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  • Your investments are safe in Nigeria, Tinubu assures Saudi investors

    Your investments are safe in Nigeria, Tinubu assures Saudi investors

    President Bola Tinubu, on Friday, November 10, reassured potential investors that their investments are safe in Nigeria.

    Speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia, President Tinubu said Nigeria is ready for business while assuring investors of some of the world’s highest returns on investment.

    According to a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu also informed the gathering that Nigeria is in the middle of the diversification of its economy, away from dependence on just oil, to achieve sustainable development.

    The President said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups, which have been terrorizing the Lake Chad and Sahel regions.

    Read Also: Footballers whose relatives were kidnapped

    He said: “Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.

    “It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly skilled medical practitioners and professional football players.

    “As members of several international organizations, including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organization, among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination.

    “I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.

    “Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.

    “I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council cannot be over-emphasized.”

    President Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.

    Speaking on climate change and how it affects Africa, President Tinubu said climate change has led to an expedited rate of desertification and incessant flooding in Nigeria and many other countries of Africa.

    He commended the efforts of the Kingdom for its various initiatives to fight the effects of climate change, adding that Nigeria is also working on a number of initiatives to fight the effects of climate change and energy poverty.

    He noted: “Recently, we launched a data-driven Energy Transition Plan which sets forth a clear carbon reduction policy and targets net-zero emissions by the year 2060 while also setting out our plans for industrialization using new energy systems and universal access to modern energy services.

    “Mr. Chairman, let me also take this opportunity to reiterate Nigeria’s full support for the Kingdom’s bids to host the 2030 World Expo in Riyadh and the 2034 FIFA Senior Men’s World Cup, the latter of which is now all but guaranteed to succeed.”

    On the situation in the Middle East, particularly in Palestine, the president reiterated Nigeria’s call for an immediate ceasefire and the pursuit of a peaceful resolution to the conflict.

  • Nigeria, Saudi Arabia sign MoU on oil, gas investment

    Nigeria, Saudi Arabia sign MoU on oil, gas investment

    Nigeria and the Government of the Kingdom of Saudi Arabia have signed a pact on oil and gas sector investments.

    The cooperative framework outlined in the Memorandum of Understanding (MoU) encompasses joint research and development initiatives, knowledge-sharing platforms and capacity-building programmes. 

    Minister for State Petroleum Resources (Oil), Senator Heineken Lokpobiri, signed on Nigeria’s behalf; Saudi’s Energy Minister, Prince Abdulaziz bin Salman, signed for his government.

    Lokpobiri’s Special Adviser, Nneamaka Okafor, said in a statement yesterday that the deal was signed in Rydyya, Saudi Arabia.

    It reads: “One of the primary benefits anticipated from this landmark agreement is the facilitation of technological exchange. 

    “With Saudi Arabia boasting advanced technologies in oil and gas exploration and production, Nigeria stands to gain significantly from this knowledge transfer. 

    “The exchange of technical expertise is poised to elevate the efficiency and effectiveness of Nigeria’s energy operations, ultimately contributing to increased production levels and global competitiveness.

    “The MoU is expected to attract substantial foreign direct investment into Nigeria’s oil and gas sector. 

    “Saudi Arabia, being a key player in the global energy market, holds the potential to channel significant investments into Nigeria, thereby stimulating economic growth, job creation and infrastructural development. 

    “This influx of capital will not only bolster the petroleum industry but also have a cascading effect on various sectors of the economy, contributing to Nigeria’s overall economic prosperity.”

    Read Also: Saudi Arabia to separate Kano conjoined twins in Riyadh

    Lokpobiri added that the MoU outlines a commitment to environmental sustainability and responsible resource management.

    The statement added: “Both nations have agreed to work together on adopting and implementing best practices in environmental conservation, ensuring that oil and gas activities are conducted in an eco-friendly manner. 

    “This reflects a shared vision for a greener and more sustainable energy industry, aligning with global efforts to address climate change and promote cleaner energy alternatives.

    “For the people of Nigeria, this MoU promises a brighter and more prosperous future.

    “The anticipated increase in production levels will secure a more reliable energy supply and contribute to reducing dependency on imports. 

    “This, in turn, is expected to stabilise fuel prices and enhance energy security, providing tangible benefits to Nigerian households and businesses alike.”

  • 2023 AFCON : Gusau  predicts  tough Nigeria, Cote d’Ivoire clash

    2023 AFCON : Gusau  predicts  tough Nigeria, Cote d’Ivoire clash

    President of Nigeria Football Federation, Alhaji Ibrahim Musa Gusau, has reiterated that three-time champions Nigeria are ready to give the campaign their best shot when the 34th  edition of the Africa Cup of Nations begins in Cote d’Ivoire on 13th January 2024.

    Speaking while receiving in audience at the NFF Secretariat, the Ambassador of Cote d’Ivoire to Nigeria, His Excellency Kalilou Traore, Gusau praised the Government of Cote d’Ivoire for the huge investment in stadia and related infrastructure in order to be able to adequately host the continent, 40 years after the country played host to the 14th  edition of the competition in 1984.

