APA – Lagos (Nigeria)
The report that the new Minister of Agriculture and Food Security, Abubakar Kyari, has vowed that the Federal Government will ensure that it feeds Nigerians and exports food to earn foreign exchange for the country is one of the trending stories in Nigerian newspapers on Tuesday.
The Punch reports that the new Minister of Agriculture and Food Security, Abubakar Kyari, on Monday, assumed office and vowed that the Federal Government will ensure that it feeds Nigerians and exports food to earn foreign exchange for the country.
He said these were the targets of his team, stressing that Nigeria had the potential to achieve the set goals.
Kyari spoke at the headquarters of the Federal Ministry of Agriculture and Food Security in Abuja during a brief reception organised by the ministry for him and the Minister of State, Aliyu Abdullahi.
He said, “We know the challenge that we face now. Hunger is one of the big problems that we have in this country. When I say hunger, it also means food and there are challenges to food security, insecurity is one of them, flooding is another, there are other issues. “For me and for my colleague – the Minister of State, and even state governors, the biggest hope that we have is the political will driven by President Bola Tinubu.
“I think we have a big challenge but it is not insurmountable. Our target is not only to secure and feed the country but also to export food which we have that potential and it is just there.”
The Governor of Borno State Prof. Babagana Zulum, who accompanied the ministers to the ministry, said Nigeria need long and medium-term plans that were sustainable to address food insecurity.
He said the country should invest in commercial agriculture, and adopt modern agricultural techniques such as irrigation, green technology, among others.
The newspaper says that the Federal Government is expected to make up to $17bn if it sells down its stake in most joint-ventures oil and assets, JP Morgan has stated.
The United States bank’s projection came against the backdrop of the government’s plan to boost foreign exchange earnings and external reserves in order to ease forex pressure.
The US bank stated this in a report titled, ‘Nigeria: Reform pause rather than fatigue (CBN’s financial accounts open a can of worms).’
The lender said the Central Bank of Nigeria’s net FX reserves were around $3.7bn as of the end of 2022, down from the $14bn it was at the end of 2021, based on its recently released reports.
It said, “Based on partial information from the audited financial accounts, we estimate that CBN’s net FX reserves were around $3.7bn at the end of last year, from $14.0bn at end-2021. In arriving at the said estimate we make a few assumptions which if incorrect would substantially change the picture.
“They include: (i) an addition of $5bn in IMF Special Drawing Rights to external reserves in order to arrive at total gross FX reserves of $37.8bn, broadly in line with the 30-day moving average of $37.08bn previously published on the central bank’s website; (ii) adjusting the gross external reserves with three key FX liability lines that include FX forwards (US$6.84bn), securities lending ($5.5bn) and currency swaps (US $21.3bn).
“And (iii) estimating currency swaps by backing out FX forwards and outstanding OTC Futures balances from an overall aggregate published i n the financial accounts.”
The Guardian reports that the Federal Government is expected to make up to $17bn if it sells down its stake in most joint-ventures oil and assets, JP Morgan has stated.
The United States bank’s projection came against the backdrop of the government’s plan to boost foreign exchange earnings and external reserves in order to ease forex pressure.
The US bank stated this in a report titled, ‘Nigeria: Reform pause rather than fatigue (CBN’s financial accounts open a can of worms).’
The lender said the Central Bank of Nigeria’s net FX reserves were around $3.7bn as of the end of 2022, down from the $14bn it was at the end of 2021, based on its recently released reports.
It said, “Based on partial information from the audited financial accounts, we estimate that CBN’s net FX reserves were around $3.7bn at the end of last year, from $14.0bn at end-2021. In arriving at the said estimate we make a few assumptions which if incorrect would substantially change the picture.
“They include: (i) an addition of $5bn in IMF Special Drawing Rights to external reserves in order to arrive at total gross FX reserves of $37.8bn, broadly in line with the 30-day moving average of $37.08bn previously published on the central bank’s website; (ii) adjusting the gross external reserves with three key FX liability lines that include FX forwards (US$6.84bn), securities lending ($5.5bn) and currency swaps (US $21.3bn).
“And (iii) estimating currency swaps by backing out FX forwards and outstanding OTC Futures balances from an overall aggregate published i n the financial accounts.” For Nigerians and stakeholders in the financial space, the main task before Wale Edun as Minister of Finance and Coordinator of the Economy is achieving a balance between the fiscal and monetary policies to attain a stable foreign exchange market.
The newspaper says that Nigeria’s Vice President Kashim Shettima, yesterday, departed Abuja for Johannesburg, South Africa, to represent President Bola Tinubu at the 15th BRICS Summit of Heads of State and Government.
He is joining other business and political leaders across the world at the event to be held at Sandton Convention Centre, Johannesburg from today to the 24th of this month.
The host, President Cyril Ramaphosa; his Chinese and Brazilian counterparts, Xi Jinping and Luiz Lula da Silva, as well as Indian Prime Minister Narendra Modi are among dignitaries gracing the event.
Seventy-three others, including Secretary-General of the United Nations, chairperson of the African Union Commission and President of the New Development Bank are also invitees.
The gathering is to deliberate on trade and investment facilitation, sustainable development, innovation and global governance reform.
It will also continue its outreach to leaders from Africa and the global South, as it focuses on global geopolitics, trade and infrastructure development.
BRICS, an acronym for Brazil, Russia, India, China and South Africa, is a group of five major emerging and developing economies.
The group accounts for more than 42 per cent of the world population, 30 per cent of the globe’s territory, 23 per cent of the global economy and 18 per cent of global trade.
GIK/APA
Nigerian press spotlights government’s resolve to tackle food insecurity, others
