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[PHOTOS]: Igbo Traders Endorse Sanwo-Olu For Second Term, Say ‘we Want You Again’

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  • Endorsement, a vote of confidence in our Greater Lagos effort – Lagos Gov
  • Expose counterfeiters in your markets, Okonkwo charges traders

An amalgamation of Igbo traders across 58 major markets in Lagos State, on Thursday, passed a vote of confidence on the leadership of Governor Babajide Sanwo-Olu, endorsing the Governor’s second term bid.

The traders, under the aegis of Ndigboamaka Progressive Markets Association, said although Sanwo-Olu had not formally informed them of his second term bid, they unanimously support the Governor’s re-election in appreciation of the State Government’s business policies and infrastructure development which support their trades.

Sanwo-Olu got the endorsement at the 2022 All Markets Conference organized by the association in the Amuwo Odofin area of the State.

President of Ohanaeze Ndi Igbo in Lagos, Chief Solomon Ogbonna, led his chiefs to the event also attended by market leaders and traders from all the 58 Igbo markets in Lagos.

In a passionate address to the Governor, Secretary-General of Ndigboamaka traders’ association, Comrade Chinedu Ukatu, said: “Mr. Governor, you have not formally told us whether you are seeking re-election or not, but I want to tell you that all the market leaders seated here today are yearning for a second term for you.

“Anytime you walk, we will walk with you. I have been directed by all market leaders under the auspices of Ndigboamaka Progressive Markets Association in all the 58 dealer markets, to tell you that we have endorsed you for a second term to show appreciation for your friendly policy and infrastructure projects initiated to help our businesses.”

Sanwo-Olu described the endorsement as a mark of general acceptance of his administration’s efforts to deliver ‘Greater Lagos’ and strengthen the culture of good governance for which the State is reputed.

The support, he said, comes with an assurance of more development programs to be expected from his administration.

The Governor promised not to take the Ndigbo’s support for granted while reassuring them of the State Government’s continued collaboration to create an enabling environment for businesses to thrive.

Sanwo-Olu said Igbo traders remained prominent players in the economic growth of the State, noting that Lagos’ development narrative would not be complete without the mention of the entrepreneurial spirit of the Igbo.

He said: “This is another moment for our Government to recognize our Ndigbo brothers and sisters for their commitment to the growth and development of Lagos. Certainly, Ndigbo traders have been part of the good story of Lagos; your entrepreneurial spirit is second to none and the Igbo enterprising spirit has become a case study in Harvard, which is the biggest business school in the world.

“Contribution to the livelihood of your host communities has been acknowledged and in Lagos, we have created together with an economy that has continued to grow and position our nation as the biggest economy in Africa. Trading is a veritable link between producers and consumers, which is the area the Ndigbo traders have tirelessly worked to define the growth trajectory of our dear State. I’m happy that our modest interventions for more growth in this area are visible and being recognized.”

Sanwo-Olu pledged that his administration would continue to protect the business interests of the Igbo people while promising to make the State habitable for non-indigenes that abide by the laws of the State.

He said his administration would continue to seek peaceful co-existence among all ethnic nationalities cohabiting in Lagos, stressing that the ethnic groups must see themselves as different sides of a coin that shouldn’t have anything against one another.

He said: “We have to come to the understanding that we all have different roles to play in keeping Lagos safe for business and living. We are all important stakeholders in the Lagos project, whether it is Government, traders, or private sector individuals. We must continue to foster peace and harmony through an avenue like this conference, using the interaction to make Lagos better for every one of us.”

Commissioner for Local Government and Community Affairs, Dr. Wale Ahmed, said the State Government regarded informal markets as an important sector of the State’s economy, stressing that the conference created the platform to address challenging issues plaguing commercial activities across markets.

Represented by the Ministry’s Permanent Secretary, Mrs. Kikelomo Sanyaolu, the Commissioner said markets management in Lagos had been structured with policies to engender economic growth.