     “I have been receiving regular briefings on the preparations from the President of Cote d’Ivoire Football Federation, Yacine Idriss Diallo, who is a personal friend. I am aware that the Government of Cote d’Ivoire has really invested in stadia and general infrastructure to make the AFCON a success and a huge spectacle.

     “Our two teams (Super Eagles and Elephants) are in the same group at the finals, and it would be a very interesting game when we play on 18th January. We know the whole of Africa and even the world will be focused on Cote d’Ivoire before, during and after the AFCON, and our team will be ready to do its best. When Cote d’Ivoire hosted the AFCON in 1984, our Eagles finished second. This time, we will work very hard to emerge as champions.”

    Read Also: UCL: Preview, team news of Real Madrid Vs Braga

    Earlier, Ambassador Traore congratulated the NFF on the fact that Nigeria is one of the 24 participating nations at the upcoming AFCON, and used the opportunity to invite the NFF leadership to the Ivorian National Day, to be celebrated at the embassy of Cote d’Ivoire on Friday, 17th November.

    “We want the NFF to be part of the event. The Ivorian National Day is usually celebrated in August, but it was postponed this year because of the death of our former President, Dr. Henri Konan Bedie. We also want to use the opportunity to launch a promotional programme ahead of the AFCON, which our country is hosting early next year.”

    Also present at the occasion were NFF Executive Committee member, H.E. Ali Silas Agara; NFF General Secretary, Dr. Mohammed Sanusi; NFF Director of Communications, Ademola Olajire; Cisse Karim from the Office of First Counsellor at the Ivorian embassy and; NFF Chief Protocol Officer, Emmanuel Ayanbunmi.

  • Exness breaks world record with $4tr trading benchmark- Oluwatosin Olusanmi, Commercial Director

    Exness breaks world record with $4tr trading benchmark- Oluwatosin Olusanmi, Commercial Director

    In the online trading world, Exness has become a very trusted brand in Nigeria in the past few years. Are you confident you can respond to the growing needs of Nigerian traders through your services and products?

    EXNESS has been providing online trading services for the past 15 years. Today, we are the world’s largest retail market maker, recording over $4 trillion in monthly trading volume and counting over 600,000 clients. These are numbers never before seen in our industry and are testament to our world-class stature and expertise.

    We have achieved global expansion in Africa and beyond, with offices located all over the world including South Africa, Kenya, UK, Curacao, Cyprus and Seychelles. On this side of the world, we are licensed by the FSCA in South Africa, the CMA in Kenya, and the FSA in Seychelles, and the Exness Group holds other reputable global licenses like those of the FCA and CySEC.

    Are we confident that we can respond to the growing needs of Nigerian traders? 

    Absolutely. EXNESS offers CFD trading in FX, commodities such as gold and oil, indices and stocks. Our product offering reflects superior pricing and execution, which come from our deep pools of liquidity, and algorithms built by our team of hundreds of quant mathematicians and data scientists. We offer seamless withdrawals which place money in the hands of traders in mere seconds, and the trading experience we offer is augmented by advanced trading tools and protective features to tackle volatile markets. With local Support teams, we are also prepared to be at the side of traders in Nigeria, around the clock.

    What steps do you take to ensure the security of your clients’ funds and what risk management tools do you offer for traders?

    Undeniably, trading comes with its fair share of risks, and losses can be experienced just as much as profits. What we do at Exness is ensure that you will never ever lose more than you invested. We offer negative balance protection, which, as its name suggests, brings your balance to zero if you are to lose more than your invested funds, as opposed to a position of debt. Furthermore, we keep client funds segregated from company funds and as mentioned earlier, are the first and still one of the only brokers to offer seamless withdrawals. On the trading side of things, we offer enhanced protection tools like price gap protection and stop-out protection.

    Which products and services will you be focusing on in Nigeria and what do you believe gives you a market advantage?

    The full range of our product offering is available to Nigerian investors, from FX and commodities to stocks and indices. On this side of the world, gold and oil are some of our most traded financial instruments, so we believe they will be key in driving local operations. 

    Regarding the market advantage, it will always be our trading conditions. We keep spreads low even in times of high volatility, client orders are executed in milliseconds and occurrences like slippage are extremely rare. We offer swap-free accounts for everyone, seamless withdrawals and a trading environment which is generally free of friction. As a result, our brand is associated with reliability, transparency, and superior pricing and execution.

    Exness has broken all previous records – its own and those of the industry – with its most recent trading volume results. August 2023 saw a monthly figure of $4.5 trillion in transaction volume. What drives these consistently impressive results?

    EXNESS is the first broker in the world to break the $1, $2, $3 and $4 trillion trading volume benchmarks. Behind these noteworthy milestones is the exponential growth we have experienced in the past few years. Having expanded our global footprint across SSA, MENA, LATAM and Asia, we are in a position where we have over 600,000 traders worldwide driving trading volume up, especially across FX majors and commodities. Our clients enjoy superb pricing and execution in all kinds of financial markets, and benefit from the frictionless trading environment we offer; these are the key drivers of our consistently impressive results.

