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Tag: agreement

  • Why we signed Samoa Agreement, by Fed Govt

    Why we signed Samoa Agreement, by Fed Govt

    • Minister says pact in Nigeria’s interest
    • Same-sex clause in deal

    The Samoa Agreement signed by Nigeria at the Organisation of African, Caribbean and Pacific States (OACPS) Secretariat in Brussels, Belgium is in the country’s interest, the Federal Government has said.

    Information and National Orientation Minister Mohammed Idris, who clarified Nigeria’s stand, said the agreement is about sustainable economic growth and development and other beneficial protocols.

    The minister’s clarification came against the backdrop of the controversy generated by the pact.

    Idris said Nigeria made it clear that any provision that is inconsistent with the laws of Nigeria shall be invalid, by ensuring that none of the 103 Articles and Provisions of the Agreement contravenes the 1999 Constitution as amended, or laws of Nigeria and other extant laws.

    The minister clarified that the administration of President Bola Ahmed Tinubu will not sign any agreement that is detrimental to the interest of the country.

    According to him, the government upholds the existing legislation enacted in 2014 against same sex relationship in Nigeria.

    The agreement, signed on June 28 by the OACPS and the European Union (EU) for areas of cooperation among signatories, allegedly contained a clause requesting the signatories to support Lesbian, Gay, Bisexual, and Transgender (LGBT) community as condition for getting financial and other supports from advanced societies.

    But the Government said the LGBT clause was not binding because it is against the 1999 Constitution and the laws of the country.

    The minister said the government was part of the agreement only for economic development, the promotion of democracy and human rights, among others.

    He said the negotiations of the agreement started in 2018 on the sidelines of the 73rd United Nations General Assembly (UNGA).

    He said: “On June 28, 2024, Nigeria signed the Samoa Agreement at the Organisation of African, Caribbean, and Pacific States (OACPS) Secretariat in Brussels, Belgium.

    “The partnership agreement is between the EU and its Member States, on one hand, and the members of the OACPS on the other.

    “Negotiations on the agreement started in 2018, on the sidelines of the 73rd UNGA. It was signed in Apia, Samoa on the 15th of November 2018 by all 27 EU Member states and 47 of the 79 OACPS Member states.

    Read Also: Don’t interfere in institutions’ management, Tinubu warns governing councils

    “The agreement has 103 articles comprising a common foundational compact and three regional protocols, namely: Africa – EU; Caribbean-EU, and Pacific-EU Regional Protocols with each regional protocol addressing the peculiar issues of the regions.”

    Giving insights into the African Regional Protocol of the Samoa Agreement, he added: “The African Regional Protocol consists of two parts. The first is the Framework for Cooperation, while the second deals with Areas of Cooperation, containing Inclusive and sustainable economic growth and development; human and social development; environment, natural resources management, and climate change; peace and security; human rights, democracy and governance; and migration and mobility.

    “Nigeria signed the Agreement on 28 June 2024. This was done after the extensive reviews and consultations by the inter-ministerial committee, convened by the Federal Ministry of Budget and Economic Planning (FMBEP) in collaboration with the Ministry of Foreign Affairs (MFA) and Federal Ministry of Justice (FMOJ).”

    The minister said the government ensured that none of the provisions of the agreement contravenes the 1999 Constitution as amended or laws of Nigeria, and other extant laws.

    He added: “It was ensured that none of the 103 Articles and Provisions of the Agreement contravenes the 1999 Constitution as amended or laws of Nigeria, and other extant laws. In addition, Nigeria’s endorsement was accompanied by a Statement of Declaration, dated 26th June 2024, clarifying its understanding and context of the Agreement within its jurisdiction to the effect that any provision that is inconsistent with the laws of Nigeria shall be invalid.

  • ‘Skot’s asset transfer agreement boost to IMC landscape’

    ‘Skot’s asset transfer agreement boost to IMC landscape’

    The integrated marketing communication landscape has received a major boost with the asset transfer agreement between Skot Communications and Hill+Knowlton Nigeria Limited.

    This significant move paves way for Skot to build upon a legacy of excellence and innovation both locally and internationally, leveraging the existing portfolio of clients, talent and expertise in communications consultancy through the agreement.

    The company, based in Nigeria and the UK, is founded by Tokunboh George-Taylor, a communications leader with over 30 years in the industry and the pioneering Managing Director of Hill+Knowlton Nigeria.

