NEWS AGENCY OF NIGERIA
AfDB Annual Meetings open in Nairobi

AfDB Annual Meetings open in Nairobi

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By Lucy Ogalue

The city of Nairobi is bustling as it plays host to the prestigious Annual Meetings of the African Development Bank (AfDB) Group.

The News Agency of Nigeria (NAN) reports that the event marks the 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).

NAN reports that the meeting is scheduled to hold from May 27 to May 31.

The AfDB has brought together high-level decision-makers from across the African Continent to deliberate on transforming Africa’s path.

The meeting has as its theme “Africa’s Transformation, African Development Bank Group, and Reform of the Global Financial Architecture.”

The meetings foster critical discussions and knowledge dissemination among crucial bilateral and multilateral development agency officials.

“Leading academics, representatives of Non-Governmental Organisations (NGOs), civil society, and the private sector will participate in the discussions.

“The agenda is packed with pivotal knowledge events designed to address the continent’s pressing economic and developmental challenges.

“Among the highlights is a Presidential Dialogue on the theme.

“This will bring together Africa’s top leaders to discuss strategic pathways for the continent’s transformation within the evolving global financial landscape,” the AfDB said.

The bank said a high-level plenary will mark the inauguration of the African Economic Outlook 2024, titled “Driving Africa’s Transformation: The Reform of the Global Financial Architecture.”

It said: “this flagship publication will provide an in-depth analysis of Africa’s economic prospects and outline necessary reforms for a more inclusive and resilient financial system.

“The thematic knowledge events will explore critical issues such as “Financing Africa’s Transformation in a Changing Global Financial System.

“It will focus on innovative financing mechanisms to support Africa’s development goals amid global financial shifts.

“Another key event, “Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa,” will discuss the integration of natural capital into economic planning to enhance productivity and environmental stewardship.”

As delegates converge in Nairobi, NAN reports that the meetings promise to be a pivotal moment for charting the future course of Africa’s economic transformation.

This will unfold with a keen focus on reforming the global financial architecture.

The discussions will yield actionable insights and strategies to propel the continent towards sustainable and inclusive growth. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Canon, WISCAR unveil programme to empower women

Canon, WISCAR unveil programme to empower women

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By Rukayat Moisemhe

Canon Central and North Africa, a global leader in imaging and print solutions, has announced the Women Who Empower 2024 programme in Nigeria in collaboration with Women in Successful Careers (WISCAR).

Mr Somesh Adukia, Managing Director, Canon Central and North Africa, on Wednesday in Lagos, via a statement, said the initiative aimed to uplift and support women in the imaging and print industries.

This, he said, would be achieved through workshops, mentorship opportunities, and networking events, tailored to promote the growth and advancement of women in these fields.

Adukia said in line with the 2024 International Women’s Day inspire inclusion theme, the initiative would empower women by providing a platform to showcase their work, enabling access to necessary tools, and helping them excel through investment and training programmes.

“We are thrilled to partner with WISCAR in Nigeria to unlock the potential of women in the imaging and printing industries in Africa.

“This collaboration exemplifies Canon’s unwavering commitment to leveraging our resources for the greater good.

“Skills development and empowerment of women are not just beneficial but critical for the advancement of our society and economy and by joining forces, we can create meaningful opportunities for women to thrive professionally, contribute to gender equality, and drive economic growth,” he said.

Mrs Amina Oyagbola, Founder, WISCAR. said the collaboration underscored their commitment to providing women with the resources and opportunities needed to succeed in their professional endeavours.

Oyagbola said together both organisations would pave the way for a more inclusive and equitable society in Nigeria.

“The programme will commence on 23rd May 2024 with a series of workshops which includes three modules: printing, photography, and content creation.

“Each module has four sessions, two theory and two practicals, allowing participants to select one or more areas of interest.
“These classes include technical instruction, foundational theory, and a month of supervised Canon equipment practice in the chosen field,” she said.

She added that Canon Ambassador Daniel Ehimen, who is a renowned Nigerian cinematographer, would provide the content creation course which would offer participants essential skills in videography.

This course, she said, would cover videography principles, camera mastery, storytelling, and practical application with feedback.

