President Bola Tinubu has successfully secured a $600 million investment from the Danish shipping and logistics firm A.P. Moller-Maersk to enhance current port infrastructure, aiming to facilitate increased container shipping services in Nigerian ports.

The Chairman of A.P. Moller-Maersk, Mr. Robert Maersk Uggla, revealed this decision during discussions with President Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, on Sunday.

President Tinubu highlighted that this investment would complement the government’s ongoing $1 billion initiative for the reconstruction of seaports across both the eastern and western seaboards of Nigeria. He also stressed how it aligns with the administration’s efforts to modernize ports and automate port processes through the national Single Window project. This initiative aims to enhance trade facilitation, streamline import-export procedures, curb corruption, and enhance the efficiency and transparency of port operations in Nigeria.

Expressing gratitude for Maersk’s commitment to Nigeria’s economy, President Tinubu emphasized the country’s attractiveness for investment and assured of the government’s dedication to fostering a conducive business environment.

Mr. Uggla, in turn, reiterated Maersk’s longstanding engagement in Nigeria and its belief in the nation’s future, highlighting investments of over $2 billion in Nigerian ports and related activities. He underscored the potential for Nigerian ports to accommodate larger container ships, emphasizing the need to expand port infrastructure, especially in Lagos, to meet growing demand and reduce logistics costs.

Uggla emphasized Maersk’s eagerness to invest in Nigeria, envisioning the country as home to the best and largest port in Africa. He pledged to continue dialogue with Nigerian authorities to explore further investment opportunities.

Palestinian President Mahmoud Abbas raised an alarm on Sunday about a possible Israeli attack on the southern Gaza Strip city of Rafah.

Palestinian news agency, WAFA, said Abbas raised his concerns in a speech during a special meeting of the World Economic Forum hosted by Saudi Arabia

“If Israel invades the city of Rafah, where most of the people of the Gaza Strip gather, the biggest catastrophe in the history of the Palestinian people will occur, and they will be displaced outside the Gaza Strip.

“We called for an end to the aggression and to supply the population with the humanitarian supplies they need, and under no circumstances will we accept the displacement of Palestinians, whether from Gaza or the West Bank outside their homeland,” he stated.

Abbas also urged European countries to recognise the State of Palestine and recognise it as a full member state of the United Nations.

“There must be a political solution that brings together the Gaza Strip, the West Bank, and Jerusalem in an independent Palestinian state through an international conference. This is what we have called for since October 7, 2023, until this day,” he added.

Meanwhile, Abbas expressed his fears that Israel would displace Palestinians from the West Bank to Jordan by the end of the conflict in Gaza.

Earlier, on Thursday, Israeli Prime Minister Benjamin Netanyahu approved a plan for the ground operation in Rafah but did not allow the army to move yet.

Rafah has become the last refuge for more than 1.4 million Palestinians after their displacement from the northern and central Gaza strip in light of the ongoing violence between Hamas and Israel for more than six months.

CREDIT: DAILY POST

Concerned about the recent decline of the Naira against major foreign currencies, the Senate, through its Committee on Finance, is actively considering various policy options to alleviate the impact of the currency’s devaluation and promote economic stability in Nigeria.

In a statement released on Sunday and signed by its chairman, Senator Sani Musa (APC Niger East), the committee outlined several measures aimed at addressing the currency’s depreciation. These measures include stringent oversight of fiscal policies, engagement with relevant stakeholders, and the development of targeted interventions to support critical sectors of the economy.

Musa emphasized the urgency of addressing the current economic challenges and the imperative of concerted efforts to combat the instability and continuous devaluation of the Naira. He expressed hope that economic managers would adhere to the administration’s standards to achieve the desired economic growth and prosperity for Nigeria, reaffirming the National Assembly’s support for the executive branch in achieving these goals.

While acknowledging the uncertainties facing the economy, Musa urged Nigerians to remain vigilant and resilient, emphasizing that collective efforts can overcome the challenges and lead the nation toward prosperity for all.

The statement, titled ‘State of the Nation Economy and Naira Depreciation,’ highlighted the significant challenges facing the Nigerian economy, both internally and externally. Despite efforts to stabilize economic growth, the persistent depreciation of the Naira against major foreign currencies remains a pressing concern.

The committee underscored the need for proactive measures to safeguard the stability and resilience of the currency. It pledged to closely monitor the situation and collaborate with relevant stakeholders to implement effective policies and strategies. Additionally, it emphasized the importance of addressing the root causes of Naira depreciation, including fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.