    She was instrumental in establishing the firm as a successful player in the market, providing strategic communications counsel and exceptional service to clients across diverse industries.

    Skot believes that the human voice is the most powerful thing in the world. Without it, change is silenced, and with it, impossibility becomes possible.

    The company is guided by the principle that every individual and corporate has a unique story to tell, it is finding your voice that makes all the difference. The company leverages its expertise, creativity, and innovative ideas, to not only define, redefine, or amplify voices, but to create real connections; connections that grow relationships and loyalty to deliver results that can be measured.

    Read Also: Group declares full support for Gov AbdulRazaq’s transformation agenda

    “We are thrilled to embark on this exciting new journey as Skot Communications,” said Tokunboh George-Taylor, Founder/CEO.

    “Building upon the strong foundation laid by Hill+Knowlton, Skot Communications is committed to delivering the highest standards of public relations and communications services to our clients, with local and global insights to drive transformative growth. We remain dedicated to exceeding expectations while simultaneously expanding our offerings to adapt to the evolving Nigerian market and media communications landscape.”

    Skot Communications is driven by a mission to connect brands, organisations and people to the voice that best represents and defines them, growing authentic relationships and loyalty whilst delivering measurable results so that partners can reach their goals and realise their full most powerful potential.

  • N242bn INEC budget virement: We acted in agreement with executive, says Senate

    The Senate yesterday said that its decision to rescind and revise the method of funding of the supplementary budget of the  Independent National Electoral Commission (INEC) and security agencies for the conduct of the 2019 general elections, was done in good faith,  after due consultation with the executive arm of government.

    Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Ibrahim, gave the explanation in a statement released by the Office of the Senate President.

    The statement may have been informed by the insinuation that the Senate unilaterally reduced the budget of Ministries, Departments and Agencies with recourse to the affected MDAs.

    Senator Ibrahim, in a statement, said that on Tuesday, October 16, the Senate had already passed the N242, 245, 050,100 virement request with the stipulation that it should be funded from the Service Wide Vote.

    He noted that the Senate had to rescind, reconsider and revise its position on the source of funding of the virement following pressure on members of the Appropriations Committee by the executive.

    He said: “The insinuations being peddled that the Senate single handedly and unilaterally cut the budgets of critical MDAs is false. Such actions are uncharacteristic of this 8th Senate.

    “The facts remain that on Tuesday, October 16, the Senate approved a report that stipulated that the supplementary funding for INEC and security agencies to conduct the 2019 election should be sourced from the Service Wide Vote of the executive through virement. This information is out everywhere.

    “However, the executive came up with a counter-proposal that asked that the election be funded through both the Service Wide Vote and the budgets of 30 MDAs —on a pro rata basis.

    “This is why, the Chairman of the Senate Appropriations Committee, Senator Danjuma Goje, had to come up with a motion to rescind, reconsider and revise the source of funding contained in the original approval granted by the Senate.

    “So, if you take a close look at the Senate’s Order paper of Wednesday, November 7, 2018, you will see that N121,122,525,050, which represents half of the entire supplementary budget, was sourced from 30 MDAs chosen by the executive, while the other N121,122,525,050 was taken from the Service Wide Vote”, Ibrahim stated.

     

  • Buhari: Nigeria’ll sign Continental Free Trade Agreement soon

    President Muhammadu Buhari yesterday promised to sign the Continental Free Trade Agreement (CFTA) soon.

    He gave the commitment during a joint briefing at the end of South African President, Cyril Ramaphosa’s visit to the Presidential Villa, Abuja.

    Buhari said he is still studying the agreement but noted that he is careful about what he signs, saying that many Nigerian industries that will provide jobs for the teeming youths are still coming up and would not be exposed to unfavorable competition.

    He said: “I am very careful about what I sign whether it is my cheque book or agreements especially when it involves nations and states. As your President has said, we are so populated and have so many young unemployed citizens and our industries are just coming up.

    “So, in trying to guarantee employment, goods and services in our country, we have to be careful with agreements that will compete maybe successfully against our upcoming industries.

    “I was presented with the document; I am a very slow reader maybe, because I am an ex- soldier. I didn’t read it fast enough before my officials saw that it was all right for signature. I kept it on my table. I will soon sign it.”

    On the frequent killings of Nigerians in South Africa, Ramaphosa said the killings were not intentional.