“The photography course led by Emmanuel Oyeleke, a renowned Nigerian lifestyle photographer and Canon Ambassador, will focus on the fundamentals of photography, with an emphasis on storytelling.

“Through numerous sessions and practical exercises, participants will gain a comprehensive understanding of photography basics and hone their skills behind the lens.

“The printing workshop, also led by Oyeleke, will offer a comprehensive understanding of printing solutions for photography portfolios and photo studio setups.

“Canon will provide all resources, comprising imaging and printing equipment and upon completion of the workshops, participants will receive certificates and valuable feedback from the trainers,” she said. (NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

Effective leadership will spur growth in Africa – Experts

Effective leadership will spur growth in Africa – Experts

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By Lucy Ogalue

Toastmaster International, a non profit organisation, has reiterated the importance of effective leadership in springing growth in Africa.

Mrs Titi Ojo, the Chairman of District 94 Conference 2024 Abuja, said this during the Four-Day conference on Wednesday.

The News Agency of Nigeria reports that the theme of the conference is “Building Bridges with Words”.

Ojo said, “Africa’s rising rests on the shoulders of leaders who will build bridges with words that inspire, heal, educate, encourage, empower and foster transformational leadership on the continent.

“This conference has brought together over 500 local and international delegates from academia, industry, development, private and public sectors for four days of value-added activities.

“The rich speeches, learning sessions, speech contests, gala, award nights, and other side events have all been planned with you in mind.

“Enjoy every bit of this four-day journey with a deliberate resolve to benefit from every part and have fun while at it,” Ojo said.

The chairman commended the participants and all the various stakeholders who made the event a success.

She added, “in Toastmasters, leadership skills are honed through practice.

“Through this planning process, the conference planning team members have honed their leadership skills in diverse ways and indeed, we cannot remain the same.”

Similarly, the District 94 Director, Mrs Nadine Mbikina, said the conference was a historic moment for the district as it prepared to cross a crucial milestone.

“Through the leadership and dedication of our successive leaders, our strong and prosperous District 94 will give birth to two new districts.

“Each carries the legacy of our past and the promise of an even brighter future.

“We are deeply grateful to each of our members, whose invaluable contribution has made this achievement possible.

“Together, we will continue to build bridges with words, break down barriers, and build a future where dialogue and mutual understanding thrive,” she said.

The director urged its members not to relent in its commitment and dedication to excellence and leadership, saying it is a sure way to success.

Dr Abayomi Aiyesimoju, a former District Director, said Toastmasters International’s main focus was developing members’ leadership and communication skills.

He said the organisation enabled members to progress at the workplace, express themselves better, voluntarily take leadership positions, and become better people.

Also, Mr Inam Wilson, one of the founding members of District 94 and a former director, expressed delight at the organisation’s achievements.

Wilson, who said the gathering was for Toastmasters within the ECOWAS region, said it was an opportunity for members to meet and network.

Meanwhile, the Deputy Senate President, Barau Jibrin, expressed his commitment to support the organisation in every way possible.

Jibrin said:” I am confident you are well on the part of leadership training.

“I shall as much as possible identify with this group of young and talented youth whenever the occasion demands it.” (NAN)(www.nannews.ng)

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Edited by Bashir Rabe Mnai

BOI creates over 2m jobs across country

BOI creates over 2m jobs across country

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By Lucy Ogalue

The Bank of Industry (BOI) has said that it created approximately 2,198,953 direct and indirect jobs across the country.

The Chairman of the Shareholders Committee, of BOI, Malam Muhammed Bala, said this at the 64th Annual General Meeting (AGM), held at the Transcorp Hilton, on Wednesday in Abuja.

“In furtherance to its drive to boost job creation through its interventions, the BoI significantly increased its disbursements to large, medium, small and micro enterprises,” he said.

He also disclosed that the bank’s profit before tax increased from N70.7 billion to N153.81 billion, the highest in the Bank’s history.

According to the bank, this represents 117.69 per cent.

The News Agency of Nigeria (NAN) reports that BoI has continued its impressive financial performance, showcasing a year of remarkable growth and achievements.

This is in spite of the significant global and local economic challenges it faced in the period under review.

Bala said that the bank’s total assets surged by an impressive 64.6 per cent, escalating from N2.37 trillion to N3.91 trillion.

