NEWS AGENCY OF NIGERIA
Afreximbank, First Bank sign 0m facility agreement to finance clients’ needs
Economy/Business

Afreximbank, First Bank sign $200m facility agreement to finance clients’ needs

252 total views today

 

By Okeoghene Akubuike

 

Afreximbank and First Bank of Nigeria(FBN) have signed a 200 million dollar facility agreement for financing the needs of FBN’s numerous clients.

The News Agency of Nigeria (NAN) reports that the signing took place at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas, on Friday.

The meetings are being monitored by the NAN.

The facility will finance the needs of FBN’s numerous clients engaged in oil and gas and energy, manufacturing, telecommunications and associated infrastructure projects.

The parties who signed the agreement included Olusegun Alebiosu, Acting CEO, FBN, Awani Kanayo, Executive Vice-President, Intra-African Trade Bank (IATB), Afreximbank, and Viswanathan Shankar, CEO, Gateway Partners on behalf of African Credit Opportunity Fund.

The 31 AAM2024 is being held in Nassau, The Bahamas, from June 12 to June 15, with the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’, NAN reports.

The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024).

Edited by Vivian Ihechu

FCT residents groan over hight transport fares, urge govt’s intervention
Economy/Business

FCT residents groan over hight transport fares, urge govt’s intervention

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By Safia Abdulrahman

Many residents of the Federal Capital Territory (FCT), have continued to decry the increasing hike in transport fares.

According to the residents, who spoke to the News Agency of Nigeria (NAN) on Friday in Abuja, the hike in transport fares has also led to the high cost of commodities and services.

The residents said that as a result of this development, their finances could no longer cater for their other needs such as electricity and water bills, health and especially feeding among others.

NAN recalls that since the removal of fuel subsidy by the Federal government on May 29, 2023, transport fares have increased astronomically.

This had also led to fewer commercial vehicles plying the roads.

They urged the Federal Government to intervene by providing buses that were highly subsidised, saying this would go a long way in cushioning the effect of the high transport fares.

Miss Aisha Bajini, a corps member, said it had become difficult for her to get to her place of primary assignment due to the high transport fare.

“It has not been easy for me to go to work since we started experiencing high transport fares.

“To worsen the situation, anytime I come out, I spend most of my time on the road looking for vehicles, because before the vehicle gets to where I am it is already filled with passengers.

She said the situation had affected her so much that she paid twice the transport fare to get to work when she eventually found a vehicle.

“This has now made me trekking halfway from home to reduce the transport fare, and I end up being exhausted by the time I get to my place of work,’’ she said.

Miss Princess Uye, a private sector worker, said that with the high transportation fare, it was costing her more to get to the office.

According to her, I used to pay N300 to N400 from Nyanya to Julius Berger Junction but now I am paying N700 in a day. Where are we going in this country?

Miss Treasure Umar, a civil servant and many others also corroborated what Bajini and Uye said.

“If it is not that it is boring to stay at home, I would have stopped going to work because I am not gaining anything at the end of the month.

“I am just making money to spend on transport and not for anything else that can help me move forward in life.”

Umar, who appealed to the government to intervene, said the situation was becoming unbearable for the younger generation who had finished their education without tangible means of livelihood.

“Last Tuesday, I had to trek home after I came down at my bus stop which is far away from my house because the money I had on me was spent on just transport and I had nothing left.

“Is this how we are going to survive in Nigeria, is this how we are going to fight poverty in the country if the little we have cannot sustain us?”

Similarly, Mr Petter Edache, said he now pays N900 from Dei-Dei to Berger as against N200 he used to pay.

Edache said commercial motorcyclists operating within his area were now charging between N200 and N300 to different destinations as against N100.

He pleaded that the situation be addressed as it was not easy for both government and private sector workers let alone Nigerians who were not working.

Mr Shuaybu Bulama, a commercial driver, attributed the high cost of transport to the removal of subsidy.

“Fuel is now very expensive, we have no other choice but to increase transport fares,’’ he said. (NAN

Edited by Okeoghene Akubuike/Ese E. Eniola Williams

African Caribbean free trade agreement requires multi-faceted approach- Minister Uzoka-Anite
Business

African Caribbean free trade agreement requires multi-faceted approach- Minister Uzoka-Anite

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By Okeoghene Akubuike

Dr Doris Uzoka-Anite, Minister of Industry, Trade, and Investment (FMITI), Nigeria, says developing the African Caribbean Free Trade Agreement will require a multi-faceted approach.