    What is your long-term vision as a brand, both globally and locally?

    For the future, we aim to not only maintain our status as the largest and most trusted broker in our industry, but to continue setting unparalleled standards in all areas, be it trading conditions, customer support, or breaking new records in trading volume and active clients. We also aspire to broaden our global presence through securing new licenses and establishing additional offices. When it comes to product development, we are committed to harnessing data science and algorithmic models to enhance our trading platforms and conditions. Our foundational vision has always been, and will continue to be, providing superior pricing and execution for traders globally, within a near-perfect trading environment. 

    Visit  EXNESS  for more information.

  • Nigeria’s opposition parties and the future 

    Nigeria’s opposition parties and the future 

    Peter Obi, candidate of Labour Party (LP) at the February 25, 2023 elections, finally weighed in on the Supreme Court verdict that dismissed his appeal. He, like Peoples Democratic Party’s (PDP) flag-bearer, former Vice President Atiku Abubakar’s, insists the justices did a terrible job.

    It’s hard to know if Obi truly believes he won the same election Atiku also claims to have won. He does accept that with the judgment he has exhausted all legal remedies and committed himself to rebuilding LP and nurturing his Obidient Movement. Those are the moves of a man planning to fight another day. 

    His intervention, together with Atiku’s before him, provide a canvass for looking at the immediate future of Nigeria’s opposition parties. The omens are not too bright, unfortunately.

    That’s not good for the country because to further entrench democratic culture, we need thriving opposition parties. But their future can only be guaranteed when they stand for something; when they are seen as credible governing alternatives to the ruling party. As it is, there’s not much that separates the four largest parties in the land.

    Perhaps, what hampers the opposition most today is fragmentation. It was the reason PDP held power for 16 years and could have gone on for much longer, if their rivals had not become wise in 2014 and pooled their resources under APC. 

    What we are witnessing is a return to the scenario in 1999 when PDP had rock solid national spread, while its opponents were scattered in weak groups like All Peoples Party (APP), All Nigeria Peoples Party (ANPP), Alliance for Democracy (AD) and so on.

    Today, the likelihood of opposition parties coming together to form a broad-based entity to challenge the ruling party is extremely remote because of the dueling ambitions and egos of their leaders. 

    Despite a record 30-year run of defeats, Atiku has signaled he will give it another go in four years. But it is clear that governors who control his party may not be invested in that project. Their relatively temperate reaction to the Supreme Court judgment stood beside Atiku’s burn-down-the-barn remarks like night and day. 

    As I argued last week, Atiku has shown through his brief flirtation with the Action Congress of Nigeria (ACN) in the past, that he would gladly run on another platform if he’s denied the ticket in 2027. This would further fragment what used to be the locked-in PDP vote. 

    One of the big stories of the 2023 general election was the performance of LP. Credit for this is often ascribed to Obi. Still, his popularity didn’t get him the ultimate prize because he failed at a crucial hurdle. To win the presidential election you need a platform that can prevail in four of the nation’s six political zones. His party fell far short of this requirement.

    This, despite the fact that the opposition were offered an electoral environment tailor-made for defeating the ruling party. In the run-up to the polls the Muhammadu Buhari administration inexplicably embarked on the suicidal naira swap that starved the country of badly-needed cash. Coupled with long-drawn fuel scarcity, an enraged populace were primed to punish APC and its candidate. 

    There were other factors that contributed to Obi’s performance that were unique to this particular poll. They may not be there next time or may not generate the same emotional pull. 

    For instance, not since M. K. O. Abiola ran with Babagana Kingibe in 1993 has the polity been so divided over religious balancing. The same-faith Tinubu-Kashim Shettima ticket drained support for the ruling party in large swathes of the Middle-Belt and the predominantly- Christian South.

    Read Also: JUST IN: Peter Obi to address press today

    If the Islamisation scare doesn’t become reality before 2027, then religion would have been seriously defanged as a political factor and may not be as helpful to Obi when he runs again. 

    And run, he’s certain to do. He has served notice of his intention to rebuild LP. That shuts down the hopes of those dreaming he would return to PDP – offering them a better shot at wresting power from APC. 

    But he has his work cut out for him. His lopsided vote in his home region and anaemic performance in several others, is now his biggest albatross. He emerged more as a regional project than a national messiah. How he’s going to achieve an image makeover that presents him as anything other an ethnic or religious champion, would be interesting to watch. 

    Obi’s major problem is his limited appeal. What he needs going forward is to broaden the scope of his acceptability. If he’s hoping to achieve that using his Obidients, then he just tripped getting out of the blocks. During the campaigns this movement didn’t make him too many friends. Their readiness to deploy any tactic, no matter how low to further their cause, was a turn-off to many voters. That’s just unfortunate because no one ever became president with a narrow base. 