According to him, this underscores the bank’s commitment to enhance its financial foundation and expand its capacity to support Nigeria’s industrial sector.

Bala said the bank’s loans and advances increased by 41.5 per cent, rising to N1.14 trillion and N803.6 billion respectively due to increased interventions and disbursements to enterprises.

He said this reflected the BoI’s ongoing efforts to provide essential financial support to businesses across various sectors.

“The bank’s total equity grew by 57.7 per cent from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments,” he said.

On BoI’s outlook for the coming year, the chairman said the bank would continue to implement its medium-term corporate strategy for 2022-2024.

“Thereby, effectively sustaining the trajectory of supporting Nigeria’s industrial growth.

“This is subsequent to President Bola Tinubu’s Renewed Hope Agenda and in tandem with the National Development Plan (2021-2025).

Also speaking, BoI Managing Director, Dr Olasupo Olusi, said during the period under review, the bank had empowered Nigerian enterprises, especially the micro and small ones, to remain in operation sustainably.

Olusi said this was done through the bank’s disbursement lines and managed intervention programmes.

He listed the programmes to include the Smallholder Farmer Financing Product, MSMEs Distributor Finance Programme, Fintech/Digital Lending Product, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES).

He said the Business Resilience Assistance for Value-Adding Enterprise (BRAVE) was also part of the programmes, among others.

“The BoI’s continued focus on strategic lending and investment in critical sectors has been instrumental in achieving these outstanding results.

“As the bank looks to the future, it remains dedicated to leveraging its financial strength to support the industrialisation and economic transformation of Nigeria,” he said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

SMEDAN pledges to facilitate export of made-in-Nigeria furniture

SMEDAN pledges to facilitate export of made-in-Nigeria furniture

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By Lucy Ogalue

The Director-General (D-G), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Charles Odii, has said that the agency will help to facilitate the export of made-in-Nigeria furniture.

Odii made the promise when he visited the Kugbo Furniture Cluster Association in the Federal Capital Territory, Abuja on Tuesday.

He said that the export of locally-made furniture would help to encourage the export of other made-in-Nigeria products.

The SMEDAN boss said that the agency remained focused in supporting Micro, Small and Medium Enterprises to improve their products to meet minimum international standards.

He also said that the agency was ready to support the association with machineries and access to funds to boost their production and perfect their product finishing.

According to him, this will enable them to favourably compete in any international market.

“This will not only generate favourable competition with other products across the globe but stimulate export potentials in the furniture industry.

“It will also create more jobs for the Nigerian youths,” Odii said.

He said that the President Bola Tinubu-led administration was focused on fasttracking economic development and creating multiple jobs to address unemployment.

“This can only be achieved, if the MSMEs are adequately supported,” he said.

He said the visit was to enable him to obtain first-hand information on the challenges inhibiting the growth of the furniture cluster.

Odii said that SMEDAN had established a Common Facility Centre (CFC) in Idu, equipped with the state-of-the-art machines and other relevant equipment.

“The centre is to be deployed for use by the furniture makers and an arrangement has been made with a logistics company to supply the finished products to any part of the country.

“This will remove the barriers of global competitiveness and made-in-Nigeria furniture can be exported to the West African countries and European markets in due course.

“The agency is partnering with Sterling Bank for the provision of a N5 billion facility.

“The loan will be made available to eligible members of the furniture cluster.

“This support will not be complete without adequate training of the association members in modern production techniques, in addition to an empowerment programme, specifically for them,’’ he said.

The SMEDAN D-G donated N.8 million to the association and promised to also donate working tools to a majority of the members.

He urged them to pay a visit to SMEDAN office to examine the industrial machines at the CFC.

Responding, the Coordinating Chairman of the association, Mr Sebastian Emeningi, said that they were happy over the D-G’s visit.

Emeningi enumerated the challenges facing the association, ranging from low patronage by government agencies to insufficient funding opportunities to procure modern machineries and the lack of opportunity for training and re-training of members.

He said that they were under serious threat of being run out of business by foreign furniture companies, which had the backing of their home government.