Uzoka-Anite said this at a Plenary Session: “Towards An Afri-Caribbean Free Trade Agreement: The Pathway to Self-Determination” at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas.

The meetings are being monitored by the News Agency of Nigeria (NAN).

Uzoka-Anite said the agreement would involve multi-stakeholders whose roles would need to be clearly defined.

“ The role of government, the private sector, international development communities, and civil society have to be defined. There has to be a multi-stakeholder engagement to address all the issues.

“When we have a focused and inclusive discussion, listening to diverse opinions and considering them in negotiations, we take the first step in breaking down barriers, because we are going to see a lot of barriers.

Uzoka-Anite said strong political will from the political leaders was also needed to achieve the development of the African-Caribbean Free Trade Agreement.

She mentioned that the African Continental Free Trade Area (AfCFTA) was successful because the African Union leaders backed it with their political will.

“We need to see the same thing happen between the African and Caribbean countries.”

The minister also said there was a need to clarify how the two regions would develop communication and infrastructure, citing no direct flights, and visa restrictions between the regions as a challenge.

She, however, said the partnership between the regions was supposed to address those challenges.

“Opening the trading routes and developing market access so that there is a free flow of goods either through the sea are things we should be looking at.

“So, we need to do seaports, airports, road networks infrastructure, and digital network infrastructure for communication to happen. All that infrastructure has to be developed.”

Uzoka-Anite said a strong policy framework needed to be in place by harmonising them to ensure their alignment, including the different agreements the two regions already had in place.

She emphasised the need to create incentives for private sector involvement in the agreement, as the sector would be the major driver of the agreement.

Uzoka-Anite said there was also the need to ensure the removal of tariff and non-tariff barriers to trade, however, not at the detriment of each country’s nationalistic objectives.

“Even though we are looking for global and economic integration within the regions, every country has their nationalistic objective and their duty to provide infrastructure, job creation and sustainable growth for their citizens.

“ Therefore, you do not want the free trade agreement to destroy what you are building. All this has to be considered,” she said

She said dispute resolution mechanisms have to be in place to ensure the agreement is enforced in an equitable, efficient, and transparent way “where everybody feels they are part of it.”

The minister said there was also the need to harmonise different standards even amongst the financial services.

“How do I bring the banking sector from Africa into the Caribbean? how do I ensure there is free movement of professionals with different licensing regimes, different qualifications, etc?

“ All these need to be considered in developing the free trade agreement itself.”

She said apart from the challenges, there were many opportunities to benefit from the economic, and regional integration that the African Caribbean free trade area would offer.

Uzoka-Anite said the creative sectors- fashion, music, film, technology, agriculture and tourism sectors; and cultural exchange, all had strong potential for growth.

“Even harvesting technology transfers between emerging areas like renewable energy and some industries. Now the Caribbean is discovering oil.

“We have a lot of skills and technology especially in Nigeria for example that we can transfer this knowledge, and lessons learnt between ourselves.

“When we put the opportunities and the benefits before our negotiating parties or before our countries and we understand that we are stronger together than separately, it begins to help us move in that direction.”

Albert Muchanga,  AU Commissioner for Economic Development,  Trade, Tourism, Industry and Minerals,  said it was necessary to build stakeholders ownership to achieve the trade agreement between the two regions.

Christopher Edordu,  Former President,  Afreximbank,  suggested going slow to achieve positive results on the trade agreement.

Mrs Pamela Coke-Hamilton, Executive Director, International Trade Centre,  said the political will was needed to achieve the trade agreement between the two regions.

“ Next is  to drill down to the specifics then get  the youths to feel it is worth it for them. If they don’t buy the idea there is no point.”

Albert Ramidin, Minister of Foreign Affairs, Suriname,  said the discussion on the agreement between the two regions would require political ownership and commitment.

“I believe we need as soon as possible a document outlining the scope of this endeavor,  present it to the African and Caribbean leaders, receive their mandate with a timeline and roadmap to execute and the rest will follow.”

Dr Didadus Jules,  Director-General,  Organisation of Eastern Caribbean States, said all the sectors should be brought to the table, especially the private sector and the youth economy.