    Yes, he did well with the youth demographic but even this must be put in context. In February, he ran against Tinubu and Atiku who were 70 and above, Rabiu Kwankwaso was within touching distance of the duo age-wise. For younger voters, Obi was, therefore, the youngest on parade. In four years time he would be 66 – hardly the convincing poster boy as youth representative. 

    To make matters more interesting, Tinubu has stolen his thunder with a cabinet chock full of people in their 30s and 40s. Such has been his enthusiasm for infusing young blood into the system that he even sparked an uproar when he briefly appointed the 24-year-old Ibrahim Kashim-Imam chairman of the Federal Emergency Road Maintenance Agency (FERMA) board. 

    Up North, the fragmentation continues with Kwankwaso’s NNPP. His hopes of building a third or fourth force are dangling by a fragile judicial thread. If the courts rule against his party in the Kano gubernatorial contest, then he’s cooked. Such a loss in his lone stronghold can only strengthen APC going into future contests. 

    Clearly, in Nigerian politics the more things change the more they remain the same. In the Second Republic, Chief Obafemi Awolowo’s Unity Party of Nigeria (UPN), Chief Nnamdi Azikiwe’s  Nigeria Peoples Party (NPP) and others, couldn’t challenge the behemoth National Party of Nigeria (NPN) because of their failure to sacrifice their ambitions for a larger goal. 

    It is the same story today. If political structures remain as they are going into the next elections, power won’t change hands – and it won’t be because of Independent National Electoral Commission (INEC) manipulation or judicial sleight of hand. 

  • ‘Tinubu  committed to a better Nigeria’

    ‘Tinubu  committed to a better Nigeria’

    The Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, has challenged every Nigerian to do something to contribute their quota to nation-building, rather than fold his hands and complain. 

    She spoke during a Raypower current affairs programme, ‘Factfile. Dr Edu said governance is a work in progress and that the country’s problems would not disappear overnight.

    She said the different dimensions of poverty would be addressed by different methods because President Bola Ahmed Tinubu is committed to improving the lives of the average Nigerian.

    In her response to the criticism of the authenticity of the social register used by the last administration by many stakeholders, the minister said the Tinubu administration inherited a register that had been compiled over the years, which needed to be updated. She added: “We have almost concluded our audit of that register, to ensure that those in it are real people. Some are dead, some are no longer in that category because they are no longer living below $1.95 a day; they have moved higher and new people have joined the list.”

    On the assessment of some of the social intervention programmes of the last administration and the direction the Tinubu administration intends to follow, the minister said the new government does not intend to throw the baby away with the bath water. She added: “In other words, we are going to pick what is useful from what the last administration did and throw away what is not useful. What we can restructure and redeem, we will restructure. But what is not redeemable, we will jettison and throw away.

    “The intent behind the programme is what we should look at. I will give you an example of the Npower programme, which we are going to relaunch. The idea is to provide jobs for young Nigerians who are unemployed. It used to be for young Nigerians between the ages of 18 and 35 but we are extending it to the age of 40. The intent remains to provide jobs for young Nigerians that are unemployed so that they can have some form of livelihood.”

    Dr Edu admitted that the way some of the programmes were implemented by the last administration may have negated their overall objective. She added: “That’s why we are going into a restructuring of the programme to plug the loopholes or bottlenecks identified so far. It would have the same objective of providing jobs for young, unemployed Nigerians, which is the responsibility of any reasonable government.

    “You mentioned other programmes like ‘Tradermoni’, which are useful to Nigerians. These are zero-interest loans. The idea is to provide interest-free capital or support funds to that woman who is a petty trader; she is in the marketplace selling vegetables, tomatoes or fruits. If you put N60,000 into her business, she will be able to increase the volume of her business and have more profit to take care of her family. That way, you are growing the economy because you building small, micro and medium-sized businesses. 

    “You heard the president; the administration is going to give loans to students to go to school. In developed countries, governments give loans for people to be able to go to school. Most people who graduated from Havard could not afford the school fees but it was the student loan that was given to them that helped them to pay the fees. When they graduate and start working, they pay back. These are some of the opportunities President Bola Ahmed Tinubu is creating for Nigerians.”

    On the enormity of the task ahead of her, Dr Edu said President Tinubu is concerned about the growing poverty in the country and is interested in tackling it head on, hence he directed the re-focusing of the mandate of the ministry towards poverty alleviation by renaming it the Ministry of Humanitarian Affairs and Poverty Alleviation from Ministry of Human Affairs, Disaster Management and Social Development.

    She added: “This is because he understands in clear terms the enormity of the problem and the need for Nigeria to be able to meet up with Millennium Development Goals (MDG), which includes ending poverty by 2030.

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    “On taking over the affairs of the ministry, I did a baseline research to appreciate the task ahead of me. This entailed looking at books and the recent study of the poverty level in Nigeria by the National Bureau of Statistics (NBS) and several other useful sources of data to ascertain how many people are poor or extremely poor. We have all sorts of poverty; we have multidimensional poverty; we also have those that are affected by one form of humanitarian crisis or the other across the country.

