Capital inflows into Nigeria, Africa’s most populous nation, declined 28% in the three months through March to $1.1 billion compared with a year ago, while they rose 6.8% from the previous quarter, according to the statistics agency.

The largest capital importats came from portfolio investors, which accounted for 57.3%; “other investment” was responsible for 38.31%, while foreign direct investment was 4.2%, the Abuja-based National Bureau of Statistics said in statement on its website.

The United Kingdom accounted for the highest capital importation by country of origin at 59.5%, followed by the United Arab Emirates and the US with 9.6% and 8.4% respectively, it said.

Foreign investment inflows have slowed in the West African nation in the past years owing to tight capital controls, rising insecurity and poor infrastructure that deter external investors.

However, the new government led by Bola Tinubu has begun moves that could revive the economy and boost inflows. He has ended a fuel subsidy that cost $10 billion last year, removed a controversial central bank governor and eased foreign-exchange controls.

 

Bloomberg

The volume of Premium Motor Spirit, popularly called petrol, consumed across the country in the first half of 2023 was 11.26 billion litres, the Federal Government has said.

It was, however, observed that after the removal of subsidy on petrol, following the pronouncement by President Bola Tinubu on May 29, 2023, PMS consumption reduced by an average of 18.5 million litres daily in June.

Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja, on Sunday, showed that between January 1 and May 28, 2023, which was the pre-deregulation period, the total amount of petrol consumed nationwide was 9.9 billion litres.

The average consumption for the 148-day period was put at 66.9 million litres, indicating the country consumed an average of 66.9 million litres of petrol daily during the five-month period when subsidy on petrol was still in place.

But figures from the Federal Government agency indicated that between June 1 to June 28, 2023, which was described as the post-deregulation period, the total petrol consumption across the country was 1.36 billion litres, while the average daily consumption was put at 48.43 million litres.

An analysis of the data by our correspondent showed that the difference between the average monthly consumption figures during the pre-deregulation and post-deregulation periods was about 18.5 million litres.

This implies that the average daily consumption of petrol across the country reduced by about 18.5 million litres after subsidy on commodity was stopped by the Federal Government.

It was, however, observed that petrol consumption rose above 100 million litres in some days, while it fell to below 10 million litres in few other days.

A random pick of petrol consumption figures contained in the NMDPRA report, for instance, showed that on March 8, April 20, and May 16, Nigerians consumed 103.6 million litres, 105.02 million litres, and 101.9 million litres respectively.

These were during the pre-deregulation days, as figures from the post-deregulation period indicated that the country never consumed beyond 78.84 million litres all through the 28-day period captured in the document.

In fact, the 78.84 million litres was consumed on June 20, and it was the highest consumption figure during the post-deregulation period, while the lowest figure during the same period was the 470,000 litres that was consumed nationwide on June 11.

 

Punch

President Bola Ahmed Tinubu has been elected chairman of the Economic Community of West African States (ECOWAS). 

He was elected at the 63rd ordinary session of the ECOWAS Authority of Heads of State and Government in Bissau, the capital city of the Republic of Guinea-Bissau.

Speaking after he was elected, Tinubu promised his “unalloyed commitment” to providing purposeful leadership and serving the interest of the community.

“Indeed, I’m humbled and honoured by this trust, and want to assure you of my unalloyed commitment to provide the necessary leadership with dedication to serve the interest of the community,” he said.

He also called for collective actions from member-states to combat insecurity and terrorism affecting the progress and development of the region.

“On peace and security, the threat has reached an alarming level, and needs urgent actions in addressing the challenges,” Tinubu said.

“Indeed, without a peaceful environment, progress and development in the region will continue to remain elusive. In this regard, we must remain committed to the utilisation of all regional frameworks at our disposal to address the menace of insecurity,”

Tinubu is the eighth Nigerian leader to be elected chairman of ECOWAS — Buhari headed the bloc twice, as military head of state and then as a democratic president.

The ECOWAS summit in Guinea-Bissau was Tinubu’s first international outing on the African continent since he became Nigerian president on May 29.

He had attended the summit for ‘A New Global Financing Pact’ hosted by  Emmanuel Macron, French president, in Paris, France, in June.

ECOWAS was formed in 1975 and currently has 15 member states with a combined population of 387 million and nominal GDP of $816 billion.

Member states are Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

 

The Cable

An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday.

The financial market rout last year caused widespread losses for sovereign money managers who are "fundamentally" rethinking their strategies on the belief that higher inflation and geopolitical tensions are here to stay.

Over 85% of the 85 sovereign wealth funds and 57 central banks that took part in the annual Invesco Global Sovereign Asset Management Study believe that inflation will now be higher in the coming decade than in the last.

Gold and emerging market bonds are seen as good bets in that environment, but last year's freezing of almost half of Russia's $640 billion of gold and forex reserves by the West in response to the invasion of Ukraine also appears to have triggered a shift.

The survey showed a "substantial share" of central banks were concerned by the precedent that had been set. Almost 60% of respondents said it had made gold more attractive, while 68% were keeping reserves at home compared to 50% in 2020.

One central bank, quoted anonymously, said: "We did have it (gold) held in London... but now we've transferred it back to own country to hold as a safe haven asset and to keep it safe."

Rod Ringrow, Invesco's head of official institutions, who oversaw the report, said that is a broadly-held view.

