NEWS AGENCY OF NIGERIA
Africa’s records 3.2 per cent growth in 2024- Afreximbank Trade Report
Economy/Business

Africa’s records 3.2 per cent growth in 2024- Afreximbank Trade Report

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Okeoghene Akubuike

Africa recorded a growth rate of 3.2 per cent in 2024, in spite of the challenging global environment, says Afreximbank Research Report.

Dr  Yemi Kale, Group Chief Economist, Afreximbank disclosed this while presenting the 2025 African Trade and Economic Outlook (ATEO) Report at the Afreximbank 32 Annual Meetings(AAM2025) in Abuja on Wednesday.

Kale, however, said the growth rate was still below the pre-pandemic growth rate of five per cent.

He said the performance could be attributed to stronger public investment, high commodity prices, notably of gold, cocoa, and coffee, and the early success of diversification strategies.

Kale,  however,  said  growth on the  continent remained uneven, with resource-dependent countries facing greater challenges.

He said the report showed that  Africa’s merchandise trade recovered in 2024, rebounding by 13.9 per cent to reach 1.5 trillion dollars.

According to him, this is a significant increase from the decline of about 5.4 per cent recorded in 2023.

He said Africa’s merchandise imports grew to 769.01 billion dollars in 2024 while exports grew to 758.01 billion dollars.

Kale said Africa’s merchandise trade balance posted a deficit of 11 billion dollars in 2024.

He said   Intra-African trade showed a remarkable upturn in 2024 of 12.4 per cent to reach 220.3 billion dollars, rebounding from a decline of 5.9 per cent in 2023.

He, however, said that in Africa, inflation increased from 18.2 per cent in 2023 to 20.1 per cent in 2024.

Kale said this positive trend was expected to be sustained, bolstered by the continued implementation of the African Continental Free Trade Area (AfCFTA), which is emerging as a foundation for the continent’s trade resilience.

“The 2025 report, “African Trade in a Changing Global Financial Architecture,” finds Africa at a pivotal juncture.

“As global trade routes and rules evolve, Africa’s share of world exports has seen a slight decline, from 3.5 per cent in 2009 to 3.3 per cent in 2024.

“Intra-African trade accounts for a paltry 14.4 per cent of the region’s formal trade  underscoring continued dependence on external demand and  exposure to commodity shocks.

“Yet fragmentation brings new opportunities: increased shipping traffic around the Cape, growing investment in Africa by the countries of the Persian Gulf and Asia.

“Also heightened demand for Africa’s critical minerals are enhancing the continent’s strategic position.”

Kale  said unlocking this potential required closing the 100 billion billion-dollar annual trade-finance gap, which constrains most African small and medium enterprises from participating in regional value chains.

He said gradually, but promisingly, Africa’s financial architecture was restructuring and beginning to respond to the new economic realities.

The economist said Afreximbank, had  disbursed 17.5 billion dollars in 2024 and aimed to double intra-African trade finance by 2026.

He added that the Pan-African Payment and Settlement System (PAPSS) was gaining traction, with over a dozen central banks now linked, reducing transaction costs and reliance on the US dollar and euro.

Kale emphasised that the report clearly conveys Africa’s urgent need to transform global fragmentation into a catalyst for resilient, inclusive growth and value-added trade.

He said  African development finance institutions  must be strengthened with more capital and fairer global regulation as well as accelerating AfCFTA implementation, especially around tariff schedules, rules of origin, and national coordination.

Kale added the need to expand digital payment infrastructure to reduce currency and logistics bottlenecks, and use Africa’s G20 seat to push for reforms in reallocation of special drawing rights, debt restructuring, and global financial rulemaking.

“Together, financial sovereignty, digital integration, and coordinated diplomacy must form the foundation for Africa to overcome global disruption and build a more sustainable, shock-resistant, and opportunity-rich trade future.”

The 2025 edition of the African Trade Report, published by Afreximbank examines trade and economic development in Africa and other parts of the world during 2024.

It examines how a fragmented global economy, characterised by geopolitical tensions and industrial rivalries, is impacting Africa’s trade dynamics amidst its push for industrialisation and deeper intra-African trade integration.(NAN)(www.nannews.ng).

