Nigeria: Press zooms in on how Nigeria’s development is being hindered by energy challenges, others

APA – Lagos (Nigeria)
The report that Nigerian President Bola Tinubu yesterday described Nigeria as a crawling country in the committee of thriving economies, especially in terms of development indices relating to green energy and the environment is one of the trending stories in Nigerian newspapers on Monday.
The Guardian reports that President Bola Tinubu yesterday, described Nigeria as a crawling country in the committee of thriving economies, especially in terms of development indices relating to green energy and the environment.
He, however, assured that while on the saddle as President of the most populous African nation, he is determined to change the narrative and bring about transformation in the country.
Tinubu, who played host to the German Chancellor, Olaf Scholz, at the Presidential Villa Abuja, also used the forum to comment on the Supreme Court judgment affirming his election as president, saying the court verdict has put paid to needless distraction from his political opponents.
“I know Germany has advanced a lot in protecting the environment and modernising energy to meet the 21st century needs of both the world and Europe in particular. Nigeria is still crawling, but we are determined to change the narrative and bring about a transformative government in the country,” Tinubu told the visiting German Chancellor.
Welcoming the delegation, Tinubu said: “It is a joy to see you here. It was just about a few days ago that the Supreme Court of Nigeria had a final say on our electoral exercise. The distraction is over. This gives us more time to focus on governance for the people and moving Nigeria forward for economic opportunities and prosperity that will defend democracy.
“In our last tête-à-tête, you made a promise that you will be visiting Nigeria and thank you and your delegation for keeping that promise. It is an honor for me to see you here.”
The German Chancellor, Scholz on his part, said Germany remains committed to democracy and the rule of law. He noted that it was important for nations to make this a lifestyle, adding that it is good for a better future for our people.
“I’m very happy that we can work on this discussion, even on the question on how we can continue to support you in doing the best and having this insecurity questions in your country as well.
“We will go into the details later, but I can assure you that we will continue our support and our cooperation also in this field. One of the main aspects for cooperation will be developing the economy and using the economic opportunities of your country.
“As you already said, there are a lot of chances not just from gas and oil, which is traditionally linked to your country, but there’s a lot of room for improvement and for better using the capacities of your country, but also for going into investments for the future, which is about hydrogen and all the things that are important for an economy that is able to produce all the necessary goods for the people without harming the environment.”
The newspaper says that the Nigerian Navy has declared war against crude oil theft and insecurity on the Nigerian waterways.
The declaration followed a three-day special amphibious exercise codenamed: “Exercise Sea Guardian”, aimed at tackling all forms of maritime crime in the country.
The joint sea exercise organised by the Central and Eastern Naval Commands around the Agbara Oil Field, with 10 Nigeria Navy warships, two helicopters and a detachment of Special Boat Services was concluded at the weekend.
Addressing newsmen shortly after the exercise, the Flag Officer Commanding (FOC), Central Naval Command (CNC), Rear Admiral Umar Chugali and his counterpart at the Eastern Naval Command (ENC), Rear Admiral Olusola Oluwagbire, said the exercise will foster synergy between the two Commands with a view of tackling insecurity in the Nigeria maritime domain and the Gulf of Guinea.
The FOCs described the exercise, which included anti-crude oil theft operation, vessel seizure, gunnex, communications, fleet manoeuvres, man overboard, emergency drills such as; firefighting, steering gear breakdown, machinery failure, abandon ship and man and cheer ship, as a huge success and hitch-free.
They noted that the exercise was not only aimed at providing safety and security in Nigeria’s maritime environment, but it was also targeted to ensure socio-economic activities thrive in the country.
The Punch reported that the Nigeria Labour Congress on Sunday lamented the devastating impact of the forex crisis on the economy and demanded urgent stabilisation of the naira.
The NLC President, Joe Ajaero, who said this in a statement on Sunday, blamed government officials’ love for foreign luxury products for the free fall of the national currency.
Ajaero warned that the economy was at risk of “a wave of devastating consequences” if the naira failed to stabilise against the American dollar.
The NLC president’s warning came ahead of the organised labour and the Federal Government’s meeting scheduled to hold today (Monday).
At the meeting, the Federal Government and the organised labour will review the implementation of the Memorandum of Understanding they signed on subsidy removal palliatives.
In a statement titled, “Urgent action to stabilise the naira amidst alarming depreciation,” the NLC president, said repercussions of the weakened currency would be felt by workers and the masses.
While the investor & exporter window has been relatively stable at around N770 to 780/$, the parallel market, where most individuals and businesses get their forex from, traded at over N1,000/$.
The naira’s depreciation in the parallel market has been attributed to an increasing forex demand that does not equate to supply from the Central Bank of Nigeria.
The newspaper says that Fidelity Bank, African Export-Import Bank and agribusiness firm, JohnVents Industries have signed a $40m cocoa export deal at the Fidelity Bank International Trade and Creative Connect held in Houston, United States of America.
According to a statement from the bank on Sunday, the signing of the $40m pre-export finance facility was held at the trade expo.
The loan would be provided by AFREXIM Bank with Fidelity Bank acting as the local administrative agent.
Speaking on the deal, the Managing Director/Chief Executive Director, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, said, “We are delighted to participate in the tripartite loan signing ceremony as it demonstrates the size of the opportunity in the Nigerian cocoa market and its potential to meet the demand of off-takers in the US.
“This also highlights the value of our partnership with AFREXIM Bank especially in providing much-needed credit to last mile beneficiaries to upscale their operations and cater to a global market. These align with our objectives for FITCC and we are thrilled to host the formal deal signing event here.”
The second edition of the trade expo was held for two days in Houston, Texas, USA. The expo was aimed at achieving several objectives including increasing the pipeline of Nigerian businesses that export into the US market, providing the diaspora market more ethnic product options and enabling exporters to build capacity to improve product quality and meet international standards.
GIK/APA