"'If it's my gold then I want it in my country' (has) been the mantra we have seen in the last year or so," he said.

DIVERSIFY

Geopolitical concerns, combined with opportunities in emerging markets, are also encouraging some central banks to diversify away from the dollar.

A growing 7% believe rising U.S. debt is also a negative for the greenback, although most still see no alternative to it as the world's reserve currency. Those that see China's yuan as a potential contender fell to 18%, from 29% last year.

Nearly 80% of the 142 institutions surveyed see geopolitical tensions as the biggest risk over the next decade, while 83% cited inflation as a concern over the next 12 months.

Infrastructure is now seen as the most attractive asset class, particularly those projects involving renewable energy generation.

Concerns over China mean India remains one of the most attractive countries for investment for a second year running, while the "near-shoring" trend, where companies build factories closer to where they sell their products, is boosting the likes of Mexico, Indonesia and Brazil.

As well as China, Britain and Italy are seen as less attractive, while rising interest rates coupled with work-from-home and online shopping habits which became embedded during the Covid-19 outbreak meant property is now the least attractive private asset.

Ringrow said the wealth funds that performed better last year were those that recognised the risks posed by inflated asset prices and were willing to make substantial portfolio changes. It would be the same going forward.

"The funds and the central banks are now trying to get to grips with higher inflation," he said. "It's a big sea change."

 

Reuters

WESTERN PERSPECTIVE

Trump says he can end war in 24 hours; Zelenskyy says Biden could in 5 minutes

Ukraine President Volodymyr Zelenskyy on Sunday dismissed claims by Donald Trump that he could end the war in 24 hours, saying the current GOP presidential front-runner failed to do so while president.

Zelenskyy, speaking through a translator on ABC’s “This Week," noted that Ukraine has been battling Russian proxies in the Donbas region since Russia seized Crimea in 2014. Trump served as president from 2016 to 2020.

"The sole desire to bring the war to an end is beautiful, but this desire should be based on some real-life experience," Zelenskyy said. "Donald Trump had already these 24 hours once in his time. We were at war, not a full-scale war. ... (Trump) had that time at his disposal, but he must have had some other priorities."

Trump has claimed to have a close relationship with Russian President Vladimir Putin, but details on his plans to halt the war have been vague. Zelenskyy said that if Trump meant to end the war by forcing Ukraine to cede territory, "(President Joe) Biden could have brought it to an end even in five minutes, but we would not agree."

** Biden said he was "optimistic" Sweden would soon get the green light to join NATO. He said Sweden is making some adjustments to its laws at the behest of Turkey, the holdout against Swedish membership, and that a deal could include strengthening Turkey's air defenses.

** Russia claimed it shot down an Ukraine missile over Russia's Rostov region along the Ukraine border. Regional Gov. Vasily Golubev said no damage or injuries were reported.

** Biden says Putin's goal is to 'destroy NATO'

A primary goal of Putin's ambitious invasion of Ukraine was to destroy NATO, and keeping the alliance together is critical for the security of the U.S. and the West, Biden told CNN in an interview released Sunday. Biden and other NATO leaders will meet in Vilnius, Lithuania, starting Tuesday. Talks will be centered around providing Ukraine military support and a possible path to membership in the alliance.

"I believe Putin has had an overwhelming objective from the time he launched 185,000 troops into Ukraine, and that was to break NATO," Biden said. "So, holding NATO together is really critical."

Biden said when he first met Putin two years ago in Geneva, the Russian leader sought a commitment from the U.S. to keep Ukraine out of NATO. Biden declined to make the pledge, citing the alliance's "open-door policy. We're not going to shut anybody out."

But Biden acknowledged there is little desire among current NATO members to "bring Ukraine into the NATO family now" because the defense commitment would mean that all alliance members, including the U.S., would be at war with Russia. He also stressed that it will take Ukraine some time to meet NATO qualifications.

"I have spoken with Zelenskyy at length about this, and one of the things I indicated is the United States would be ready to provide, while the process was going on ... security a la the security we provide for Israel," he said.

** Zelenskyy: Counteroffensive advancing; 'initiative is on our side'

The Ukraine counteroffensive is slowly gaining ground, but "every day means new losses of Ukrainians," Zelenskyy said in the ABC interview. The Ukrainian president noted that several months ago his military was forced to retreat from some areas of eastern Ukraine. Now some of that land is being taken back. He dismissed claims that some Western leaders were disappointed in the pace of the gains, saying all are well aware of the "total strength of Russians" and amount of equipment they have at their disposal. 

"Of course, we would all like to see the counteroffensive accomplished in a shorter period of time, but there's reality," Zelenskyy said, adding that "today the initiative is on our side."

** White House 'not involved' in secret Ukraine talks

The White House says it was aware of but did not encourage or sanction secret talks about Ukraine between a group of former senior U.S. officials and Russians close to Putin’s government.

Members of the Council on Foreign Relations met with Russian Foreign Minister Sergey Lavrov in April to begin laying the groundwork for an end to the war, NBC reported last week. The National Security Council coordinator for strategic communications, John Kirby, said Sunday that the U.S. government “was not involved in any way” in the conversations.

“We weren’t passing messages through them,” Kirby said.

