NEWS AGENCY OF NIGERIA
Economy/Business

NOSDRA restates commitment to curbing oil spillage

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By Diana Omueza

Mr Chukwuemeka Woke, the Director-General, National Oil Spill Detection and Response Agency (NOSDRA), has restated the agency’s commitment to curbing oil spillage in the country.

Woke said this on Thursday, during the signing of a Memorandum of Understanding between the agency and F1 Consulting in Abuja.

The News Agency of Nigeria (NAN) reports that the MoU is also aimed at providing oil spill training for members of staff of NOSDRA by F1 Consulting.

Woke, who expressed the agency’s readiness to implement the content of the MoU, said that the outcome would yield positive results that would boost the agency and safeguard oil host communities.

He urged all oil companies and stakeholders to contribute their quota and support the agency to deliver on its mandates.

“NOSDRA is an agency established by the Act of the parliament of Nigeria and we are not in any way going outside our mandate.

“With the establishment and signing of this MoU, we believe that this will go a long way in solving the problem of pollution and oil spillages in our various communities,” he said.

Woke also sought the support and cooperation of other agencies of government and the oil companies that were in the oil host communities to prevent and manage spillage.

He said that stakeholders must be more responsive in relaying information of spillage to NOSDRA and not hoard information from the appropriate authority.

In his remarks, Mr Jude Ndubisi, Lead Consultant of F1 Consulting, said the essence of the MoU was to institutionalise the national oil spill contingency plans directly to host communities.

“The national spill contingencies plan is the primary document that talks about spill response strategies as a country.

“This document for a very long time has not been institutionalised down to the host communities.

“So, we are trying to build a partnership and synergy with NOSDRA to bring the provisions of the national spill contingency plan down to the communities where the oil installations exist,” he said.

According to him, the oil spillage contingencies will train, guide and hold communities and individuals responsible for spillage.

He called for partnership with stakeholders and holders of oil licensing operations to train and create awareness to preserve the community and environment.

Mrs Katherine George, Director of Legal services of NOSDRA, said that the MoU was in line with the mandate of the agency

“We have looked at the establishment Act of the agency and we believe that this MoU is in tandem with the mandate of our agencies

“We believe that this MoU will accomplish the goals and mission of NOSDRA to zero tolerance for oil spillage,” she said. (NAN)

Edited by Dorcas Jonah/Deji Abdulwahab

Economy/Business

CFAO advocates compliance culture, alignment to global systems

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By Rukayat Moisemhe

CFAO Nigeria, key player in fields of mobility and healthcare, has urged organisations to create a compliance culture and strengthen their alignments to global compliance systems.

The company gave the charge on Wednesday in Lagos at the CFAO Nigeria 2025 Compliance Week.

Board Chairman, CFAO, Gbenga Oyebode, said that compliance was not just a legal mandate; but the basis on which the company create a strong, ethical, and environmentally friendly business.

Oyebode stated that companies not meeting compliance standards risked damage to their reputation, financial losses, and legal problems that could put their very existence in danger.

He said that alignment to compliance systems led to reinforced investor’s trust, improved business resiliency and business reliability to customers, authorities, and society.

He added that the company’s board was dedicated to establishing the appropriate tone at the top to assure that integrity, openness, and responsibility govern all elements of operation.

“By means of the PACI Rules and our Global Code of Conduct & Ethics (COCE), we set clear expectations that match local regulatory demands as well as worldwide top standards.

“These cover adherence with global anti bribery and corruption legislations in Nigeria, Europe and globally.

“I urge you all to see compliance as an enabler of corporate success, not a handicap, and not only throughout this compliance week but as a consistent practice that is at the core of our corporate culture,” he said.

Chief Executive Officer (CEO), CFAO, Denis Martin, said compliance, which was not just about following rules but about building a culture of integrity, trust, and accountability, was of long term advantage to businesses.

He said the company as an industry continued to demonstrate firm commitment to compliance, transparency, and fairness.

“We must all take responsibility for upholding these values, as any compromise could have far-reaching consequences for our people, stakeholders, and the communities we serve.

“As we observe compliance week, I urge you all to renew your commitment to ethical excellence.

“By working together and holding ourselves to the highest standards, we will continue to build a company that is not only successful but also respected and trusted globally,” he said.