    “In Borno, Yobe and Adamawa alone, we have over eight million of such persons. In all parts of the country, those that are directly affected are about 15 million. These are the figures that we inherited. These figures and others from the further research that we have done in the last four weeks have given us information and have indicated the direction we should be heading, to be able to address the issue headlong.”

    On the government’s plan to help vulnerable persons from across the country, Dr Edu said President Tinubu gave clear orders about his expectations from her ministry at the outset in order not to disappoint Nigerians who are waiting to see positive results.

    She said: “President Tinubu said the trust of the nation has been put in my hands to be able to deliver; ensure you do it with sincerity and transparency. It’s one thing to look at the books in the office to see what is on the ground and it’s another to go to the field and interact directly with the people involved or hear from them. So, you can have the best understanding of what is going on and the best way to intervene.

    “I have been to Makoko and several other communities in Lagos — I was in about six communities in the state. I have also been to Zamfara; I was in more than four communities in the state. I was also in Niger State, Borno State, among others to see what is on the ground and also to ensure that the National Social Register is a true reflection of Nigeria and the poor people that ought to be there; these are people living below $1.95 per day. All those who are vulnerable need to be on that list.

    “It’s been a very rigorous exercise,  trying to do a verification of those on the list, as the president directed us to do. He said integrity and transparency are the watchwords devoid of my politics.  “We all heard him in his October 1 broadcast; he said I am going to provide N25,000 to 15 million poor, vulnerable households in Nigeria. About 62 million will be directly benefitting from this and it is starting this month, so it is not something that would take a long time to manifest.

    “We are kicking off with this because we believe that Nigerians need that intervention to be able to live through this period, while he works on the macroeconomic and expands the horizon for people to be able to do businesses and create jobs among other things.” 

    A recent figure released by the National Bureau of Statistics (NBS) has put the figure of poor Nigerians at 71 million. Indications are that more are likely to slip into poverty, going by recent happenings in the country, which includes the removal of fuel subsidy, and the cash crunch earlier in the year among other developments.

  •  Nigeria’s foreign trade hits N12.74 trn

     Nigeria’s foreign trade hits N12.74 trn

    Nigeria’s import and export trade as at June 2023 stood at N12.74 trillion, with the Netherland topping the list of countries with the nation’s export destination, The Nation can report.

    Premium Motor Spirit import accounted for 21.5% (N1.23 trillion).

    The United States of America, Indonesia are the other countries with high export of Nigerian goods.

    However, China, the United States of America, Belgium, India and the Netherlands top the list of countries with the highest import of goods into Nigeria as at the end of the second quarters of 2023.

    The details are contained in the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) prepared by the Budget Office of the Federation dated September 2023 sighted by The Nation.

    According to the document, the nation’s total export for the period stood at N7.02 trillion while total imports amounted to N5.73 trillion.

    Total import from China with the period stood at about N1.27 trillion representing 22.17%) to lead other countries where goods are imported into the country.

    Total export to the Netherlands’ export stood at N788.85 billion, representing 11.24% of total exports; followed by United States of America with N718.63 billion; Indonesia with N550.18 billion; France with N540.73 billion and Spain with N504.45 billion.

    The document reported that exports to the five countries amounted to 44.23% of the total value of exports.

    It said further that total imports within the first six months of the year increased by 2.99per cent compared to the value recorded in the first quarter of 2023 (N5.56 trillion) but declined by 10.37per cent when compared to the value recorded in the corresponding quarter of 2022 (N6.39 trillion).

     Also, it said that the values of import from the top five countries amounted to N3.44 trillion representing about 60.05 of total imports.

    Other imports included used Vehicles, ang Automotive Gas oll (AGO).

    The document also disclosed that total exports increased by 8.15% when compared to the amount recorded in the first quarter of 2023 (N6.49 trillion) but declined by 5.20per cent compared to the corresponding quarter in 2022 (N7,400.89 billion).

    It said that ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N5.59 trillion representing 79.63per cent account for the largest export product was, followed by Liquefies Natural Gas (LNG) liquefied billion and Urea.

     In addition, Foreign Portfolio Investment (FPI) was the largest amount of capital importation by type, US$3.30 billion which is however 34.1per cent lower compared to $5.14 billion recorded in 2020. Foreign direct investment in Nigeria was a paltry $696.78 million, 32per cent lower than the $1.03 billion recorded in the preceding year.

    On capital importation, the MTEF/FSP document said “there has been a steady decline in Nigeria’s capital importation for three consecutive years, from an annual level of $16.812 billion in 2018 to a paltry $5.32 billion in 2022.

        “Quarterly data also showed capital importation declined by 51.51% from $2.187 billion recorded in Q4 2021 to $1.06 billion in Q4 2022.

        “Trade deficits, loans, currency deposits represent the largest component of capital importation in 2022 accounting for 65.17per cent ($691.23 million) of total capital importation in Q4 2022.

        “This was followed by Portfolio Investment with 26.89per cent ($285.26 million) and Foreign Direct Investment (FDI) with 7.94per cent ($84.23 million).”

        Meanwhile, the House of Representatives is to begin consideration of the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) on Wednesday November 8 ahead of the presentation of the 2024 budget by the President.

