By Olanrewaju Akojede

A Non-Governmental Organisation (NGO), GBS-Alliance for Africa Economic Development Initiative, (GBS-AAEDI), Florida, USA, on Tuesday called on Nigerians to support President Bola Tinubu in his economic recovery programmes.

The group’s Chairman/Chief Executive Officer, Mr Bola Shonekan, made the appeal in an interview with the News Agency of Nigeria (NAN)  in Lagos while presenting the signpost to Nigeria’s economic development project, initiated by the NGO.

According to Shonekan, the new administration will need series of ideas to navigate through the economic woes which required patience and support.

“I have no doubt about President Tinubu because he has started on a good note by raising a formidable economic team.

“One of the fantastic persons appointed by President Tinubu is Mr Olayemi Cardoso, a seasoned banker, as the Head of Central Bank of Nigeria (CBN); this shows that Tinubu means business”.

Shonekan listed other members of the Economic Team to  include the Minister of Finance, Mr Wale Edun, and the man in charge of harmonisation of tax, Mr Taiwo Oyedele, saying “these are set of people that mean business in pursuit of economic recovery.

“It is true that President Tinubu is not a magician, and that is the more reason we need to give him our full support, because things are not looking good for now,” he said.

Shonekan also said that Nigeria’s economy had been managed by previous administrations, especially with the adoption of Structural Adjustment Programme (SAP), but noted that there was more to be done.

“What we need now is a strong economic policy that will take us away from the shackles of the policies that came with SAP which has made our currency to face continuous devaluation.

“We cannot continue to devalue our Naira and think the economy will be bouyant; we need a strong currency for a strong economy.

“Another issue is about our borrowing policy: we need to put a plug to it. Nigeria might supposedly be a credit worthy country, yet if we place ourselves under the heavy yoke of debt, we won’t have room to attend to necessary things,” he added.

He stressed the need for consideration of other variables, including devaluation of the currency, when borrowing.

However, the subsidy removal is one of the most economic policies of the recent times,” he said.

Earlier, Shonekan alluded that Nigeria, as giant of Africa, would require a stronger currency for prosperous economy.

He equally posited that the free fall of the Nigerian currency could be a major setback to the economic development of the country.

“The unstable and fluctuating value of the Nigerian currency bears significant burden and a major setback that has negatively affected the nation’s ailing economy.

“The last quarter of 2022 till-date can attest to this effect. But, the solution is more paramount than nursing the damages it has caused the nation as a whole.

Shonekan traced the country’s economic strangulation to the 1986 adoption of International Monetary Fund-imposed Structural Adjustment Programme (SAP) without referendum by the then Armed Forces Ruling Council, AFRC, of the Babangida-led military regime.

He advanced the necessity to re-visit the IMF conditions by asking the National Assembly to re-evaluate the policy for possible reversal of the IMF to the value of the exchange rate of the 1980s.

Shonekan added that the Naira which was then $1.38 to N1 could be brought back the new currency value if Nigeria was to fully tap into her abundant God-given natural resources.

Shonekan further posited that African countries could have their own currency backed by cowrie.

“The relief of Cowrie currency, he noted “will bring unity and tranquility to Africa under one common and stable currency that assures sustainability and self-sufficiency to the Region.

“A global recognition, respect and equitable trade practices will replace the practices of the past centuries that Africa has experienced.

“This laudable plan and future plans to be implemented will refuse to accept any foreign currency for purchases.

“This will bolster a new and stronger economic relationship with the US Government and her US Federal Reserve Banks,” he said.

Shonekan added that if African countries could unite for the adoption of single monetary policy, the plan would automatically upgrade the African Cowrie to a convertible global currency status. (NAN)

Edited by Olawunmi Ashafa

By Ginika Okoye

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has highlighted non-interest and equity financing as viable solutions to the prevailing global debt crisis.

Edun said this at the maiden Securities and Exchange Commission (SEC) and the Islamic Financial Service Board (IFSB) international forum on non-interest capital markets in Abuja on Wednesday.

He emphasised the need for Nigeria to harness the substantial funds and opportunities present in equities and non-interest markets.

Addressing the forum, Edun stressed the importance of embracing green projects funded by equity to sustain the inclusive growth agenda set forth by President Bola Tinubu.