Edited by Vivian Ihechu

Driving Aviation growth through Regional Collaboration
Features

Driving Aviation growth through Regional Collaboration

340 total views today

By Gabriel Agbeja, News Agency of Nigeria (NAN)

Regional cooperation in the aviation sector is gaining increasing recognition as a crucial driver of connectivity, economic growth, and technological advancement across the globe.

To illustrate this, initiatives such as the Single African Air Transport Market (SAATM) and the European Single Sky programme demonstrate how coordinated policies can dismantle barriers, enhance efficiency, and improve service delivery.

For example, the European Union’s integrated airspace has led to a 5 per cent reduction in flight delays and saved approximately 4.8 billion euros annually in air traffic management costs.

However, in spite the launch of SAATM in 2018, its implementation in Africa has remained limited.

As of 2024, only 21 of the continent’s 54 countries have fully committed to the initiative, restricting its impact on improving intra-African air connectivity.

In addition to airspace liberalisation, infrastructure and safety remain central to regional aviation efforts.

While Europe benefits from harmonised safety regulations under the European Aviation Safety Agency (EASA), Africa continues to face major challenges.

According to the International Civil Aviation Organisation (ICAO), the continent recorded 2.9 accidents per million departures in 2023, more than double the global average of 1.3.

Moreover, Sub-Saharan Africa alone requires over 25 billion dollars in aviation infrastructure investment by 2030 to meet projected demand.

Nevertheless, efforts by institutions such as the African Development Bank and ICAO are gradually bridging this gap by supporting airport expansion and safety improvements across the region.

Equally important is environmental sustainability, which is receiving growing attention.

Regional green initiatives, including the African Civil Aviation Commission’s Environmental Strategy (2024–2030), aim to promote carbon offsetting, renewable energy use at airports, and the adoption of eco-friendly aircraft technologies.

These cooperative actions are essential for aligning Africa’s aviation sector with global climate goals.

Analysts note that regional progress often hinges on the collective efforts of governments, airlines, airports, and research institutions, all working together to enhance infrastructure, reduce emissions, and improve passenger experience.

This emphasis on collaboration was reinforced at the recently concluded 18th Plenary and Meeting of the Council of Ministers of the Banjul Accord Group (BAG) in Abuja.

It is worth noting that the Banjul Accord Group was established to foster sub-regional collaboration in the development of safe and sustainable civil aviation systems in West Africa.

This initiative aligns with the standards and recommended practices of the ICAO.

Speaking at the event, Nigeria’s Minister of Aviation and Aerospace Development, Mr Festus Keyamo, reiterated the urgency of implementing SAATM.

According to him, the initiative holds the key to enhancing regional integration and boosting intra-African air connectivity.

“Improving air connectivity within Africa will significantly reduce travel time, lower costs, and improve passenger satisfaction.

“SAATM represents a bold and visionary step towards achieving the African Union’s Agenda 2063 and unlocking the immense potential of air connectivity across our continent,” he said.

Albeit various declarations of political will, the minister acknowledged that progress on SAATM has been slow.

He cited continued airspace fragmentation as a major obstacle to regional integration.

He therefore stressed that full implementation of SAATM would enable seamless movement of passengers and cargo, minimising transit delays and encouraging competitive pricing.

Keyamo called on member states to move beyond verbal commitments and take deliberate, coordinated steps to bring the initiative to life.

“Our skies must no longer be defined by closed borders, but by open opportunity,” Keyamo declared, reaffirming Nigeria’s commitment to the ideals of BAG.

In his remarks, the Director-General of the Nigerian Civil Aviation Authority (NCAA), Capt. Chris Najomo, said the meeting was aimed at strengthening collaboration on safety, security, regulatory harmonisation, and sustainable development.

Najomo restated Nigeria’s support for BAG’s objectives, as well as ICAO’s No Country Left Behind initiative, which seeks to ensure inclusive participation of all states in global aviation standards.

“Let us keep our eyes on the prize, a safe, secure, and unified aviation sector in West Africa,” he urged.

Similarly, BAG Director-General, Mr Fansu Bojang, noted that the group currently comprises seven member states— Cape Verde, The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone.

He explained that BAG was established to promote safe and efficient civil aviation development across the sub-region.

This is facilitated by specialised agencies such as the Banjul Accord Group Aviation Safety Oversight Organisation (BAGASOO) and the Banjul Accord Group Accident Investigation Agency (BAGAIA), which oversee safety and compliance.

