The objection raised by opposition Labour Party and the Peoples Democratic Party yesterday over how the United States 2023 Country Reports on Human Rights Practices arrived at its conclusion that the 2023 polls reflected the will of Nigerians, despite widespread irregularities is one of the trending stories in Nigerian newspapers on Friday.
The Vanguard newspaper reports that the opposition Labour Party, (LP) and Peoples Democratic Party (PDP) yesterday, expressed shock over how the United States 2023 Country Reports on Human Rights Practices arrived at its conclusion that the 2023 polls reflected the will of Nigerians, despite widespread irregularities.
However, the All Progressives Congress, APC, and the Presidency hailed the report but said the party did not need external validation of its victories at the polls.
The report published by the Bureau of Democracy, Human Rights, and Labour, US Department of State, highlighted human rights practices and violations in different countries, including Nigeria.
It said the last general elections in Nigeria reflected the will of the populace, despite widespread irregularities.
Picking holes in the conclusion, LP and PDP said they are committed to deepening democracy in Nigeria and averting a one-party state.
The report stated that supporters of the All Progressives Congress (APC), suppressed votes in Igbo-dominated areas during the March 2023 governorship election in Lagos.
“National elections were widely reported to have reflected the will of voters, despite technical and logistical difficulties, and some irregularities.
“Many independent observers who assessed the results of the presidential, legislative, and state-level elections during the year reflected the will of voters despite reports of voter suppression and vote-buying, campaigning at polling stations, lack of ballot secrecy, violence, and intimidation.
“During the March 18 state election in Lagos, All Progressives Congress (APC) supporters reportedly intimidated and suppressed voters in Igbo-dominated areas, which Labour Party Presidential Candidate, Peter Obi, won in the February 25 national election.
“Viral videos on social media showed APC supporters in Ojo (LGA in Lagos) threatening to attack ethnic Igbo voters presumed to be pro-Obi.
The newspaper says that PZ Cussons Plc, yesterday, stated that it has commenced a strategic review of its business in Africa, with a consideration of exiting the continent, partly driven by economic challenges in Nigeria such as naira devaluation and inflation, which has significantly impacted the company’s sales and operations, resulting in a 48 percent sales plunge.
Jonathan Myers, CEO of PZ Cussons, emphasized the importance of looking towards the future while respecting the company’s past, indicating that the review’s outcomes could include changes in ownership.
Myers added: “The macro-economic challenges and complexities associated with operating in Nigeria are significant and there is much more to do to unlock the full potential of the business.”
“As such, we have undertaken a strategic review of our brands and geographies and have embarked on plans to transform our portfolio, refocusing on where the business can be most competitive.”
PZ further stated: “In addition to the challenges of the significant exposure to Nigeria, the group is too complex for its size, with financial and human resources spread too thinly to generate consistent returns.”
“This means its competitive advantages have been constrained in comparison to those of both larger multinational companies and some focused, smaller ones.”
“We have to have an eye on the future as well as a respect for the past. There could be many permutations of the outcome, which could include a change in ownership. We’re going to be objective and not emotional in how we make this decision,” he stated.
The Punch reports that the International Monetary Fund has called on Nigerian and other sub-Saharan African countries to increase investment in their young citizens’ education to boost economic growth.
In a piece on its website on Thursday, the IMF said demographic transition may be the biggest single opportunity for the economies of sub-Saharan Africa, but countries would only be able to enjoy the dividends if they made sufficient investments in education.
The region’s population is poised to double to two billion by 2050, according to the United Nations.
The fund said that while sub-Saharan Africa had made notable progress in expanding access to schools in recent decades, its outcomes still trailed those in other emerging markets and developing economies.
The IMF revealed that nearly three in 10 school-age children do not attend school, with the completion rate for primary school students being around 65 per cent, compared with a world average of 87 per cent.
“One reason for these shortfalls is that government spending on education in Sub-Saharan Africa falls short of international benchmarks in several countries. The median education budget was equal to about 3.5 per cent of gross domestic product in 2020, which is below the international recommendation of at least 4 per cent of GDP.
“However, recent IMF analysis reveals that achieving the key Sustainable Development Goal of universal primary and secondary school enrollment by 2030 may require doubling education expenditures as a share of GDP, including from both public and private funding sources.”
According to the fund, greater spending to improve access is important, but equally important is the effort to ensure that funds are efficiently used.
Th newspaper says that a financial data and media company, Bloomberg, has ranked the Dangote Refinery above the top 10 biggest refineries in Europe.
According to data compiled by the business news platform, the refinery has more capacity than many European ones.
The $20bn-worth refinery located in Lekki-Epe Expressway, Lagos State, can refine 650,000 barrels of petroleum products per day.
The report sighted by our correspondent on Thursday stated that this is over 246,00bpd capacity, more than Shell’s Pernis Refinery, which is located in the Netherlands.
It added that the Pernis Refinery, which has an installed capacity of 404,000bpd, is the biggest in Europe. The BP Rotterdam Refinery in the Netherlands has a capacity of 380,000.
Bloomberg also reported that the GOI Energy ISAB Refinery in Italy was built with a refining capacity of 360,000bpd.
Also, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000bpd.
GIK/APA
