The call by the Nigerian Government for increased investments and trading partnerships from member countries of the G-24 is one of the trending stories in Nigerian newspapers on Friday.
The Punch reports that the Nigerian Government has called for increased investments and trading partnerships from member countries of the Group of Twenty-Four.
This appeal was made during the World Bank-IMF Spring Meetings in Washington DC by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who was represented by the Director General of the Budget Office of the Federation, Mr. Ben Akabueze.
Formed in 1971, the Group of 24 is an assembly of developing nations. Their collective aim is to collaborate in aligning their stances on issues related to international monetary policy and development financing.
In a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Danjuma, on Thursday, the Minister highlighted the Nigerian Government’s implementation of various intervention programmes and robust policies under President Bola Tinubu’s administration.
These measures have reportedly begun to show positive effects, notably reducing the disparity between the parallel market and the official Nigeria Foreign Exchange Market rates.
Edun emphasised Nigeria’s advantageous position to attract foreign investments in diverse sectors, including manufacturing, agriculture, and oil and gas. In response to a query from a Russian journalist, he pointed out that the last significant investment from Russia was the Ajaokuta Steel Company.
He also noted Nigeria’s vast arable land, second only to Brazil, suggesting that the country has the potential to become a major food exporter rather than an importer.
The newspaper says that the Federal Government of Nigeria will need to come up with the sum of N3.2trn in 2024 to reverse the recent hike in electricity tariff, the Chairman of the Nigeria Electricity Regulatory Commission, Sanusi Garba said in Abuja on Thursday.
Speaking at a stakeholders meeting convened by the House of Representatives Committee on Power, Garba said that current investment in the sector, though commendable, was not good enough to guarantee a steady power supply across the country.
He added that if a total sectoral overhauling was not carried out, including fluctuation in foreign exchange, power supply in Nigeria would continue to pose a challenge.
He explained that before the recent review in tariff, distribution companies were only obligated to pay 10 per cent of their energy invoice, adding that the lack of cash backing was creating a liquidity challenge in the sector.
He further explained that between January 2020 and January 2023, the electricity tariff increased from 55 per cent to 94 per cent adding that “the unification of FX and current inflationary pressures are pushing cost reflective tariff to N184/kwh.”
“If sitting back and doing nothing is the way to go, it would mean that the National Assembly and the Executive would have to provide about N3.2 trillion to pay for subsidy in 2024,” he said.
Garba also said that only N185bn of the N645bn subsidy in 2023 has been cash-backed, leaving a funding gap of N459. 5bn.
The Guardian newspaper reports that the Nigerian Defence Headquarters, DHQ, yesterday, described as laughable recent agitation for Yoruba Nation by some elements in the South West.
The DHQ also raised alarm that terrorists and their sympathisers were planning to blackmail the military, following its onslaught on insurgents.
Recall that some Yoruba Nation agitators, last Saturday, dressed in military camouflage invaded the Oyo State secretariat and attempted to take over the State House of Assembly.
The agitators engaged the security operatives but were subdued, leading to the arrest of 29 suspects.
Speaking at a briefing in Abuja yesterday, the Director, of Defence Media Operations, Maj. Gen. Edward Buba said the agitation has further pointed out how the insecurity ravaging many parts of the country is self-inflicted.
“The agitation of IPOB in the South East has proven to be for self-aggrandizement. Then, the call for a Yoruba Nation is laughable. All these buttress how our security situation is self-inflicted in the country.
“These acts are against the constitution and therefore, unacceptable for persons or groups to take up arms against a constituted government. Anyone or group that contravenes this provision of the constitution is inviting severe military action and would be dealt with decisively.”
The newspaper says that the Nigerian Ports Authority, NPA, has secured a loan of $700million from Citibank backed by the United Kingdom Export Finance, UKEF, an export credit agency, to rehabilitate the Apapa and Tin-Can Island ports, Lagos.
The NPA has also opened a discussion with another funding agency to secure financing for upgrading of the Eastern Ports including Calabar, Warri, Onne and Rivers Ports as well as the reconstruction of Escravos breakwater facility.
Speaking in Lagos on Wednesday during the signing of mandate letter with Citibank Nigeria, Managing Director of the NPA, Mohammed Bello-Koko, said the letter will be sent to Debt Management Office, DMO, for final review and approval.
He said the funds are ready and the reconstruction of the Lagos Ports will start soonest even as the NPA perfects plans to sign another mandate letter for the upgrading of the Eastern Ports in about a month.
He stated: “In the last two years, NPA has realised the need for us to rehabilitate and reconstruct the ports all over the country. ‘’We have been having discussions with multilateral funding agencies that have sent various proposals that we have reviewed.
“What we did is to further discussion with interested parties and we realised is better is to separate the ports in Lagos from the ports in the East, and we are in discussion with another funding agencies to fund the construction of ports outside Lagos.”
According to him, the Citibank facility is the cheapest for the Ports Authority because it comes with affordable interest rates.
GIK/APA