As part of the plenary’s recommendations, Bojang disclosed that the group had proposed the introduction of a $1 Passenger Safety Charge (PSC) on all international departing flights.

This measure, he insists is intended to improve funding and strengthen regulatory capacity.

“BAG has faced persistent funding challenges due to delays and defaults in member states’ annual contributions. Nigeria has remained the group’s main financier.

“The introduction of the $1 PSC is seen as a sustainable funding mechanism for BAG, BAGASOO, and BAGAIA. Member contributions will be phased out once the PSC is fully operational,” he added.

In addition, the plenary welcomed expanded support from EASA.

It noted that EASA’s funding commitment to BAG had increased from five to 10 million euros, with members encouraged to fully leverage the assistance.

Going forward, the meeting resolved that member states should continue to sensitise their national airlines and aviation service providers on the importance of joining BAG to foster deeper collaboration across the sector.

In a major development, Keyamo was appointed Chairman of the BAG Council of Ministers.

In his new role, he is expected to provide strategic leadership for driving regional cooperation, harmonising aviation policies, and implementing key initiatives to advance safety, efficiency, and development in the BAG region.

Notably, the Abuja meeting also featured high-level discussions on shared air transport challenges, capacity building, infrastructure development, and enhancing regional connectivity.

Aviation stakeholders emphasise that full implementation of SAATM and stronger regional collaboration are vital for improving connectivity and economic integration in Africa.

They also support sustainable funding and harmonised regulations to build a safer, more efficient, and competitive aviation sector. (NANFeatures)

Artisans key to inclusive economic growth, says BOI
Economy/Business

Artisans key to inclusive economic growth, says BOI

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By Lucy Ogalue

The Bank of Industry (BOI) has described Nigerian artisans and technicians as the backbone of inclusive economic growth and key to the country’s future industrial development.

The Managing Director of BOI, Dr Olasupo Olusi, said at the Nigerian Artisans Leadership Summit 2025, on Wednesday in Abuja.

Olusi said that with more than 12 million artisans nationwide, the sector held immense potential for grassroots enterprise and national transformation.

The News Agency of Nigeria (NAN) reports that the summit was themed “Unlocking the Inherent Potential of Nigerian Artisans and Technicians”.

It brought together artisan leaders, development partners, government officials, and other stakeholders to discuss challenges and opportunities within the informal sector.

Olusi was represented by Ms Mabel Ndagi, Executive Director, Public Sector and Intervention Programmes of the bank.

He said that the bank’s vision for inclusive development was centred on enabling artisans to thrive through better access to finance, training and integration into formal economic systems.

“The theme of this summit goes to the heart of inclusive development.

“It reflects a vision of Nigeria where talent is not wasted due to lack of support and where informal skills are not excluded from formal opportunities,”he said.

Olusi identified several key challenges artisans faced, including limited access to affordable finance, outdated equipment, poor business structures, lack of export participation and inadequate research and development.

To address these issues, Olusi said that BOI had structured its 2025 to 2027 corporate strategy around six thematic pillars.

“These include supporting Micro, Small and Medium Enterprises (MSMEs), youth empowerment and skills development and digital economy expansion.

“It also includes advancing climate sustainability, investing in critical infrastructure and promoting gender inclusion.

“These focus areas are not just bureaucratic categories, they are lenses through which we are re-imagining support for artisans and grassroots entrepreneurs,” he explained.

Olusi reaffirmed BOI’s commitment to providing both financial and advisory support to Nigerian enterprises that sustain local economies and spur national growth.

“Our vision as a development finance institution is to transform Nigeria’s industrial landscape by empowering the enterprises that power this nation.

“At the heart of this vision are artisans and grassroots entrepreneurs like you.

“And true national development cannot be outsourced or imported, but must be built by skilled hands and passionate hearts,” he said.

The Artisan Leadership Summit marks another step in BOI’s broader drive to deepen financial inclusion, unlock the potential within the informal sector and promote sustainable livelihoods across the country. (NAN)

Edited by Francis Onyeukwu

Trade turnover between Russia, Kazakhstan jumps to bn
Foreign

Trade turnover between Russia, Kazakhstan jumps to $28bn

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Trade volume between Russia and Kazakhstan exceeded 28 billion dollars, while Russian exports increased by almost five per cent at the end of 2024, according to Kazinform, a partner of TV BRICS.

