Business News
US Embassy denies banning student visas for Nigerians
Earlier today, the United States of America’s Embassy in Nigeria issued a press statement in denial of media reports which purported that Nigerian students were being banned from obtaining visas to study in the North American country.
Earlier today, the United States of America’s Embassy in Nigeria issued a press statement in denial of media reports which purported that Nigerian students were being banned from obtaining visas to study in the North American country.
In the brief message which was shared via Twitter, the US Embassy advised the public to avoid being misguided by the information as they termed it “fake news”.
“FakeNews Alert! Be advised, reports of Student Visa ban for Nigerians is false. If you have seen such manufactured item on Facebook and Twitter or received it via WhatsApp, please communicate that it is false.”
#FakeNews Alert! Be advised, reports of Student Visa ban for Nigerians is false. If you have seen such manufactured item on Facebook and Twitter or received it via WhatsApp, please communicate that it is false. pic.twitter.com/1EvoiST6ak
— U.S. Mission Nigeria (@USEmbassyAbuja) June 17, 2019
What had happened: Last week, a media report went viral claiming that the United States of America’s diplomatic mission in Nigeria had indefinitely halted any further issuance of student visas to Nigerians.
The decision was said to be a part of the new measures by the US Government under President Trump, to impose visa restrictions on countries whose citizens have a track record of overstaying the validity of their short-term US visas.
As expected, this was a shocking development to many Nigerians, particularly the youths, some of whom have aspirations of traveling to the country to various academic purposes.
The implication of this is that henceforth, Nigerians hoping to renew their passports would have to follow a much longer process than what obtained before now. Before the suspension, Nigerian holders of US visa types B1/B2, F, H, and L could renew their visas online by processing it through DHL using one of several dropbox locations across Nigeria without attending physical interviews.
Now, those wishing to renew their passport will have to go Abuja or Lagos for a face-to-face interview. The rigorous process could lead to delays.
Macro-Economic News
BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021
Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.
Business News
BUA Group, French company announce progress in 200,000 bpd refinery project
This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.
The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.
This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.
BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.
READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont
The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.
The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.
The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.
READ: FG reacts to reports of revoking 32 refinery licenses
While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.
He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.
Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.
READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020
He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.
The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.
READ: FG to open LPG distribution channels in all local governments
Bottom line
The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.
This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.
The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).
President Macron lauds Abdul Samad Rabiu as BUA, Axens make progress on BUA’s 200,000bpd Refinery in Akwa Ibom
…Appoints Abdul Samad Rabiu as Chairman of the French Nigeria Investment Club.
Lagos – 14apr2021
./1 pic.twitter.com/tOoOsDW3lZ
— BUA Group (@BUAgroup) April 14, 2021
