This is the five things to know to start your Friday:
NLNG launches clean water initiative to combat plastic pollution
NLNG Shipping and Marine Services Ltd. (NSML) has introduced its Clean Water Initiative, aiming to increase awareness about the threats posed by plastic pollution. Highlighting the dire consequences of the plastic crisis on economies, human health, and the environment, NSML’s CEO Abdulkadir Ahmed emphasized the urgent need for action.
Plastics and marine pollution have infiltrated various ecosystems, impacting economic activities, environment, and public health. With the oceans facing a plastic pollution crisis—over eight million tons of plastic entering oceans each year—the NSML Clean Water Initiative adopts an “Awareness, Advocacy, and Action” approach.
The initiative focuses on raising public awareness, educating stakeholders, advocating policy changes, and implementing practical solutions. It seeks to improve waste management, promote recycling, and reduce plastic waste inflow into rivers and waterways, marking a significant step forward in combating plastic pollution.
Fiscal policy, tax reform committee will create new revenue ideas – Expert
Economist Marcel Okeke has praised Nigeria’s Federal Government for establishing the Taiwo Oyedele-led Committee on fiscal policy and tax reforms, foreseeing the introduction of novel revenue-generation ideas.
Okeke expressed this view at a forum hosted by the Finance Correspondence Association of Nigeria (FICAN), where he discussed the nation’s economic outlook for the first half of 2023.
He stressed the necessity of economic diversification by bolstering agriculture and manufacturing to reduce oil dependency. Okeke expressed confidence that the committee’s efforts would lead to streamlined taxes, easing the burden on both companies and individuals.
He also highlighted challenges including the Niger Republic coup, security issues, and the depreciation of the Naira, leading to foreign exchange losses for businesses.
Okeke cited the example of GlaxoSmithKline’s exit due to foreign exchange shortages and hoped it wouldn’t encourage a trend of other companies leaving.
Flood hits Edo, Adamawa, Ekiti, 17 others
The Federal Government has expressed concern about the deteriorating flood situation in Nigeria, impacting 20 states and 46 Local Government Areas. This has led to the unfortunate loss of lives. The disclosure was made during the National Emergency Coordination Forum, organized by the National Emergency Management Agency (NEMA) in Abuja.
Clement Nze, Director-General of Nigeria Hydrological Services Agency, highlighted that the 2023 Annual Flood Outlook predicted high flood risk in 178 LGAs across 32 states and the Federal Capital Territory. He reported that over 46 LGAs in 20 states have already been affected, resulting in casualties and submerged houses.
The Director-General of NEMA, Mustapha Habib, emphasized the need for coordination to address these disasters effectively and mitigate their impacts on citizens. The government’s call to action underscores the urgency of addressing the escalating flood situation.
BUA Cement Sokoto, Okpella factories commence operations 2024
BUA Cement has revealed its plans to enhance production capacity by constructing new factories in Sokoto and Okpella.
Yusuf Binji, the Managing Director of BUA Cement shared this announcement in Abuja. He mentioned that these two new production lines are expected to commence operations in the first quarter of 2024, contributing an additional six million tons to the company’s daily production capacity.
Binji thanked customers for their support, noting that the expansion wouldn’t be possible without them.
In addition, BUA Cement launched the #WinWithTheKing promo, designed to reward brand loyalty and boost sales. This 83-day promo offers BUA Cement users the chance to win various prizes, including branded T-shirts, rechargeable lamps, TV sets, a generator set, a cement-carrying tricycle, Android phones, and even a grand prize of an MG executive saloon car.
Nasir Ladan, the Director of Marketing and Sales highlighted that this promotion aims to maintain sales momentum and increase brand visibility. BUA Cement sees this initiative as a way to show appreciation to their customers while supporting the company’s expansion efforts.
Steady Dollar as Fed’s rate hike chances dwindle; Yen dips near 145 level
The U.S. dollar remained stable as data indicated that U.S. consumer prices only moderately increased in July, fueling speculation that the Federal Reserve won’t raise interest rates further.
Meanwhile, the Japanese yen approached the significant 145 per dollar level, sparking concerns of potential intervention by Japan’s authorities. The yen had recently dropped to 144.89 per dollar, its lowest point since June.
This dip, echoing a similar instance in September last year, could lead to intervention to curb the yen’s strength. While the U.S. dollar index slightly declined to 102.54, it was set for a fourth consecutive week of gains.