Kazinform said that the main growth emanated from machinery, transport, chemicals, and minerals.

More than 70 major investment projects with Russian participation are being implemented in Kazakhstan.

“We are talking about the automotive industry, agricultural machinery, pharmaceuticals, and digital technologies,” Kazinform reported an official as saying.

In addition, in 2024, the tourist flow between the countries exceeded 4.8 million trips, thus making Kazakhstan to become one of the three most popular foreign destinations for Russians. (TV BRICS/NAN) (www.nannews.ng)

Edited by Emmanuel Yashim

IMF projects 3% economic growth for Nigeria
Foreign

IMF projects 3% economic growth for Nigeria

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By Nana Musa

The International Monetary Fund (IMF) has released it new economic outlook report, reversing Nigeria’s economic growth projections for 2025 and 2026.

 

The April report was released on Tuesday during World Economic Outlook (WEO) at a press briefing at the ongoing IMF/World Bank 2025 Spring Meetings in Washington, D.C.

 

The report cut the forecast for Nigeria’s growth to 3.0 per cent for 2025 and 2.7 per cent for 2026, from the 3.2 per cent and 3.0 per cent projection earlier stated in the January WEO update.

 

The IMF report cited mounting global uncertainties and sustained weakness in oil prices.

 

According to the report, the IMF places the growing probability of a global recession at 40 per cent compared to previous 25 per cent estimation it released in October 2024.

 

The IMF attributed the downward revision of the the growth to a combination of domestic economic challenges and worsening global conditions.

 

It said this includes trade tensions, reduced demand from advanced economies, and a significant drop in crude oil prices.

 

In the report, the Fund warned that without strong policy responses, Nigeria might find it difficult to maintain macroeconomic stability amid external headwinds.

 

The IMF Economic Counsellor and Director of Research Department, Pierre-Olivier Gourinchas, said that emerging economies like Nigeria were particularly vulnerable due to their integration into global supply chains.

 

“The uncertainty is discouraging investment and activity, and these countries are suffering from declining demand for their exports,” Gourinchas said. (NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

Africa’s real GDP projected to grow by 4% in 2025- Afreximbank 
Economy/Business

Africa’s real GDP projected to grow by 4% in 2025- Afreximbank 

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By Okeoghene Akubuike

Africa’s real Gross Domestic Product (GDP) is projected to grow by 4.0 per cent in  2025, in spite global economic fragility,   says Afreximbank Research Report.

The 2025 African Trade and Economic Outlook (ATEO) Report, a research by Afreximbank, said Africa’s real GDP is projected to reach 4.1 per cent in 2026 and 4.2 per cent in 2027.

The News Agency of Nigeria (NAN) reports that the 2025 African Trade and Economic Outlook (ATEO) provides an in-depth analysis of Africa’s economic and trade performance, projecting the continent’s growth trajectory in the short-to- medium term.

It highlights the key macroeconomic and trade developments shaping Africa’s recovery, detailing opportunities for sustainable growth amid heightening global and domestic uncertainties.

The  2025 ATEO report said  41 per cent of African economies were projected to grow by at least five per cent, nearly double the global rate of 21 per cent, reflecting the continent’s expanding role as a driver of global growth.

According to the report,  Africa’s gradual recovery would be supported by increased global demand for African exports, the disinflation trend, and the implementation of structural reforms to diversify African economies

The report said the  were  downside risks to the African economic outlook, including rising geopolitical tensions and fluctuating commodity prices.

“Economic slowdown in the United States and China may also impact the international financial conditions and the demand for African resources.

“Internal conflicts and climate change threaten stability and growth.”

However, the report said potential upside risks include the anticipated decline in global interest rates, which would begin in 2025 if geopolitical uncertainty remained unchanged, potentially enhancing access to financing.

“Additionally, the African Continental Free Trade Area (AfCFTA) presents an opportunity to boost economic integration and intra-African trade, reducing vulnerability to external shocks in the medium term.”

To address potential downside risks, the report suggests several short-term strategies which include  adopting a nuanced and proactive monetary policy stance, and enhancing resilience against climate-related and geopolitical disruptions.

Other strategies include boosting domestic consumption alongside the service sector and accelerating the implementation of the AfCFTA agreement.

In the medium term, the report said strategies should shift toward economic diversification through strategic investments in human capital development and workforce training within key emerging sectors.