Chief Compliance Officer, Ayokunle Ayoko, said at CFAO Group, compliance was not just a box-ticking exercise, but a fundamental pillar of its business, ensuring long-term sustainability and success.

He added that compliance is beyond just adhering to regulations to fostering a culture of integrity, accountability, and responsible business conduct.

Ayoko said that it protects businesses from risks, enhances trust with customers and partners, and positions companies for sustainable growth in a competitive and ever-evolving marketplace.

“Whether it is ensuring workplace safety, preventing financial misreporting, combating corruption, or respecting human rights, every one of us plays a critical role in upholding these principles.

“When we integrate compliance into our daily work, we do not just protect the company; we strengthen it.

“Let us continue to hold ourselves to the highest standards, foster a culture of ethical excellence, and work together to build a resilient and responsible organisation that thrives for generations to come,” he said.(NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Economy/Business

DMO appoints Stanbic IBTC as new FG stockbrokers

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By Kadiri Abdulrahman

The Debt Management Office (DMO) on Thursday unveiled Stanbic IBTC Stockbrokers Ltd. as the new stockbrokers of the Federal Government.

This is coming after the expiration of the tenure of CSL Stockbrokers Ltd., a subsidiary of First City Monument Bank (FCMB).

According to the Director-General of DMO, Patience Oniha, Stanbic is a comprehensive financial house with which the Federal Government has done business in other areas.

Oniha described the Stanbic brand as strong and respected with a wide reach.

“It is a name that is familiar to our target investors, and that marches what our needs are.

“Its reputation and diversification as a group qualify it for the appointment,” Oniha said.

She said that the DMO issued securities on behalf of the Federal Government, and the appointment of a government stockbroker is done on behalf of the Federal Government.

“There are two reasons why the DMO, which the largest issuers of securities in the market, needs a stockbroker.

“The first reason is a compliance issue. We are required to have a stockbroker whose functions are clearly defined. Secondly, there is a strong commitment to deepening to capital market.”

She said that there was the retail segment of the market that the DMO has been trying to develop; the savings bond and the sukuk.

“A major mandate for you is to ensure that we are able to attract more investors to the FGN securities, FGN savings bonds, as well as the sukuk, ” she said.

Bunmi Olarinoye, Chief Executive Officer of Stanbic IBTC Stockbrokers Ltd. expressed the firm’s commitment to growing the retail segment of the market.

Olarinoye said that the firm was also thinking of ways and ideas to reach that segment of the market.

“Enlightenment and awareness are the key points that we have noted down, and that we will focus on to ensure that a lot more people become aware of offers from the DMO.

” We are on board to ensure that this is successful and to take it to the next level,” she said.(NAN)(www.nannews.ng]

Edited by Deji Abdulwahab

Economy/Business

FG seeks donor support to revive steel industry

102 total views today

By Martha Agas

The Ministry of Steel Development is seeking technical and financial assistance from donor agencies to revive the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO).

Its Minister, Prince Shuaibu Audu, made this appeal during a meeting with donor agencies in Abuja.

Audu stated that the ministry’s primary focus was the revitalisation of publicly owned steel assets, particularly ASCL and NIOMCO.

“Our objective is to prepare these institutions for privatisation by upgrading their infrastructure and operational capabilities, transforming them into robust engines of local production.

“This initiative aims to boost domestic steel output, reduce dependence on imports, and generate valuable foreign exchange,” he said.

He emphasised that achieving this goal required technical expertise, financial resources, and strategic guidance.

“These are crucial for bridging the gap between our ambitious vision and the practical realities of implementation.

“Your partnership can accelerate the modernisation of our steel assets, build essential infrastructure, empower our workforce with future-ready skills, and strengthen regulatory frameworks,” he said.

He urged donor agencies to collaborate in creating a sustainable legacy of development, job creation, and industrial innovation for future generations.

According to Audu, supporting the revitalisation of key steel assets and infrastructure, investing in capacity development, and advocating regulatory and trade reforms would contribute to national progress.

He stated that donor commitment would unlock Nigeria’s steel sector’s full potential, reduce reliance on imports, foster local innovation, and position the country as an industrial leader in Africa.

“Together, we can build a future where Nigeria’s steel industry drives economic growth, creates jobs, and anchors our economic diversification,” he said.

