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Korea to share its technological, industrial revolution experience with Africa, says President Moon Jae-in

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Korean President Moon Jae-in has committed to sharing Korea’s technological and industrial experience with Africa so as to help it compete in the 4th Industrial Revolution.

His message came at the opening ceremony of the 53rd Annual Meetings of the African Development Bank . “Africa is no longer the sleeping lion. Korea is happy to share its industrial experience with the continent. The theme of the Annual Meetings is appropriate for the industrial transformation of the continent, and in facilitating the sharing of experiences with Korea and other partners.”

African Development Bank President Akinwumi Adesina thanked the Government of Korea for hosting the Bank’s Annual Meetings. He recalled Korea’s transformation from a poor nation 60 years ago to the 11th largest economy in the world, noting the contribution of industrialization to its transformation.

“Today, Samsung and LG television and phones dominate globally, while Korean cars are everywhere. Korea was deliberate and consistent in its industrial drive like China and Japan. Africa must learn from Korea’s industrialization and the equally remarkable experiences of China, Japan, and other parts of the world.”

“Africa must fast-track industrialization. That is why the African Development Bank plans to invest US $35 billion over the next 10 years in its focus on industrialization. The Bank’s industrialization strategy hopes to help Africa raise its industrial GDP from a little over US $700 billion today to over US $1.72 trillion by 2030. This will allow Africa’s GDP to rise to over US $5.6 trillion, while moving GDP per capita to over US $3,350.

“The formula for the wealth of nations is clear: rich nations add value to all they produce; poor nations simply export raw materials. Africa needs to industrialize and add value to everything that it produces – from agriculture, to minerals, to oil, gas and metals. Africa needs to move from the bottom to the top of the global value chains.”

Young Africans can transform the continent given the chance. He described the experience of Clarisse Iribagiza, a young Rwandan woman who earned a master’s in Information and Communications Technology from the Kigali Institute of Science and Technology, a program supported by the Bank. With a modest contribution from the Government of Rwanda, Clarisse launched an ICT business that she recently sold for US $10 million. She is now a member of the Bank’s Presidential Youth Advisory Council.

To unlock Africa’s potential through investment, the Bank has created the Africa Investment Forum,   a transactional platform created by the African Development Bank with its partners to leverage global pension funds and sovereign wealth funds and other institutional investors to significantly invest in Africa. This new investment marketplace will set sail from November 7-9, 2018 from Johannesburg, South Africa.

Dong Yeon Kim, Deputy Prime Minister and Minister of Strategy and Finance of the Republic of Korea, said a new approach was urgently needed. He referred to Uncle Tom’s Cabin, a 19th-century American novel written by Harriet Beecher Stowe that envisioned a promising future for Africa.

“Harriet Stowe was right. Very surprisingly, we now witness strong evidence of Africa flourishing, just as she predicted. Growth in the region over the past 20 years was 3% higher than the previous period, and the absolute poverty ratio decreased to two thirds of what it was two decades ago.”

Kim stressed the need for innovative industrialization to translate Africa’s potential into economic prosperity.

“Industrialization policy should take into account the unique conditions of each country. New technologies can provide leapfrogging opportunities by speeding up the industrialization process and creating new value.” Smart infrastructure, he said, presents a promising area for Korea’s contribution.

“Smart infrastructure can provide a new solution to Africa’s shortage in roads, airports and harbours. It allows optimal use of resources and can even replace traditional infrastructure. Africa is already producing substantial outcomes in this area. Going forward, Korea is strongly committed to share its rich expertise and experience as Africa’s close partner.”

In his address, the Chairman of the African Union and Rwandan President, Paul Kagame noted that holding the Annual Meetings in Busan presents a unique opportunity to enforce the growth cooperation between Africa and the Republic of Korea.

“Korea has been a strong and reliable partner of Africa. Africa faces challenges that we can address together,” he said.

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Nigeria’s Oil Output Rises to 1.68m Barrels Per Day

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Nigeria’s crude oil and condensate production rose to 1.68 million barrels per day in August 2026, representing a 0.4 per cent increase from the 1.67 million barrels per day recorded in July.

The Nigerian Upstream Petroleum Regulatory Commission disclosed this in its latest production report released on Sunday.

Excluding condensate, the country produced an average of 1,500,190 barrels of crude oil per day in August, allowing Nigeria to meet its Organisation of Petroleum Exporting Countries quota for the fourth consecutive month.

Daily combined crude oil and condensate production ranged between 1.64 million barrels and 1.71 million barrels during the month under review.

A breakdown of production by terminals showed that Bonny Terminal recorded the highest output at 320.04 thousand barrels per day, followed by Forcados Terminal with 317.40 thousand barrels per day.

Qua Iboe Terminal recorded an average production of 171.72 thousand barrels per day, while Escravos Oil Terminal posted 131.71 thousand barrels per day.

Bonga ranked fifth among the highest-producing terminals, with an average output of 92.50 thousand barrels per day.

The NUPRC attributed the modest improvement in August production largely to the resolution of operational challenges involving the Single Buoy Mooring at the Erha field.