“Additionally, efforts should be made to improve economic governance, public infrastructure, and initiatives to strengthen intra-African trade dynamics.”

The report highlighted several challenges and solutions for Africa to attain stability and sustainable development amid a rapidly uncertain global landscape.

The first challenge identified was Africa’s reliance on commodity exports which had made countries vulnerable to fluctuations in world commodity prices.

“To reduce their exposure to these price fluctuations, it is crucial to accelerate the structural shift to a more diversified and resilient economy.”

The second challenge identified was debt sustainability, with the report stating that several African countries allocate over 50 per cent of their revenues to debt servicing, due to their large development financing needs.

“Ensuring debt sustainability requires more efficient public spending and prioritisation of growth-oriented investment projects.”

The report said the third challenge involved human capital and skill development.

To tackle this challenge, the report suggests that governments should invest more resources to improve healthcare and promote collaboration between the public and private sectors.

“ Strengthening training in sciences and technology facilitates skill development and talent allocation, which is essential for successful structural transformation.”

It said the fourth challenge was the weak social outcomes of economic growth in Africa caused by slow progress in poverty reduction.

“To boost poverty-reducing potential growth, improving the provision of basic public infrastructure and services is vital, reducing dependency on natural resources through structural transformation.

“Addressing inequalities must be an integral part of sustainable development goals, ensuring equitable access to quality education, healthcare, energy, transport infrastructure, and financial services.”

The final challenge identified in the report was the growing concerns about environmental degradation and the increasing frequency of extreme weather events.

“For sustainable economic development, promotion of green growth must align with comprehensive policy frameworks that address climate change adaptation and mitigation strategies, while recognizing continental development needs and challenges.”

The 2025 ATEO  provides an in-depth analysis of Africa’s economic and trade performance, projecting the continent’s growth trajectory in the short-to-medium term. (NAN)(www.nannews.ng)

 

Edited by Vivian Ihechu

FG unveils economic plan for the country 
Economy/Business

FG unveils economic plan for the country 

333 total views today

Economy

By Nana Musa

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government has unveiled a comprehensive economic plan for sustainable development.

Edun disclosed this in a statement issued by the Ministry’s Director of Information and Public Relations, Mr Mohammed Manga, on Tuesday in Abuja.

The minister, who unveiled the plan at the 2025 KPMG Arise TV Budget News Day, also outlined Nigeria’s fiscal priorities and economic direction for the coming year.

Edun said that government was committed to fiscal discipline, revenue mobilisation, and an improved investment in climate.

According to him, the government has projected GDP growth of 4.6 per cent for 2025, with a long-term ambition of seven per cent annually, a crucial target for poverty reduction and sustainable development.

The minister said that the macroeconomic stability remained priority, with exchange rate stability, trade surplus, and increased oil production positioning the country as a stronger global player.

Edun said that the foreign reserves had exceeded 40 billion dollars signalling confidence in economic policies and financial management.

He emphasised the crucial role of the private sector in driving economic growth, highlighting Public-Private Partnerships (PPPs) as a key mechanism to bridge Nigeria’s 100 billion dollars annual infrastructure investment gap.

According to him, landmark projects, including the Benin-Asaba Highway and the Lagos-Abeokuta Road, are to be developed under PPP frameworks, with the aim to reduce travel time and enhance productivity.

The minister said that in the oil and gas sector, domestic refining was important, with the Dangote Refinery now leading local crude petroleum processing.

He said that the shift would significantly reduce reliance on imports, strengthen energy security, and enhance economic resilience.

Edun also addressed fiscal policy reforms, the government’s drive to expand the tax base, streamline revenue collection, and create a business-friendly tax system.

He said that a balanced approach to taxation would encourage investment while ensuring adequate funding for national priorities.

The minister said that as the country moved forward, the government was dedicated to economic transformation, driven by policies that fostered growth, stability, and private sector participation.

Edun said that building on strategic reforms, Nigeria was poised to unlock new opportunities for prosperity, accelerate national development, and secure a brighter future for generations to come.
(NAN)
Edited by Kevin Okunzuwa

China inaugurates 2025 economic roadmap, targets 5% GDP growth
Foreign

China inaugurates 2025 economic roadmap, targets 5% GDP growth

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By Fortune Abang

The Government of China has inaugurated its 2025 economic Roadmap centred on bolstering five per cent GDP growth, innovation and investment.