“The youths  have the greatest appetite for innovation.  Also Open up the means of communicating for  people, so that  exchange can happen.”(NAN)(www.nannews.ng)

 

Edited by Vivian Ihechu

AGIS 2024: Stakeholders urge investment, innovative energy reforms in Africa
Business

AGIS 2024: Stakeholders urge investment, innovative energy reforms in Africa

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By Lucy Ogalue

Stakeholders say technological innovation, substantial investments, and effective policy frameworks are critical to securing Africa’s sustainable energy future.

The stakeholders spoke at the Africa Gas Innovation Summit (AGIS) 2024, held in Abuja on Thursday.

The News Agency of Nigeria (NAN) reports that the summit’s theme is “Igniting the Future: Driving Sustainability in Africa’s Energy Landscape through Gas Technology and Innovation”.

Mr Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, said technology and innovation played a pivotal role in reshaping Africa’s energy sector.

Mr Olalekan Ogunleye, the Executive Vice-President Gas, Power and New Energy, NNPC Ltd, represented Kyari.

“There is no doubt that technology and innovation remain key levers for growth and development, as can be seen in the drastic transformation of our industry,” Kyari said.

He elaborated on NNPC’s strategic focus on research and technological advancements, underscoring the establishment of a dedicated entity for research, technology, and innovation (RTI).

He said; “the NNPC’s initiatives have led to significant progress, particularly in seismic mapping and multivariate analysis for evaluating source rock potential.

“Indeed, today, the RTI is the hub of the NNPC due to the great emphasis on research and innovation.

“I am urging the participants to embrace the challenge of providing customised solutions aligned with the priorities of the African energy sector.’’

Kyari expressed NNPC’s commitment to leveraging gas technology and innovation to enhance sustainability in Africa’s energy landscape.

“NNPC is pleased and proud to have this veritable summit join it in its quest to ignite the future and increase sustainability in Africa’s energy landscape,” he said.

Similarly, Madam Amina Benkhadra, the Director-General of Morocco’s National Office of Hydrocarbons and Mines (ONHYM), said there was an urgent need for major investments and innovative technologies to address Africa’s escalating energy demands.

“To unlock Africa’s energy future, we must develop major infrastructure projects and mobilise international investments.

“And the continent has strong potential in driving sustainable growth through gas and renewable energy.”

According to Benkhadra, Africa will require over 100 billion dollars annually in the power sector by 2030, with total investments reaching up to” three trillion dollars by 2050 to satisfy its increasing electricity demand.

The ONHYM director-general said gas remained the backbone of the global energy transition.

She recalled the African Atlantic Project, a strategic gas pipeline initiative that Morocco and Nigeria inaugurated as a key effort towards enhancing energy security and economic integration across West Africa.

Benkhadra then restated the importance of cooperation on the continent to ensure sustainability in Africa’s energy landscape.

“We must develop specific cooperation between African countries and other stakeholders worldwide.

“There is a need for deeper regional cooperation and public-private partnerships to drive investment on the continent.

“Morocco is committed to strengthening energy partnerships across Africa. We are dedicated to increasing and reinforcing our specific cooperation with all the African Sub-Saharan countries, especially in West Africa,” Benkhadra said.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, represented by his Permanent Secretary, Nicholas Ella, said effective policy frameworks and capacity building were crucial in fostering a thriving African gas sector.

“Our policies must be forward-looking, adaptable, and inclusive. They should address the unique challenges and opportunities of the African context.

“Such policies are essential for promoting transparency, accountability, and the equitable distribution of benefits within the gas sector,’’ he said.

According to the minister, there is a need for a skilled and knowledgeable workforce in the sector.

“Capacity building must be at the forefront of our agenda. This involves investing in education and training programmes, promoting technical and vocational education, and fostering a culture of continuous learning and professional development.

“The role of entrepreneurship and innovation is also underscored, with a call for support for entrepreneurs developing sustainable business models within the gas sector.

“By aligning our policies with global sustainability goals, we can position Africa as a leader in the global transition to a low-carbon economy,” Ekpo said.

The minister lauded the Africa Gas Innovation Summit 2024 as a significant milestone in the journey towards a sustainable energy future.b

” By embracing gas technology and innovation, shaping effective policy frameworks, unlocking financing avenues, nurturing capacity building, and cultivating entrepreneurship, we can ignite the future and drive sustainability in Africa’s energy landscape.’’