The minister described the vision outlined in the 2025 capital budget as ambitious yet necessary, stressing that its success depended on strong partnerships.

He noted that transforming a capital-intensive industry like steel required significant financial resources, but funding gaps remained a major challenge.

“Additionally, achieving these objectives demands institutional reforms that extend beyond government efforts alone,” he said.

He expressed confidence that donor support would pave the way for a thriving steel sector, powering Nigeria’s industrial growth and securing a prosperous future for all.

According to him, Nigeria is on the brink of major industrial progress and hopes that partnerships will help expand the scope of its projects.

He added that the ministry would establish technical teams and appoint desk officers to coordinate with donors for mutual benefit.

Responding, Dr Osuji Otu, Nigeria Country Representative for the United Nations Industrial Development Organisation (UNIDO), acknowledged the ministry’s vital role in driving industrialisation.

He stated that UNIDO would soon unveil its 2024–2028 country partnership programme to support the ministry’s initiatives.

Other partners, including the United Nations Development Programme (UNDP) and the Australian High Commission, assured the ministry of their support in providing technical assistance for its projects. (NAN)

Edited by Kamal Tayo Oropo

Economy/Business

Organisation lauds Alake for advancing solid minerals sector

102 total views today

By Martha Agas

The Minister of Solid Minerals Development, Dr Dele Alake has been conferred with an Honorary Fellow of the Nigerian Mining and Geosciences Society (NMGS) for his efforts in advancing Nigeria’s solid minerals sector.

The award was presented to him on Tuesday in Abuja at the opening ceremony of the NMGS 60th Annual International Conference and Exhibition (AICE).

In his acceptance speech, Alake described the recognition as not just a personal honour but an acknowledgement of the collective commitment to the growth and development of Nigeria’s solid minerals sector.

He described the theme of the conference, “Transformation of the Mineral, Energy, Water, and Construction Sectors through Innovations,” as timely and aligned with the Federal Government’s vision of modernising and maximising the potential of the key sectors.

Represented by the Permanent Secretary of the ministry, Dr Mary Ogbe, he noted that innovation remained the cornerstone of sustainable growth.

He highlighted technological advancements, research, and strategic partnerships as key to unlocking new opportunities and driving development.

According to him, the mining industry is undergoing a global paradigm shift, with the adoption of digital technologies, artificial intelligence, and automation enhancing exploration and other operations.

“ In Nigeria, we must embrace these innovations to attract investments, increase productivity, and ensure the responsible extraction of our vast energy resources, “ he said.

According to him, the ministry of solid minerals has prioritised the deployment of geospatial data and remote sensing technologies for mineral exploration, aimed at reducing uncertainties and optimising investment decisions.

“Additionally, we are working toward establishing mineral processing hubs to enhance value addition and reduce reliance on raw mineral exports,” he said.

Highlighting the connection between mining, energy, and water resources, he emphasised that sustainable mining practices required responsible energy consumption and water management.

He noted that adopting renewable energy solutions in mining operations, such as solar and hydroelectric power, would reduce carbon footprints and operational costs, ensuring a greener mining industry.

He described the construction industry as a major consumer of solid minerals that relied on materials such as limestone, granite, and gypsum.

“By harnessing innovative technologies in material science and industrial processing, we can improve the quality and durability of construction materials, enhance infrastructural development, and contribute significantly to economic growth.”

He stated that the ministry is strengthening collaborations between mining and construction stakeholders to ensure a sustainable supply chain that prioritised local content and value addition.

According to him, the Federal Government remains committed to creating an enabling environment for innovation-driven growth in the mining and allied sectors.

He reaffirmed commitment to working with the NMGS and all industry players to harness the full potential of Nigeria’s natural resources for national development.

Speaking, NMGS President , Prof. Akinade Olatunji, said the organisation had identified the need of innovation in addressing the myriad of challenges in the various sectors of Nigeria’s economy.

Olatunji noted that if sectors such as water resources, construction, and agriculture underwent the required transformation, it would result in massive advantages for the economy.

In his goodwill message, the National President of the Miners Association of Nigeria (MAN), Mr Dele Ayankele urged the government to implement sustainable policies for the industry’s growth.

Ayankele also urged effective monitoring and review mechanisms to prevent policy somersaults.

