts)

Turkey is known for its amazing scenery and year-round popularity, and over 550 of the country’s beaches were awarded blue flag status in 2023. The voluntary award recognizes beaches and marinas based on several “environmental, educational, safety, and accessibility” standards.

Its geographic location helps it attract tourists from Western Europe, Eastern Europe, and Asia. Of all the places people come to see, Istanbul tops the list. In fact, the city was ranked as the most visited city in the world in 2023.

Each visitor spends around $952 per trip to Turkey, a 27% increase over 2019 (the last year tracked at pre-pandemic levels).

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Laffmattazz: Lagos 3rd Coming Features Star-Studded Lineup with Dbanj Gandoki, Akpororo, Taooma, Seriki Dariya, others

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Laffmattazz: Lagos 3rd Coming Features Star-Studded Lineup with Dbanj Gandoki, Akpororo, Taooma, Seriki Dariya, others

 

Legendary comedian Gbenga Adeyinka is set to host the much-anticipated third edition of his comedy show, Laffmattazz: Lagos 3rd Coming on November 17, 2024. The event will take place at the prestigious Balmoral Convention Center, Victoria Island, Lagos, promising an unforgettable night of laughter and entertainment.

The lineup features a mix of iconic comedians and musicians, including Omobaba No.1, Gandoki, Dr. Smile, Bash, Queen Salawa Abeni, Reminisce, and a host of surprise acts, with D’Banj headlining the show.

Gbenga Adeyinka remarked, “Laffmattazz: Lagos 3rd Coming will be the biggest comedy show of the year! We’ve curated an incredible roster of iconic headliners, and I’m excited to bring this level of entertainment to Lagos.”

Laffmattazz has cemented its place as a leading comedy brand, showcasing Nigeria’s finest comedic talent. This year’s event is poised to outdo its predecessors, featuring performances from Akpororo, Forever, Seriki Dariya, Princephelar, Dee One, Taooma, Baba Alariya, Madiba of Comedy, ATM, and more.

The night will also include musical performances by Tee Famous, The Countryman, Dami Cruz, and others, with DJ Wiki spinning on the decks.

Event Details:
– Date: Sunday, November 17, 2024
– Time: Red Carpet (3:00 PM), Show Start (5:00 PM)
– Venue: Balmoral Convention Center, Victoria Island, Lagos

Ticket Information:
– Regular: ₦7,000
– VIP: ₦20,000
– Table of 8 Gold: ₦1.5 million
– Table of 8 Platinum: ₦3 million

Purchase Tickets at:
1. Ile Iyan by PODs, GRA Ikeja
2. Ofada Boy, Surulere
3. Prince Ebeano Supermarket, Lekki

Online Tickets Available at:
1. Ariiyatickets.com
2. Grandtickets.ng
3. Laffmattazz.ng

For ticket purchases, sponsorships, inquiries, and collaboration opportunities, please contact: (+234) 08156111111.

Brought to you by: Maltina, Goldberg, Ace Roots, Goldberg Black
Supported by: Parralex Bank, Enclave Green Homes, FIRS, Lagos State Government
Media Partners: African Magic, Royal Roots Cinema, Hip TV, Views Channel, Vybz FM, Ibrand TV, Rapid Broadcasting Network, City FM, Jordan FM, Rainbow FM, Mainland FM, Boom Radio, TVC, Kennis FM, Beat FM
Outdoor Partners: Nimbus Media, FPL Media, Folham, Media Crush, Elev8 Media

Stay updated by following Laffmattazz on social media @laffmattazz_ga1st for the latest news and behind-the-scenes content.

Don’t miss this epic comedy event! Secure your tickets now and join the conversation online using #LaffmattazzLagos3rdComing #GbengaAdeyinka.

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We Must Build A Virile Legislature For The Future, Speaker Obasa Says

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We Must Build A Virile Legislature For The Future, Speaker Obasa Says

 

 

Speaker Mudashiru Obasa of the Lagos State House of Assembly, on Sunday, counselled members of the House to strengthen the legislative arm of government ahead of the future.

Dr. Obasa gave the advice in Abeokuta, Ogun State at the opening of a three-day budget retreat for lawmakers and staff of the House with the theme: ‘Optimising the legislature’s power of the Purse’ for effective service delivery in Lagos State’.

The Speaker challenged the lawmakers to be committed in their legislative duties as they must leave lasting legacies for the future, strengthen governance, responsibility and accountability.

He charged the lawmakers on improved and effective legislative oversight functions being one of the responsibilities of the legislature.

“What we do now is really not about us; it is for the totality of the system.

“I appreciate this budget retreat. Each one of us must be responsible in carrying out the assignments we are tasked with. This is very essential.

“We carry out budget scrutiny based on what is presented by the executive. Once we give a go-ahead, it means the executive must comply and treat it accordingly because it has become a law.

“Going forward, all the reports of each committee must be presented at the floor of the House. This will help us decide on how to act for the sake of transparency and accountability,” the Speaker said.

He advised the lawmakers against docility in the task of ensuring that Lagos continues to weather economic storms.

“We all have roles to play and, in doing that, sentiments and self-benefits must be removed. The day you start with self-benefit, you have become a failure.

“If you do your job the way you should do it, you will earn your respect and will be held in high esteem by the Ministries, Departments and Agencies (MDAs).

“We are here today again to look at how we can improve on the laws we make at the House of Assembly as well as our oversight functions.

‘Let’s continue to be dedicated and loyal and I am sure we will get there. Let’s always straighten the path for Lagosians and those coming behind us,” he urged.

In his opening remark, the Clerk and Head of Service of the House, Barr. Olalekan Onafeko, described the retreat as an avenue to have insights into the state’s budget.

While commending the Speaker, he urged the participants to “be attentive and take home fresh ideas and knowledge.”

 

We Must Build A Virile Legislature For The Future, Speaker Obasa Says

Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.

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