− Francesca Chambers

** Russian media portraying revolt in Putin's favor, British ministry says

Russia’s state-approved media, a critical tool as the Kremlin seeks to control the narrative around the war, was unprepared and taken aback by the Wagner mutiny of late June, the British Defense Ministry said in its latest update, noting that TV news shows kept their usual schedule.

Since then the state media have denied security forces reacted passively to the threat and stepped up their portrayal of the quelled insurrection as a Putin victory, highlighting his attempts at unifying the country behind him and making uncommon public appearances, most likely to project strength, the ministry said.

In addition, “the state started to play down the significance of Wagner owner Yevgeny Prigozhin and the mutiny, while tarnishing his character,’’ the assessment said.

 

RUSSIAN PERSPECTIVE

NATO powers in ‘frantic’ race to conceive Ukraine deal – Politico

Washington is reportedly rushing to complete an agreement with its most powerful NATO partners – the UK, Germany and France – on a set of security guarantees for Ukraine so the deal can be presented to the full bloc when the Western military alliance gathers for a summit this week in Vilnius.

The group’s power brokers have been holding “frantic, last-minute”negotiations to finalize their agreement on a security declaration for Kiev, Politico reported on Sunday, citing four unidentified officials familiar with the talks. The declaration would create an “umbrella” for all countries willing to provide ongoing military aid to Ukraine, even though details of the security commitments may vary from nation to nation.

The US, the UK, France and Germany have been discussing the issue with Ukrainian leaders for weeks and have “reached out” to other allies within NATO, the European Union and the G7, Politico said. The four governments aim to unveil their framework agreement at the summit in hopes that other members will join with them in the security pledges. The two-day event is scheduled to begin on Tuesday.

Ukrainian President Vladimir Zelensky has pressed for NATO to accelerate his country’s bid to join the alliance, but multiple members of the bloc have said Kiev can’t be admitted at least until its conflict with Russia ends. German officials are reportedly reluctant to give Ukraine any guarantees on future membership, given concern that such a move could trigger a direct conflict with Russia.

In lieu of pledging NATO membership, Washington is willing to give Ukraine security assurances similar to those it provides Israel, US President Joe Biden told CNN in a recent interview.

Staffers for Biden and UK Prime Minister Rishi Sunak will try to “iron out last-minute details” at a meeting on Monday in London, Politico said. The allies may essentially promise to keep providing much of the aid that they have been giving Ukraine since Russia began its offensive against Kiev in February 2022.

“It is basically a guarantee toward Ukraine that we will – for a very long time to come – we will equip their armed forces, we will finance them, we will advise them, we will train them in order for them to have a deterrent force against any future aggression,” a senior NATO diplomat said. 

US lawmakers have squabbled in recent days over Ukraine’s NATO prospects. Multiple Republican members of the US House and Senate have argued that allowing Ukraine to join the alliance would make Americans less safe because it could trigger a catastrophic conflict with Russia.

** Half of Ukraine’s energy infrastructure damaged by Russia – minister

Half of Ukraine’s energy infrastructure has been damaged by Russian strikes, with some facilities knocked out of service for good, Energy Minister German Galushchenko said on Saturday.

Speaking on national TV, Galushchenko summed up the results of the Russian missile attacks on the country’s energy infrastructure, saying that the Ukrainian authorities registered 271 hits between October 10, 2022 and March 9, 2023.

“In terms of losses, 50% of the entire power grid system, including generation assets and the transmission system, has been hit by Russian strikes,” he stated, as quoted by local media. “Unfortunately, some facilities have been completely destroyed and cannot be restored.”

The energy minister said the Ukrainian authorities have embarked on the largest repair campaign in the country’s history. “The scale of destruction is enormous, and we have the task of restoring as much as possible by the next heating season.” 

He noted that the World Bank had estimated the damage to the energy infrastructure at $11 billion, but added that this figure is even higher as it does not take into account attacks that occurred after the assessment was completed.

In late May, Galushchenko announced an increase in energy tariffs. He explained at the time that Kiev was unable to maintain the discount rates, citing Russian attacks on the energy infrastructure and the fact that Ukraine no longer controls the Zaporozhye Nuclear Power Plant, the largest facility of its kind in Europe, as well as the Kakhovka hydroelectric dam, which was destroyed last month.

Russia significantly stepped up missile strikes on Ukraine’s energy facilities after a deadly blast on the Crimean Bridge last October, which Moscow says was orchestrated by Kiev’s intelligence service. While Ukraine has denied responsibility, officials in Kiev have hinted at their role in the blast on numerous occasions.

 

USA Today/RT

Egypt to host summit of Sudan's neighbours as fighting continues

Egypt said on Sunday it would host a summit of Sudan's neighbours on July 13 to discuss ways to end a 12-week conflict between rival Sudanese military factions that has triggered a major humanitarian crisis in the region.

Diplomatic efforts to halt fighting between Sudan's army and the Rapid Support Forces (RSF) have so far proved ineffective, with competing initiatives creating confusion over how the warring parties might be brought to negotiate.

Neither Egypt, seen as the Sudanese army's most important foreign ally, nor the United Arab Emirates, which has had close ties to the RSF, have played a prominent public role.

The two countries were also not involved in talks in Jeddah led by the United States and Saudi Arabia that adjourned last month after failing to secure a lasting ceasefire.

Sudan's two largest neighbours, Egypt and Ethiopia, have been at odds in recent years over the construction of a huge hydroelectric dam on Ethiopia's Blue Nile, close to the border with Sudan.