        The MTEF/FSP provide framework on which the annual budget is prepared by the Executive and also provide parameter for the budget and also examine performance by revenue generating agencies in the outgoing year to determine whether they were able to meet their revenue target or not.

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        Chairman of the House Committee on Finance, Hon. James Abiodun Faleke said in a statement that chief Executive and Heads of government agencies are expected to appear before the committee in the about three weeks the exercise will last.

        The statement said: “Sequel to the presentation of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) by the President, Commander-in-Chief of the Armed Forces, to the House of Representatives, National Assembly on Tuesday 31st October,  2023 and its referral to the House Committee on Finance for legislative action, in preparation for the 2024 Budget Presentation, all Chief Executives and Heads of the under listed MDAs are hereby invited to appear before the House Committee on Finance for a holistic interactive session on the 2024-2026 MTEF/FSP”

        The statement said that the MDAs will be required to provide the Committee with their Auditors Report for the 2022 Year Ending, Income and Expenditure Report, Revenue Budget Performance for the year ended 2022 (Revenue) and Budget Performance for current year 2023, January to Date (Revenue).

        They are also required to present details of all sources of Income including all Revenue Heads Liabilities for services rendered to clients details of all Contracts Award and Statutory Deductions thereof (VAT, WHT, Electronic Money Transfer Levy (EMTL).

        The session which will hold at the House Conference Hall 034 at 10am daily will have the Minister of Finance and Coordinating Minister of the economy, Wale Edu leading his Budget and National Planning counterpart, Director General of the Budget Office, Accountant General of the Federation to appear before the committee on the first day.

  • Securing Nigeria pluck by pluck

    Securing Nigeria pluck by pluck

    Excellence needs no hype, makeover, or agitprop. Good work manifests itself in palpable reality. The security bent of the Tinubu administration is an exercise of deliberate, coordinated, meticulous and prescient deployment of strategies and actions to secure Nigeria. It is securing Nigeria pluck by pluck – with inexorable courage, purpose, and urgency.

    A large part of success in security operations lies in interagency cooperation and coordination. What more demonstrates this plank than the synergised effort between the Department of State Services and the army in precluding what could have been a devastating blow, with sludge of casualties in Kano?

    On November 3, the symbiotic effort of the Nigerian Army and the DSS led to the successful foiling of an attack on Kano by insurgents. The insurgents had been machinating a marquee attack that could, perhaps, dampen citizens’ confidence, on the state. A detachment of soldiers and DSS operatives swooped on the sanctuary of the subversives in a dawn blitz in Gezawa Local Government Area of Kano State, arresting the henchmen.

    The joint team recovered five AK-47 rifles, five AK-47 rifle magazines, one rocket-propelled gun (RPG), five RPG bombs, six hand grenades, five pairs of desert camouflage uniforms, 10 pairs of magazine pouches and some improvised-explosive device (IED) making materials.

    Obviously, the success of this operation is implicit in the cooperation and coordination between the army and the DSS, as well as in the actioning of intelligence. What imperils security anywhere in the world is, partly, interagency rivalry and the absence of coordination – when intelligence is available, but actioning is a challenge owing to some contentions.

    On November 2, the allied effort of the army and the police resulted in the rescuing of two youth corps members. Bandits had kidnapped the youth corps members who were transiting from Edo State in Yargoje community, Kankara Local Government Area of Katsina State. But the purposive and united endeavour of the security agencies led to the safe return of the hostages.

    Inter-agency cooperation and coordination (ICC) is pivotal for securing Nigeria. It is elemental for achieving the priority objective of the administration, which is strengthening national security for peace and security.

    Since July, the security forces have chalked up reasonable gains against subversives without a noising of the winnings. There is a fillip in security operations across the country. Since the past week, for instance, there have been intensive air strikes against the troublers of our nation.

    In the northwest, the air component of Operation Hadarin Daji on November 1, conducted a slew of successful air strikes in Kankara Local Government Area (LGA) of Katsina State, targeting the hermitage of a terrorist kingpin, who is responsible for a chain of terrorist acts and banditry across Kankara and adjacent LGAs in the state.

    The air strikes removed clusters of refuge used as hideaways by the kingpin and his gang, effectively dismantling their base of operation. Only very few survivors escaped the furry of the Nigeria Air Force.

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    In the northeast, precision air strikes by the air component of Operation Hadin Kai (OPHK) on November 3, led to the elimination of several terrorists at their rendezvous, near Degbawa in Goza Local Government Area of Borno State. The terrorists were responsible for the recent attack on some locals in Geidam on October 31, and had planned to meet to review the attack as well as the next line of onslaught on innocent Nigerians and other vulnerable targets.

    In the southeast, security agencies have sustained incisive operations, rooting out units of IPOB/ESN terrorists from the area. Peace and normalcy are returning, just as citizens’ confidence is witnessing a reinforcement. For instance, On October 5, troops of Operation UDO KA II conducted raids on the haven of the terrorists around Ihiom-Ihittenansa in Orsu Local Government Area and Okigwe-Umulolo in Okigwe Local Government Area of Imo State.

