The first woman and first African to head the World Trade Organization, has received the backing of 58 countries of the 164 members to seek a second four-year term when her mandate expires next August.

This was disclosed in a statement by the world trade body, the 58 member countries of the trade association made this known at a July 22 meeting of the WTO General Council,.

So far no other candidates have come forward, as Okonjo-Iweala, who took over in March 2021, has hinged her leadership on breathing new life into the sclerotic organization.

Her spokesperson, Ismaila Dieng, said, “We can confirm that Dr. Ngozi Okonjo-Iweala has officially announced her intention to seek a second term as Director-General of the WTO,” Dieng added that she had taken into account “the overwhelming and broad-based support expressed by members”.

Her current term at the helm of the 166-member WTO ends in August 2025, and her decision to seek another term was officially communicated to WTO chair, and Norwegian Ambassador, Petter Olberg, on Monday.

The WTO’s African Group formally requested that she make herself available for a second term at that same meeting, and proposed that the process to re-nominate her should begin as soon as possible.

Fifty-eight of the 164 member states of the World Trade Organization (WTO) members have in August voiced support for a proposal from the African Group backing incumbent Director General, Ngozi Okonjo-Iweala, to serve a second term.

Remi Tinubu unveils National Unity fabric

Nigeria’s First Lady, Senator Oluremi Tinubu, has unveiled the One Nigeria Unity Fabric that she described as a symbol of national unity, was designed by 25-year-old Miss Mofinyinfoluwa Bamidele a graduate of the University of Ibadan.

Miss Bamidele, who went home with a prize of ₦25m, emerged the winner of a fabric designs competition out of 111 entries, organized by the Renewed Hope Initiative (RHI), chaired by the First Lady.

In her keynote address at the unveiling of the #OneNigeria/UnityFabric and announcement of the winner of the competition held on Monday at the State House Conference Centre, Abuja, Mrs. Tinubu explained that the concept of a national fabric was inspired by her visit to Zimbabwe in December 2023, where she saw a similar idea.

“Today, my heart is filled with joy as we have just witnessed the unveiling of the #OneNigeriaUnity Fabric, the announcement of the winner of the competition and the presentation of prize ceremony. I say big congratulations to Miss Bamidele Mufiyinfoluwa, she did quite a fantastic job.

 “I would like to briefly share the background to what led us to this moment. In December 2023, I visited Zimbabwe for the launch of #WeAreEqual Unifying Campaign of the Organization of the African First Ladies for Development (OAFLAD) and on this visit, I came across the concept of a national fabric, which they have, and this fascinated me”.

“I believe this concept is a unifying one, where we can infuse our cultural diversity and break down tribal barriers to identify as a people of one nation. So I decided that it would be a good idea to have a similar experience”, she said.

Tinubu also said, “Upon my arrival, at one of the meetings of the Governing Council of the Renewed Hope Initiative (RHI), I mooted the idea and to my surprise, everyone seemed excited about it. Thereafter, the #OneNigeriaUnity Fabric Competition was announced through various media platforms in February 2024, calling on all our youth between the ages of 15 to 25 to create a design for a fabric that will be launched as the national unity fabric.

“Entries for this competition closed on the 30th of June, 2024. On 2nd of July, 2024, we invited two panelists; a renowned fashion icon, Princess Zainab Abba Folawiyo, who has been at the forefront of the fashion industry for 60 years, and Miss Banke Kuku, an international textile fashion designer. She’s the one who actually designed the gift scarves I give out because she’s a textile designer.

 “Both of them, with members of the Governing Board, and some friends of RHI, had the task of selecting the best design from 111 entries. This selection process was rigorous, but today, we are happy to present the best design selected by our expert judges. Well done, and thank you”, Mrs. Tinubu said.

She further disclosed that the new national fabric will be mass-produced by local manufacturers to stimulate local textile industries, create jobs, and boost the economy; and would be worn across the country to celebrate the Independence Day Anniversary on October 1, 2024.

“I would like to extend my gratitude to all those who sent in their entries. We received entries from Nigerians across the country, in the Diaspora, five of them are present today, which you all just met, apart from the winner”.

“We also have a brochure of the compilation of all the entries. Every design submitted is a demonstration of the depth of talent we have in Nigeria. I applaud each one of you for your contribution. However, we can only have one winner, but I urge you not to relent in expressing your creativity, imagination and nurturing your dreams and passion”.

The OneNigeria/UnityFabric competition was launched in February 2024, calling on youths aged 15-25 to create a design that would represent Nigeria’s unity.

A panel of judges, including renowned fashion icon Princess Zainab Abba Folawiyo, international textile fashion designer Miss Banke Kuku and other friends of the Renewed Hope Initiative (RHI), selected the best design from 111 entries.

