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Obaseki Links Rising Inflation To Nation’s Inability To Produce, Export

Published

1 year ago

June 23, 2024

Governor Godwin Obaseki of Edo State has linked Nigeria’s persistent rising inflation to the country’s inability to consistently produce and export goods and services, noting that the trend continues to affect the nation’s economy negatively.

Obaseki said this while receiving representatives from the World Bank led by the organization’s Task Team Leader (TTL) for the Agro-Processing, Productivity Enhancement, and Livelihood Improvement Support (APPEALS) Project in Nigeria, Manievel Emmanuel Sene, who were on a courtesy visit at the Government House, Benin City, the Edo State capital.

Other members of the group at the entourage of the World Bank delegation include the Commissioner for Agriculture and Food Security, Hon. Stephen Idehenre; his Permanent Secretary and staff from his Ministry, and the National Project Coordinator Livestock Productivity and Resilience Support Project (L-PRES) Sanusi Abubakar, among others.

The team is in Benin City for the 3rd World Bank implementation mission.

The governor noted that the greatest problem of Nigeria is that the country is not producing enough for importation with no import buffers.

He said, “Nigerians are in a dire situation and one reason why we are having high food inflation is because of low production as we don’t have any foreign exchange anywhere to substitute with imports. We are not producing enough; that is the greatest problem facing Nigeria.

“Whatever we are producing is very low as a Country and people now don’t have import buffers anymore. When you fly into Countries around the world, from their airspace you will see farm demarcation but the same can’t be said of Nigeria.”

Obaseki, while noting that the state is a hub in the country, said the reforms in the last seven and a half years are geared towards repositioning the state for economic growth and development, ensuring the influx of investors to boost the internally generated revenue.

Obaseki added, “Commercialization is important to us so that when we produce, there is a ready market and linkage of the product to those that need it. I want to know and see those real farmers producing in the State, what they are producing and the size of the market.

“We have people who have invested, but they are not making money not because there is no demand but the capacity and sincerity to go ahead. We have given people money for livestock farming but it failed. It’s not about money again but capacity and sincerity.”

The World Bank Task Team Leader said the Bank focused on three outcomes which include productivity, commercialization and resilience.

Headline

Benin Republic Presidency Breaks Silence On ‘Military Takeover’

Published

8 minutes ago

December 7, 2025

Editor

Benin Republic military
Military personnel in Benin on Sunday said they had ousted President Patrice Talon, but the Presidency said he was safe and the army was regaining control.

Talon, 67, a former businessman known as the “cotton king of Cotonou,” is due to hand over power in April next year after 10 years in office marked by strong economic growth and rising jihadist violence.

West Africa has seen several coups in recent years, including in Niger, Burkina Faso, Mali, Guinea, and most recently Guinea-Bissau.

Early on Sunday, soldiers calling themselves the “Military Committee for Refoundation” (CMR) said on state television that they had met and decided that “Mr Patrice Talon is removed from office as president of the republic.”

The signal was cut later in the morning.

Shortly after the announcement, a source close to Talon told AFP the president was safe.

“This is a small group of people who only control the television. The regular army is regaining control. The city (Cotonou) and the country are completely secure,” they said.

“It’s just a matter of time before everything returns to normal. The clean-up is progressing well.”

A military source confirmed the situation was “under control” and said the coup plotters had not taken Talon’s residence or the presidential offices.

The French Embassy reported on X that “gunfire was reported at Camp Guezo” near the president’s official residence in the economic capital and urged French citizens to remain indoors.

Benin has a history of coups and attempted coups.

Talon, who came to power in 2016, is due to end his second term in 2026, the constitutional maximum.

The main opposition party has been excluded from the race to succeed him, leaving the ruling party to compete against a so-called “moderate” opposition.

Talon has been praised for driving economic development but is often accused of authoritarianism.

(AFP)

Headline

JUST IN: Soldiers Announce Military Takeover Of Govt In Benin Republic

Published

1 hour ago

December 7, 2025

Editor

A group of soldiers appeared on Benin’s state television on Sunday to announce the dissolution of the government in what is being described as an apparent coup, marking yet another power seizure in West Africa.

Identifying themselves as the Military Committee for Refoundation, the soldiers declared the removal of the president and all state institutions.

President Patrice Talon, who has been in office since 2016, was scheduled to leave office next April after the presidential election. His party’s preferred candidate, former Finance Minister Romuald Wadagni, had been widely viewed as the frontrunner. Opposition candidate Renaud Agbodjo was disqualified by the electoral commission on the grounds that he did not have “sufficient sponsors.”

The takeover comes a month after Benin’s legislature extended the presidential term from five to seven years while retaining the two-term limit.

(AFP)

Headline

EU Fines Elon Musk’s X €120m For Violating Digital Content Rules

Published

1 day ago

December 6, 2025

Editor

Elon Musk’s social media platform, X, has been hit with a €120 million ($140 million) fine by European Union tech regulators for violating multiple provisions of the EU’s Digital Services Act (DSA).

This marks the first significant penalty imposed under this landmark legislation.

On Friday, the European Commission announced the fine, citing various violations by X, including misleading platform features and a lack of transparency in research practices.

Regulators pointed out that one of the violations involved the misleading design of the blue verification checkmark. This feature is now linked to subscription payments instead of identity validation, which the EU described as “deceptive and potentially harmful.”

The Commission also criticized X for not maintaining transparent advertising records and for restricting researchers’ access to publicly available data on the platform.

This ruling is likely to heighten diplomatic tensions between Brussels and Washington. U.S. officials from the Trump administration had previously condemned Europe’s regulatory approach toward major tech companies, claiming that EU policies unfairly target American firms and restrict free expression.

However, the European Commission defended its stance, stating that enforcement under the DSA is not influenced by nationality. They emphasized that the legislation is designed to promote online accountability, protect users, and ensure transparency in digital operations—standards that are increasingly becoming global benchmarks.

“The DSA does not discriminate by company origin,” the Commission argued, maintaining that the penalties reflect Europe’s commitment to protecting democratic values and responsible digital governance.

The fine marks a significant test case for the EU’s new regulatory regime and could set precedent for similar action against other platforms not in full compliance with the law.