Nigerian press spotlights prioritization of economy, security by Nigerian govt, others

APA – Lagos (Nigeria)
The report that the ministers being sworn in on Monday will be guided by the eight-point agenda of the President as stated in his election manifesto is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that top presidency sources informed this newspaper on Sunday that appointees would be guided by the eight-point agenda of the President as stated in his election manifesto.
It was further learnt that the president might set targets and performance index for the cabinet members in order to create an immediate impact on the economy, security, and other key areas.
Our correspondent gathered that Tinubu was determined to build on the achievements of his predecessor in the areas of blue economy, security, job creation, and anti-corruption.
“The President will likely set goals for them (ministers) in terms of the key objectives his administration seeks to achieve. He will speak generally to his expectations from the ministers and also challenge them on how they can work together in synergy to actualize his programs and policy as contained in his manifesto for the economic development of the country,’’ a presidential source noted.
Tinubu had last Wednesday unveiled the portfolios of 45 ministers nine days after they were confirmed by the Senate.
Like his predecessor, the President will head the petroleum ministry while a former Senator, Heineken Lokpobiri, is the Minister of State, Petroleum Resources.
The list indicated that the President appointed 13 of the nominees as ministers of state and also created new ministries and renamed a few others.
The newspaper says that the Miners Association of Nigeria has said that Nigeria, which has huge mineral deposits, is needed for the global transition from fossil to green energy.
The President of the Association, Mr Dele Ayanleke, said this during the press conference in Abuja for the upcoming 8th edition of Nigeria Mining Week.
He said, “The whole world is in transit from the era of fossil energy to green energy. And Nigeria, being a destination to the huge deposit of minerals needed for this transition, it is imperative for stakeholders to come together to offer ideas to our policy makers on the ways to pragmatically turn our resources into huge economic growth and development by accelerating the process of industrial revolution, taking advantage of the nation’s mineral endowments.”
Also, speaking at the press conference, the Permanent Secretary of the Ministry of Mines and Steel Development, Dr Mary Ogbe, said that the mining week is an opportunity for Nigeria to showcase its mineral resources to investors and drive conversations between the government, mining operators, investors, and other relevant stakeholders.
She said, “The Nigeria Mining Week serves as a unique platform that brings together government officials, mining companies, investors, technology providers, and various stakeholders to engage in insightful discussions, knowledge sharing, and collaboration aimed at unlocking the full potential of Nigeria’s mining industry.
“With a rich history of mineral resources, Nigeria stands poised to harness its mineral wealth for sustainable economic growth and development.”
The Guardian reports that financial experts said the recent $3 billion emergency crude repayment loan from the African Export-Import Bank (AFREXIM) may not achieve a meaningful result in easing the pressure in the foreign exchange (FX) market unless appropriate measures are adopted.
According to analysts at Cordros Capital, the loan is a favourable short-term fix in providing near-term FX supply to support the market and stabilise the local currency.
However, the analysts stated that the amount is not sufficient to significantly support the local currency, especially as the funds will come in tranches.
“Thus, if not adequately managed with other measures (such as higher interest rates and additional funding support from third parties or multilateral institutions), Forex pressures may likely build up again, leading to another round of local currency depreciation,” it stated.
Last week, Nigeria’s external reserves declined further as the gross reserves level dropped by $37.45 million week-on-week (w/w) to close at $33.83 billion on August 16.
Meanwhile, the naira closed flat at N740.67/dollar at the I&E window (IEW), with total turnover at the window (as of 17 August 2023) increasing by 17.6 per cent week-to-date (WTD) to $459.37 million, as trades were consummated within the N701.00 – N799.90/$ band.
According to Cordros Capital, naira recorded for the 1-month (+1.4 per cent to N783.46/USD), three-month (+1.3 per cent to N802.83/$), six-month (+0.8 per cent to N831.80/$), and one-year (+0.9 per cent to N890.12/$) contracts in the forwards market increased.
Meanwhile, at the FX spot and derivatives markets, a turnover of $620.1 million was recorded during the week-ended August 18, 2023, representing an increase of 58.76 per cent ($229.5 million) from $390.6 million posted on August 11, 2023.
According to FMDQ Securities Exchange, the increase in total turnover was driven by the 62.67 per cent ($238.57 million) increase in FX spot turnover, offsetting 91.16 per cent ($9.07 million) decrease in FX derivatives turnover.
The exchange noted that the w/w decrease in FX derivatives turnover was solely driven by the 91.16 per cent ($9.07 million) decrease in FX Forwards turnover, while there was a sustained lack of activity in both Exchange Traded FX Futures and Naira-Settled OTC FX Futures markets
The newspaper says that Nigeria’s average daily consumption of Premium Motor Spirit (PMS), popularly called petrol, dropped to 52 million litres in July, as against a national consumption figure of 64,964,000 recorded on June 30, 2023, data obtained from Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has shown.
According to the agency, the land-based stock and closing stock – less dead stock – of petrol was 1,120,487,848 litres as of the end of July 2023, and marine stock, which included berth and offshore availability, was 521,035,645 litres.
According to the data, the total stock – less dead stock – was 1,641,523,493 litres. However, depot dead stock was 83,637,781 litres. Total stock, inclusive of dead stock, was 1,725,161,274 litres. The land-based days’ sufficiency was 21.55 days, while marine days’ sufficiency was put at 10.02 days, and total days’ sufficiency cumulatively stood at 31.57 days.
The total stockless dead stock was put at 1,641,523,493 litres. Depot dead stock was 83,637,781 litres and total stock, inclusive of dead stock, stood at 1,725,161,274 litres.
Conversely, on July 1, land-based stock of PMS was 1,059,330,321 litres, while marine stock at berth and offshore stood at 826,447,740 litres. Total stock – less dead stock – was 1,885,778,061 litres, while depot dead stock was 83,095,042 litres.
Total stock, inclusive of dead stock, stood at 1,968,873,103 litres. Land-based sufficiency was 16.31 days, marine days’ sufficiency was 12.72 days and total days’ sufficiency was 29.03 days.
As of July 1, the Nigerian National Petroleum Corporation Limited (NNPCL) had 293,380,735 litres in stock. Members of Major Oil Marketers Association of Nigeria (MOMAN) had 91,202,643 litres, while Depot and Petroleum Products Marketers Association of Nigeria had 753,825,183 litres.
GIK/APA