Senator Oluremi Tinubu commended the rigorous selection process, and thanked the judges and members of the Governing Board of the Renewed Hope Initiative (RHI) for their efforts.

The First Lady said the project aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, fostering creativity, supporting local enterprises, and celebrating national identity and unity of the nation as it moves forward.

Also speaking at the event, the National Vice Chairman of the RHI and wife of the Vice President, Hajia Nana Shettima, said the fabric initiative is aimed at promoting unity and creativity in Nigeria.

She expressed pride in the realization of the vision of the competition, which encourages Nigerians to think nationally before considering tribal or ethnic loyalties.

She said the initiative includes the production and distribution of 200,000 pieces of a national unity fabric, with significant allocations to Lagos, Kano, and Abuja, and additional pieces to other stakeholders.

The event was witnessed by dignitaries from across the country, including wives of governors, wives of the leaders of the National Assembly and wives of security chiefs.

Others who were at the event were former Speaker of the House of Representatives, Hon. Dimeji Bankole; former First Ladies, including Mrs. Ajoke Muritala Muhammad; Justice Fati Lami Abubakar and Dame Patience Jonathan.

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APC Chieftain Blames Naira Devaluation, Not Fuel Prices, For Inflation

A former member of the All Progressives Congress Presidential Campaign Council (APC PCC), Ayobami Oyalowo, says the real issue behind Nigeria’s rising inflation is not fuel prices, but the continuous devaluation of the naira against the dollar. 

He predicted on Channels Television’s The Morning Brief programme on Tuesday that inflation would worsen by next month, especially when the September inflation figures are released.

His words: “I don’t think the price of fuel is a major problem; what is not improving and what is causing most of this problem is the rate at which our naira is priced against the dollar. I sat down yesterday to look at it clearly.

“We are still buying fuel at less than 60 cents, so what we are witnessing is not the price of fuel increase, it is the rate of our naira so undervalued or devalued. For as long as nobody is looking at how to shore up the value of the naira, fuel price is going to go up and as fuel prices goes up it will impact on the prices of goods and services,” he said.

He further predicted that inflation would worsen by next month, especially when the September inflation figures are released, accounting for the current petroleum prices. The economist noted that despite a marginal improvement in food prices recently, things might take a negative turn soon.

“We would come back next month and things are likely going to get worse because the inflation figure for September will factor in the current price of petroleum and when that is done we would come back here and discuss it and see that some other things have gone up while the food that we think has been a bit positive maybe not be that positive come September,” Oyalowo said.

Enugu, Jelfah Group sign N40bn deal on Sunrise Mills

Enugu State Government and Jelfah Nigeria Limited have signed a N40bn deal at the Government House, Enugu, Tuesday, for the revitalization of the moribund state-owned Sunrise Flour Mills, Enugu abandoned since 1985.

The deal will see Jelfah investing twenty-four billion naira, as Enugu divests 60 per cent equity stake in the iconic mills, which went moribund just two years after it was commissioned in 1983, while the state government keeps 40 per cent based on the existing assets of the company.

Speaking at the brief signing ceremony and public announcement of the transaction, the governor said the milestone, coming on the heels of the N100bn deal to resuscitate the hitherto dying Enugu United Palm Products Limited, UPPL, were clear demonstrations of his administration’s determination to grow the state’s economy from $4.4bn to $30bn through private sector investment.

According to him, “Just a few months ago, we secured an investment N100bn with a Pragmatic Palms Limited, and today we have just witnessed Enugu State, again, securing another investment size of N40bn.

“This investment will see Jelfah Group investing N24bn into the existing Enugu Sunrise Flour Mills. N22bn will be directed into revamping and resuscitation of the Sunrise Flower Mill, and N2bn is going to come to the State by way of cash.

“The Special Purpose Vehicle (SPV) is also going to own 10,000 hectares of farmland, where we are going to cultivate the inputs for the flour mills, such as cassava and grains.

“This is a testament that when we say Enugu State is open for business, we are truly committed to it. We understand how to make a win-win deal, both for the investors and for the people of Enugu State,” Mbah stated.

He assured Jelfah group of continued support, enjoining other prospective investors to come over to invest in the state.

“We hope that this signals to other investors, who may still be on the fence that Enugu is actually ready for business. We are committed to not just creating the enabling environment, but also working with investors to help them derisk investments and grow their businesses,” the governor said.

In his remarks, the Chairman of Jelfah Group, Moses Saromi, said they were attracted by Governor Mbah’s vision, dynamic leadership, and speedily increasing ease of doing business in Enugu State under his leadership, saying that Jelfah was in a hurry to transform Sunrise Mills to a centre of excellence.