The News Agency of Nigeria (NAN) reports that other recipients of the honorary conferment include the governors of Nasarawa, Abdullahi Sule; Anambra, Prof. Charles Soludo; and Yobe, Mai Mala Buni, among others.

The conference will run from Feb. 16 to Feb. 21. (NAN) (www.nannews.ng)

Edited by Chioma Ugboma

Economy/Business

NBS introduces new inflation indices

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By Okeoghene Akubuike

The National Bureau of Statistics (NBS), has introduced special inflation indices to its monthly Consumer Price Index (CPI) Report.

The Statistician-General (S-G) of the Federation, Adeyemi Adeniran made this known at a news briefing on the CPI Rebasing Results in Abuja on Tuesday.

Adeniran said the new indices include the Farm Produce Index, Energy Index, Services Index, Goods Index, and Imported Food Index.

He said this was in line with improvements made to the rebasing of the CPI, which he said would inform policymakers.

According to him, these new indices have been introduced based on demand and request from stakeholders when we engaged them in the rebasing.

Adeniran noted that the rates of the new indices were not year-on-year rates like the CPI rates because they were new.

He said their year-on-year rates would commence from January 2026, while the month-on-month rates would commence in February 2025.

“The rates being reported here are January compared to the base year, which is an average of prices from January to December 2024.

“For January 2025, the new special indices produced the following inflation rates.

“For these special indices, when we compare January to the base year of 2024, for Farm Produce we have an inflation rate of 10.50 per cent.”

Adeniran said,” for the Energy index, we have an 8.91 per cent inflation rate for January; for Services, we have 10.41 per cent.

“For the Goods index we have a 10.79 per cent inflation rate, while for the Imported Food index, it produced an inflation rate of 11.47 per cent.”

Speaking Earlier, Mr Joel Ichedi, the Director, Communication and Public Relations, NBS said the briefing was a demonstration of the bureau’s commitment to transparency and accountability in the dissemination of statistical information.

The News Agency of Nigeria (NAN) reports that the rebasing is designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy, incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.

One of the processes of rebasing the CPI includes bringing the base year closer to the current period, from 2009 to 2024. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

Economy/Business

Nigeria’s inflation rate declines to 24.48% in January- NBS

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By Okeoghene Akubuike

The National Bureau of Statistics (NBS), says  Nigeria’s headline inflation rate declined to 24.48 per cent in January 2025.

This is contained in the Consumer Price Index (CPI) rebased results released in Abuja on Tuesday.

The News Agency of Nigeria (NAN) reports that the headline inflation rate for December 2024 was 34.80 per cent.

The Statistician-General (S-G) of the Federation, Adeyemi Adeniran, made the announcement at a news briefing on the CPI Rebased Results.

The CPI is a key macroeconomic indicator that reflects the movement of aggregate price levels in a country and is expected to be rebased every five years.

However,  in Nigeria, the last CPI rebasing was conducted in 2009.

Adeniran emphasised the importance of rebasing the CPI regularly due to changes in consumption patterns over time, which necessitated an update of the items in the CPI basket.

He said the rebasing was designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy, incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.

Adeniran said part of the process of rebasing the CPI  included bringing the base year closer to the current period, from 2009 to 2024.

The S-G gave a breakdown of the rebased CPI as follows.

The All-Items Index, which is used to measure headline inflation for January 2025, was 110.7, resulting in a headline inflation rate of 24.48 per cent on a year-on-year basis.

He said the increase was mainly driven by Food and Non-alcoholic Beverages, Restaurants and Accommodation Services and Transport.

The  Food Index for January 2025 was 110.03, which resulted in a food inflation rate of 26.08 per cent on a year-on-year basis.

Core Index, which is All-Items less farm produce and energy for January 2025, was 110.7,  which gave rise to a core Inflation rate of 22.59 per cent on a year-on-year basis.

The urban inflation rate for January 2025 was 26.09 per cent, while the rural inflation rate was 22.15 per cent.

Adeniran clarified that the CPI results do not indicate a reduction in the prices of goods and services in the market but rather measure the rate at which those prices were decreasing.

“The policies of the government targeted to reduce inflation rate are still there. The government is committed to ensuring food is available to the populace and the purchasing power of citizens is enhanced.

“So, the result is  not saying prices of goods and services have come down in the market but the rate of change between January 2024  and January 2025 is what inflation rate is all about.”

