Category: Top Stories

  • Okonjo-Iweala cautions WTO members against tit-for-tat tariffs

    Okonjo-Iweala cautions WTO members against tit-for-tat tariffs

    Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has cautioned nations against escalating tariff conflicts, warning that a retaliatory trade war could have “catastrophic” consequences for the global economy.

    Speaking on Thursday at a panel discussion during the World Economic Forum in Davos, Switzerland, Mrs Okonjo-Iweala urged calm amidst rising tensions following threats of tariffs by US President Donald Trump against China, the European Union, Mexico and Canada.

    “Please let’s not hyperventilate. I know we are here to discuss tariffs. I’ve been saying to everybody: could we chill, also? I just sense a lot of hyperventilation,” she said, emphasising the need for measured responses.

    She drew parallels to the economic turmoil caused by the Smoot-Hawley Tariff Act of 1930 during the Great Depression which led to widespread retaliation and deepened the global crisis.

    Okonjo-Iweala advised WTO member nations to explore alternative avenues for dispute resolution rather than resorting to retaliatory measures. “Even if a tariff is levied, please keep calm, don’t wake up and without the necessary groundwork levy your own,” she said.

    The WTO chief warned that a full-scale trade war, with escalating tariffs of 25% to 60%, could result in double-digit global GDP losses.

    “If we have tit-for-tat retaliation, whether it’s 25 per cent tariffs, 60 per cent, and we go to where we were in the 1930s, we are going to see double-digit global GDP losses, double-digit. That’s catastrophic,” she said.

  • Court proscribes Lakurawa sect, declares it terrorist organisation

    Court proscribes Lakurawa sect, declares it terrorist organisation

    A Federal High Court in Abuja, yesterday, proscribed the Lakurawa sect and declared it as a terrorist organisation.

    The court also designated other similar groups in any part of Nigeria, especially in the North-West and North-Central zones of the country as terrorist organisations.

    Justice James Omotosho, in a ruling on the ex-parte originating summons filed by the Attorney-General of the Federation, AGF, and Minister of Justice, Mr Lateef Fagbemi, SAN declared: “It is hereby ordered as follows: “That an order is hereby made declaring the activities of the Lakurawa Sect and other similar groups in any part of Nigeria, especially in the North West and North Central regions of Nigeria as acts of terrorism and illegality.

    “That an order is hereby made proscribing the existence of the Lakurawa and other similar groups in any part of Nigeria, especially in the North West and North Central regions of Nigeria either in groups or as individuals by whatsoever names they are called and publishing same in the Official Gazette and two national dailies.

    “That an order is hereby made proscribing any person or group of persons from participating in any manner whatsoever in any form of activities evolving or concerning the prosecution of the collective intention or otherwise of the Lakurawa under any other name or platform however called or described.

    “That an order is hereby made proscribing ali other groups in Nigeria by whatever name called with similar objectives as the Lakurawa which Include but not limited to banditry, kidnapping for ransom, kidnapping for marriage, mass abduction of school children and other citizens, cattle rustling, enslavement, imprisonment, severe deprivation of physical liberty, torture, rape, sexual slavery, enforced prostitution, forced pregnancy, other forms of sexual violence, attacks and killings n communities , commuters and wanton destruction of lives and properties in Nigeria.”

    TheAGF had, in the ex-parte application prayed the court for four orders which were granted by the court.

    An Assistant Director in the Federal Ministry of Justice, David Kaswe, moved the motion dated January 13 and filed January 14 by the Director of Public Prosecutions of the Federation, PPF, M. Abubakar.

    An affidavit in support of the originating summons deposed to by Michael Akawu, said that the Lakurawa sect/group had been involved in acts of terrorism, including cattle rusting, kidnapping for ransom, hostage taking, attack on top government officials, attack on security personnel, propagation of their ideology to the local communities, encouraging the locals to disregard constituted authorities, etc within Nigeria.

