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World Bank President Discourages Fuel Subsidies

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World Bank President Discourages Fuel Subsidies

Meanwhile, the president of the world bank group, David Malpass, has called against fossil fuel subsidies, adding that subsidised fossil fuels encourage the overuse of fuels.

He said this at the sixth ministerial meeting of the coalition of finance ministers for climate action on Tuesday.

A copy of his remarks was published on the bank’s website.

He said g20 countries had channelled $3.3tn into fuel subsidies since 2015, calling against fossil fuel subsidies.

He said, “recent analysis by Bloomberg shows that g20 countries have funneled $3.3tn into fossil fuel subsidies since 2015.

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“fossil fuels tend to be subsidised both explicitly, and implicitly through tax exemptions. If the use of fossil fuels continues to be subsidised despite its impact on greenhouse gas emissions, it encourages individuals and firms to continue to overuse such fuels.

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Foreign

President Erdogan Accuses Nigeria of Harboring Turkish Terrorists

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President Erdogan Accuses Nigeria of Harboring Turkish Terrorists

The President of Turkey, Recep Tayyip Erdogan, says the terrorists who tried to remove him through a coup in 2016 are still active in Nigeria. Erdogan said this at a joint press conference with the President General Muhammadu Buhari, on the occasion of his two-day official visit to Nigeria.

In the speech delivered in his native Turkish and interpreted by one of the officials on his entourage, Erdogan asked Nigeria to join his country to forge a solidarity in the fight against terrorism in the two countries as one of the oldest allies of Turkey in Africa, having seen 60 years of diplomatic ties.

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The Turkish President stated that he hoped to expand trade volume from the current $2bn to $5bn between Nigeria and his country. He further said he was hopeful that the relations between Nigeria and Turkey would be further developed on the basis of a win-win situation and on the basis of mutual respect.

In his speech, Buhari revealed that he signed eight major agreements/Memoranda of Understanding on several key sectors including energy, defense industry, mining and hydrocarbons among others. This is as he added that implementation of all eight agreements will commence immediately.

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CBN Sets Aside N60bn for Lagos Rail Project, Disburses N45bn

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Seven Killed, Several Wounded in Bangladesh Rohingya Camp Attack

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Seven Killed, Several Wounded in Bangladesh Rohingya Camp Attack

Gunmen killed at least seven people and wounded 20 in an assault Friday on an Islamic seminary in a Rohingya refugee camp in Bangladesh, heightening tensions in the settlements after the recent shooting of a community leader.

The attackers randomly shot some victims and stabbed others with knives at the Balukhali refugee complex in Cox’s Bazar near the border with Myanmar, a regional police chief said. The killings came as tensions mount in the camps that house more than 900,000 refugees from Myanmar, after a Rohingya activist was shot dead outside his office three weeks ago.

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Four people were killed instantly in Friday’s attack at the Darul Ulum Nadwatul Ulama al Islamia madrassa. Three others died at a hospital in one of the camps that make up the Balukhali refugee complex.

Police did not say how many people were wounded but a medic with Doctors Without Borders (MSF) who requested anonymity said about 20 people were hurt. Security forces sent reinforcements to immediately seal off the camp, which houses more than 27,000 people. Camp residents shared images on social media of bodies on the floor of the madrassa.

Many Rohingya activists have gone into hiding or sought protection from the police and UN agencies since the killing of rights advocate Mohib Ullah by unknown assailants in a nearby Balukhali camp. The 48-year-old teacher had become a leading moderate voice for the stateless community.

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NACCIMA Seeks Chinese Partnership on Industrial Parks

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NACCIMA Seeks Chinese Partnership on Industrial Parks

The National President of Nigerian Association of Chambers Of Commerce, Industry Mines and Agriculture (NACCIMA) Mr. John Udeagbala led a high-level delegation to the Chinese Consulate General in Lagos yesterday, the Chinese Consulate for ensuring that the mutual relationship between Nigeria and China has been maintained over the years.

According to him, business-to-business collaboration in the telecommunications, energy, infrastructure, and agricultural sectors are important to the Nigerian private sector. In his remarks to the NACCIMA delegation, the Consul General of the People’s Republic of China in Lagos, Chu Maoming, emphasised the important role the chamber plays as the intermediary between Nigerian businesses and the Chinese business community.

Udeagbala restated that his administration’s leadership is committed to strengthening the collaboration between the private sector and diplomatic missions for the benefit of members, for possible inclusive economic growth and benefit to all.

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He added that the Chinese diplomatic community has utmost faith and confidence in NACCIMA as an association of businessmen with integrity, who have been in a long-term partnership with them.

Maoming, who acknowledged the current strain in conducting business with Nigeria and other countries of the world due to the pandemic, however stated that the Chinese government is assiduously strengthening measures to mitigate and eradicate new cases of the COVID-19 virus.

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