He assured Nigerians that the results of the rebasing reflected the current inflationary pressures and recent household consumption patterns in the country.

The S-G  listed some CPI improvements and introduction to the methodology to include  the transition to the latest version of the classification method.

He said the Classification of Individual Consumption According to Purpose (COICOP) 2018 version was used, departing from the 1999 version of COICOP.

According to him, the new version has 13 divisions, as against 12,  bringing in household expenditure on Insurance and Financial Services, which now has a weight of 0.5 per cent relative to the total household expenditure.

Adeniran said another improvement was the exclusion of own-production, imputed rents, and gifted items from the aggregates used to come up with the weights.

“This is because CPI is a monetary phenomenon, hence the computations should only include monetary expenditure.

“Also implemented under this rebasing is the movement of expenditures on meals away from home to the appropriate divisional class.

“These changes are quite significant and appropriately align expenditures to their respective classes, enabling price changes to be measured properly.” (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Economy/Business

Stakeholders advocate for collaboration to boost mining sector

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By Martha Agas

Mining stakeholders in Nigeria have called for greater collaboration among relevant agencies, sectors, and institutions to advance the sector’s development.

This appeal was made on Monday in Abuja at the 60th Nigerian Mining and Geosciences Society (NMGS) Annual International Conference and Exhibition (AICE) during a pre-conference panel discussion.

The conference is with the theme, “Transformation of the Mineral, Energy, Water, and Construction Sectors through Innovations.”

One of the discussants, Mr Olusegun Adedayo, emphasised that Nigeria needed to enhance local collaborations to compete globally in the mining sector, particularly given the rising global demand for energy minerals.

Adedayo, an advisor on mining policy and strategy, highlighted the importance of having concrete data on Nigeria’s mineral reserves to attract investors, which could only be achieved through collaboration.

He identified critical areas for cooperation, including research, funding, geoscience data collection, and prioritising specific minerals for development.

“There is a clarion call for everyone to collaborate, pool funds, research, and focus on particular minerals.

“We don’t need to be a jack of all trades. Let the academicians conduct research, let the geologists handle exploration, and let the investors put money in.

“We need to develop the sector from start to finish,” he said.

Adedayo also pointed out the issue of limited geoscience data, stating that while such data existed, it was fragmented across different agencies.

He emphasised that it needed to be centralised in one repository for easy access by both local and international investors.

“Everyone says there’s not enough geoscience data, but the truth is, data exists in silos.

“If all the data from the Nigerian Geological Survey Agency and practitioners were stored in one place, we’d have more information to work with.

“We need to focus inward on technology, research, and investment. We can’t expect others to do it for us,” he said.

Another discussant, Mrs Aisha Gombe, emphasised the importance of collaboration in training institutions, particularly between the departments of geology and civil engineering.

She noted that many Nigerian geology departments lacked engineering geology labs, which were available in civil engineering departments and could be used for joint purposes.

Gombe, a specialist in engineering and geo-environmental practices, also stressed the need for collaboration between the Council for the Regulation of Engineering in Nigeria and the Council of Nigerian Mining Engineers and Geoscientists.

She emphasised that such collaboration was crucial to ensuring professionalism, safety, and efficiency in the mining and related industries.

In his presentation, the National President of the Miners Association of Nigeria (MAN), Dele Ayankele, decried the lack of policy sustainability in the sector, which he identified as a key challenge hindering growth.

Ayankele noted that a Federal Government think tank committee set up in 2016 to develop a roadmap for sector transformation had not seen its recommendations implemented.

He further stressed the need for sustainable policies to attract both local and international investors, alongside technological innovation to facilitate investment and mobilise the necessary funds for the sector.

The News Agency of Nigeria (NAN) reports that the conference runs from February 16 to 21.

Sub-themes to be discussed include “Resource Management and Value Addition in the Minerals and Mining Sector” and “Managing Emerging Realities in the Nigerian Oil and Gas Sector.”

The role of geoscience in agriculture and food security will also be discussed. (NAN) (www.nannewsng)

Edited by Abiemwense Moru

Economy/Business

Diversified economy crucial to nation’s sustainable growth – Edun

105 total views today

By Kadiri Abdulrahman

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria needs to diversify its economy into non-oil resources to accelerate economic development.