The News Agency of Nigeria (NAN) reports that the roadmap is centred on boosting consumption, innovation and technology, fiscal and monetary policy implementation, as well as market reform.

China’s Premier Li Qiang disclosed this during the virtual presentation of the Chinese government work report against the backdrop of the third session of the 14th National People’s Congress (NPC) in Beijing, China.

He stated that the focus of the roadmap was fiscal expansion, technological innovation, and foreign investment, outlining a comprehensive approach aimed at sustaining the country’s economic growth amid global uncertainties.

Li said, “A key feature of China’s 2025 economic strategy is an expanded fiscal policy with the deficit-to-GDP ratio set at four per cent, marking a notable increase from the previous year.

“To support economic stimulus, Chinese government plans to issue 1.3 trillion yuan in ultra-long special treasury bonds, up by 300 billion yuan from last year, along with 4.4 trillion yuan in local government special-purpose bonds.

“Such represents a 500 billion yuan increase over 2024 levels; this fiscal expansion is designed to boost domestic consumption.

“Of the ultra-long special treasury bonds, 300 billion yuan will be allocated to consumer goods trade-in programmes.”

Tian Xuan, Deputy to the 14th NPC and Associate Dean at PBC School of Finance, Tsinghua University, explained the significance of the initiative, saying expanding domestic demand is a priority among ten key tasks outlined in the report.

According to Tian, the dedicated 300 billion yuan for trade-in programmes will stimulate consumption, drive transformation and upgrade consumption patterns.

Chan Chun-ying, Hong Kong’s Deputy to the NPC and Advisor at Bank of China Hong Kong Ltd, expressed confidence in the economic target.

He added that China had consistently sustained medium-to-high-speed economic growth.

He restated that such is notable in China’s ability to maintain a five per cent growth rate and demonstrated confidence, which in turn boosted confidence.

“China is prioritising technological advancements in biomanufacturing, quantum-computing, embodied AI and 6G.

“The AI Plus initiative aims to integrate digital technologies with manufacturing strengths, supporting extensive application of large-scale AI models, development of next-generation intelligent terminals and smart manufacturing equipment.

“The emergence of deep-seek has demonstrated that we can achieve global AI capabilities, using cost-effective chips and faster processing speeds,” Chan said.

Erik Solheim, former UN Under-Secretary-General and former Executive-Director of the UN Environment Programme, described the roadmap as China’s commitment to stabilising foreign trade and advancing Belt and Road cooperation.

“China remains a significant force in the world economy with an expected economic growth of five per cent for 2025, China will continue to be the biggest source of global economic growth.

“Stability and innovation are key themes of this year’s two sessions; China is at the forefront of innovation, particularly in the two most important sectors, such as economy and environment,” Solheim said.

High points of the event were remarks by Patrick Nijs, co-founder of the EU-China Joint Innovation Centre and Bernardo Mendia, Board Advisor at the EU Young Entrepreneurs Association. (NAN) (nannews.com.ng)

Edited by Gregg Mmaduakolam/Oluwafunke Ishola

FG affirms commitment to creating sustainable environment for private sector 
Economy/Business

FG affirms commitment to creating sustainable environment for private sector 

374 total views today

By Vivian Emoni

The Federal Ministry of Industry, Trade and Investment has expressed commitment to creating a sustainable environment for the private sector and other stakeholders to compete favourably and drive economic growth and productivity.

Dr Jumoke Oduwole, the Minister of Industry. Trade and Investment, made the commitment at a retreat for presentation of the 2025 roadmap in Abuja on Monday.

Oduwole said that the goal of the ministry was to facilitate the creation of wealth, productive jobs and share prosperity for all Nigerians.

“As a ministry, we prioritise creating a dynamic, resilient and sustainable economy by positioning the private sector for productivity and competitiveness.

“We have repositioned ourselves to deliver empirically verifiable policies and reforms based on transparently laid down goals which improved the ministry’s performance in 2024,” she said.

The minister said that everything the agencies under the ministry presented at the retreat was already in the budget, adding that it was not coming as a surprise.

She urged all the Ministries, Department and Agencies (MDAs) to work together as such effort would help to achieve the ministry`s goals.