    According to him, what led to the killings were acts of criminality, which his administration is determined to end.

    He said: “There has been quite a number of incidences in our country where foreign nationals some of whom are Nigerians have lost their lives and are being attacked. I will like to say here and now that has been as a result of criminal activity among our own people which we are focusing on from a criminal element point of view.

  • NLC kicks against continental free trade agreement

    NLC kicks against continental free trade agreement

    • Urges Buhari not to sign document

    The African Continental Free Trade Agreement Policy will cripple the economy and leave more Nigerians unemployed, the Nigeria Labour Congress (NLC) has warned.

    The agreement, it said, will expose the economy to unbridled foreign intervention, allowing many foreign companies to operate in the country without employing Nigerians.

    The congress asked President Muhammadu Buhari not to sign the policy document by the Federal Ministry of Trade and Investment, saying it lacks the inputs of relevant stakeholders, including Organised Labour.

    NLC President, Comrade Ayuba Wabba, in a statement argued proponents of the document were supposed to consult stakeholders, including Labour and the local business community because of its likely implication on the economy.

    Wabba dismissed the policy document as extremely dangerous and radioactive neo-liberal policy initiative, warning it will have a creeping effect on the economy if it comes to effect.

    He said: “This policy initiative, for instance, will make it possible for a foreign airline to directly do local scheduled flights without employing Nigerians.

    “We are more worried by the probable outcome of this policy initiative if it is given life because of its crippling effect on the local businesses and attendant effects on jobs.

    “We find it confounding at a time nations, including the United States are resorting to protectionism in defence of their local businesses and protection of jobs, we have the audacity to want to fling open our doors, windows and roof tops.”

    He added:  “We have no doubt that this policy initiative will spell the death knell of the Nigerian economy.

    “Accordingly, we urge Mr. President not to sign this agreement either in Kigali or anywhere.

    “We believe our national interest is at stake and nothing should be done to compromise this.”

    Wabba explained further:  “The African Continental Free Trade Agreement rather than unite Africa will only divide it the more.

    “Rather than enrich Africa, it will only pauperise it the more. Those pulling the strings of this radioactive agreement are somewhere, well concealed and protected in the metropolis of the world. They have had this all thought-out and profits computed well ahead.

    “There is no doubt we have need of foreign investment. But in our view, such investment should not be a poisoned chalice. So, once again, we urge Mr. President not to sign the agreement.”

  • Yaba SMEs seek agreement with Lagos State

    Small and Medium Enterprises (SMEs) at the Yaba Industrial Estate, Sabo, have called on the Lagos State government through the Ministry of Commerce, Industry and Trade, to sign a Memorandum of Understanding (MoU) with them on their welfare before they are evicted.

    The entrepreneurs said though they are industrial tenants of the state, the idea of relocating them to another place, as being mooted, should be backed up by a concrete agreement on their welfare and not by oral submission as allegedly done by Ibile Holdings, the investment arm of the government.

    The SME operators were served a notice of takeover of their premises by Ibile Holdings, following the submission of  Governor Akinwunmi Ambode that the state was to relocate tenants of the premier industrial estate to Imota, Ikorodu and construct a technology hub at the premises.

    Yaba Industrial Estate Occupants Association Chairman, Alhaji Mukaila Adeosun, said although they understood the need for technology as the future of any serious nation, they believed that their relocation should not be an issue now as it had been  settled  in an out of court agreement in 2010.

    He said the out of court agreement provided for the withdrawal of the letter of relocation issued by the Commissioner for Commerce and Industry, represented by the state Counsel, Mrs. Oladipupo Adeosun.

    Alhaji Adeosun said this at the maiden meeting with the concessionaire of the industrial estate, Ibile Holdings, in the presence of the Director, Ministry of Commerce, Industry and Trade, Mr. Lekan Odanbono.

    He said the relocation notice ought to have come from the Ministry of Commerce, Industry and Trade and not from the concessionaire, which was a rude shock to them, hence their reply to the concessionaire that they do not recognise them.

    “Yaba Industrial Estate is the first in the country and we have been maintaining it, paying our rent to the government and also saved it as an heritage for Nigeria’s small and medium entrepreneurs in manufacturing of made in Nigeria products.

    “We deserve to be left alone to continue manufacturing for Nigerians and not be ejected. Even if we were to be ejected, we should be treated as partners in the development of the state and should have an agreement with the government on our welfare,” Adeosun said.