The Summit Chairman, Olalekan Ogunleye, said technology and innovation were key to exploring the resources that would enable Africa to transition to gas.

He said: “let us key to this, not just for economic or global trends but for our community and development.

“So our quest should be supported, and we (NNPC and Nigeria) will support every effort Africa makes to ensure we explore this resource.

“Innovation and technology require huge funding, but we can source this by embarking on a short-mid-long term plan.

“And I am optimistic that this summit will provide an opportunity to synergies on how we can explore these resources, and I hope we find direction to this at the end of the day.’’

NAN reports that the two-day summit was attended by government officials, partners, and key stakeholders in the energy sector on the continent. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

NBCC to explore new frontiers of cooperation for Nigeria, UK
Business

NBCC to explore new frontiers of cooperation for Nigeria, UK

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By Rukayat Moisemhe

The Nigerian-British Chamber of Commerce (NBCC) has stated the need for Nigerian and British businesses to leverage their strengths and explore new frontiers at the forthcoming trade mission in the United Kingdom.

Mr Ray Atelly, President, NBCC, said this at a news conference on Thursday in Lagos.

Atelly said the 2024 NBCC Trade Mission slated for June 24 to 28 has the theme: “Unveiling Untapped Opportunities Across the UK and Nigeria.”

He said the advice was crucial to navigate the complexities of a post-Brexit and post-pandemic global economy.

Atelly noted that the trade mission was critical, particularly at this time when the Nigerian economy needed a rebirth especially via influx of foreign direct investments.

He said Nigeria’s dynamic economy, rich in resources and entrepreneurial spirit, presented a wealth of investment opportunities for UK businesses, particularly as Nigerian banks need capital to meet the new capital threshold set by the apex bank.

Atelly added that the UK, with its advanced infrastructure, diverse market, and robust legal framework, offered numerous opportunities for Nigerian businesses seeking to expand their footprint internationally.

“It is certainly not just a window but a big door of opportunities thrown open to investors all over the world, the United Kingdom particularly.

“The Central Bank of Nigeria Governor, Olayemi Cardoso, has agreed to feature in the trade mission and he will be delivering a paper on his programme for the banks (recapitalisation of Nigerian banks).

“It is, therefore, an opportunity for the financial institutions in Nigeria to join us on this mission to explore possibilities beyond borders,” he said.

He also stated the need to explore and unveil untapped opportunities that exist within both economies.

Atelly said on the Nigerian front, opportunities existed in the transportation, educational and technology areas while for Nigeria in the UK, opportunities were in housing, food exports and culinary delights.

He stressed that Nigeria must expend efforts such as this to replace businesses that were being lost, noting that the net gain was in the country’s favour.

He pledged that the NBCC would continue to be at the forefront of fostering strong bilateral trade relations between Nigeria and the United Kingdom.

“This trade mission is a testament to our commitment to deepening economic ties, promoting business opportunities, and enhancing mutual growth and development,” he said.

The Director General, NBCC, Mrs Ebere Njoku, said the trade mission would high the vast and often underused opportunities in Nigeria’s key sectors such as agriculture, technology, manufacturing, and energy.

Njoku said the knowledge exchange in best practices between business leaders would foster innovation and collaboration between Nigerian and British business leaders.

“The UK-Nigeria relationship is built on a foundation of shared history and mutual interests.

“This trade mission is not just about business; it is about building bridges, fostering understanding, and creating a future where both nations can thrive together.

“As Nigeria navigates challenging economic conditions due to the decline in global oil prices, it has become imperative for us to diversify our economy and reduce our dependence on crude oil.

“The NBCC Trade Mission stands as a beacon of opportunity, aimed at attracting foreign investments to Nigeria with a focus on our non-oil sectors,” she said. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

FCCPC frowns at increased sale of adulterated foods
Business

FCCPC frowns at increased sale of adulterated foods

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By Ginika Okoye

The Federal Competition and Consumer Protection Commission (FCCPC) has frowned at the increasing sale of adulterated and contaminated foods in the markets.

The Acting Executive Vice Chairman of the Commission, Dr Adamu Abdullahi, said in Abuja on Thursday, that some traders were engaging in various forms of adulteration without minding the health implications on consumers.