The summit in Cairo on Thursday aims to "develop effective mechanisms" with neighbouring states to settle the conflict peacefully, in coordination with other regional or international efforts, Egypt's presidency said in a statement.

Meanwhile, Sudanese delegations, including from civilian parties that shared power with the army and RSF after the overthrow of former president Omar al-Bashir four years ago, are expected to meet on Monday in the Ethiopian capital Addis Ababa for exploratory talks.

The leaders of former rebel groups from Darfur that signed a partial peace deal in 2020 are expected to travel to Chad for talks, though the timing of the talks is unclear and travel in and out of Sudan remains complicated due to the conflict.

AIR STRIKE

The fighting that erupted on April 15 in Sudan's capital Khartoum has driven more than 2.9 million people from their homes, including almost 700,000 who have fled to neighbouring countries, many of which are struggling with poverty and the impact of internal conflict.

Over 255,000 have crossed into Egypt, according to latest figures from the International Organization for Migration.

There were clashes on Sunday between the army and the RSF in El Obeid, southwest of Khartoum, as well as in the south of the capital, residents said.

On Saturday, Sudan's health ministry said a strike by fighter jets in Omdurman, part of Sudan's wider capital, left 22 people dead, an incident that drew condemnation from U.N. Secretary General Antonio Guterres.

On Sunday, the army denied responsibility for the strike, saying its air force had not hit targets in Omdurman the previous day and that the RSF had bombarded residential areas from the ground at times when fighter jets were in the sky before falsely accusing the army of causing civilian casualties.

The army has depended largely on air strikes and heavy artillery to try to push back RSF troops spread across Khartoum, Omdurman and Bahri, the three cities that make up the capital around the confluence of the Nile.

Violence has also flared in other parts of Sudan including the western region of Darfur, where residents say militias from Arab tribes along with the RSF have targeted civilians on the basis of their ethnicity, raising fears of a repeat of the mass atrocities seen in the region after 2003.

 

Reuters

This was first published on October 29, 2018. Considering the resuscitation of the issue by the new Kano State Government, I see the need to republish it.

While we knew and respected each other from a distance, I first met Ja’afar Ja’afar in 2015 when I was serving my second stint as the editor of Friday Leadership.

Journalists have a way of knowing themselves through various networks even if they had never met. Journalism is a profession like any other that builds one’s reputation in the eyes of the world. Knowing the hassles one goes through to put a paper to bed or produce an article, colleagues rate themselves even from afar.

Ja’afar, with his equally double-barrelled named journalist twin brother, AbdulAzeez AbdulAzeez, is one of those not too young to write and not too old to dare firebrand journalists that enjoy their work not necessarily because of the fame it can bestow, or the money that isn’t there, but largely because of the adrenaline that courses through one’s veins when faced with danger. Saying the truth can be dangerous.

He may be seen as a controversial young chap by many, but hey – truth, most times, comes wrapped in controversies. Is there a prophet that was not seen as controversial in the beginning? Or a revolutionary that was welcomed without invoking controversies in society? Any change from the known or a challenge to the established order brings with it a certain dose of controversy.

We all know, not just suspect, that many of our leaders are sleazy. They steal our commonwealth, especially through contract inflation and collusion with contractors – their partners in crime. At the end of the day, no work is done or where done, poorly executed while funds have been disbursed for them.

In other cases, to cut their losses, contractors who had been short-changed by government officials deliver substandard projects and services. In most cases, they abandon the projects midway. And those who should hold them to account cannot because they had eaten from the forbidden pot.

Unfortunately, it is always the ripped-off citizens that hail their cheats and damn those who expose them.

Corruption, it has been said, is not chickenhearted; it always fights back. This is why it is hoped that it is not the case when we see pictures of pre-puberty school children, whose future is being mortgaged by the corrupt, being used as cannon fodder, bearing placards denouncing Ja’afar and “promising” to vote for Ganduje next year.

While the Ja’afar video is under probe, I would not opine on their veracity or otherwise but call on all relevant authorities to do what is needed because such a case can only be likened to the Godwin Daboh versus Joseph Tarka or even the Nasir el-Rufa’i versus the Senate saga. They are defining events that can shape our thinking as a nation.

Ja’afar risks being regarded unfavourably if the video is doctored, but he also will be a celebrity of sorts if the video is proven to be genuine. He will become our modern-day Dele Giwa and perhaps get his sculpture erected in the Journalists’ Hall of Fame when we get one.

Governor Ganduje will politically fizzle out in ignominy if the video is authenticated, but his hand will be strengthened if they turn out to be doctored. People will read it as desperation by his political enemies, but especially it would be said that they set out to embarrass President Muhammadu Buhari.

The way to give a bite to the anti-corruption crusade is to give people like Ja’afar political appointments if he comes out victorious because such people would have a reputation to guard jealously. There are others like him, but the orientation of our leaders is to give appointments to “team players”. Their definition of a “team player” is a person who will partake in defrauding people without letting the cat out of the bag.

There had been cases of people society expected uprightness from but had entered into a “quid pro quo” arrangement and smiled to their banks. Anybody who will expose vice anywhere deserves commendation.