    Secretary of the estate, Mrs Alaba Bamgbose, said their plea is that Ibile Holdings should sign an agreement not to disturb them from doing their work until where they will be relocated to will be ready and allocated to them.

    “We have been abandoned for long and the only time we are seeing government now is when we are to be evicted.

  • LASPARK, OAAN reach agreement on ground rent

    The Lagos State Parks and Gardens Agency (LASPARK) has reached an agreement with the Outdoor Advertising Association of Nigeria (OAAN) on the payment of ground rent on billboards installed in any of its parks or gardens.

    The agreement was reached at a meeting between officials of the association and LASPARK General Manager Mrs. Bilikiss Adebiyi-Abiola at LASPARK’s head office in Agidingbi, Ikeja.

    The General Manager, who praised the association for its commitment to paying the ground rent, Said the fee was not an additional charge by the state government as claimed by the association.

    “The payment to the Lagos State Signage and Advertising Agency (LASAA) is an advertising permit fee, which is statutory while the charges from LASPARK is purely a fee for placing billboards on the agency’s beautified and landscaped sites,” she explained.

    Responding to some issues raised by the association, Adebiyi-Abiola stated that, over the years, the agency’s management had reduced the ground rent twice, hence, asking for further reduction would not be tenable considering the concession the agency had granted  OAAN. Full enforcement for payment of the fee began yesterday.

    The GM reminded OAAN that the agency had been magnanimous, noting that the issue had been lingering for the more than two years. Adebiyi-Abiola enjoined OAAN to collaborate more with the agency towards making the environment a better place to live.

    The General Secretary of the association, Mr. Femi Ogala, who had earlier sought for justification for the ground rental fee, pleaded with LASPARK to make the fee more affordable for members of the association. Ogala, while thanking the management of LASPARK, promised that the executive would reach out to other members of the association to ensure total compliance with the payment.

    He appealed to the agency to always consult the association on all issues that would impact the already existing relationship between the agency and the association.

  • NCDMB, NLNG sign compliance agreement

    NCDMB, NLNG sign compliance agreement

    The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Liquefied Natural Gas Company (NLNG) have signed a service-level agreement (SLA) committing to compliance with the provisions of the Nigerian Content Act and timely approvals of documents.

    NCDMB Executive Secretary, Simbi Wabote and the Managing Director of NLNG, Tony Attah signed the documents on behalf of their organisations in Abuja.

    The SLA, first of its kind in the oil and gas industry, would be adopted as the template for managing documentations, contracting and expatriate quota between the Board and international and local operating companies.

    The agreement obligates NLNG to submit to the NCDMB documents like the quarterly job forecast, Nigerian Content plan, bidders list, Nigerian Content evaluation criteria and Nigerian Content technical bid, among others, while the Board has to respond on specific timelines. Should the Board fail to respond in accordance with the provisions of the SLA, NLNG can proceed with its tendering process after informing the Board in writing or email.

    The Executive Secretary acknowledged that NLNG’s operations were time sensitive, adding that the SLA would ensure that “NLNG is not exposed to violations and NCDMB is not a blocker to the business.”

    He said the SLA was a key strategy of shortening the contracting cycle, cutting the cost of projects and improving compliance with the Nigerian Content Act.

    Wabote explained that activities of the NCDMB impact on the business of the NLNG while the company’s operations also influence how the Nigerian Content Act is viewed by stakeholders.

    He also canvassed greater collaboration between the two organisations, requesting for NLNG’s support towards the development of a drydock facility in the Niger Delta region, to cater for the maintenance of big vessels, including LNG carriers.

    The Managing Director of NLNG praised the Board for the speedy development of the SLA, describing it as an innovative way of addressing the company’s concerns.

    He emphasised that NLNG was bound to comply with provisions of the Nigerian Content Act but was also pressed by the urgency required in making decisions for its business.

    Attah noted that the SLA provided an opportunity for consolidating the company’s collaboration with the Board and delivering on its mission of contributing significantly to the Nigerian economy.

    He recalled that NLNG recorded high Nigerian Content achievements in the construction of its last six ships as goods worth over $10 million were exported from Nigeria to South Korea and utilised on the ships.

    On the development of drydock facilities, Attah promised to work with the Board, adding that the company had previously constituted a consortium to identify and assess possible sites but was yet to make appreciable progress.