    The operational base and shrines of the subversives were erased, two suspects arrested, and a cache of arms recovered. This includes ammunition, one PKT machine gun barrel, one locally made rocket-propelled launcher (Ogbunigwe) and IED making materials. In many other operations, imminent attacks had been thwarted, IPOB/ESN terrorists removed and arrested; criminal hermitages destroyed, hostages freed, and arms and ammunition recovered.

    Further operations are in progress in the north-central, south-south, and southwest. Across these zones, criminal hideouts have been extirpated, threats neutralised, arms and ammunition recovered, suspects arrested, and kidnap victims rescued.

    These sustained efforts, successes, cooperation, and coordination among the security agencies clearly say there is a responsible, and strategic national security leadership. There is purpose, there is direction; there is commitment, there is the will and the way, and there is a sense of urgency.

    Securing Nigeria is a principal objective of the Renewed Hope charter. The Tinubu administration has exercised responsibility with significant gains in the sphere of security since assumption of office. Although there is more to be done and will be done, the administration is wholly committed to removing security threats and securing law-abiding Nigerians anywhere in the country.

    Nwabufo is Senior Special Assistant to the President on Public Engagement

  • Implementing eco-friendly and energy-efficient building practices in Nigeria

    Implementing eco-friendly and energy-efficient building practices in Nigeria

    Urban development challenges are legion in Nigeria. This situation makes striking a balance between growth and environmental stewardship a necessity, writes United States Bureau Chief OLUKOREDE YISHAU 

    As Africa’s most populous country, Nigeria’s urban expansion is in a critical phase. The rapid growth of cities like Lagos and Abuja has resulted in increased energy consumption, construction waste, excess and uncontrollable sewage disposal, and ecological degradation. Conventional building methods, resource exhaustion, and outdated infrastructure compound these issues, stressing the pressing need for sustainable construction approaches.

    While Nigeria possesses substantial potential for environment-friendly building solutions, socio-economic problems have hindered progress. These obstacles include the relatively high costs of sustainable technologies, a need for more technical expertise, and ineffective policy implementation. The situation is worsened further by limited awareness among developers and key decision-makers in Nigeria’s construction industry.

    However, positive changes are coming. Segun Aguda, an experienced project manager currently living in the United States and with many years of international experience in sustainable construction in Qatar, is introducing innovative strategies to address all the listed Nigeria’s unique challenges to sustainable construction in these major cities. Aguda is pushing for energy-efficient, cost-effective building methods across Nigeria’s major cities by integrating global best practices with local needs.

    Innovative Green Initiatives in Lagos and Abuja

    Aguda is putting his ideas on sustainable construction forward, with the main focus being within the construction industry across Nigeria’s two major cities: Lagos and Abuja.

    In Lagos, Aguda proposes that developers, wealthy individuals, private companies, and government parastatals and ministries invest more in projects implementing renewable energy systems, such as solar photovoltaic panels, into residential and commercial buildings. Energy-efficient materials, including insulated concrete forms and low-emissivity glass, will significantly reduce energy consumption. Advanced construction technologies, he proposes, will minimise waste and optimise resource allocation, demonstrating that sustainability and cost-effectiveness can both be implemented on these projects.

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    Aguda calls for modular construction techniques to improve adaptability and sustainability in Abuja. He believes sustainable building can be economically possible by employing locally sourced eco-friendly materials like compressed earth blocks and bamboo. Projects under certified LEED specialists’ supervision will focus on installing energy-efficient HVAC systems, water conservation technologies, and natural lighting solutions to reduce operational costs and improve building performance.

    Aguda advises that the planned use of project management tools such as Primavera P6 and MS Project will ensure the timely completion of these initiatives within scope – covering cost and time constraints. He advocates for coordinated collaboration among key stakeholders, including contractors, policymakers, and urban planners, which he believes will lay the groundwork for integrating green building standards into Nigeria’s construction framework.

    Revolutionising Project Management for Sustainability

    Aguda’s approach to sustainable construction emphasizes the modernisation of project management practices to align with The United Nations’ 2030 Agenda for Sustainable Development. Drawing from his experience with internationally certified green projects, he is introducing foundations that combine earned value management, risk mitigation strategies, and data-driven project controls to achieve environmental goals in conjunction with economic viability in the construction industry in the country.

    His work meets global standards such as the U.S. Green Building Council’s LEED certification, and it also aligns with the United Nations Sustainable Development Goals, with a strong focus on clean energy, action on climate, and sustainable construction projects.

    Employing time-lapse cameras and artificial intelligence tools for real-time project monitoring, Aguda is improving transparency and decision-making processes, smoothening improved stakeholder engagement. He is strongly convinced that his mentorship of local project managers and advocacy for sustainability will transform Nigeria’s construction industry culture, promoting a greater emphasis on green practices.

