Officials say four free trade zones attract $8bn investments
Four free trade zones located in Lagos State, Nigeria have attracted a total investment of $8 billion within their years of operations. These zones have contributed to local economic activity and fostered international trade relations, according to officials of the free trade zones.
These officials made this known during a recent media tour of the zones organised by the Nigeria Export Processing Zones Authority.
The zones include the Lagos Free Trade Zone, Lekki Free Trade Zone, Alaro City, and the Lagos Deep Offshore Logistics. Officials disclosed that $2.5 billion was attracted to develop the Lagos Free Trade Zone, while the Lekki Free Trade Zone reached $4 billion in attracted investment. $1 billion has been invested in the development of Alaro City and $500 million to develop LADOL, a privately owned logistics and engineering facility.
FG issues nine new refinery licences
The Nigerian government, through the Nigerian Midstream and Downstream Petroleum Authority, has issued licenses for nine small-scale or “modular” refineries.
Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA), said this on Monday during the 2024 Oil Trading & Logistics Africa Downstream Energy Week in Lagos.
He explained that these licenses were issued under the administration of President Bola Tinubu over the past year. Ahmed noted that Nigeria’s refining capacity has been increasing, particularly with the new Dangote refinery coming online.
The NMDPRA has issued nine licenses to establish modular refineries, seven licenses to construct modular refineries, and four licenses to operate modular refineries.
Bitcoin tops $71,000 for the first time since June as US elections draw near
The price of Bitcoin rose above $71,000 for the first time since June. This increase was supported by inflows into dedicated exchange-traded funds, as well as speculation about potential outcomes from the upcoming US election.
The largest digital asset, Bitcoin, climbed about 4% over the last 24 hours as of report time. Smaller cryptocurrencies, including the second-ranked Ether, also posted modest gains.
Some people view Bitcoin as a “Trump trade” because the Republican presidential nominee, Donald Trump, embraced digital assets during his campaigning.
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Umahi says government needs N19tn to complete 2,604 ongoing projects
The Minister of Works, David Umahi, stated that the financial requirements to successfully complete the 2,604 ongoing road projects inherited by the current administration have increased to 19 trillion Naira. This is an increase from the previously estimated 13 trillion Naira.
Umahi shared this information during a press briefing in Abuja on Monday at the ministry headquarters. The purpose was to update Nigerians on the status of road infrastructure development.
He explained that the cost increased due to the declining foreign exchange rate and the rising price of bitumen, a key material used in road construction.
Jeff Bezos defends decision to stop Kamala Harris support
The owner of The Washington Post, Jeff Bezos, is defending his newspaper’s decision not to endorse the United States presidential candidate, Kamala Harris. This comes after a report that 200,000 people have cancelled their digital subscriptions.
Bezos responded on Monday in an opinion piece in his own paper. He said that “most people believe the media is biased” and that The Washington Post and other newspapers needed to boost their credibility.
Bezos wrote, “Presidential endorsements do nothing to tip the scales of an election. What presidential endorsements actually do is create a perception of bias. A perception of non-independence. Ending them is a principled decision, and it’s the right one.”
The timing of this decision, less than two weeks before Election Day, led critics to question whether Bezos had been concerned about the possibility of Republican Donald Trump retaliating if he were elected president.
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