  • An agreement is an agreement

    It was a time to look back, and then look forward. The 10th anniversary of Murtala Muhammed Airport Terminal Two (MMA2), Lagos, was not just about the past. More importantly, it was also about the future.

    Talking of the past, it would appear that airport terminal operator Bi-Courtney Aviation Services Limited (BASL) has had a difficult experience concerning the concession agreement it signed with the Federal Government. The anniversary was a fitting time to highlight the minuses that dampened the celebration.

    The company’s chairman, Dr. Wale Babalakin, shed light on the negatives when he spoke to reporters about the government’s contractual infidelity. Babalakin stated: “We got approval since 2007 to operate regional flights from MMA2, but the relevant authorities are frustrating our efforts. We could trace it to both the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA). It is the airlines that are affected, because they burn aviation fuel moving their aircraft from MMA2 to the international terminal. This would not arise if they had allowed us to operate regional flights from MMA2.”  He added: “In 2008, the former President Musa Umaru Yar’Adua presided over meetings to resolve all issues about MMA2; despite the directive given by the former president, aviation authorities are yet to honour the concession agreement.”

    A report said Babalakin “urged the Federal Government to pay over N200 billion” to BASL “for failing to hand over the old domestic terminal, otherwise known as General Aviation Terminal (GAT), Lagos.”  According to the report, “Babalakin said the payment was necessary after BASL was awarded damages by the Federal High Court to the tune of over N132 billion in 2012. He said the amount increased to N200 billion, owing to the revenue the terminal operator would have collected as revenue for flights and other commercial activities at the old domestic terminal.”

    It is one thing to unlawfully break a concession agreement; it is another thing to defy lawful sanctions. The situation is compounded when the lawfully determined guilty party carries on as if nothing is wrong.

    Against this background, it is understandable that Babalakin has taken the matter to the court of public opinion. He said: “We are seeking the assistance of all and sundry for the payment of the N200 billion owed to Bi-Courtney Airways Services by the Federal Government. As far back as 2012, the Federal High Court awarded damages of N132 billion to Bi-Courtney Airways Limited. Six appeals against the judgment in the Court of Appeal have been dismissed. Even the appeal to the Supreme Court was also dismissed. No nation can truly achieve its potential, if it treats its dynamic citizens this way.”

    Babalakin continued: “We call on the regulatory authorities to honour the concession agreement, which has been approved by every level of government, including the Presidency and confirmed by all the strata of the courts in Nigeria. This is the only way to reward our pioneering efforts.  We are grateful to Allah that our eye opening effort had led to the upgrading of some airports in Nigeria and the decision of the Federal Government to concession airports.”

    It is interesting that the government announced plans to concession 22 airports. Considering Bi-Courtney’s experience, it would be interesting to observe the process and the outcome of the agreements. The MMA 2, inaugurated in May 2007 by former President Olusegun Obasanjo, prides itself on its status as the first privately funded Design, Build, Operate and Transfer (DBOT) terminal in Nigeria. MMA2 reportedly handled 20 million passengers and 400, 000 flights in 10 years.

    It is noteworthy that in the same week that BASL celebrated the 10th anniversary of MMA 2, Acting President Yemi Osinbajo declared that Public-Private Partnership (PPP)   was important and inevitable for the country’s economic growth. Osinbajo said at the Third Presidential Quarterly Business Forum at the old Banquet Hall of the State House, Abuja: “The real challenge is how to efficiently and faithfully implement these great ideas. I think for effective delivery, this partnership with the private sector is undoubtedly the way to go. So, our approach in this respect and other sectors, the delivery unit will invite and work with private sector players in our delivery clusters to deliver on quality and value in all these various sectors. This we will do in all the identified sectors. We will make ourselves accessible to you as much as possible.”

    At the same forum, the Minister of Budget and National Planning, Udoma Udo Udoma, played up the newly launched Economy Recovery Growth Plan (ERGP), saying that the government would take full advantage of the power of the private sector to get Nigeria out of recession and put it on the path of growth.

    It will take much more than words to achieve public-private partnerships that work; and it is only when such collaborations work that the country can enjoy the benefits.

