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Tinubu approves take-off of N100bn consumer credit for Nigerians

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President Bola Tinubu has approved the commencement of the N100 billion Consumer Credit Scheme for Nigerians amid escalating economic hardship in the country.

Ajuri Ngelale, the President’s spokesperson, disclosed this in a statement on Wednesday.

He stated that interested Nigerians are expected to visit the portal of Nigerian Consumer Credit Corporation before May 15, 2024.

“Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.

“Individuals build credit histories through responsible repayment, unlocking more opportunities for a better life. The increased demand for goods and services also stimulates local industry and job creation.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

“The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following: Strengthening Nigeria’s credit reporting systems and ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit, Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today and Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

“In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

“Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public,” the statement said.

Recall that two months ago, a presidential spokesman, Bayo Onanuga, announced that the Federal Executive Council had given the nod for the establishment of the Consumer Credit Scheme.

He said the President’s Chief of Staff, Femi Gbajabiamila, will lead a committee that includes the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance to make the scheme a reality.

In March, the Chairman of the Federal Inland Revenue Service Chairman, Zacch Adedeji, said the Nigerian government would unveil its proposed N100 billion consumer credit loan in a few days.

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Shettima departs for 2024 US-Africa Business Summit in Dallas

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Vice-President Kashim Shettima is expected to depart Abuja for Dallas, United States of America, to represent President Bola Tinubu at the 2024 US-Africa Business Summit.

The summit is organised by the Corporate Council on Africa.

Mr Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of The Vice-President, said this in a statement on Sunday in Abuja.

Nkwocha said Shettima would join other political and business leaders across Africa, the USA and beyond for the summit.

According to him, the summit will feature high-level dialogues, networking business sessions and the plenary, all scheduled for the Kay Bailey Hutchison Convention Center in Dallas, Texas.

He said that the African leaders expected at the summit include, the President, Republic of Liberia; Joseph Boakai, President, Republic of Malawi; Lazarus Chakwera and the President, Republic of Angola, Joao Lourenço.

Nkwocha said other African leaders that would grace the summit are the President, Republic of Botswana, Mokgweetsi E. K. Masisi, President, Republic of Cabo Verde, José Maria Neves, and the Deputy Prime Minister, Kingdom of Lesotho, Nthomeng Majara.

He said besides the summit’s plenary, Shettima would speak at the Roundtable on African Infrastructure Investment with a focus on impact and returns.

” He (Shettima) is also scheduled to speak on a high-level panel on agribusiness, focusing on transiting “from food insecurity to thriving agribusinesses.

” Additionally, the Vice-President will speak at a plenary session on Navigating Africa’s Energy Future as well as chair a session dedicated to promoting the ‘invest in Nigeria’ initiative.

” He is also expected to attend other meetings and engagements on the sideline of the summit.”

Nkwocha said that Vice-President Shettima is expected back in the country at the end of his engagements in the US.

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Israeli to close Al Jazeera’s operations in the country – PM Netanyahu

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Prime Minister Benjamin Netanyahu said his Cabinet has unanimously voted to close broadcaster Al Jazeera’s operations in Israel.

The move came after Israeli lawmakers recently approved a new media law widely referred to as the “Al Jazeera law” that gives the government powers to ban foreign broadcasters if they are deemed a risk to state security.

Netanyahu announced the Cabinet decision in a post on X, formerly Twitter, in which he called Al Jazeera “the hate channel.”

Israeli Communications Minister Shlomo Karhi said on Sunday that he had signed the closure order and that it would be implemented immediately.

According to Israeli reports, this means that offices in Israel could be closed, broadcasting equipment confiscated, the station removed from cable and satellite television channels and its website blocked.

The Israeli government had accused Al Jazeera, which is based in the Gulf emirate of Qatar and has a wide reach in the Arab world, of biased reporting on the ongoing war against Hamas militants in the Gaza Strip.

Al Jazeera has reported extensively on the catastrophic situation in the Palestinian territory and shown images of death and destruction that are rarely seen on Israeli television stations.

The channel also regularly shows videos of attacks on Israeli soldiers by Hamas’ military arm, the Qassam Brigades.

The channel has rejected allegations of bias and, in the past, accused Netanyahu of spreading “new lies and inflammatory slanders” against the network.

Al Jazeera has also accused the Israeli military of deliberately targeting journalists on several occasions.

Netanyahu has accused Al Jazeera of “damaging Israel’s security, actively participating in the massacre on October 7 and inciting against Israeli soldiers.”

Al-Jazeera was founded in 1996 and is headquartered in Doha. It was one of the first Arab TV stations to publish critical reports on the region and quickly gained popularity.

The Israeli government’s efforts to ban Al Jazeera have drawn criticism from some of the country’s most prominent allies, including the United States and Germany.

The U.S. State Department expressed irritation of the decision and reiterated support for the free press all over the world.

A German Foreign Office spokesman also criticised the so-called Al Jazeera law last month: “A free and diverse press landscape is the cornerstone of a liberal democracy.”

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OTC 2024: PETAN leads stakeholders on sustainable energy solutions for Africa’s future

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The Petroleum Technology Association of Nigeria (PETAN) has led delegates to the 2024 Offshore Technology Conference (OTC) in Houston, Texas U.S. to discuss sustainable energy solutions for Africa’s future.

Mr Kevin Nwanze, Executive Secretary, PETAN, disclosed this in a statement on Sunday in Lagos.

Nwanze said that PETAN’s Nigerian pavilion at OTC 2024 would be hosted under the theme, “Sustainable Energy Solutions for Africa’s Future”.

He said that the conference would have more than 200 hours of multidisciplinary discussions and networking events, including a wide range of topics, suited for every participant.

PETAN scribe, however, called for stakeholders’ participation at the 2024 OTC, holding between May 6 and May 9 at the NRG Park, Houston, Texas, US.

According to him, PETAN has been responsible for hosting stakeholders at the OTC for many years.

“The association is calling on government agencies, stakeholders, oil and gas companies, and Nigerian investors to participate at the Nigerian pavilion at the prestigious event in Houston, U.S.

“Participation in the Nigerian pavilion shall deliver a unique opportunity for exhibitors and delegates to interact with global professionals

“As they share their insights on technological advances, energy transition, safety, environmentally focused solutions, and economic and regulatory impacts of the offshore energy sector,” he aded.

Nwanze said: “It allows organisations to engage with world leaders, CEOs, and government officials from around the world, with the chance to create and develop business relationships.

“And also tap into emerging regions vital to offshore development and obtaining recognition necessary for growth and visibility to thousands across the globe.

“Showcase your company’s capabilities to over 1,000 delegates and over 250 companies in the industry.

“Promote products and services to operators and contractors in the local region.

“Gain access to the latest industry news and access to networking opportunities with professional contacts from across the world.

“Network with the upstream, midstream, and downstream organisations and high-profile government officials and key decision-makers in the industry.

“Build and establish new leads as well as entrench a global presence in the industry.

“Get familiar with competitors’ capabilities to stay ahead in the industry,” the statement read.

The OTC 2024 expects over 31,000 energy professionals as attendees, 45 technical sessions, 450 presentations and over 1,300 exhibitors drawn from different countries, including Nigeria.

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