APA – Lagos (Nigeria)
The announcement by the Central Bank of Nigeria of its intention to extend the validity of the old N200, N500, and N1,000 notes indefinitely is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that the Central Bank of Nigeria has announced its intention to extend the validity of the old N200, N500, and N1,000 notes indefinitely.
This is as the apex bank declared its desire to extend the validity of old naira notes beyond any expiry date. According to the bank, it is working with the relevant authorities to vacate the subsisting court ruling on the same subject.
The bank disclosed this in a statement signed by the Director, Corporate Communications, Isa AbdulMumin, on Tuesday.
The statement titled, ‘CBN To Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum,’ said the decision is line with international best practices and to forestall a repeat of earlier experiences.
The statement read, “Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations; ad infinitum.
“This is in line with international best practices and to forestall a repeat of earlier experiences. Thus, all banknotes issued by the Central Bank of Nigeria, in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum. even beyond the initial December 31, 2023, deadline.”
The newspaper says that the Nigerian National Petroleum Company Limited has said the $2.8bn Ajaokuta–Kaduna–Kano gas pipeline project being constructed by Oilserve Limited will be inaugurated next month.
Executive Vice President, Upstream, NNPC Limited, Oritsemiyiwa Eyesan, revealed this at the ongoing 41st Nigeria Association of Petroleum Explorationists 2023 expo in Lagos on Tuesday.
In her address at the Management Session themed ‘Energy Infrastructure Development, Financing & Monetisation Strategies in Nigeria: Reducing the Risks of Entry’, Eyesan said the commitment to delivering the project in December was a testament to the company’s commitment to Nigeria’s Gas Master Plan.
“In the coming months, you are going to be seeing a great difference in the way we operate because NNPC is poised to drive in more investments into the oil and gas sector. One of such huge investments is the AKK gas pipeline that will be commissioned this December,” she said.
The development comes on the heels of the promise by the Minister of State, Gas, Ekperikpe Ekpo, at the Pai River crossing session in Kwali Area Council of the Federal Capital Territory, Abuja in October.
He said that the 614km project would be delivered by July next year.
The AKK pipeline is a 614km-long pipeline being developed by the NNPCL to transport natural gas from southern Nigeria to central Nigeria.
The Guardian reports that President Bola Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced negotiations concerning a multi-billion-dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.
The development was the outcome of substantive investment discussions held between President Tinubu and the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, after the President’s return from evening prayers.
Noting the historic essence of President Tinubu’s swift and decisive economic reforms, the Vice-President of the Islamic Development Bank said the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time .
“The Islamic Development Bank President announced the provision of $50 billion of new investment for the African continent from the Arab Coordination Group (ACG). This was announced at the Saudi-Arab-African Economic Summit. As the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share. We look forward to supporting Nigeria’s economic transformation,” the Islamic Development Bank Vice-President said.
Meanwhile, the Minister of Finance & Coordinating Minister of the Economy, Wale Edun, has said if the government succeeds in creating national assets register and putting policies and regulation in place, it will generate $13.3 billion extra revenue each year to the economy.
According to him, this will raise the revenue by up to three per cent of the nation’s Gross Domestic Product (GDP). The minister stated this yesterday at the unveiling of Africa investment (Afrinvest) 2023 Nigerian Banking Sector Report with the theme: ‘Getting Nigeria to Work Again!’
The newspaper says that the co-Champion for Transportation of the Africa Continental Free Trade Area (AfCFTA) and Secretary General African Ship-Owners Association, Funmi Folorunsho, has revealed plans for the launch of an Africa shipping line in the first quarter of 2024 to foster economic growth and logistics efficiency across the continent.
Addressing stakeholders at the 43rd yearly council meeting of the Port Management Association of West and Central Africa (PMAWCA) in Lagos last week, Folorunsho outlined the comprehensive blueprint for the regional shipping line.
She emphasised the need for a robust fleet, noting that the target include a 188 per cent increase in bulk vessels and a planned 180 per cent surge in container vessels.
This expansion, according to her, aims to accommodate the anticipated surge in maritime transport volume, projected to soar from nearly 58 million to 131.5 million tonnes.
To facilitate the seamless operation of the shipping line, Folorunsho sheds light on the financing mechanisms, which include tapping into funds generated through the AfCFTA African Cargo for Africa Ships programme.
Others are engaging the private sector, collaborating with the African Export-Import Bank (Afrexim), and exploring partnerships with existing shipping lines in the region.
Folorunsho further underscored the broader impact of the proposed Africa shipping line on economic and logistical fronts. She pointed out that 65 seaports were connected by 142 links in 2019, accounting for 22.1 per cent of intra-Africa freight transport demand.
She explained that with the expected surge in maritime transport volume, the total maritime transport share is projected to increase to 22.7 per cent, thereby unlocking substantial opportunities for economic and logistical growth.
Also, the Consultant Strategist Adviser at MT Montreal, Quebec, Armand Hounto, emphasised the need for a continental Cabotage policy as an integral part of AfCFTA’s trade liberalisation efforts.
GIK/APA