NAN reports that the SMEDAN D-G was accompanied to the hub by the Head, Corporate Affairs of the agency, Mr Moshood Lawal. (NAN)(www.nannews.ng)

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Edited by Sam Oditah

FG extends PEBEC plan to enhance business environment by 30 days

FG extends PEBEC plan to enhance business environment by 30 days

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By Lucy Ogalue

The Federal Government has approved the extension of the Presidential Enabling Business Environment Council (PEBEC)’s Regulatory Reform Accelerator Action Plan by 30 days.

Dr Jumoke Oduwole, Special Adviser to the President on PEBEC and Investment, made the announcement on Tuesday in a statement.

The News Agency of Nigeria (NAN) reports that a 90-Day Regulatory Reform Accelerator Action Plan, which began on Feb. 20, had successfully been completed.

Oduwole said the PEBEC Secretariat worked with 38 priority Ministry, Departments, and Agencies (MDAs) to deliver impactful reforms on eight key indicators, resulting in measurable institutionalisation of reforms.

“So far, the most progress has been recorded on Transparency Reforms, Port Operations, and AgroExport Reforms.

“Other indicators include Review and Update on Service Level Agreements, Efficiency Reforms, Entry and Exit (Airport) Reforms, and Manufacturing for Export Reforms,” she said.

The PEBEC boss said that based on the increased performance of MDAs over the last two weeks, the Vice-President, Kassim Shettima, the PEBEC Chair, has granted a 30-day extension of the accelerator.

She said this would culminate in a PEBEC Townhall meeting with all relevant MDAs to be hosted by the vice-president.

Oduwole said: “There is the need for more urgency by the MDAs to deliver outstanding reforms within the extension period.

“Thus, further impacting productivity and competitiveness, and supporting the economic goals of President Bola Tinubu’s administration.

“The PEBEC mandate is a top priority of president Tinubu’s, Eight-point Renewed Hope Agenda.”

The third cohort of the council was inaugurated on Nov. 16, 2023, with members from all arms and levels of government.

NAN reports that the PEBEC was established in July 2016 by the Federal Government to oversee Nigeria’s business environment intervention and is a top priority of President Bola Tinubu, in line with the eight-point renewed hope agenda.

The 3rd cohort of the Council was inaugurated on Nov. 16 2023 with 24 members from all arms and levels of government, and is chaired by Vice President Kashim Shettima. (NAN)(www.nannews.ng)

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Edited by Chioma Ugboma/Sadiya Hamza

Olarenwaju becomes 23rd CIBN President as expert task institute on economy

Olarenwaju becomes 23rd CIBN President as expert task institute on economy

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By Grace Alegba

The Chattered Institute of Bankers of Nigeria (CIBN) has sworn in Prof. Pius Olarenwaju as its 23rd President and Chairman of Council.

He was sworn in at a hybrid investiture programme convened at Victoria Island, on Friday inLagos.

Delivering his acceptance speech, the new CIBN President, Prof. Pius Olarenwaju, said the banking sector had remained resilient in spite of various economic shocks.

He said that his strategic focus would be to bequeath generational transforming legacies building on the achievements and innovations of his predecessors in office, adding that change was “inevitable”.

Olanrewaju listed particular areas of focus to include financial innovation, completion of ongoing projects, strategic engagement of shareholders, tackling emerging issues from recapitalisation, and collaboration with the government to ensure the nation’s economic progress.

He promised not to accept defeat but to take bold advantage of the situation through enhanced professionalism determined for excellence.

Olarenwaju also promised promotions of integrity and ethics among CIBN members, and inclusivity of gender across the nation to drive creativity, youth engagement and financial inclusion.

Others, he added, included boosting of membership economy, international and regional partnerships, among others.

He said plans by the CBN and banking reform required supporting of the CIBN and other stakeholders, which had his strong support.

“Will we just accept these challenges and do nothing, no, we will do something,” he said.

He explained the roles of older members in passing down the torch of excellence, promising to deliver on the CIBN mandate.

“We are going to run a responsive government,” he said.

Full of praises for his predecessor’s achievements and impacts, Olarenwaju thanked God for making the transition seamless.

He thanked Babcock University where he was once an employee for giving professionals within their employment special status and paying them special salaries.