Abdullahi said this at a one-day sensitisation for traders, farmers, Civil Society Organisations (CSOs) and the public on forceful ripening of fruits, adulterated palm oil, contaminated meat and grains.

Abdullahi said the move was to ensure a healthier society in line with President Bola Tinubu’s Renewed Hope Agenda.

He said the Acts that established the Commission gave them powers to evacuate fake and adulterated products from the markets to avoid purchase by consumers.

According to him, we have to renew the hope of our people to be alive and healthy first.

“We have allowed the love of money to supercede everything that we do.

”We will go the markets to sensitise the traders, educate the public and sellers that adulterated and fake products are not allowed in the markets and if they see any, they have somewhere to report.

”We are going to markets in the states, the grassroots, farms to find out the sharp practices going on and to ensure we get a healthier society in line with President Tinubu’s Renewed Hope Agenda.

”We have to ensure that the goods in the markets are according to the standard that they should be,” he said.

Mr Femi Stephen from the Federal Ministry of Health and Social Welfare, described adulteration as the addition of substandard substances that had same properties with the food stuff which they are mixed.

On adulteration of palm oil, Stephen said they are being adulterated with dye, lard (animal fat from pork) and transformer oil (paraffin).

Stephen said that adulteration had been linked to various health challenges.

He listed some health issues linked to adulteration to abdominal pain, nausea, brain damage, stomach disorder, cardiac arrest, liver disease and breathing difficulties.

Stephen urged farmers to seek experts’ guidance in the application of pesticides to avoid poisoning.

Dr Promise Ogbonna from the National Agency for Food, Drug Administration and Control (NAFDAC) said that forceful ripening of fruits was detrimental to health.

Ogbonna said that calcium carbide used for forceful ripening of fruits were arsenic and phosphorus which had been said to be carcinogenic.

Dr Edozie Ugwu, the Vice-President, North Central, National Association of Nigerian Traders (NANTS), commended the FCCPC for the sensitisation.

Ugwu said that many Nigerians had lost their vital body organs to the adulteration of food.

He said the market associations would collaborate with the Commission and other government agencies to ensure that the law penalised any trader found wanting in the practice.

”What we intend doing is to take this back and sensitise our traders on the importance of avoiding these adulterated foods.
”We plead that this be extended to various markets,” he said.

The News Agency of Nigeria (NAN) reports that various market associations including market women associations and members of Food and Hygiene Association of Nigeria were present at the event. (NAN)(www.nannews.ng)

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Edited by Ekemini Ladejobi

Diaspora investment crucial for national development – Expert
Economy/Business

Diaspora investment crucial for national development – Expert

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By Angela Atabo

The Chairman of Silicon Valley Nigeria Economic Developments, Chief Amina Labinjo-Ajayi, has called on the Federal Government to leverage diaspora investment and entrepreneurship for national development.

Labinjo-Ajayi, who is also a U.S.-based humanitarian expert, made the call during an online meeting with journalists to mark Nigeria`s 25th Democracy Anniversary.

She said that it was high time the Nigerian government shifted attention from petroleum to other sectors, such as Compressed Natural Gas, entrepreneurship development, youths’ empowerment among others to develop the country.

“Nigeria is richly blessed in natural and human resources, we need to channel our focus and invest more in other sectors.

“Nobody talks about petrol again these days; attention is being shifted from it because of the effects of climate change.

“The plan B now is compressed natural gas and as one of the CEOs of Silicon Valley, I can tell this for a fact.

“Let us capitalise on our natural and human resources, we have smart youths and first class brains that can drive this process,” she said.

Labinjo-Ajayi said that she had brokered over 19 billion dollars investment to Nigeria and had also signed partnership with some companies on compressed natural gas, mechanised farming among others as part of efforts to contribute to the nation`s development.

Labinjo-Ajayi said she had also approached the management of the National Youth Service Corps (NYSC), to work with corps members on some of the projects in Nigeria.

She, however, used the medium to call on the government to create a market and promote entrepreneurship spirit among Nigerians, youths in particular to compete favourably with their counterparts in the global markets.

“I am currently working with the Minister of Housing and Urban Development, Ahmed Dangiwa, the Federal Housing Authority and the Federal Mortgage Bank to leverage diaspora investment for housing delivery. ”

Labinjo-Ajayi called on Nigerians all over the world to give support to the nation`s democracy, so as to achieve a better future Nigeria desired.