The commission said the challenges had adversely affected production in the preceding month.

“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review,” the commission’s spokesperson, Eniola Akinkuotu, said in a statement on Sunday.

The regulator added that production activities across most other producing assets remained relatively stable during the month.

“Production activities across most other producing assets remained relatively stable, with operators sustaining implementation measures aimed at optimising production efficiency, maintaining asset integrity, and minimising operational disruptions,” the statement said.

The latest figures indicate a continued improvement in Nigeria’s oil production, with the country maintaining its OPEC quota compliance for the fourth consecutive month.

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Oyo South: Oseni Approves N100m for Ibadan Community Road Rehabilitation

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The All Progressives Congress (APC) candidate for Oyo South Senatorial District, Hon. Aderemi Oseni, has approved N100 million for the immediate rehabilitation of a major access road linking seven communities in Ido Local Government Area of Oyo State.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, announced the intervention on Saturday at a town hall meeting with residents and community leaders from Power Line, Awonsoso, Siba, Olupoyi, Balogun, Baba Agba and Agaloke communities.

‎The lawmaker said the decision followed a request by the community stakeholders, who identified the poor condition of the road as their most pressing need. He assured the residents that the rehabilitation would be completed within four months.

‎Oseni said the intervention was part of his commitment to people-centred representation, stressing that his legislative activities had been focused on issues capable of improving the lives of Nigerians.

He said, “Within the three years plus, I have sponsored bills and moved motions that are carefully designed to positively impact the lives and livelihoods of citizens.”

According to him, some of the legislative initiatives include moves to amend the Federal Medical Centres Act to establish a Federal Medical Centre in Ido Local Government Area, stronger sanctions for contractors who fail to execute government projects according to specifications, and measures to improve accountability in the management of public contracts.

Oseni added that he had also advocated subsidised farm machinery for farmers, measures to reduce the cost of cancer treatment, improved food storage through modern silos and processing facilities, as well as urgent action on flooding and recurring building collapses in major cities among several others.

‎The lawmaker said his engagements with communities across Oyo South should not be viewed solely through the prism of the 2027 elections, despite the commencement of political activities.

“My visit here today is not to solicit for votes, but to listen and find practical ways to attend to the requests and plights of my people,” he said.

‎Oseni also disclosed that he had facilitated the distribution of 31 transformers across Ido and Ibarapa, with about 80 per cent of the cost funded through his foundation. He added that  other interventions had included solar-powered street lights, boreholes, bridges, public toilets, educational support,  infrastructure, health care services,  youth and women empowerment, and assistance to artisans, traders and markets across the senatorial district.

The APC chieftain further noted that some youths had also received N1 million each as seed capital to start small businesses.

‎Oseni acknowledged that his primary responsibility as a federal lawmaker was to make laws and provide effective representation, but said the gap created by ineffective governance at the grassroots had made it necessary for him to support communities through interventions.

He urged youths to remain focused and resilient, recounting how he worked as a bus conductor to raise money for his secondary education before becoming an engineer, businessman and legislator.

Earlier,  Chief Muibi Adegoke, Baale of Awonsoso, and Chief Azeez Saka, Baale of Elere Apata, commended the lawmaker for what they described as his performance in legislation and community development. They pledged their support for his political aspiration ahead of the 2027 election.

‎The meeting was attended by traditional rulers, religious leaders, community elders, women and youth leaders from the affected communities.

(c) Mega Icon Magazine 

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Oyo APC Guber Candidate, Alli, Celebrates Archbishop Wale Oke at 70

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The All Progressives Congress (APC) governorship candidate in the 2027 Oyo State election, Senator Sharafadeen Alli, has congratulated the Archbishop of the Sword of the Spirit Ministries, Francis Wale Oke, on his 70th birthday.

Alli, in a statement on Tuesday, described the cleric as one of the foremost spiritual leaders produced by Ibadan, saying his contributions to the spread of Christianity had brought honour to Oyo State and impacted lives beyond Nigeria.

The senator described Oke as a “kingdom general” whose leadership and commitment to the gospel had positively influenced communities and nations across the world.

He said, “On behalf of my family and the APC family in Oyo State, I warmly congratulate one of our state’s most illustrious figures, Archbishop Francis Wale Oke, as he marks the landmark age of 70 years today.

“I join millions of Nigerians in celebrating a generational leader, a reformer and a dependable voice for peace and national development. Your dedication over the last five decades to destiny moulding, spiritual upliftment and the expansion of the Christian faith is unparalleled.”

Alli also commended the archbishop’s leadership qualities and his achievements in various capacities, particularly as the National President of the Pentecostal Fellowship of Nigeria.

The APC candidate noted that Oke’s influence extended beyond the pulpit, describing his years of service as a testament to his commitment to spiritual development and nation-building.

He prayed for continued grace, good health and many more years of fruitful service for the celebrant.

“As you continue to expand the Kingdom and impact destinies, I pray for renewed grace, robust health and many more fruitful years. Ibadan and Oyo State are immensely proud to have you,” Alli added.

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