Chairman of the occasion, Chief Wole Olanipekun, Founding Partner, Wole Olanipekun and Co, on Friday, urged CIBN to proffer solutions to the nation’s economic challenges.

Olanipekun, a former president of the Nigeria Bar Association (NBA), said that the CIBN as an institution critical to the growth of the economy owed a duty to the nation to chart the right economic direction.

He emphasised the need to build strong institutions rather than individuals in Nigeria, to get the right implementable policies for the rapid development of the nation.

He said that, unlike the NBA, the CIBN was empowered by legislation to sue and be sued, hence, its enormous powers to initiate and pursue implementation of economic and financial reforms.

He said that the CIBN needed to continuously proffer solutions to Nigerian economic challenges.

He advised the new CIBN President, Prof. Pius Olarenwaju, not to drop the strong baton of good leadership handed over to him by his predecessor but to lead the association to a new enviable height.

Dr Ken Opara, immediate past President/Chairman of Council, CIBN expressed satisfaction with achievements during his tenure as he handed over while reeling out the qualities of his successor.

He assured that Olarenwaju and his team would lead the institute to new enviable heights.

Mrs Emily Osuji who represented Bello Hassan, Managing Director/Chief Executive Officer, NDIC commended Opara’s contributions that produced growth in the banking sector while congratulating Olarenwaju for taking over the mantle.

Hassan said digitalization had increased exposure to cyber attacks hence the need for collaboration of all stakeholders towards reducing vulnerability.

Hassan enumerated efforts of the NDIC in ensuring effective deposit insurance that is credible to mitigate risks.

He reassured the support of NDIC in ensuring a sound banking system in the nation while pledging a partnership with the CIBN to promote a healthy banking industry.

Speaker of the House of Representatives, Tajudeen Abbas represented by a member, Nwachuku Eze commended Opara’s leadership where the banking sector achieved a “milestone”.

He said the institute had been a rallying point in driving growth and credibility in the banking sector.

Abbas said the banking sector had a critical role to play in the nation’s economy, adding that the CIBN had continued to uphold high standards to ensure the resilience of the sector.

He urged the new leadership of Olarenwaju to embrace changes brought about by evolving technology.

He called for inclusive growth through continued capacity building of its members while urging the new president to ensure that the banking industry uphold financial inclusion.

He said that the National Assembly was working on coming up with legislation to ensure microfinance banks were better equipped to partner the government in reaching the grassroots.

Edited by Olawunmi Ashafa

NICCI woos Indonesian businesses to Nigeria’s non-oil trade opportunities

NICCI woos Indonesian businesses to Nigeria’s non-oil trade opportunities

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By Rukayat Moisemhe

The Nigerian Indonesian Chamber of Commerce (NICCI) has called on Indonesian businesses to harness the exportable opportunities of the Nigerian non-oil economy, to enhance bilateral trade between both countries.

Mr Ishmael Balogun, NICCI President, made the call at a news conference on Friday in Lagos to detail the forthcoming Nigerian Indonesian Investment and Trade Forum (NIITF) 2024 event in Abuja.

Balogun said that sectors of the economy in focus for the forum were agriculture, renewable energy, power generation, manufacturing, mining, transportation, infrastructure development, oil, aviation, digital economy and health.

He said that the event, which was scheduled for June 3, 2024, was an opportunity for Indonesia to meet in Nigeria and expand bilateral trade and investment between both countries.

The president noted that Nigeria, as the number one investment destination in Africa, was currently also Indonesia’s number one trading partner in the continent with a trade balance of 4.7 billion dollars as at 2022.

According to Balogun, the chamber is intentional about the continuous promotion and engagement between the two countries either through trade forums, trade fairs, bilateral symposiums and deliberations.

“This year, we have decided to bring Indonesians to experience Nigeria in its full entirety.

“We have partnered with the Indonesian Embassy in Nigeria under the leadership of the Indonesian Ambassador to Nigeria, His Excellency, Amb. Dr. Usra Hendra Harahap.

“This partnership, in collaboration with the Indonesian government through the Ministry of Trade and Foreign Affairs has invited 70 Indonesian companies to Nigeria.

“The year’s edition starts with a five-day trade exposition taking place in Kano from May 27 to 31, and several products and services will be on display, thereby promoting bilateral trade opportunities.