 “Your policies have unlocked new opportunities for private sector participation, and Jelfah is proud to be part of this progressive movement. This acquisition of 60 per cent equity not only aligns with Jelfah’s long-term vision, but also furthers the governor’s ambition of empowering the people, revitalizing moribund assets, and ensuring sustainable development.

“And together with our consortium partners, our goal is to transform Sunrise Four Mills into a center of excellence, harnessing our collective expertise to drive growth and value creation.

“So, we firmly believe that this partnership will catalyze positive change, spark job creation, elevate local production capacities, and contribute significantly to the socio-economic advancement of Enugu State,” he said.

“We have worked hard in the last months to get to this point. We have a short term, medium term, and a long term plan for the flour mills. Activities will start in earnest. In another 90 days, you are going to experience a lot of movements and activities with regards to the revitalization of the flour mills.

“Our activities will include recruitment of people, who will run the plant, indigenes of the state, obviously. And as the governor rightly said, we are creating a model that will provide the inputs for the mills, such as the 10,000 hectares of farmlands to cultivate all the inputs for the mills,” he said.

It’s suicidal for Dangote to sell below cost price – Rewane

The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, says it is suicidal for Dangote Refinery to sell petrol below its production cost, warning that Nigerians must not to be carried away by false expectations.

Rewane stated this on Channels Television’s Business Morning segment of Sunrise Daily breakfast programme on Tuesday.

The economist said, “Dangote Refinery or any refinery for that matter, apart from government-owned refineries are in business to produce at a profit. Two, they will produce at a point at a price point where their marginal cost equals their marginal revenue and they will not sell below cost if not if they do that consistently, they will go out of business.

“What Dangote Refinery is assuring the country is quality and quantity, but that pricing is not necessarily in the hands of Dangote Refinery but in the hands of the market; as the market determines the price including the global crude price, guaranteed margin and the cost of processing. It’s as simple as that. Nobody goes into business to sell below its cost price if not that is suicide”, said Rewane.

He also said, “I think we should get a better picture here than be carried away by false expectations. Yes, it’s good to know that the petrol is being lifted, it is a milestone from our own refineries, which we had before, but now we have the largest single-train refinery in the world. We have it as a result of the initiative of Alhaji Dangote but now it is business time.”

Rewane also said the August inflation figure which showed a decline was not sustainable, adding,  “I think one thing we have to put this out there so that everybody knows this: inflation data happened at a period before the petrol price increase and the data was taken at the time of the protests. So, we saw prices of perishable commodities decline, and we did not feel the impact of the increase in petrol prices.

“It is good news, but we shouldn’t get too excited, because the September data is beginning to point to the fact that more likely than not, we are going to have an increase in the price level so that’s what we’re going to see in September.

“Our forecast and our view is that moderation in inflation is going to be more visible at the end of the year rather than at this time. We had expected it in September, but now it’s more likely to happen in December. It is short-lived because it happened in between protests and petrol price increase.”

Akpabio commends Tinubu’s swift response to Borno flood disaster

President of the Senate, Senator Godswill Akpabio,  has praised President Bola Ahmed Tinubu, for his timely intervention in the deadly floods that affected Maiduguri, the capital of Borno State and other states as a result of devastating rainfall that occasioned the over flow from the Alau Dam.

Akpabio gave the commendation in Government House, Maiduguri during the President’s condolence visit to the Shehu of Borno, Abubakar Ibn Umar Garba Al Amin El-Kanemi in Maiduguri.

According to a statement by his Special Adviser, Media and Publicity, Office of the Senate President, Hon Eseme Eyiboh, the Senate President assured the President of the resolve of the National Assembly to collaborate with the Executive to ease pains of affected victims nationwide.

 “I regard this as a display of love, compassion and commitment to the safety and welfare of Nigerians. On resumption, the National Assembly will mobilize to support the intervention purse and complement the efforts of the Federal Government, State governments, NNPCL, NEMA, and other interventionist agencies.”

Senator Akpabio also promised to “add verve to the Special Disaster Intervention Fund when established” and expressed gratitude to President Tinubu, Vice President Kashim Shettima, Nigeria Governors’ Forum, NNPCL, NEMA, the Armed Forces and other stakeholders for their swift and strong interventions in addressing the flood disaster.

“The National Assembly is committed to supporting all endeavors of governments at Federal and sub-nationals aimed at renewing the hopes of Nigerians. Most importantly, the President’s announcement to set up a Special Disaster Intervention Fund from FAAC allocations to assist in future unforeseen natural disasters demonstrates unrelenting commitment to good governance and transformative leadership”, he further assured.

He equally commended Governor Babagana Zulum for his proactiveness in handling the disaster and attending to the needs of the victims.