However, my chief concern is the contractor who agreed to be part of this sting operation, assuming it happened. He risks losing it all. No longer get any patronage from that angle, because the governor must know him very well. He has a family to cater for and has commitments and obligations, yet he was fearless enough to go through with this. He is a patriotic citizen who can sacrifice his interests for Nigeria. Not many like him around.

But if he can take this kind of risk for Nigeria, what is Nigeria going to do for him?

People fighting corruption this way not only risk their livelihoods but also their lives. So it won’t be out of place for the country to give him some kind of social protection for such an exemplary act. After all is said and done and he is proved true, the whistle-blower’s reward would also be a good idea, in addition to whatever else may follow.

There must be a deliberate policy by the government to protect such people and their families, or they would be left vulnerable to the mercy of wounded public officials or the “esprit de corps” that is strong among the class of our “polithiefians”.

Those in authority only hire their own to gain control and form an army of corruption to fight back. They emasculate the upright physically, mentally and financially.

The fight against corruption must be intensified and won. For as many smooth operators, there will always be patriots who will blow the whistle. However, the fight will be lost or won depending on how the government treats or mistreats all involved.

If corrupt acts take place, the government must show its teeth and protect those who bell the cat. But if a reputation is tarnished unfairly, authorities must take action to deter others.

Hassan Gimba is the Publisher and Editor-in-Chief of Neptune Prime.

 

“We are now beginning our descent into Charles de Gaulle Airport,” the captain’s jarring voice came over the intercom. I was fast asleep.

I did not sleep the day before I embarked on this long journey, which took me from Abuja through a hectic layover in Addis. Somehow, the call informing passengers about descent always pulls me back to earth. It wasn’t different on this occasion.

I couldn’t wait to touch down in Paris, the picturesque capital of France and a global centre for art, fashion, cuisine, and culture.

It was my first time in Paris, the City of Love. I had already been told to find a French lover because c’est la ville de l’amour. One of the foremost proponents of this finds a French lover would always say in Yoruba wa gba omo, Paris babe! in his usual teasing manner.

I was in the City of Love, but making it through this Oshodi/Upper Iweka motor park called Charles de Gaulle Airport (CDG) upset my exhausted limbs.

As I wobbled through the airport to find immigration, the only thing that went through my mind was a silent prayer hoping that Ethiopian Airways did not leave my luggage behind or I had to wait forever to get my luggage.

I made that prayer, thinking that was the most important thing to worry about. Little did I know that the airport at the City of Love had other plans. I tripped at the sight of the crowd before me waiting to get through from immigration to baggage claim.

I arrived at CDG at about 7:00 a.m. (Paris time) but did not make it to the chauffeur waiting to fetch us – I was with another journalist from Rwanda who I linked up with in Addis Ababa, Ethiopia.

Well, my prayers were answered. My bags arrived, and I did not have to wait forever to pick them up. But the experience of my colleague from Rwanda was different. It took a while before he found one of his bags. He left the airport without the other bag.

At this point, I was starting to question the love in the city because I could not describe how I felt then. We finally made it to the chauffeur in the company of two other journalists from Kenya and Senegal. We were off to the accommodation provided by the Ministry for Europe and Foreign Affairs, France (Ministère de l’Europe et des Affaires étrangères).

Adventure begins

About 45 minutes later, we arrived at our accommodation. You would expect that the person who said she was tired would sleep, right? Well! Your thoughts are as good as mine. Instead of sleeping, she co-opted Francis, the Kenyan journalist (who at the end of the trip to Paris became François Mitterrand, a former President of France), to begin ticking off recommended places to visit.

Indeed, Kenyans are who they say they are regarding long distances. Towing over me like the Iroko that he is, Francis had me walk the longest I have in a long time; it was a great way to lose some pounds.

I set out with Francis at about 5 p.m. to catch a metro we had never used. Did I mention that his French is as bad as my Swahili? While Francis needed some quick French class, I was already taking some at L’Institut Français du Nigeria so I could ask for a location using “ou est,” after that, you would have to speak some English.

We got into the metro station on Olympiades and met a charming young man who spoke English. That was my cue to ask him how to get to the first location. Francis does not believe in asking for directions. He would say, “Getting lost is part of the adventure. You will just walk back.” This Naija Sisi was tired of walking!

“Bonjour (you have to let it go high), do you speak English?” I asked the young man who was trying to buy a ticket. He graciously said, “Yes, where do you want to go?” I quickly responded to the Eiffel Tower.

How dare you go to Paris and not see the Eiffel Tower? Indeed, your village people will be unhappy with you. Do you now see why I did not rest?

The young man went to the map. Did he just walk to a map? I wish I paid more attention to my geography class and the classes that tried to teach us how to read atlases and maps. One of my many had I known windows opened, but I slammed it closed immediately, not the time!

“You are here, line 14. You will buy your ticket here and board the metro to Bercy, where you will get off and get on line 6, from where you will ride until you get to Bir-Hakeim and walk to the tower,” the young man graciously explained, adding that it was the fastest route to get to the Tower.

I looked at the time. It was almost 6 p.m. The good Samaritan showed us how to buy metro tickets (we left Paris as experts) and were on our way to see the Eiffel Tower. Navigation from here was easy, and viola, the Eiffel Tower.

Oh, the crowd! Everyone was here to see the tower, like me.