    Championing Policies and Fostering Stakeholder Alliances

    Aguda believes that comprehensive policy structures and multi-sector collaboration are necessary and very important for achieving the desired sustainable construction. He is currently proposing policy incentives through his engagement with Nigeria’s Federal Ministry of Works and Housing, including tax concessions for developers implementing eco-friendly technologies and compulsory energy efficiency criteria for government infrastructure initiatives.

    Aguda is also working closely with developers, financial institutions, and local authorities to simplify compliance processes, encourage investments in renewable energy, and promote education on energy-efficient construction methods among the general population.

    Envisioning a Sustainable Nigerian Future

    Aguda’s efforts emphasize the potential for cities like Lagos and Abuja to lead sustainable urban development. He hopes for a future where Nigeria’s infrastructure balances economic growth with environmental preservation by prioritising energy-efficient solutions, resource optimisation, and stakeholder cooperation.

    “Sustainable construction is very important, and it must be adopted now,” Aguda emphasized. “Nigerian cities must embrace innovative solutions that address present needs while conserving resources for future generations.”

    Progress necessitates collective action. This is why Aguda is calling for changes where policymakers must strengthen rules and regulations, developers must invest in sustainable technologies, and project managers must incorporate green practices throughout the project lifecycle. Aguda’s guidance and expertise have demonstrated that with strategic planning and commitment, sustainable construction can become an integral component of Nigeria’s urban landscape.

    Conclusion: A Call to Action

    Aguda’s pioneering work in green building and energy-efficient practices represents a significant advancement towards addressing Nigeria’s urban and environmental challenges. Through innovative solutions, strategic partnerships, and policy advocacy, he has established the foundation for a transformative shift in the construction industry.

    As Lagos, Abuja, and other Nigerian cities prepare for expansion, adopting sustainable construction practices is essential and presents an opportunity to construct a more environmentally sustainable and economically prosperous future. As Aguda’s initiatives demonstrate, the vision of a sustainable Nigeria is attainable; however, it will necessitate collective commitment and decisive action from all stakeholders to become a reality.

    Aguda, who is a PMP, PMI-RMP certified project management specialist with a strong focus on construction management, has over 15 years of professional experience from Nigeria to Qatar, where he dedicated most of his career to sustainable building projects. He now resides in the United States to further his education and pursue career advancement opportunities.

  • Kukah advocates purposeful leadership to address Nigeria’s economic challenges

    Kukah advocates purposeful leadership to address Nigeria’s economic challenges

    The Bishop of Sokoto Diocese of the Catholic Church, Bishop Matthew Kukah, has advocates purposeful leadership and followership to address the myriad of economic challenges confronting the country currently.

    He indicated that every Nigerian knows the problems facing the country at the moment, saying that it would take leaders and citizens’ resolve to address the problems for the good of the country and the coming generations.

    The cleric however stated that every country in the world also has its own problems, contending that it takes the patriotic zeal of the citizens and purposeful leaders to address such problems.

    Kukah spoke on Friday in Yenagoa while delivering a keynote address at the third annual national public lecture of the FirstNews, an online newspaper published by a former Bayelsa State Commissioner for Information, Strategy and Orientation, Mr. Daniel Iworiso-Markson.

    Speaking on the theme, ‘The Nigerian Question: Survival of the Federation in the Throes of Increasing Economic Challenges’, the cleric contended that even those who are responsible for Nigeria’s problems are not also safe as their crimes were hunting them.

    He urged Nigerians to find its own navigational truth for proper development as done in other nations.

    Kukah said: “The good thing about Nigeria is that everybody knows what the problems are and that the people who are responsible for the problems are not also safe, they too do not know peace.

    “Nigerians talk about other countries, I feel sorry for many Nigerians who because of many troubles hardly travel out of their immediate environments, let alone traveling to other parts of Africa or other parts of the world.

    “Though, every country has its own problems, the challenges before us in Nigeria are what we actually want. Obviously, can we democratise and develop our nation? It is a very difficult question to answer, because what we call the civilised world today is the last 200 years of exploitation of Africa that helped to build these nations.

    “So, we are imagining it ourselves; why are we not like other people, we are not like others because every nation has to find its own navigational truth for development. It is not as if we cannot use democracy to develop Nigeria, but there are certain fundamental things that must be on the ground before people could appreciate democracy.

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    “Unless Nigeria settles the issue of ‘bread and butter mentality’ the democracy can actually look like lottery,” Kukah posited.

    Also speaking, the Publisher of First News, Mr Daniel Iworiso-Markson, said the essence of the lecture was to brainstorm on the Nigeria’s challenging economy and to proffer possible solutions, adding that the nation’s economic problems are very glaring.

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    According to him, Nigeria’s situation has defied any solution, noting that the development was why the lecture was arranged to find solutions to the economic challenges affecting the country.

    Also speaking, Bayelsa State Governor Douye Diri, represented by the Secretary to the State Government, Mr Gideon Ekeuwei, urged Bayelsa people to develop themselves in order to curb the economic situations.

    He urged Nigerians to leverage the power of technology to move the country’s forward, expressing optimism that Nigeria would bounce back again.