He underlined the urgency of financing green projects to alleviate the burden of the nation’s debt service ratio, which currently surpasses its revenue ratio.

Mr Lamido Yuguda, the Director-General of SEC, reiterated the forum’s focus on bolstering the development of the non-interest finance segment in Nigeria.

With Islamic finance accounting for an estimated $2.9 billion at the end of 2022, Yuguda emphasised the need for growth, stating that Nigeria constitutes just 0.9 per cent of the global non-interest market.

Dr Bello Danbatta, the Secretary-General of IFSB, expressed optimism about Nigeria’s potential to lead the continent in non-interest capital market development.

He identified opportunities to revive industries such as textiles and education through non-interest capital markets.

Dr Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), represented by Mr Haruna Mustafa, Director, Financial Policy and Regulation of the Bank, said they would work with other stakeholders to evolve and foster development in the sector.

Other key figures, including Mr Sunday Thomas of the National Insurance Commission and Mr Bello Hassan of the Nigeria Deposit Insurance Corporation, echoed the call for policy actions to deepen the non-interest capital market.

The forum concluded with the signing of a Memorandum of Understanding (MoU) between SEC and IFSB, signaling a commitment to enhance the market’s growth through capacity building. (NAN) www.nannews.ng

Edited by Olawunmi Ashafa

By Lucy Ogalue

Equatorial Guinea has sought a partnership with Tiamin Rice, a leading rice mill in Nigeria, to foster sustainable agricultural development and enhanced food security across Africa.

The Ambassador of Equatorial Guinea to Nigeria, Francisco Mague, said this in a statement issued by the company’s Business Relations Manager, Mohammed Inuwa on Monday in Abuja.

Mague, during a visit to the Tiamin Rice  in Bauchi, commended the company for the cutting-edge technology it installed in its rice mill.

He said that such a facility, with its level of sophistication and scale, was a testament to Africa’s potential to achieve self-sufficiency and become a major player in global agricultural markets.

Mague also emphasised leveraging such advancements to enhance regional food security and economic development.

While conveying his country’s interest in establishing a strategic partnership with Tiamin Rice, he said the relationship would be mutually beneficial and strengthen ties between Equatorial Guinea, Nigeria and Bauchi State.

He said:” Tiamin is positioned to play a pivotal role not only as a key player in the Nigerian rice industry but in the African continent as a whole.”

In his response, the Group Managing Director of Tiamin Rice, Aminu Ahmed, expressed his gratitude for the visit and the encouraging remarks of the diplomat.

Ahmed reiterated Tiamin’s commitment to driving excellence and sustainable growth in the rice industry and welcomed the opportunity to explore collaborative initiatives with Equatorial Guinea.

He also expressed Tiamin’s dedication to contributing to the economic development of Nigeria and the broader African continent by advancing agriculture and agribusiness.

Ahmed said: “The Tiamin Group is looking forward to the potential collaboration with Equatorial Guinea and remains committed to fostering strong partnerships that will benefit all parties involved.

“The company believes that by working together, African nations can harness their collective strengths to build a more prosperous and food-secure future for the continent.”

Meanwhile, during a courtesy visit to the Governor of Bauchi State, Bala Mohammed, the governor expressed his admiration for Ahmed, describing him as a commendable ambassador of the state.

The governor endorsed Tiamin’s honesty, integrity, resoluteness, and business expertise.

He affirmed the State Government’s willingness to facilitate any collaborative endeavours for the mutual benefit of Equatorial Guinea and Nigeria.

“When you have an exemplary individual as your son, they will in turn, attract other outstanding individuals to your state.

“Tiamin is a credit to Bauchi State, and through his efforts, he has brought prestige and advancement to our state.

“He has brought honour and progress to our state by bringing an illustrious son of Africa in the person of Ambassador of Equatorial Guinea.

“By fostering a relationship with the distinguished Ambassador of Equatorial Guinea, he has further brought honour to our state,” he said.

Similarly, during a visit to the Emir of Bauchi, he expressed his deep pride in Ahmed and presented the esteemed visitor with traditional attire as a gesture of respect. (NAN)

Edited by Ese E. Eniola Williams

By Olawunmi Ashafa

The Federal Government has taken a significant step toward addressing the country’s power challenges by signing a historic memorandum of understanding (MoU)  to launch a 1GW Solar PV Manufacturing plant in Nigeria.

