World welcomes 2024 with New Year’s fireworks, reflection and a royal farewell
Around the world, New Year’s festivities varied widely: Sydney sparkled with gold and silver fireworks for the Opera House’s 50th; Denmark’s Queen announced her abdication, passing the throne to her son; Russian President Putin, addressing elections, mentioned Ukraine briefly; China focused on economic recovery; North Korea pledged spy satellites and criticised U.S. policy.
Global leaders, from Pope Francis to President Biden, conveyed wishes for peace and stability while highlighting national prospects.
Weather forecast: North to experience slight haze, South will face moderate haze with thunderstorm possibility
A slight dust haze is expected over the North and North Central regions throughout the forecast period. Moderate dust haze with horizontal visibility of 2–5 km is expected over the inland areas of the south and coastal cities, with slim prospects of isolated thunderstorms over parts of Akwa Ibom, Cross River, Delta, Rivers, and Bayelsa states during the afternoon or evening period.
Port Harcourt Refinery commences test-run, set to supply rivers, 11 other locations soon
The Nigerian National Petroleum Company Limited (NNPCL) has commenced supplying crude oil for the test-running of the Port Harcourt Refining Company Limited.
The plant will produce petrol and other products, benefiting 12 states.
Experts suggest the Port Harcourt and Dangote refineries could reduce refined product costs but may not cause a drastic price drop.
The NNPCL aims to complete the second phase in 2024 for a 150,000bpd refining capacity. The Nigerian Civil Aviation Authority is investigating the flight diversion incident in Asaba.
FDI drops by $471m over 5 years, says NBS
Foreign Direct Investments (FDI) into Nigeria plummeted by $470.8 million over five years.
The National Bureau of Statistics revealed a drop in total foreign investments to $654.6 million in Q3 2023 from $1.1 billion in Q2. FDI contributed just 9.13% ($59.77 million) of the total.
This decline persisted over the years due to factors like exchange rate complexities.
Experts urge Nigeria to focus on intra-Africa trade to bolster FDI inflows and address investment dispute settlements.
United Kingdom lifts visa requirements for Saudi Arabia, five other countries
The UK government has expanded its Electronic Travel Authorisation (ETA) system, easing entry for specific countries, including Gulf Cooperation Council (GCC) nations—Saudi Arabia, UAE, Kuwait, Oman, Jordan, Bahrain—and Qatar since November. Starting February 22, travellers from these nations need a £10 ETA for UK entry.
This initiative aims to simplify travel procedures, potentially boosting business and tourism, strengthening ties with over 790,000 Gulf visitors who spent £2 billion in 2022.