    “That these acts have caused harm, injuries and loss of lives and properties to innocent citizens of Nigeria.

    “That the activities of the Lakurawa sect/group pose a significant threat to national security, public peace and order in Nigeria,” he said

    He said he had reasonable grounds to believe that the Lakurawa sect/group met the criteria for proscription as a terrorist group under the Terrorism (Prevent and Prohibition) Act.

  • Lagos Short-Let Market Explodes: Prices Soar Over 200% in 2024

    Lagos Short-Let Market Explodes: Prices Soar Over 200% in 2024

    The Lagos residential real estate market experienced a seismic shift in 2024, with short-let apartment prices exploding by over 200%. This dramatic surge follows a moderate 12.95% increase in 2023, painting a picture of unprecedented growth in the city’s dynamic property landscape.

    The BuyLetLive 2024 Nigeria Property Price Index Report, a cornerstone of the Nigerian real estate industry, revealed these staggering figures. “Short-let apartments recorded the most notable growth, with prices surging from 12.95% in 2023 to 46.40% in 2024, reflecting an increase of over 200%,” the report stated.

    This explosive growth is a testament to the multifaceted pressures shaping the Lagos property market. Soaring inflation and escalating development costs have forced developers to significantly increase prices to maintain profitability. This, coupled with the city’s burgeoning population and its status as Nigeria’s economic powerhouse, has created a perfect storm of demand.

    “Lagos, despite being the smallest state geographically, is home to a staggering 27.4% of Nigeria’s urban population, now estimated at a staggering 16.54 million,” the report highlighted. This rapid urbanization exerts immense pressure on the housing market, fueling competition and driving prices upwards.

    The report further underscores the diverse factors influencing this dynamic market. Millennials are driving demand in the rental sector, while baby boomers continue to dominate sales transactions. Infrastructure improvements, such as the revitalization of the Third Mainland Bridge and the development of affordable housing projects, have provided a degree of support.

    However, the report also acknowledges the complexities of this evolving landscape. Rising costs and shifting investor priorities have led some to exit the market, introducing new variables into the equation.

    Read Also: Lagos Unveils “Omo-Eko” App: A Tech-Driven Leap Towards Smart City Mobility

    Geographical Breakdown of the Surge

    The price hikes were not uniform across the city. Ikoyi, a prime residential area, witnessed the most dramatic increase at 60%. Lekki Phase 1 followed closely, while Surulere saw a more moderate 30% rise. Ikeja experienced a 42% increase, and Magodo saw a significant surge exceeding 50%. Ajah and Yaba also recorded substantial growth, while Victoria Island experienced a notable uptick, albeit below the 60% mark.

    Beyond Short-Lets

    The surge in short-let prices is just one facet of a broader trend. Rental apartments witnessed a remarkable 47.25% increase, with rental houses closely following at 44.85%. The sales market also experienced significant growth, with house prices climbing by 39.7% and apartment prices by 38.74%. Land prices also saw a notable increase of 27.63%.

    The Lagos real estate market is undeniably dynamic and presents both significant opportunities and challenges. While the city’s economic vitality and growing population continue to fuel demand, the impact of inflation, rising costs, and shifting demographics cannot be ignored. Navigating this complex landscape requires a nuanced understanding of market trends and a proactive approach to investment strategies.

  • Donald Trump Sworn In As 47th US President, Plans Immigration Crackdown

    Donald Trump Sworn In As 47th US President, Plans Immigration Crackdown

    Donald Trump was sworn in for a historic second term as president on Monday, pledging a blitz of immediate orders on immigration and the US culture wars as he caps his extraordinary comeback.

    With one hand raised in the air and the other on a Bible given to him by his mother, the 47th US president solemnly took the oath of office beneath the huge Rotunda of the US Capitol.

    Republican Trump and outgoing Democratic President Joe Biden had earlier traveled by motorcade together to the Capitol, where the ceremony was being held indoors — and with a much smaller crowd — for the first time in decades due to frigid weather.