The agreement was reached at the ongoing 28th session of Conference of Parties (COP28) in Dubai, United Arab Emirates.

In a statement  issued by Infrastructure Corporation (Infracorp) on Monday, the agreement signifies Nigeria’s commitment to a sustainable and self-reliant future and its determination to provide reliable energy for its people.

The agreement was initiated by Infracorp led by Dr Lazarus Angbazo, who signed the contract with two partners, Solarge BV of the Netherlands and the African Green Infrastructure Investment Bank.

The MoU is a significant catalyst in unlocking the potential of various economic sectors such as agriculture, healthcare, and education.

During the summit, the Minister of Power, Mr Adebayo Adelabu, who emphasised the importance of adequate energy supply to unlock the country’s full potential, assured the international community that President Bola Tinubu-led government was fully dedicated to fulfilling its promises.

He noted that the current power situation in Nigeria with insufficient transmission infrastructure, limited distribution capacity, and various challenges is hindering electricity generation.

According to him, this development has been responsible for frequent power outages that has continued to affect, negatively, the lives of Nigerians at home and in the work place.

Adelabu highlighted that renewable energy was no longer just a future aspiration but a present necessity.

“We bear witness to the enormous stress on our national grid that continues to trigger power outages that adversely affect the daily lives of our citizens: homes, schools, hospitals, and businesses of diverse scales,” he said.

He added that leveraging the African Free Trade Agreement could position Nigeria as a regional leader in transforming the energy landscape across West Africa and the entire continent.

While commending the Infracorp-led consortium for successfully securing a manufacturing plant in Nigeria, the Coordinating Minister for the Economy, Olawale Edun, said available data indicates a substantial market size for solar energy in Nigeria and West Africa.

Noting that the co-existence of abundant sunlight and limited energy access in Sub-Sahara, Africa presents a complex and challenging paradox, Edun said the establishment of a solar PV manufacturing plant in Nigeria has the potential to address various socio-economic challenges and bring about positive impact across different sectors.

On her part, the Minister of Industry, Trade and Investment, Dr Doris Nkiruka Uzoka-Anite, emphasised the importance of industrialisation in addressing various socio-economic challenges, such as job creation, import substitution, increased access to capital, and overall economic growth.

While noting that the MoU would be a significant catalyst for Nigeria’s industrial sector, she stressed that energy infrastructure remained the foundation for innovation, job creation, and prosperity that would pave the way for a brighter sustainable future.

The Chief Executive Officer of Infracorp, Angbazo, said the objective of the project is to revolutionise Nigeria’s energy sector and have a positive impact on various sectors of the economy.

He said the goal is to elevate Nigeria’s economy to $1 trillion through sustainable and climate resilient infrastructure.

He added that, “the project focuses on local manufacturing, green manufacturing and renewable energy, equipment manufacturing, and climate resilient infrastructure.”

InfraCorp is a government-supported infrastructure investment entity established and co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), and Nigeria Sovereign Investment Authority (NSIA).

Through Solarge International BV, a leading Dutch manufacturer of lightweight solar panels, an MoU was signed with Infrastructure Corporation of Nigeria (InfraCorp) to establish a solar panel manufacturing factory in Nigeria. (NAN)

Edited by Folasade Adeniran

By Oluwatope Lawanson and Chiazo Ogbolu

The Lagos State Governor, Mr Babajide Sanwo-Olu, has described the berthing of MV Great Lagos, largest container-RORO ship in Nigeria and West Africa sub-region, as an expression of confidence of the international community in Nigeria.

Sanwo-Olu represented by his Deputy, Dr Obafemi Hamzat, said this at the maiden call of the ship to Nigeria’s largest multipurpose Roll-on-Roll-off (RORO) terminal, the Port Terminal Multipurpose Ltd. (PTML) at the Tin Can Island Port Complex, on Monday, in Lagos.

The Port Terminal Multipurpose Ltd. (PTML) is owned by the Grimaldi Group.

Sanwo-Olu also commended the Grimaldi Group for its investment in Lagos State and pledged to continue to harness the vast potential of the maritime sector, and drive economic growth.

“The arrival of the MV Great Lagos symbolises the strength and vibrancy of the maritime sector,” he said.

Also, the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, said the successful berthing of the vessel testify to the dedication of the Nigerian Ports Authority (NPA) and PTML to enhance efficiency at the port.