Agbado in Paris

Walking towards the Tower, something interesting popped up on the street. You will not believe it, just like I did not. I laughed my heart out because of the symbolism of what I saw – Agbado (corn) in Paris! We met a Bangladeshi selling roasted corn on the walkway. He sold two for five euros.

When I saw the man and his pretty corn, I tapped Francis to give him a quick gist on how this fruit has become famous in Nigeria and a symbol of the new administration. The story would have been complete if the seller imported the Agbado from Nigeria, but they were a Spanish breed.

We saw the Tower but could not get in because everyone was trying to go up. The queue was long, too long. By my watch, it was well past 7pm but the beautiful summer sky was selling us a false reality. It could not have been brighter.

It was time to return and get the desired rest, but we needed to eat something close to the African kitchen. It was before the culinary adventure started. We did not find anything African around the area, mainly because we needed to know the terrain. We ate what we saw, and it was good enough.

The next day was a rest day. We were ready on Sunday morning to hit the ground running. We recruited Junior, a South African journalist whose favourite expression was “hectic.”

Hey, football fans, get in here! Our first stop for Sunday was Stade de France. I know that look on your face. It was the same look on the faces of Francis and Junior. Francis almost threw a fit when the stadium’s insignia did not appear in his pictures. We had to take another, making sure the insignia was sitting pretty.

From the stadium, we were on our way to Cathédrale Notre-Dame de Paris, gutted by fire in 2019. Again, many tourists were trooping in and out to see the cathedral under reconstruction. You would recall how sad the world, especially Catholics, was at the news of the fire that year. I suddenly felt sad looking at the building surrounded by detailed information about the fire and what had happened since then.

I snapped out of my reverie. Why be sad? The building will come alive soon.

We were running late for the Avant L’orage exhibition at Bourse de Commerce – Pinault Collection on Rue de Viarmes, where we met the very kind Joel Savary who retired on 5th July.

Joel was our man throughout the trip; he was kind, gracious, patient, available and everything nice. He, however, did not work alone. There were George and Geoffrey to help the group.

You must be wondering why no female name has popped up. I was the only female in the team of eight African journalists, seven men and one woman.

George and Geoffrey were translators who worked with us to make our work seamless. They were super efficient guys!Sommet pour un Nouveau Pacte Financier Mondial

Then came Monday and the week of the Sommet pour un Nouveau Pacte Financier Mondial. Off the record, meetings were scheduled ahead of our arrival, and it was time to get into them. It was time for business, which also meant the end of tourism.

But really, what makes for tourism? It will be seeing places I have never been to, and in Paris, tourism must include eating le pain (the French make bread differently). I could not help but ask George why the bread was so hard. His response was patriotic: “That is how we love them.”

We went through the days and the meetings like brave journalists. Wednesday, the last day for the off-the-record meetings, was to prepare us for the two-day summit. Joel had set up dinner at a five-star hotel where we had an all-French menu. Interestingly, it was nice! I have one question: why were the portions, especially the starter, Tatum de légumes du Soleil, so small?

Fast forward to summit day. The job had to be done, and the rest was a blur. The next time I woke up was to the voice, “We are now commencing our descent into the Nnamdi Azikiwe International Airport.

Did I mention we had very professional chauffeurs? I am not in a hurry to forget Memet (Mohammed), my chauffeur, or our chauffeur (for my group), a very nice Turkish-French man who ensured our stay was smooth and enjoyable. He would not move the bus if I were not in it. “Chiamaka?” he would say while trying to ask my whereabouts.

Memet made and sold kebab (what we call shawarma in Nigeria) before he became a chauffeur. He made sure to buy me a kebab during the trip. Thank you, Memet!

Paris is a beautiful city, and the best means of transportation is the metro. When you stay underground, you go fast, and you avoid traffic.

You might have heard the old saying that it takes 10,000 hours to become an expert. The problem is, that's more than three years even if you work 60-hour weeks.

As an entrepreneur, you shouldn't have to wait that long to showcase your credibility. The faster you can build up your status as a leader in your industry, the sooner you'll reap serious benefits.

For instance, having an enviable reputation can be great for your business's bottom line. When you're known as a subject matter expert, people seek you out. This doesn't just include potential clients, although clients will directly help fuel your profitability. 

Who else might be interested in getting in touch? Conference planners are always looking for keynote speakers with niche knowledge. Journalists – including reporters for international publications – are too.

You may even be asked to join a panel discussion on a talk radio or news show if your expertise matches a trending topic. Suddenly, you'll be the "it" person, which is wonderful when you're in high-growth mode (and maybe looking for investors).

The point is that you can't afford to sit back and hope your credibility factor goes up. You can't leave everything up to chance, either.

You need to put strategies in place to shorten the time it takes you to get from unknown founder to talked-about leader. Fortunately, there are some tried-and-true ways to improve your recognition. I've used quite a few. They'll work if you stick with them.

1. Ratchet up your online visibility

Thanks to the internet, there has never been an easier route to advertise your personal brand. However, you can't just set up a Facebook or Twitter account and cross your fingers.

You need to actively publish irresistible content that leverages your unique know-how and perspectives. Be sure to do this by constructing a marketing plan so you can remain consistent.

For example, you may want to set up a podcast and release episodes monthly. It's no secret that podcasting has arisen to become one of the newest ways to connect with others. Buzzsprout research suggests that three-quarters of people ages 12 and over have tuned in to a podcast in the past month.