    Earlier, they and their spouses met for a traditional tea at the White House.

    “Welcome home,” Biden said to Trump as he and First Lady Jill Biden greeted their successors at the front door to the presidential residence.

    Trump, 78, was a political outsider at his first inauguration in 2017 as the 45th president, but this time around he is surrounded by America’s wealthy and powerful.

    The world’s richest man, Elon Musk, Meta boss Mark Zuckerberg, Amazon chief Jeff Bezos, and Google CEO Sundar Pichai all had prime seats in the Capitol alongside Trump’s family and cabinet members.

    Musk, who bankrolled Trump’s election campaign to the tune of a quarter of a billion dollars and promotes far-right policies on the X social network, will lead a cost-cutting drive in the new administration.

    While Trump refused to attend Biden’s 2021 inauguration after falsely claiming electoral fraud by the Democrat, this time Biden has been keen to restore the sense of tradition.

    Biden joined former presidents Barack Obama, George W. Bush, and Bill Clinton at the Capitol. Former first ladies Hillary Clinton and Laura Bush were there but ex-first lady Michelle Obama pointedly stayed away.

    – ‘American decline’ –

    Unusually for an inauguration where foreign leaders are normally not invited, Argentina’s hard-right president Javier Milei was attending, along with Italy’s far-right Prime Minister Giorgia Meloni.

    The bitter cold weather has forced Trump’s inauguration indoors for the first time since Ronald Reagan’s in 1985, missing out on the customary massive crowds along the National Mall.

    Behind the pomp and ceremony, the billionaire is kickstarting his nationalist, right-wing agenda with a barrage of around 100 executive orders undoing Biden’s legacy.

    Trump will declare a national emergency at the Mexico border, give the US military a key role on the frontier, and end birthright citizenship, as he seeks to clamp down on undocumented migrants, an official from his incoming administration said.

    Trump has pledged to start immediate deportations of undocumented migrants.

    He will also sign an order for the US government to recognize only two biological sexes and seek to eliminate federal government diversity programs as he takes office.

    The announcement of the hardline policies came a day after Trump had promised a “brand new day” and to end “four years of American decline.”

    “I will act with historic speed and strength and fix every single crisis facing our country,” Trump told an inauguration eve rally where he danced with the Village People band.

    – ‘Ecstatic’ –

    Despite promising a new “golden era,” populist Trump also campaigned on often apocalyptic depictions of the country in his victorious election campaign against Democratic Vice President Kamala Harris in November.

    At sunrise on Monday, the National Mall, where the inauguration was originally due to be held, was largely empty — save for the Fairchild family, who traveled from Michigan to pay tribute to Trump.

    “Ecstatic,” said grandmother Barb, when asked how they were feeling, adding she thought the move indoors was made “to protect our president.”

    With minutes left in his presidency, Biden issued extraordinary pre-emptive pardons for his brothers and sister to shield them from “baseless and politically motivated investigations.”

    He also pardoned former COVID-19 advisor Anthony Fauci, retired general Mark Milley, and members of a US House committee probing the violent January 6, 2021 US Capitol attack by Trump’s supporters.

    Biden said he had also restored the tradition of leaving a letter for his successor — though he said the contents were between him and Trump.

    Trump will make history by replacing Biden as the oldest president to be sworn in. He is also just the second president in US history to return to power after being voted out, after Grover Cleveland in 1893.

    Another first is Trump’s criminal record, related to paying a porn star hush money during his first presidential run — and a string of far more serious criminal probes that were dropped once he won the election in November.

    For the rest of the world, Trump’s return means expecting the unexpected.

    From promising sweeping tariffs to making territorial threats to Greenland and Panama and calling US aid for Ukraine into question, Trump looks set to rattle the global order once again.

    Russian President Vladimir Putin congratulated Trump ahead of the inauguration and said Monday he was open to talks on the Ukraine conflict, adding he hoped any settlement would ensure “lasting peace”.