BusinessDay

Five things to know to start your Friday

We are taking action to address the feelings of all party members – Atiku Abubakar

Atiku Abubakar, the presidential candidate of the People’s Democratic Party, said that the party is taking all necessary actions to address the feelings of all party members. This comes after the party was embroiled in different disagreements and fights amongst top party members. From Nyesom Wike, the governor of Rivers State, refusing to take part in any activity of the party due to his being overlooked for the vice-presidential slot, to Samuel Ortom, the governor of Benue state, seeking divine direction to provide support to Atiku Abubakar in his quest to take over from President Mohammed Buhari come 2023.

The former vice president said through his official Twitter handle, @Atiku, that “The @OfficialPDPNig will remain united.” “Focus on our actions. We are taking action to address the feelings of all party members. The unity in our community is my priority. Our resolve to unify Nigeria starts in our party and moves to the community, then on to society. ”

He acknowledges the contributions of every member, especially those who occupy key positions in the country’s political structure. “Every Governor, Legislator, and other elected officials produced by our party, and party members and loyalists, are much loved and respected by me.”

“When they speak, I listen. I do not only listen. Appropriate actions have been taken, are being taken, and will continue to be advanced. –AA” He concluded with that statement, promising to always ensure a collaborative approach to resolving issues within the party.

Onitsha port will generate over N23 billion in 30 years – Saraki

Senator Gbemisola Saraki, the minister of state for transportation, said that the Onitsha port has the potential to generate over N23 billion within the next 30 years.

Saraki made this statement during the signing of the concession of the port ceremony, which took place on Thursday in Abuja. She recognises the daily pressures that the existing ports of Apapa, Onne, and Tin Can face, especially given that more than 60 percent of goods at the Onne port are bound for Onitsha.

She believes that with this concessionary agreement, there will be economic growth, job creation, opportunities for stakeholders to create wealth, and greater development in the southeast region in particular and Nigeria in general.

EU pledges support for Nigeria’s economic integration, diversification initiatives

The European Union (EU) has promised to help Nigeria tackle the issues relating to investment and trade by focusing energy on activities and policies that will drive economic integration and diversification amongst trading partners.

The EU ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Samuela Isopi, made this commitment on Thursday at the 8th edition of the EU-Nigeria Business Forum held in Lagos and tagged “Nigeria and the New Economy”.

The ambassador stressed the need to create an enabling business environment that will promote business growth and attract much-needed investments.

Isopi acknowledged the impact COVID-19 has had on the global economy, including the ongoing Russia-Ukraine war. She, however, advised that Nigeria must re-invent itself away from its dependence on crude oil and allow other sectors to grow.

Biden sending more weapons to Ukraine as NATO prepares for long fight

As the war in Ukraine enters its sixth month, President Joe Biden has promised another $800 million in weapons and military aid to Ukraine.

He made this pledge on Thursday, at the NATO summit, promising to support Ukraine in its quest to reclaim its country. A summit at which the alliance also agreed to include Finland and Sweden.

Biden used the opportunity to salute the courage of the Ukrainian forces who have stood strong and resisted the attacks by Putin on their country. This new military package comes on top of the more than $6.1 billion already announced by the United States since Russian forces moved into Ukraine on Feb. 24 and brought full-scale war back to Europe.

Rising inflation, recession fears push US stocks lower

Fears of rising inflation and a recession pushed US stock futures and the S&P 500 to their worst first-half performance in decades.

Early this morning, future contracts tied to the three major indexes shifted between small gains and losses. According to Trading Economics, “Thursday marked the end of the first half of the year, where the S&P 500 dropped 20.6 percent, its worst first-half decline since 1970.”

“The Dow was also down more than 15 percent in the first half of the year, while the Nasdaq Composite lost 29.5 percent.”

Rising inflation and higher interest rates were the causes of the first-half year-to-date losses, amid fears that tighter financial controls would lead to a recession.

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