That's millions of potential listeners ready to learn something new. You just need to come up with a format you enjoy and invest in minimal home audio equipment to start.

If the idea of launching and broadcasting a podcast sounds daunting, try hooking up with an all-in-one solution that does all the hard work. A portal like Show Platform is designed to make it easy to create, publish and grow your podcast.

You can even tap into Show Platform's monetization module to bring in a little extra money for your credibility efforts. Once your podcast is running smoothly, use the episode transcripts to write posts for social media, your blog and your newsletter. 

2. Teach others what you know

When you have a skill that others don't, you have a wonderful opportunity to share it. A good way to do that as an entrepreneur is to offer to teach classes. These don't have to be formal classes, mind you. They can be informal events designed both to help you shine and help others grow their abilities.

What are some teaching possibilities? Maybe a local high school offers in-person or online career days where you can mentor young people. Or perhaps you could set up free lunch-and-learn webinars through your business for clients and leads.

If you have the educational credentials, you may be able to teach students at a college. Just being an occasional classroom guest speaker could raise your credentials and add heft to your résumé.

To ensure that you get the most out of your teaching, talk about it online. This could be on your social media pages. Be sure to update your LinkedIn profile while you're at it. Most people see teachers as automatic experts.

NPR research indicates that three-quarters of individuals view teachers as trustworthy as well. Consequently, by labeling yourself as an instructor, you're raising your inherent credibility.

3. Be the best leader you can be

As Gallup can attest, most managers aren't anything to write home about. When you're a good boss, you stand out. And standing out is a key to boosting the respect you earn as an industry innovator and CEO. 

Think about ways that you can be a better leader to all your employees. Could you invest more in their well-being? Make your workplace culture more inviting? Authorize them to make more decisions instead of keeping everything at the top of the corporate ladder?

The choices you make need to be right for your business model, of course. Nevertheless, updating your leadership style could have widespread advantages.

How will this make you more credible? Put simply, people talk. They tell "boss stories." Accordingly, when you're a terrific manager, you can bet that word will get around. As it spreads, your credibility should rise and blossom. In time, you'll have a stronger company and a stronger reputation. 

Forget about waiting for years to be seen as a thought leader. Taking proactive steps right now will allow you to expand your reach and grow your prominence quickly.

 

Inc

The recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars.

Last week, Central Bank of Nigeria and the Nigeria Customs Service took the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating the import duty.

NCS had a few weeks ago raised the exchange rate used for the calculation of import duty from N422.30/dollar to N589/dollar.

The development, which has led to a corresponding 40 per cent increase in import duties on imported cargoes, including vehicles, has caused anxiety among operators in the maritime sector with clearing agents, freight forwarders and importers calling for an immediate reversal of the policy.

As that was gradually sinking in, the CBN on Thursday raised the exchange rate for cargo clearance by 31 per cent. The interest rate was moved from N589/$ to N770/$.

NCS announced this development in a circular dated July 4, 2023, titled, ‘Implementation of the floating foreign exchange rate regime’ and was signed by the Assistant Controller General, IT & Modernisation, K. I. Adeola.

The circular read in part, “The CBN has instituted the floating exchange rate regime, which has given rise to incessant changes in the exchange rate for trade. The policy is to be implemented by all ministries, departments and agencies of the government, including the NCS.”

The service through the circular directed its area controllers to ensure that the information was communicated to relevant stakeholders.

Confirming the development, the Youth Leader of the Association of Nigerian Licensed Customs Agents, Tin Can Island chapter, Remilekun Sikiru, said the directive was communicated to members of the group in the early hours of Thursday.

Sikiru, who is also the Chief Executive Officer of Sikremstar Logistics Limited, explained that a 2004 Toyota Camry that was cleared for N1m before the introduction of the Vehicle Identification Number for clearing of imported vehicles was now being cleared for N1.9m.

Giving details of the new rate for clearing vehicles from 2001 to 2014, Sikiru said, “The actual duty on Toyota Camry is N705,000, while the total duty and clearance cost is N1.7m; for Corolla, the duty is N558,000 and total clearance cost is N1.3m; Sienna duty is N930,000 and total clearance cost is N2.2m; duty on Highlander is N1.1m, bringing the total clearance cost to N2.6m; duty on Venza is N1.2m and total cost is N3m.

“For Lexus RX350, the duty is now N1.5m, bringing the total clearance cost to N3m; duty on Lexus ES350 is N1.3m and the total cost is N3m; for Toyota RAV4, the duty is N831,000 and total cost of clearing it is N1.2m; Honda Pilot’s duty is N966,000 and the total clearance cost is N2.2m; Honda Accord’s duty amounts to N769,000 and total clearance cost is N1.8m; for Toyota Tacoma, the duty is N417,000 and total clearance cost is N818,000. These vehicles are from 2001 to 2014.”

Total duty or total clearance cost means the duty payable on a car plus the surcharge, ECOWAS duty and the seven per cent port development levy.

The development came barely one month after the Federal Government removed the fuel subsidy and floated the naira. It also came at a time electricity distribution firms were considering increasing power tariffs.

National Public Relations Officer, NCS, Abdullahi Maiwada, who confirmed the new exchange rate on the agency’s portal, said it was only implementing the CBN policy.

