Nigeria: Press zooms in on restoration of electricity to Niger, lifting of sanctions, others

The report of the restoration of electricity supply to the Republic of Niger following the directive of President Bola Tinubu that Nigeria’s land and air borders with the neighbouring country be opened is one of the trending stories in Nigerian newspapers on Thursday.
The Punch reports that the Federal Government, on Wednesday, restored the supply of electricity to the Republic of Niger following the directive of President Bola Tinubu that Nigeria’s land and air borders with the neighbouring country be opened.
On August 3, 2023, The PUNCH reported that the power supply from Nigeria to the Republic of Niger was stopped as part of the sanctions against the neighbouring country by the Economic Community of West African States.
Earlier in August last year, ECOWAS, led by Tinubu, imposed sanctions on Niger following a coup that toppled the country’s President-elect, Mohamed Bazoum, in July 2023. Officers of the Niger Presidential Guard had on July 26, 2023, arrested Bazoum and declared him deposed.
In their reactions, ECOWAS leaders demanded the full restoration of constitutional order in Niger and declared Bazoum’s arrest and detention illegal.
In addition to a one-week ultimatum to restore constitutional order and the suspension of financial transactions, ECOWAS directed the freezing of “all service transactions, including energy transactions” with Niger.
Impeccable sources in Nigeria’s power sector last year confirmed the cutting of electricity to Niger, which was also reported by the AFP.
The international medium quoted a source close to the management of the Nigerien Electricity Company, popularly known as Nigelec, adding that the move was in line with the sanctions decided by ECOWAS.
The newspaper says that the Federal Government has enlisted the expertise of leading global investment banks, including Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., to guide its forthcoming Eurobond issuance.
It also appointed Standard Chartered Bank and the Lagos-based financial advisory firm Chapel Hill Denham to consult on this venture.
The Eurobond issue which would be the first since 2022, marks the country’s return to the international bond market after a two-year pause. In March 2022, the country raised $1.25 billion through Eurobond issuances.
This development, as reported by Bloomberg and informed by sources close to the transaction, underscores the intent of Africa’s leading oil-producing nation to re-engage with global financial markets in order to bolster its fiscal budget
The report stated that the size of the Eurobond offer which is expected before June is yet to be determined, the people who requested anonymity because they weren’t authorised to comment publicly on the matter, said.
It further added that the nation might aim to accumulate up to $1bn in international loans throughout 2024.
This external funding is crucial for Nigeria as it seeks to finance a substantial budget deficit outlined in President Bola Tinubu’s N28.8 trillion ($18 billion) spending blueprint for 2024, targeting a fiscal shortfall of N9.8 trillion, or 3.8 per cent of its GDP.
The Vanguard reports that the Nigeria Port Authority, NPA has said that cargo inflow into the country has increased by 200 per cent to 900,000 Twenty-foot Equivalent Units, TEUs, from 300,000 TEUs, due to the ongoing port reform.
The Managing Director of NPA, Mohammed Bello-Koko Koko disclosed while speaking at a breakfast meeting organized by Maritime Reporters Association of Nigeria (MARAN) on the theme: Examining the Challenges Hindering the Efficiency of e-Call up System and Solutions.
Represented by General Manger, MD’s office, Mr. Ayo Durowaye, Koko said that port reform was undertaken but many people did not know that there were aspects of institutional reform and infrastructural reform, some of which government is dealing with at the moment.
He said, “We have seen positive effect of the reform in terms of expanding the possibilities of the economy as we saw increased cargo inflow into the country. The time we are talking about we were doing between 300,000 to 400,000 Twenty-foot Equivalent Units, TEUs, we are moving in the era of 900,000 and one million TEUs, so where would they be, where would you be keeping all these trucks that would service the number we are dealing with?
“The system must be allowed to open up and expand, that is where you experience development.”
Meanwhile, President National Council of Managing Directors of Licensed Customs Agents, Lucky Amiwero, faulted the concession agreement saying there was no proper legislative framework backing the agreement
Amiwero said before the ceding of port operation to terminal operators in 2005, there was no such thing as gridlock; each port operated their holding bay, where trucks wait to load their respective consignments out of the port.
He added that the hindrances that constitute the gridlock and economic waste to the nation was lack of holding bays and trailer packs, adding that, that was the essence of the problem on Eto.
He lamented that the country operates the most expensive port in the world, maintaining that the gridlock at the port access road was a huge economic drain and a national embarrassment as a result of ceding port operations among other issues.
The newspaper says that the Central Bank of Nigeria (CBN) has resumed its funding intervention for agriculture sector apparently in response to the challenges of food security in the country.
The apex bank has earmarked N100 billion to purchase 2.5 million bags of fertilizers for distribution to farmers.
The Governor of the CBN, Mr. Olayemi Cardoso, said that the investment in agriculture would increase food production and reduce inflation, currently at 29. 9 percent.
Speaking during the fertilizer handover event at the Ministry of Agriculture and Food Security yesterday, he said, “As we are all well aware, the Central Bank of Nigeria significantly emphasises maintaining price stability as one of its primary mandates.
“Food prices are a crucial component of inflation, especially considering that a substantial portion of household expenditure in Nigeria is allocated towards food and non-alcoholic beverages.
“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation rates. While the CBN has been implementing comprehensive measures to curb inflation, it is evident that in the short term, inflationary pressures may persist, predominantly driven by escalating food prices.
“This is precisely why we convened today- to strengthen our collaboration with the Ministry of Agriculture to mitigate the surge in food prices. “In alignment with our strategic shift towards focusing on our fundamental mandate, the CBN has veered away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively.
“In this light, we aim to extend our support and foster closer ties with Ministries, Departments, and Agencies (MDAs) with the mandate and expertise to undertake these critical initiatives.”
GIK/APA