Edun said this on Monday in Abuja, at the National Treasury Workshop with the theme, “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives”

According to Edun, who was represented by Mrs Lydia Shehu, Permanent Secretary, Federal Ministry of Finance, the theme of the workshop is both timely and imperative.

“It underscores the urgent need to rethink our revenue generation strategies.

“This is especially in light of the volatile nature of oil revenues which has long been the backbone of our economy but recently facing a downturn.

“We must, therefore, embrace a diversified economic approach that taps into the immense potential of non-oil sectors such as agriculture, solid minerals, manufacturing, tourism, digital economy and creative industries,” he said.

He said that the recent global shifts in energy policies, declining oil demand and fluctuating crude prices have jointly made it abundantly clear that we cannot afford to be overly dependent on oil revenues.

He said that Nigeria was blessed with abundant natural and human resources that remain largely untapped.

“The question before us today is, how can we harness these resources effectively to drive sustainable economic growth and development?

“This workshop seeks to provide actionable answers to this question by fostering robust discussions among key stakeholders in the financial and economic landscape,” he said.

The minister said that several non-oil sectors have demonstrated strong potentials for revenue generation, job creation, and economic transformation.

He said that the time had come to aggressively explore  non-oil sectors

He highlighted the critical revenue generating sectors to include, agriculture and agro-processing, solid minerals and mining, manufacturing and industrialisation, tourism and hospitality,

He also listed digital economy and ICT, as well as tax reforms and compliance.

“While the potential of non-oil revenue sources is evident, several challenges impede their full exploitation.

“Some of these challenges include poor infrastructure and high cost of doing business, bureaucratic bottlenecks and regulatory inefficiencies, insecurity and its impact on investment confidence, low tax compliance and widespread revenue leakages,” he said.

He said that the government was already taking bold steps to tackle the issues through reforms in public financial management, digitalisation of revenue collection, and strengthening of tax administration.

The Accountant-General of the Federation, Oluwatoyin Madein, said that the workshop is a yearly occasion where seasoned technocrats are invited to rub minds on salient issues confronting the nation’s economy

Madein said that it was with a view to proffering workable solutions in order to move the country forward.

She said that the theme for this year’s edition was considered apt considering the state of the economy owing to a multiplicity of factors ranging from the exchange rate volatility, low revenue performance and rising costs.

“These have complicated fiscal operations in the last few years.

“We are all gathered here to brainstorm on these papers to come up with robust and implementable communique capable of changing the current revenue challenges faced by the country.

“To this end, I charge us all to contribute meaningfully so as to proffer far-reaching recommendations for policy makers, both at the federal and sub-national levels,” she said.(NAN)(www.nannews.ng)

Edited by Rotimi Ijikanmi

Business

Tinubu backs Africa-led credit rating agency

139 total views today

By Salif Atojoko

President Bola Tinubu says he strongly supports an Africa-led credit rating agency (ACRA), saying it will provide fairer, more transparent credit assessments for African economies.

The President said this at the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government in Addis Ababa, Ethiopia, on Sunday.

“An independent Africa-led rating agency will help provide fairer assessments of African economies and reduce the bias often observed in existing global rating agencies,” the President said.

President Tinubu commended the African Union (AU), the African Development Bank (AfDB), and the Specialised Technical Committee (STC) on Finance for their visionary leadership in advancing an African framework for financing development among member states.

He affirmed that the Africa Financing Stability Mechanism (AFSM) is crucial as the continent continues to face significant challenges.

He identified the challenges as rising borrowing costs, debt overhang, low domestic resource mobilisation, and limited access to long-term affordable financing.

“The establishment of the AFSM underscores the collective commitment of member states to addressing financial vulnerabilities and fostering economic resilience across the continent.

“This mechanism is envisioned to support member states in achieving their national development objectives, and it will also help create economic opportunities for citizens,” he said.

The Nigerian leader acknowledged the significant progress made at the 5th Extraordinary Session of the Specialised Technical Committee on Finance, held in November 2024 in Abuja, Nigeria, which reached key decisions.

“The adoption of the AFSM by member states is expected to enhance financial stability, strengthen resilience against external shocks, and provide a more coordinated approach to managing financial risks across the continent,” he said. (NAN) (www.nannews.ng)

Edited by Emmanuel Yashim

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