“Next is the main event on June 3 in Abuja; the 3rd edition of the NIITF, and we have partnered with several government and private sector-led organisations to explore the opportunities in the non-oil sector,” he said.

Also, Ms Teniola Jibike, Special Adviser, Policy and Legal Services to the Minister of Tourism, Lola Ade-John, stated interest in exploring the tourism opportunities between both countries.

According to her, before the end of the current administration, the Nigerian tourism sector would wear a new look as many tourism assets, which before now had not been explored before, would now be addressed.

She added that the creation of a stand-alone ministry of tourism would help to focus better on the sector and increase its contribution to the Gross Domestic Product (GDP) of the economy.

Similarly, Mr Emmanuel Lingga, Representative of Indonesia to Nigeria, said Indonesian businesses coming to Nigeria were eager to explore opportunities in automotive, beverages, confectionery, pharmaceuticals and other sectors.

Lingga said Indonesia would export Nigeria’s tourism, while Nigeria imports Indonesia’s as a means of increasing awareness of both countries’ tourism potentials. (NAN) (www.nannews.ng)

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Edited by Ayodeji Alabi/Olawunmi Ashafa

AfDB to support Nigeria’s power sector with bn – Official

AfDB to support Nigeria’s power sector with $1bn – Official

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By Constance Athekame

The African Development Bank (AfDB) says it plans to support Nigeria’s power sector with one billion dollars to boost electricity.

Dr Kevin Kariuki, Vice President, Power, Energy, Climate Change and Green Growth Complex, AfDB, said this on Thursday at the Eight Africa Energy MarketPlace (AEMP) Forum in Abuja.

The forum was organised by AfDB, Ministry of Power and the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF).

The theme of the forum titled “Towards Nigeria’s Sustainable Energy Future: Policy, Regulation and Investment – A Policy Dialogue for the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP)”.

Kariuki said: “We will be shortly seeking board approval for a one billion dollars policy-based operation (PBO) with a significant energy component.

“This is aimed at supporting the ongoing power sector reforms triggered by the new Electricity Act.

“The timing of the AEMP and the proposed policy-based lending focused on the energy sector is, therefore, not coincidental.

“We will finance the policy recommendations to actualise the expected outcomes from the National Integrated Electricity Policy and Strategic Implementation Plan.”

He said that good policies attracted sustainable investments, adding that enabling environment would maximise the value of ongoing investments, including the 256.2 million dollars Nigeria Transmission Expansion Project.

According to him, the project entailed the construction of 500 Kilometres (KM) of transmission lines and four substations with a capacity of over 1000 Mega Volt Ampree (MVA).

“And the 200 million dollars Nigeria Electrification Project, which will build 150 mini-grids.

“Moreover, we are financing a study for the Transmission Company of Nigeria (TCN) to explore deployment of Battery Energy Storage Systems to enhance grid stability and facilitate greater uptake of renewable energy generation.

“Nigeria is part of our flagship 20 billion dollars Desert to Power Initiative, which aims to generate 10,000 Megawatts (MW) of solar power across 11 countries in the Sahel region to provide power to 250 million Africans.”

According to AfDB vice president, this portends great promise for increasing the proportion of renewable energy in Nigeria’s energy mix.

He said that through the multi-prong approach of supporting policy development, financing critical power sector infrastructure, and providing technical assistance and capacity building would be achieved.

“We strongly believe that our partnership with the Federal Government will ensure a viable and sustainable power sector that will yield the desired result,” he said.

On his part, the Minister of Power, Mr Adebayo Adelabu, said the NIEP-SIP would serve as a guiding blueprint for Nigeria’s energy development.

He said that Section 3 (1) of the Electricity Act, 2023, mandated the Ministry of Power to draft and publish, in the Federal Government Gazette, the Nigerian Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP).

Adelabu said the Act directed the ministry to do this in consultation with relevant government authorities and other stakeholders within one year of the commencement.

According to him, the NIEP-SIP will serve as a guiding blueprint for Nigeria’s energy development, addressing areas such as rural electrification, public-private partnerships for universal electricity access.

“Power-source specific policies, bulk power purchase, and management of local distribution in rural areas, among other pertinent aspects as directed by the Federal Government.

