Telecommunications company Globacom has announced its sponsorship of the 2024 Ofala Festival, celebrated annually in Onitsha, Anambra State. The festival is a significant cultural event in the southeastern region of Nigeria.

In a press statement released in Lagos on Wednesday, Globacom disclosed that the festival will kick off with Iru Ofala, the first day of the celebrations, on Friday at the Ime Obi, the palace of the traditional ruler, Igwe Alfred Nnaemeka Achebe. The second day, Azu Ofala, is scheduled for Saturday, October 19.

Additionally, a Royal Banquet organized by Globacom will be held in honor of Igwe Achebe at the Ime Obi on Wednesday, October 23.

The Ofala Festival is the largest traditional celebration in the Southeast, where the monarch fulfills cultural obligations and celebrates his annual emergence from seclusion, during which he negotiates the kingdom’s fortunes.

This year’s theme, “Courage, Perseverance, and Self-Reliance” (Onye kwe, Chi’e), reflects the traditional ruler’s message of hope and resilience amid prevailing hardships in the country.

Globacom expressed pride in partnering with the Ofala Steering Committee, stating, “The Ofala is a celebration of our nation’s diversity and resilience, and we are honored to be a part of it.” This collaboration aims to showcase Nigeria’s rich cultural heritage and promote the festival as a significant event in the country’s calendar.

In a promising development for Nigeria’s economy, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced that recent incentives introduced in the oil and gas sector have attracted $3 billion in investments.

This disclosure came during his address at the Nigerian Economic Summit held in Abuja on Tuesday. Edun emphasized the government’s commitment to fostering a conducive environment for both local and foreign investors.

He also highlighted ExxonMobil’s plans to invest approximately $10 billion in Nigeria’s deep-water operations, showcasing strong confidence in the country’s potential as a key player in the global energy market. This substantial commitment is part of a broader trend, with other indigenous oil companies ramping up their investments in the sector.

Edun reiterated the vital role the oil and gas industry plays in Nigeria’s economy, noting that it serves as the primary source of foreign exchange and government revenue. “We have restructured the oil and gas sector to enhance its attractiveness,” Edun stated. “The new incentive framework has significantly reduced the time required to process investments and transactions, making it easier for investors to engage with the sector.”

He shared insights on the impact of these reforms, stating, “The incentive measures have already yielded approximately $3 billion in investments. Additionally, ExxonMobil’s announcement of a $10 billion commitment further demonstrates our ability to attract significant foreign capital. With promises from industry operators to achieve production of 2 million barrels per day, alongside the operational launch of the Dangote refinery, we are poised to strengthen Nigeria’s energy sector.”

In addition to the positive outlook for the oil and gas sector, Edun noted that the manufacturing industry is also experiencing a surge in investment interest. Driven by government incentives, including tax exemptions and reforms, manufacturers are increasingly prepared to commit to substantial investments in the economy.

“Recently, I engaged with a major manufacturer who expressed confidence in the reforms we have implemented. They are prepared to invest $1.2 billion across various sectors of the economy, driven by an improved business environment and access to cheaper funding,” Edun revealed.

His remarks underline the Nigerian government’s strategic focus on revitalizing critical sectors to ensure long-term economic stability and growth. By fostering an investment-friendly climate, the government aims to bolster local businesses and attract foreign investments that will drive innovation, create jobs, and enhance overall economic resilience.

Through comprehensive reforms and robust investment incentives, industry analysts believe Nigeria is taking significant strides toward a more prosperous economic future, positioning itself as an attractive destination for investors and paving the way for sustainable development in the years to come.

The federal government has clarified that its recent meeting with organised labour, held on Wednesday, is part of its routine efforts to maintain continuous dialogue with labour unions. Minister of Information and National Orientation, Mohammed Idris, explained that the discussions are a regular practice aimed at fostering engagement between the government and labour to address national issues.

Idris emphasized the importance of ongoing discussions, noting that “labour is an important component of the country” and the government remains committed to interacting with them for the nation’s benefit. However, he noted that no definitive agreements had been reached regarding key issues such as the minimum wage or the recent fuel price hike.

The meeting also touched on broader economic concerns, with Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, acknowledging the impact of recent reforms. He highlighted that although some challenges remain, such as inflation spikes due to fluctuating energy prices, the government’s economic measures are aimed at stabilizing growth. Bagudu pointed out Nigeria’s steady GDP growth, citing that the nation is performing better than some wealthier countries like Germany and the UK.

Representatives from both the government and labour unions attended the meeting, which covered topics such as fuel price adjustments, the new minimum wage, and the use of Compressed Natural Gas (CNG). The session, which lasted several hours, was adjourned, with further discussions planned for a later date.

This engagement comes amid rising discontent among Nigerians, who are grappling with increased living costs following the fuel price hike. The Nigeria Labour Congress (NLC) has been vocal in its opposition to the hikes, accusing the government of prioritizing fuel increases over necessary economic reforms.