• Monday, March 04, 2024
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Five things to know to start your Friday


FG adopts new automotive industry development plan

The Federal Government has approved for implementation, the first-ever Nigeria investment policy (NInP), while adopting a new National Automotive Industry Development Plan (NADIP) that will span through 2023 to 2033.

The Minister of Industry, Trade and Investment, Adeniyi Adebayo, said this in a statement by Oluwakemi Ogunmakinwa, Deputy Director of Information at the ministry.

Adebayo said both the national investment policy and the automotive industry development plan were given the necessary approval at the Federal Executive Council on Wednesday.

He explained that trade and industry moguls over time agreed that there was a need to have an investment policy which would give confidence to investors in the country.

Adebayo said: “What has been operational over the years is just investment related regulations of Ministries, Departments and Agencies (MDAs) acting as a guide.

“This harmonised policy will develop rapidly through industrialisation, and then snowball into a sustainable investment climate to attract the kind of investment we desire.

“The primary focus of the investment policy is on investment promotion, facilitation and sustainable development and it would promote responsible investor conduct for sustainable development.

“By influencing investor behaviour in compliance with globally acceptable standards relating to the environment, human rights, health, labour, safety, corporate social responsibility (CSR) and anti- corruption.” (NAN)

Read also: Decentralising the electricity sector; issues arising from the fifth amendment to the Constitution

Cash flow a major challenge in power sector says EKEDC

Eko Electricity Distribution Company (EKEDC) said that cash flow is one of the major challenges affecting distribution companies (discos) in Nigeria in discharging their duties.

Tinuade Sanda, Chief Executive Officer, Eko Electricity Distribution (EKEDC), said this during the company’s quarterly customer engagement with customers held at the Festac District Town Hall meeting on Thursday.

She also pointed out that infrastructure upgrades were another challenge hindering the company from fulfilling its duties to its customers.

Sanda, who was represented by Joseph Esenwa, Chief Financial Officer, EKEDC, urged customers to ensure that their bills were paid promptly to reduce the financial burden on the DisCos.

She said that the essence of the town hall meeting was to discuss with the customers what could be done to smooth operations over a period of time.

Atiku calls for revamping of PDP to regain its dominant position

Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) and former Vice President, has called for the revamping of the PDP to regain its dominant leadership role in Nigeria and Africa.

Abubakar gave the advice at a programme called “welcome/reception of PDP governors-elect and send forth of the past PDP Governors’ Forum (PDP-GF) chairmen” on Thursday in Abuja.

The programme with the theme “Good Governance at the Sub-National Level: Issues, Perspectives, Expectations, and Outcomes” was organised by the PDP-GF.

“We have a number of challenges. We started as a dominant political party in 1999, and since then, we have been receding.

“I think it is time for us to take a stock and find out why we are receding and how we can make sure that our eminent position as the leading political party in this country, as the oldest political party in this country, we regain our position.

“This is a very important challenge, which I think requires a three-day seminar for us as a party to ensure that we regain our eminent position in the politics of this country and the whole of Africa,” he said.

WHO declares end to Mpox as public health emergency

Tedros Ghebreyesus, the World Health Organisation (WHO) Director General, declared on Thursday that the multi-country outbreak of the Mpox virus was no longer a public health emergency of international concern.

Ghebreyesus, while speaking to the press in Geneva, Switzerland, said that the virus, which began its spread around a year ago, was advised by an emergency committee to be declared over.

“However, as with COVID-19, that does not mean that the work is over. Mpox continues to pose significant public health challenges that need a robust, proactive, and sustainable response,” Ghebreyesus said.

He said there had been more than 87,000 cases and 140 deaths worldwide reported to WHO from 111 different countries.

Tesla raises prices for all vehicles except Model 3 in US

Tesla Inc. raised the U.S. prices for its Model S, X, and Y electric vehicles on Thursday, according to its website.

The company raised the prices for all variants of its Model S and X vehicles by $1,000, while prices of all Model Y variants were increased by $250, its website showed.

There were no changes to the prices of its Model 3 vehicle.

Last month, Tesla Chief Executive Officer Elon Musk had said the company would prioritize sales growth ahead of margins and look to profit later on its rollout of self-driving software for a larger fleet of vehicles. (Reuters)