$10bn Forex Inflow Expected In Weeks – Finance Minister Edun
Minister of Finance and Coordinating Minister of the Economy Wale Edun has stated that around $10 billion of forex inflows is anticipated within weeks. Edun said this during a panel session at the ongoing Nigeria Economic Summit, where he answered questions about stabilizing the foreign exchange market and enshrining liquidity. The minister further said President Tinubu has signed two executive orders geared towards ensuring liquidity in the forex market.
Nigeria Records Lowest Fuel Consumption
The Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, said that industry deregulation has actually seen a 33.58 percent reduction in fuel consumption of Nigerians. Ahmed stated this at the ongoing Oil Trading and Logistics, OTL, Africa Week, 2023, in Lagos. He added that the low performance was due to the challenge of forex illiquidity which has constrained the Oil Marketing Companies’ ability to import the product. He, however, noted that they are hopeful that the necessary efforts being taken by the government to improve the stability of the harmonised forex market will support the importation of PMS by more Oil Marketing Companies alongside NNPCL.
Abiodun Declares State Of Emergency In Ogun
Ogun State Governor, Prince Dapo Abiodun, Monday, declared a state of emergency in the flooded Isheri community, in Ifo Local Government Area of the State. He assured residents of the area of quick intervention to save the situation. Governor Abiodun said he has requested an area survey of the entire estate to identify critical areas that need immediate intervention. He assured that the intervention would come through the construction of an elevated road with adequate drainage to mitigate their suffering.
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Produce All Commercials Locally, ARCON Tells Advertisers
The Advertising Regulatory Council of Nigeria ARCON has prohibited the production of local advertisements in foreign countries in order to boost the national economy and reduce unemployment in Nigeria. This decision, confirmed in a press release by ARCON Director-General Olalekan Fadolapo, also upholds the ban on using foreign voices or models in Nigerian market ads. Fadolapo stressed the importance of creating these ads in Nigeria to attract investment and promote economic growth. Fadolapo noted that the Minister of Information and National Orientation, Mohammed Idris, has approved the full implementation of the Advertising Industry Reform.
The Third Delivery Convoy Arrives Gaza
United Nations spokesman Stéphane Dujarric says a new aid convoy of 20 trucks entered Gaza from Egypt through the Rafah border crossing. Mr Dujarric disclosed this while briefing reporters at UN headquarters in New York on Monday. He said that was equivalent to just four percent of the pre-crisis level of daily needs for commodities for Gaza’s population of more than two million.
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