“Democracy is about the people, so citizens should continue to exercise their power through active participation and engagement.

“On this 25th anniversary of democracy; I urge you to have hope and be resilient as we are making progress in spite of the challenges. So let us continue to work together towards a brighter future.

“Democracy is a collective effort, it is a shared responsibility, so let us embrace active citizenship and hold leaders accountable,” she said.

Labinjo-Ajayi also stressed the need for inclusive growth and development across the country, adding that Nigeria is a country where everyone should have access to opportunities regardless of background or location. (NAN)

Edited by Okon Okon and Abiemwense Moru

Experts list ways to boost Nigeria’s natural gas production
Business , Oil & Gas

Experts list ways to boost Nigeria’s natural gas production

330 total views today

 

By Rukayat Moisemhe

Some experts have called for a well-articulated and sustainable programme to decentralise the power sector regulatory environment and incentivise investors to boost natural gas production in Nigeria.

They said this at the American Business Council (ABC) Economic Update with theme: “Energising Nigeria: Navigating Challenges, Harnessing Opportunities,” on Thursday in Lagos.

Prof. Barth Nnaji, the Chairman, Geometric Power Ltd., said for almost three decades, the world had been possessed with finding a solution to climate change, having identified fossil fuel as the main culprit to global warming.

Nnaji noted that Nigeria had set a target of 2030  to achieve complete flare-out in its oil industry with various aspirations to pursue renewable energy options.

Nnaji noted that, unfortunately, the non-availability of adequate gas for power and industrial processes would afflict all the initiatives, in spite of the country’s proven natural gas reserves of over 206 trillion cubic feet.

He said that while government must be commended for exploring overseas markets for Nigeria’s natural gas for its benefit, they should bear in mind that ‘charity begins from home.

“It is not just local power producers that are currently bleeding owing to insufficient gas.

“There is no sufficient liquified petroleum gas for our kitchens and people are now resorting to firewood and coal for cooking, thus worsening the environmental crisis,” he said.

Nnaji, also former Minister of Power, stressed the need for a total overhaul of the transmission arm of power generation, saying that the current national grid is grossly inadequate for 200 million.

“Nigeria needs over 100,000 MW to meet its energy needs and we currently have just 13,000MW of installed capacity from which we are only able to put less than 5,000 MW on the grid due to reasons primarily of gas and transmission constraints.

“The Nigerian government at every level should employ already tested approaches to collaborate with competent private sector operators to quickly progress power availability to the level that matches our country’s sustainable economic growth desire,” he said.
Mrs Margaret Olele, Chief Executive Officer, American Business Council, noted that the theme of the event was a critical conversation on how government and private sector can best move forward to energise the country.

Olele noted that in spite of the economic reforms by the current administration and the implementation of the Petroleum Industrial Act, Nigeria was still unable to meet Organisations of the Petroleum Exporting Countries (OPEC) production quota.

“Issues of theft, insecurity have impacted the country meeting its OPEC quota and it is important to address this because a major chunk of the country’s revenue is tied to the power, oil and gas sector.

“The gas we have is still underutilised and power generation issues is impacting manufacturers and everybody in general so we are here to unload and shift your mindsets from the status quo to innovation and progression amidst the challenges,” she said.

Mr Martins Arogie, Partner, Energy and Natural Resources Services, KPMG, said that Nigeria’s energy industry was considered one of the most inefficient in meeting the needs of its customers globally, in spite of the country’s enormous energy resources.

Arogie noted that underutilisation of these resources was rampant and exacerbated by a chronic imbalance in the electricity and petroleum products markets.

This situation, Arogie said, had threatened Nigeria’s energy security, harmed the economy, increased income inequality and energy poverty, weakened industrialisation processes, and the undermine efforts to achieve sustained economic growth.

“In a market where demand far outstrips the current supply, Nigeria’s energy sector presents attractive investment opportunities within its various subsectors including oil and gas, electricity and renewables.

“With an abundance of both renewable and non-renewable resources, Nigeria provides immense opportunities for sustainable solutions to address existing energy demand gap and contribute to government’s drive to improve the efficiency and contribution of the sector.