Oyetola, represented by the Permanent Secretary of the Ministy, Dr Magdalene Ajani, commended Grimaldi Group and PTML for deploying the vessel to Nigeria and for adding value to the Nigerian economy.

Mr Mohammed Bello-Koko, Managing Director, Nigerian Ports Authority (NPA), said that apart from the high loading capacity and several other distinctive features of the vessel, the management was fascinated by the environmental impact that was infused into its construction.

“The very fact that this G5-class vessel is technologically equipped to reduce CO2 emissions per transported tonne up to 43 per cent ahead of previous classifications gives us great delight

“It signposts the seriousness of Nigeria’s commitment to the dictates of the 2023 International Maritime Organization’s (IMO) Green House Gas (GHG) Strategy.

“This envisages a reduction in carbon intensity of international shipping by at least 40 per cent by the year 2030,” he said.

The Comptroller General of Customs, Adewale Adeniyi, appreciated the PTML for the investment which he believes would bring economic development for the country.

Adeniyi, represented by Comptroller Mohammed Jibo, Zonal Coordinator, Zone A, assured the terminal that customs would always facilitate trade and improve security in the terminal.

“Anytime you have issue with customs, our doors are always open for you,” he said.

Dr Bashir Jamoh, Director General, Nigerian Maritime Administration and Safety Agency, said that the arrival of the vessel was a birthday gift to the Ministry of Marine and Blue Economy.

According to Jamoh, it is a practical illustration for the take off the ministry, adding that it was sending signal of wakeup call for other port concessionaires.

“Other terminal operators should also invest more to ensure that our ports are the best in West Africa just as Grimaldi and the ship, MV Great Lagos is best in West Africa,” he said.

Also speaking, Mr Pius Akutah, Executive Secretary, Nigerian Shippers’ Council (NSC), noted that the coming of the vessel was an eye opener to other sectors, especially the shipping line.

Akutah noted that government was ready to build the sector and ensure a level playing field, adding that the council would regulate the sector in that way.

Earlier, the Managing Director of PTML, Mr Ascanio Russo, said the new ultramodern megaship was a marvel of modern engineering and environmental consciousness, stretching 290 meters in length with a beam of 38 meters and deadweight of over 45,000 tonnes.

He added that the ship had the capacity to transport 4.7 kilometres of rolling freight, 2,500 Car Equivalent Units (CEUs), and 2,000 Twenty-foot Equivalent Units (TEUs).

He said the MV GREAT LAGOS was the second of the G5-class of ships recently launched by the Grimaldi Group and named after Nigeria’s commercial capital, which it has served for many decades.

“We are gathered here on board this magnificent ship to celebrate the maiden call of the ‘Great Lagos’, a majestic vessel in the new G5 class of Ro/Ro multipurpose ships .

“The naming of this vessel is not merely a coincidence; it is a deliberate and meaningful choice that reflects the deep and enduring connection between the Grimaldi Group and the port city of Lagos,” he said.

Russo said for more than six decades, the Grimaldi Group had been a cornerstone in the development of trade and maritime relations with Nigeria, a journey of mutual growth, understanding, and unwavering commitment.

“The arrival of the ‘Great Lagos’ is not just an addition to our fleet but a reaffirmation of our devotion to the Nigerian economy and its vibrant economic capital. The ‘Great Lagos’ is amongst the largest ships ever built in its class.

“This is not just an upgrade; it is a leap into the future of maritime transport and we are proud that we are witnessing this in Nigeria.

“But the ship greatness is not measured solely by her size or capacity. This vessel stands as a testament to our enthusiasm to achieve the minimum environmental impact,” he said.

He noted that PTML had always prided itself on being at the forefront of technological advancement and operational efficiency.

According to him, in the last one year alone, the company has invested over 20 million dollars to upgrade its facilities to receive this beautiful ship.

“We have been extending our quay by over 40 meters while strengthening it to enable us to receive and operate a new Mobile Harbour Crane. All of this to accommodate the “Great Lagos.

“This investment underscores our strive to achieve operational excellence, while delivering efficient and cost effective logistics services to the broader Nigerian economy and its people.

“It reinforces our position as a key player in the maritime sector and confirms our readiness to take the port of Lagos on larger roles in the global trading community,” Russo added. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa