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Expectations high as Truss takes over, vows to ride out economic storm

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Liz Truss to succeeds as UK Prime Minister

Liz Truss took over as Britain’s Prime Minister on Tuesday, vowing immediate action to tackle one of the most daunting set of challenges for an incoming leader in post-War history led by soaring energy bills, looming recession and industrial strife.

Truss, the fourth Conservative prime minister in six years and successor to Boris Johnson who was forced out over multiple scandals, acknowledged the severe global headwinds from Russia’s invasion of Ukraine and the COVID-19 pandemic.
“I am confident that together we can ride out the storm. We can rebuild our economy, and we can become the modern brilliant Britain that I know we can be,” Reuters quoted the 47-year-old former foreign secretary to have said outside her new Downing Street home and office.

Truss appointed close allies to top jobs such as Kwasi Kwarteng as finance minister, Therese Coffey as deputy prime minister and health minister, and James Cleverly as foreign minister.

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It was the first time a white man would not hold one of Britain’s four most important ministerial positions.

The new cabinet would be charged with delivering on Truss’ three stated priorities: tax cuts to boost the economy, help over rising energy costs, and sorting out the state-run National Health Service.

She inherits an economy in crisis, with inflation at double digits and the Bank of England warning of a lengthy recession by the end of this year.

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Already, workers across the economy have gone on strike.

Truss has promised to scrap plans to increase corporation tax on big firms, and to reverse an increase in a payroll tax on workers and employers, designed to raise additional funding for health and social care, with the extra spending coming from general taxation instead.

Her plan to revive growth through tax cuts, as well as potentially providing around 100 billion pounds ($116 billion) to help with energy bills, has rattled financial markets.

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British 30-year government bonds suffered their sharpest one-day fall since March 2020 when the coronavirus pandemic caused turmoil in financial markets, as investors honed in on the extra borrowing Truss’s plans are likely to require, while 10-year borrowing costs rose to their highest since 2011. read more

“I know that we have what it takes to tackle those challenges. Of course, it won’t be easy, but we can do it,” Truss said, adding that Britain would also continue to stand up for freedom and democracy around the world.

One major global ally, United States President, Joe Biden, offered his congratulations.

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“I look forward to deepening the special relationship between our countries and working in close cooperation on global challenges, including continued support for Ukraine as it defends itself against Russian aggression,” he said on Twitter.

Also, President Muhammadu Buhari congratulated the new Prime Minister of Britain.

In a statement yesterday, by his Media Adviser, Femi Adesina, the president on behalf of the citizens and Government of Nigeria, congratulated the Truss, on her assumption of this trusted position of leadership.

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Buhari rejoiced with the former Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom, whose antecedents in government, politics and diplomacy will further shape and strengthen relations with Nigeria and other nations.

He affirmed that the shared ties between Nigeria and Britain remains strong, positive and mutually beneficial, while working with Prime Minister Truss to deepen that relationship in the interest of both countries.

Buhari appreciated the warmth and friendliness of the immediate past Prime Minister, Boris Johnson, wishing him the best in his future endeavours.

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The new prime minister has a weaker political hand than many predecessors.

Having held a place in cabinet for eight years, she defeated former finance minister Rishi Sunak in a vote of Conservative Party members by a tighter margin than expected and despite more of the party’s lawmakers initially backing him.

Johnson, who tried to cling to power in July, despite ministers resigning en masse over scandals including parties during COVID lockdowns, appealed for unity. read more

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“It’s time for politics to be over, folks,” he said in his farewell speech. “It’s time for us all to get behind Liz Truss.”

After speaking outside Downing Street’s famous black door, Johnson flew to Scotland to tender his resignation to 96-year-old Queen Elizabeth at one of her homes, before Truss followed him into Balmoral Castle to be appointed. read more

Johnson boasted of his successes, including an early COVID vaccine programme and his staunch support for Ukraine in its battle against Russia.

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He also listed “delivering Brexit” as one of his main achievements, although polls now show that a majority of people think leaving the European Union was a mistake.

Britain, under Conservative rule since 2010, has stumbled from crisis to crisis in recent years and there is now the prospect of a long energy emergency that could drain the savings of households and threaten the futures of businesses still weighed down by COVID-era loans.

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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

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Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.

The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.

One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”

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Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.

Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.

A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”

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Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.

The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.

The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.

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NEPZA, FCT agree to create world-class FTZ environment

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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.

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Benue IDPs block highway, demand return to ancestral homes

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Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

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Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

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Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

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