“Therefore, it has become imperative for all the stakeholders to collaborate to address the challenges hampering the development of energy sector and unlock the vast opportunities that it holds for the country, Africa and the world,” he said.

Mrs Eyono Fatayi-Williams, President, Women in Energy Network, noted that Nigeria, blessed with a lot of natural resources, has a 206 trillion feet of proven gas reserves, which means there’s so much that can be done to harness the country’s gas resources.

Fatayi-Williams noted that the country had a lot of room for growth, particularly as gas has been recognised globally as the transition fuel in energy transition.

“So, gas development is a good thing and gas development will help in closing the huge deficit we have seeing that what Nigeria produces and what it needs are at two different points apart.

“But I think our message is the government declared a decade of gas and we are still in that decade and that decade of gas is supposed to be the big ticket, and we look forward to that happening.

“I think the government can continue in that trajectory and we are bound to see positive changes and we look forward to when Nigeria can actually become a gas-powered economy in 2020,” she said.(NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

Heads of State, Ministers discuss economic prosperity at Afreximbank meetings
Economy/Business , Foreign

Heads of State, Ministers discuss economic prosperity at Afreximbank meetings

247 total views today

By Okeoghene Akubike

Heads of State, Ministers, government officials, and renowned captains of industry have gathered at the 31st African Export-Import Bank (Afreximbank) Annual Meetings (AAM) in Nassau, The Bahamas.

The meetings, holding from June 12 to June 15, would be hosting no fewer than 2,000 delegates, the News Agency of Nigeria (NAN) reports.

The theme of the Annual Meetings is “Owning our Destiny: Economic Prosperity on the Platform of Global Africa.”

The three-day event is taking place jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF).

“This is in recognition of the increasingly closer linkages between Africa and the Caribbean and the movement towards a Global Africa uniting Africans, their diaspora, and descendants worldwide.

“The first day of the Meetings called to strengthen the linkages between Africa and the Caribbean, the sixth region of the African Union.

“These meetings are considered crucial for economic decision-makers in Africa and the Caribbean and are covered by the African, Caribbean, and international media,”  Vincent Musumba, Afreximbank’s Manager, Communications and Events (Media Relations), said in a statement.

Mr John Rolle, Governor, Central Bank of The Bahamas, in his welcome remarks, encouraged the attendees to capitalise on the opportunities to learn, share, and network.

Rolle mentioned that the Caribbean could benefit from learning more about the Pan African Payment and Settlement System (PAPSS) from Africa.

He said that with support from Afreximbank, the Central Banks across the Caribbean Community (CARICOM) could work towards replicating that system.

“A successful project in the Caribbean could keep us on pace to deliver on targets that are already being set for an international payment system.

“A system that even at the retail level, is more integrated, faster, and significantly cheaper for the average consumer.

“If we perfect the multilateral cross-border payments and settlements arrangement, it could also help us to conserve the use of precious international reserves, especially if we expand intra-regional trade.”

Also, Mr Denys Denya, Senior Executive Vice-President, Afreximbank, said the AAM and ACTIF2024 were a reunion of all Africans in the context of Global Africa.

Denyal said the meetings would also help shape the shared vision and aspirations of the Caribbean region and Africa.

“For a continent that is endowed with such an abundance of natural resources, the quest for sustainable development has been a perennial struggle.

“It is in this context of sustained deprivation and marginalisation, that we seek to unify our forces in the context of Global Africa for a better future.

“ In our unity, we have the numbers, we have the voice to sit at the table when decisions are made. We are a viable force to influence global decisions.”

Similarly, Asa Pamela Coke-Hamilton, Executive Director, International Trade Centre, emphasised the significant trade potential between Africa and the Caribbean, projecting trade to reach 1.8 million dollars annually by 2028.

Coke-Hamilton suggested it was time to explore establishing a free trade area between Africa and the Caribbean.

“Trade agreements are one way to help bring down barriers and open new opportunities.”

During a session on “Building Resilience in an Era of Globalisation,” Dr Roger Ferguson, Former Vice Chair, Federal Reserve, emphasised the importance of developing diverse and flexible systems to respond to challenges.

Dr Donald Kaberuka Chairman/ Managing Partner of SouthBridge Group emphasised the importance of countries learning to manage crises rather than treating them as unique situations.

Kaberuka, Former President, African Development Bank Group said this during the first plenary session, on “Navigating Economic Transformation in a Poly-Crisis World.”