“Whatever you see in our system is what has been communicated to us. It is determined by the CBN. So whatever we are using is what is obtainable as communicated to us. It is a monetary policy; we only implement what is given to us. It is a monetary policy and anything monetary is not determined by us, it is determined by the CBN. We only use what is communicated to us,” Maiwada stated.

Sikiru had earlier said the new rate had taken effect on the Customs portal and that the customs duty payable on vehicles had increased astronomically.

According to him, this development may lead to cargoes, including vehicles, being trapped at the terminals.

“The customs duty has been increased and it will lead to a heavy increment in duty payment on general goods and cargoes. This will bring hardship on importers,” Sikiru added.

Also speaking, a freight forwarder and Chief Executive Officer, 2B Frank Nigeria Limited, Nwegbe Frankypaul, said, “Freight forwarders woke up on Saturday to realise that the dollar rate had been increased from about N423 per dollar to about N590 per dollar.”

Nwegbe pleaded with President Bola Tinubu to ensure the depreciation of the value of older vehicles.

The Founder of the National Council of Managing Directors of Licensed Customs Agents, Lucky Amiwero, said, “The moment you allow the naira to float freely in terms of exchange that is what you get. And it is going to affect the prices of goods. It is going to take a lot of licensed customs agents out of work because most of them are going to lose their customers.”

Vice-President of the National Association of Government Approved Freight Forwarders, Nnadi Ugochukwu, said, “It will affect businesses; there is a container I have for someone, before now, we used to clear that container for N4.3m. With the new exchange rate, the clearing cost is now N6.5m.”

A licensed Customs agent, Festus Ukwu, said, “Even if the Federal Government wants to do exchange rate harmonisation, they should know how to go about it. This increase is a very big one.”

However, while the agents were still lamenting the increased exchange rate, the PTML slammed a 36 per cent tariff on imported used cars.

This development coming from a terminal operator that specialises mostly in the importation of cars worsened the woes of vehicle importers and sellers.

In a public notice sighted by our correspondent, the terminal operator said the current economic conditions of surging inflation, coupled with the devaluation of the currency and removal of subsidy on petrol had caused its operational cost to increase.

The terminal operator in the notice said its action had received the endorsement of relevant authorities.

The notice read in part, “The PTML would like to bring to the attention of its esteemed customers that the current economic conditions of surging inflation, coupled with the devaluation of currency and removal of fuel subsidy have caused the operational costs to increase multi-fold. Hence, having received the endorsement of the relevant authorities, it has become imperative to restructure our terminal tariffs from the 1st of July 2023.

“The PTML is confident that its esteemed customers will understand the rationale behind this review that will assist us in ensuring our superior level of service, while keeping the competitiveness of its rates.”

Reacting to all these developments, President of the Berger Motor Dealers Association of Nigeria, Metche Nnadiekwe, said that currently, members of his group were recording about a 70 per cent drop in patronage.

He said, “I don’t know if they think at all before coming up with policies like the increase in tariff or is it that when they wake up in the morning they just come up with policies. There is no need for an increase in the exchange rate for cargo clearance. We are still talking about that and the terminal is coming up with another increase, which has finally killed the business.

“There is a drastic drop in the volume of patronage we get here; there is up to 70 per cent drop in the patronage. The thing is there is no money to buy; people are not coming again to buy from us; we just sit down here and are doing nothing. The last time we checked many of our members are out of business; these are people who have bills to pay and they come out every day looking at their vehicles and no customer is coming to buy as a result of the additional money and all that.”

Also speaking, Secretary General of the Lagos State Motor Dealers Association, Tai Olaniran, said the dealers now focus more on reselling Nigerian used cars.

Olaniran stated, “It is difficult here and we don’t know the way forward; what they are trying to do is to discourage older vehicles and that is why we are now dealing with reselling Nigerian used vehicles. Because when you are clearing the same 2005 or 2006 model, you will find out that it is the same amount as the 2016 model. So, with the increment, you will see that they want to discourage older vehicles. It is going to affect us quite alright and it will affect the people as well.

“And many of us will go out of business or we will continue dealing in Nigerian used vehicles. So, we prefer Nigerian used vehicles instead of going for Tokunbo cars. With this increase in costs now, we will continue to do it so that we won’t go out of business; the percentage increase is much. At least since the removal of fuel subsidy and all that, most people don’t use cars again, so the volume of vehicle sales has dropped radically and I think the drop is up to 50 per cent, and it may be higher, I am not sure.”

A car dealer in the Alimosho area of Lagos State, Johnpaul Ejiogu, said, “People now prefer to buy Nigerian-used cars to Tokunbo cars. You will find out that even the Nigerian-used cars are not affordable; they are also expensive but just a bit cheaper than the Tokunbo cars. We mostly deal in those ones and it is even very difficult to get buyers now. I will say that there is about 70 per cent drop in car sales now.”

An e-hailing cab driver, Joshua Abbey, said he chose to buy a Nigerian-used car for his e-hailing business because that was what he could afford.

“I wanted to go into the e-hailing transport business and I planned to get a Tokunbo car for that purpose, but when I priced the car, the dealers were quoting almost N4m for a 2004 model of Toyota Camry so I decided to buy a Nigerian-used version; even though it was expensive, it cost less than the Tokunbo one. I know that getting a Tokunbo would have been better for my business, but I have to manage this one like that,” he said.

 

Punch