On his part, the ministry’s Minister of State, Sen. John Enoh, said that the gathering was to discuss problems and also to look at solutions to the problems.

Enoh said that the retreat would help to discuss how much the industry and trade can expand and improve to be able to promote investments.

“It is about performance. The work cannot be strong and efficient without effective commitment, I think we all need to be ready for that.

“We need to put more effort to ensure that the mandates and objectives of the ministry are achieved,’’ he said.

The Director-General, Presidential Enabling Business Environment Council, Princess Audu, said that the council was committed to reaching out to all relevant stakeholders to intensify in the business activities.

“We will be working hand in hand with the ministry to determine what levels of improved efficiency can be achieved in the quickest possible time.

“We want to identify areas where we can make a significant impact and work together to implement changes that will benefit the business community and Nigerians at large.

“I am also pleased to announce that our new Reform Impact Assessment (RIA) framework has been launched,’’ she said.

Audu said that the RIA framework was designed to ensure a level of consistency and predictability, as such would help the business grow appropriately.

She said that the framework enabled businesses to plan and forecast with the assurance of a stable business environment as it relates to policies and reforms.

The Director-General and Chief Trade Negotiator of the Nigerian Office for Trade Negotiations (NOTN), Amb.Yonov Agah, said that the office was  expanding market access and eliminating barriers to Nigeria’s trade.

Agah said that trade negotiations had inherent risks, adding that they also have opportunities in various areas.

“It is important for Nigeria not to negotiate in a vacuum. Anything you are negotiating needs national frameworks.

“We need a national trade policy framework. We need the institutions, the regulatory environment to implement those agreements,’’ he said. (NAN)

Edited by Kadiri Abdulrahman

Ododo lauds Tinubu’s commitment to rural electrification
General News

Ododo lauds Tinubu’s commitment to rural electrification

544 total views today

By Naomi Sharang

Gov. Ahmed Ododo of Kogi has lauded President Bola Tinubu’s commitment to improving energy access as an economic catalyst for growth and development of the nation.

Ododo gave the commendation in Abuja on Tuesday, during a roundtable on “Rural Electrification and Strategy Implementation” organised by Rural Electrification Agency (REA) with the Kogi State Government.

He said that the president has shown a clear path to unlocking the economic greatness of  the country’s human assets that were vulnerable and being endangered.

“I commend the efforts of our father, our leader, President Bola Tinubu, for his undoubted commitment to improve access to energy as an economic catalyst and enhancement of social life.”

Ododo said that the roundtable was a collective commitment to bridging the energy asset gap and unlocking the vast economic potential of rural communities.

The governor expressed gratitude to the Rural Electrification Agency and all stakeholders for their steadfast dedication to this vital course.

“Kogi is in a position to play a vital role in this very issue. Our central position and significant socio-economic potential make us not just a vision, but a strategic partner in the push for universal energy access.

“We are ready to provide flexible infrastructural support, expedite administrative processes and ensure community buy-in for every project that you may be interested in our state,” Ododo said.

According to him, Electrifying rural communities is not just about providing light; it is about igniting hope, fostering innovation and empowering our people to build a self-reliant future.

The governor appealed to REA and other partners to prioritise Kogi in their electrification programmes, stressing the importance of universal energy access in fostering innovation, creating jobs and driving economic growth.

“Together, we can achieve universal energy access and create a brighter, more prosperous Kogi,” he said.

The Managing Director of the REA, Abba Aliyu, announced that SOSAI Renewable Energy Service Company had secured a $300,000 grant from the United States Agency for International Development (USAID) to electrify 17 health centers in Kogi.

According to Aliyu, the project has the potential to expand to an additional 40 primary health centres.

He urged the Kogi State Government to provide the necessary counterpart funding to ensure the successful execution of the initiative.

Aliyu said “Habiba Ali, the founder and CEO of SOSAI Renewable Energy Service Company, will oversee the implementation of the grant”.

On his part, Kogi State Commissioner for Energy, Mohammed Abdulmutalib, called on stakeholders to seize the opportunity to power the state’s future with reliable and sustainable energy solutions.

He emphasised the transformative impact of green energy initiatives, including mini-grids on the state’s largely agrarian communities.

“This is a chance to transform the lives of our people, vitalise the economy and set a benchmark for impactful development across the state and the country in general,” Abdulmutalib said.(NAN)

Edited by Bayo Sekoni

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