    Babalakin was a  qualified speaker on the problematisation of public-private partnership in the country at last year’s Nigerian Economic Summit in Abuja, where he shared  some  of  his company’s experiences regarding the Murtala Mohammed Airport Domestic Terminal 2, Federal Secretariat, Ikoyi, and Lagos-Ibadan Expressway. His group is controversially enmeshed in disagreements connected with concession agreements with the Federal Government on these particular subjects. It is worth mentioning that, based on his experience, Babalakin listed the drawbacks to public-private partnership in Nigeria: the attitude of the government, lack of respect for sanctity of contracts and the rule of law, lack of investor security, corruption and malice. It goes without saying that any concessionaire faced with these troubles will have nightmares.

    There is no question about the documented success of the PPP model in the development of sectors such as energy, mining, transportation and telecommunications in other countries. The PPP approach and the concession concept cannot be reasonably discounted in a modern economy, especially considering reported examples in Western Europe and U.S.A. where private investors are involved in infrastructure development based on concession agreements.

    In the final analysis, when a concession agreement generates a disagreement, there may well have been no agreement. The ultimate lessons of the 10th anniversary of MMA2 are: an agreement is an agreement and an agreement should not become a disagreement.

  • FG mum on currency swap agreement one year after

    Indications are that the federal government may have jettisoned the currency swap agreement between Nigeria and China as the policy initiative is yet to be implemented one year after the deal was signed.

    President Muhammadu Buhari last year travelled with a high-level government delegation to China, during which the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions.

    The agreement was reached following a meeting between Buhari and Chinese President Xi Jinping.

    But exactly one year after the agreement was signed, nothing much has been heard about it ever since.

    The Nation findings revealed that the policy has been put on hold indefinitely as there are plans to hold talks with the Chinese government to straighten a few loose ends.

    Our correspondent further gathered that the apex bank which is saddled with the responsibility of implementing the policy is awaiting directives from the government.

    One of those worried that the currency swap deal may have flopped is Alhaji Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON).

    Speaking in an interview with The Nation over the weekend, he expressed dismay that the policy may have been sacrificed in the altar of political expediency.

    “I don’t think the policy has achieved its aims and objectives. I have a feeling that the policy has been kept in the cupboard and l don’t know why. And you know the expectation was that this was going to be the alternative choice to the dollar. But honestly, l don’t know what really happened as to why the policy has not seen the light of day,” he lamented.

    Pressed further, he said: “It’s something l think the federal government and the CBN should as a matter of urgency look into as part of the options now to reduce dollar demand to revisit that agreement and relationship so that we can have a lesser pressure on the dollar and that will really help to strengthen the naira. It’s surprising that nothing has been done to it one year after that agreement had been signed.”

    He reiterated that if the policy is pursued to its logical conclusion, it will reduce pressure in dollar demand as well as enhance the value of the naira. “If you look at it, our trade relationship is even moving from Europe to China. A lot of people now go to China for business imports. People have stopped going to Europe, America and UK. In terms of our trade relationship in China, the idea of introducing Yuan as a second currency instead of dollar is germane and something that we should consider seriously in order to strengthen that bond.”

    However, in the view of Prof. Jonathan Aremu, renowned economist and professor of International Economic Relations at the Covenant University, the currency swap initiative has not miscarried in anyway. Waxing philosophical, he said: “There’s nothing wrong in planning but even if you plan and then the planning is not going the way you want it, if there are conditions that can make it work, one should be able to look at the options to effect the necessary changes.”

    Expatiating, he said: “That the thing did not pick up does not mean that it’s a failure. No. I agree that the Chinese economy is expanding and a lot of developing economies are benefitting and it’s therefore a very wise thing to be able to trade directly with them by converting our naira to yuan because it’s going to be a lot cheaper rather than using the intervening currencies of Euro, dollar or pounds sterling. But what l’m suggesting is that since they have not perfected the arrangements to get it started, l think the federal government need to work on it further.”

    While emphasising that the major reason for the delay, may have been due to change of the policy environment, he however impressed on the apex bank on the need to perfect all the necessary arrangements so that the currency swap can takeoff despite the policy environment.

    “It’s not that they went to China just on a pilgrimage and then nothing happened. That they did not say anything about it doesn’t mean that it has died. What l’m saying is that the prevailing circumstances at the time the agreement was struck has changed relatively and substantially. As such, there may be a need to go back to the drawing board and then look at what can be adjusted to accommodate the emerging changes so that when the thing starts, it’s going to be something that is sustainable. That’s the way l look at it.”

    Contacted, the CBN Acting Director, Corporate Communications Department, Isaac Okoroafor didn’t pick his calls and neither replied sms sent to his mobile phone.