“April last year, we inaugurated a 21-member Lagos State Market Advisory Council (LASMAC) with the responsibility of managing the affairs of markets in the State, in line with the international best practices, thus helping to acquaint the traders and other stakeholders with the policies of this administration. The Council took cognizance of the various socio-cultural settings in markets across the State and Mr. Governor ensured that various communities were brought on board to represent different socio-cultural interests and affinities,” the Commissioner said.

Frontline businessman and chairman of United Nigeria Airlines, Dr. Obiora Okonkwo, said the conference offered opportunities to engage policymakers and political administrators in charge of the commerce to lobby for regulatory actions that would further ease business activities.

Okonkwo specifically charged traders to cooperate with the Government and regulatory agencies in exposing counterfeiters in their markets.

President of Ndigboamaka Progressive Markets Association, Chief Jude Okeke, made a case for trade incentives for marketers, stressing that the economy would not flourish without the contribution of informal traders.

“This conference will create an opportunity to strengthen cooperation and collaboration between tradesmen and government agencies to forge a common front in promoting the growth of the economy,” Okeke said.

BIG STORY

Lagos, Ogun Warn Residents As Oyam Dam Plans Water Release

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The Lagos and Ogun state governments have warned residents living in flood-prone areas, especially those near riverbanks, to temporarily relocate or prepare for possible flooding due to the planned release of water from the Oyan dam.

The release, managed by the Ogun-Oshun River Basin Development Authority (OORBDA), is an annual process to regulate dam levels during the rainy season.

Last year, flooding caused by water release from the dam affected residents of Isheri Riverview Estate and surrounding areas.

To prevent a similar situation, both state governments have advised communities in low-lying areas to take precautions, including moving to safer locations, as the release could cause rivers to overflow and result in severe flooding.

The Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, confirmed that advocacy efforts were underway, urging people in vulnerable areas like Ajilete and Owode-Onirin to relocate.

The Ogun State Commissioner for Environment, Ola Oresanya, noted that the dam’s water release volume would be increased to create more reservoir space.

However, OORBDA assured the public that the release would not cause flooding, and the dam has undergone regular maintenance to prevent any failures.

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BIG STORY

Federal Government Declares October 1 As Public Holiday In Celebration Of Independence Day

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The Federal Government of Nigeria has declared Tuesday, October 1, 2024, as a public holiday to commemorate the country’s 64th Independence Day celebration.

This announcement was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, who congratulated Nigerians both at home and abroad on this historic occasion.

Dr. Tunji-Ojo commended the resilience and hard work of Nigerians, emphasizing that their sacrifices will not go unnoticed.

He encouraged citizens to reflect on the enduring efforts of the nation’s founding heroes, reminding them that the dream of a prosperous and united Nigeria can only be realized through collective action and national unity.

He also “reiterated the need for Nigerians to reflect on the labour of our heroes past and be inspired for the tasks ahead, realising that a Nigeria of our dream can only be built when we unite”.

“While wishing Nigerians a Happy Independence Day Anniversary, Dr. Tunji- Ojo urged the citizens to continue to be steadfast in nation-building,” the statement reads.

The federal government had announced that this year’s Independence Day anniversary will be a “low-key event” due to the economic hardship and spiralling inflation bedevilling millions of households.

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BIG STORY

Naira Depreciates To N1,700/$ At Parallel Market, Lowest Level In Seven Months

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The Nigerian naira experienced a significant decline in value on Friday, depreciating to N1,700 per dollar at the parallel section of the foreign exchange market.

By the close of trading, the naira had depreciated by 1.49 percent compared to its value of N1,675 per dollar on Thursday.

Notably, this rate of N1,700 per dollar represents the lowest value the naira has recorded since February 19, when it previously reached a low of N1,730 per dollar.

In Lagos, currency traders, also known as street traders, quoted the buying rate of the local currency at N1,680 per dollar and the selling rate at N1,700 per dollar, resulting in a profit margin of N20.

Meanwhile, at the official foreign exchange window, the local currency appreciated by 2.24 percent, rising from N1,576.1 per dollar on Thursday to trade at N1,540.78 per dollar on Friday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,691 and at a low rate of N1,530 during trading hours.

At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.

Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.

However, the naira rebounded to N1,675 on Thursday.

At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.

Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.

On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.

The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.

On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.

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