“In alignment with this legal mandate, the ministry of power has initiated the development of the NIEP-SIP, as required by EA-2023, aiming to address industry challenges and capitalising on opportunities identified during a comprehensive two-day retreat in December.

“I strongly believe and hope that through this collaboration, the Federal Government will leverage the opportunity provided by this AEMP to engage with stakeholders in the sector.”

The minister added that the collaboration would also facilitate the realisation of the goals of the mandate of section Three of the Electricity Act, 2023.

Mr Lamin Barrow, Director-General, Nigeria Country Department, AfDB said that the event was timely, coming in the wake of the ongoing rollout of the 2023 Electricity Act.

Barrow said the event also provided a unique opportunity to contribute to the preparation of the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP), in line with the requirements of the new Electricity Act.

“As part of the AEMP, several technical sessions were held virtually that generated a raft of recommendations across key areas, including recapitalisation of the Nigerian Electricity Supply Industry (NESI).

“Reform of the National Wholesale Electricity Market, operationalisation of State-level electricity markets, accelerating Universal Access, promoting a Just Energy Transition, enhancing human capital and national content development.

“We wish to commend the experts for their contributions at these technical sessions and urge participants to share their insights and experience in the two-day sessions to inform the action place emanating from the Eight AEMP,” he said. (NAN)(www.nannews.ng)

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Edited by Chioma Ugboma/Deji Abdulwahab

AfDB, others welcome use of Special Drawing Rights for hybrid capital instruments

AfDB, others welcome use of Special Drawing Rights for hybrid capital instruments

154 total views today

By Lucy Ogalue

The African Development Bank (AfDB) and InterAmerican Development Bank (IDB) have welcomed International Monetary Fund’s (IMF) Executive Board’s approval of the use of Special Drawing Rights (SDRs) for Hybrid Capital Instruments.

The AfDB in a statement, said the IMF approval allowed countries to channel SDRs through multilateral development banks.

It said the AfDB-IDB financial instruments could leverage SDRs by up to four times their value in the form of loans to finance social and climate projects.

“The SDR-hybrid-capital based solution proposed by the AfDB and IDB meets the IMF’s statistical criteria for international reserve-asset status.

“As such, according to IMF rules, countries that lend their SDRs through this pioneering approach can continue to account for them as reserves.

“This innovative SDR-based hybrid capital channelling solution will help unlock new lending by Multilateral Development Banks (MDBs) to address rising global challenges, including climate and food security,” it said.

According to the AfDB, the new instrument offers the opportunity to lend at least four dollars for every one dollar equivalent of SDRs through AfDB, IDB, and MDBs to finance development projects.

It quoted the AfDB President, Akinwumi Adesina, as saying “at a time of multiple crises and scarce resources for development, this is a unique value proposition for governments everywhere.

“The next step is to secure at least five investors to channel their SDRs through MDBs.

”The AfDB and IDB will continue their dialogue with SDR holders to drive forward this innovative financial solution.

“The international community now has at its disposal an innovative approach through which development financing can be mobilised with a multiplier effect and at no cost to taxpayers.

“These are the types of solutions we need to help us tackle Africa’s growing development challenges,” Adesina said.

Dr Ilan Goldfajn, President of the IDB, expressed delight at the IMF Executive Board’s decision.

“With the new SDR-based hybrid-capital instrument, we have a cost-efficient way to finance much-needed sustainable development projects.

“To boost climate resilience, reduce poverty and inequality, and lay the foundation for more inclusive growth in many of our countries.

“The G20 has recommended that MDBs optimise the use of their balance sheets through financial innovation to create additional lending capacity to help countries tackle urgent development challenges,” he said.

The AfDB recalled that in April, the leaders of 10 MDBs published a Viewpoint Note and announced joint steps to work more effectively as a system and increase the impact and scale of their work.

The News Agency of Nigeria (NAN) reports that the SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

Its value is based on a basket of world currencies (U. S dollar, Euro, Chinese Yuan, Japanese Yen, and British Pound).

The IMF’s most recent general allocation of SDRs to its members was in 2021, when the equivalent of 650 billion dollars was issued to help countries respond to the COVID-19 pandemic. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

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