Also, Prof. Jeffery Sachs, Senior Lecturer in Economics, International Institute of Social Studies (ISS), Erasmus University of Rotterdam, said that in the face of stiff competition internationally, Africa must unite.

“You cannot operate in this world as a small country. Even the small countries that are successful are part of somebody’s world.

“ Africa is too big to be part of somebody’s world. It’s got to be Africa as a fundamental pillar of the world scene.”(NAN)(www.nannews.ng)

 

Edited by Vivian Ihechu

FG to increase nation`s navigable waterways – Oyetola
Economy/Business

FG to increase nation`s navigable waterways – Oyetola

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By Gabriel Agbeja

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola says the Federal Government will increase the three thousand kilometres navigable waterways across the nation to five thousand kilometres.

Oyetola made the assertion on Tuesday in Lokoja during his working visit to the National Inland Waterways Authority (NIWA) and the inauguration of landmark projects embarked upon by the management of the authority.

According to him, elongating waterways will advance the effectiveness and efficiency of navigation on waterways for the passage of goods and people.

“I am aware that of the 10, 000 kilometres of our waterways, only 3,000 kilometres are navigable. We are determined to increase them by at least 2,000 kilometres more.

“This is why it is desirable for us to embark on a holistic dredging of strategically important inland waterways for the passage of goods and people.

“This is a task that must be accomplished to create positive change, and leave a lasting legacy for generations to come, “ he said.

Oyetola said the ministry was currently engaging relevant stakeholders to finalise the arrangement for the disbursement of the Cabotage Vessel Financing Fund (CVFF) for the development of the maritime sector.

“As a ministry, we will continue to create enabling environment, develop policies and offer necessary support to grow inland waterways segment of the maritime sector in line with the Renewed Hope Agenda of the present administration.

“In line with the mandate of the ministry, we will continue to vigorously pursue the development of the shipping and maritime related sectors in order to ensure sustainable development of our marine resources.

“I call on the private sector to explore and utilise the opportunities inherent in the sector for possible investment and partnership with the government to enhance growth and ensure sustainable development, “ the minister said

According to him, President Bola Tinubu `s policy agenda is the need to improve Nigeria’s balance of trade to strengthen the value of the Naira and create employment.

He said the ministry was determined to ensure the maximisation of the comparative advantages that maritime resources present.

“NIWA has also keyed into the concerted efforts at achieving the economic goals of the Renewed Hope Agenda of the current administration led by our President.

“I must commend the management of NIWA for their visionary intervention in ensuring that the Water Transportation Code comes alive after several years of being in the pipeline,“ he said.

While officially unveiling the national transportation code, Oyetola said it would guide the boat operators, regulate the conduct of passengers and provide a framework for potential investors in water transportation.

The minister said the code by the NIWA would enhance the ministry to standardise water transportation to reduce accidents on nation`s waters to the barest minimum.

Other projects inaugurated by Oyetola were, 15 boats of varying capacities and uses, comprising three boats with 150 Horsepower each for surveillance, to ensure that the NIWA Police officers are more visible.

Five boats with doubles 75 Horsepower each for enforcement of safety rules and regulations; one Gun Patrol Boat (combat ready) with 115Horsepower for emergency response to security threats.

Others are, one 62-seater passenger boat as a pilot scheme to replace the wooden passenger canoe, three fully equipped water ambulances for prompt response to emergencies and two hydrographic survey boats with multi-beam echo sounders among other projects.

In his opening remarks, the NIWA`s Director- General, Mr Bola Oyebamiji, said the management had put in place some efforts to reposition the agency for greater efficiency.

Oyebamiji, however, said the agency was confronted with many challenges including inter-agencies rivalry occasioned by overlapping functions that called for speedy action on the NIWA Act currently before the National Assembly.

“Sir, we recognise your efforts at ensuring that the Cabotage Fund is disbursed for the greater good of the sector.

“We therefore plead that NIWA be supported to benefit maximally from this fund and its administrative set-up,” he said

The director- general plead for minister`s support in facilitating funding for NIWA`s major Key Performance Indicators; the Capital dredging of 2000 km and the completion of the ongoing inland port at Ganaja, Lokoja. (NAN) (www.nannews.ng)

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Edited by Rotimi Ijikanmi

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