President Tinubu: We’ll Honour Legitimate Foreign Exchange Obligations And Restore Market Confidence.

President Tinubu: We’ll Honour Legitimate Foreign Exchange Obligations And Restore Market Confidence.

President Bola Tinubu has allayed the concerns of the business community, assuring them that crucial plans are underway to improve foreign exchange liquidity.

The President said his administration will honour every legitimate contract with respect to the nation's foreign exchange obligations.

Speaking at the 29th Nigerian Economic Summit (NES) in Abuja, on Monday, President Tinubu said he is confident that by working closely with the private sector, financing the Three Trillion Dollar National Infrastructure Stock can be achieved in 10 years and not in 300 years.

The President said the construction of megacities in every geopolitical zone of the size and scale of Lagos must not take six decades because it can be achieved in one decade, emphasizing that a fully networked and connected Nigeria by rail, gas, fibre optics and road network can be constructed in less than 20 years with thriving Industrial Zones in every geopolitical zone of Nigeria before 2030.

"Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract. Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.

"My government is not blind to the challenges which several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence," the President said.

Assuring the business community of a fairer and safer playing field for all, the President said his administration is strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented, adding that: "We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our Eight Priorities."

President Tinubu outlined the eight priority items of his administration as ending poverty, achieving food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, and anti-corruption, stating that he is committed to delivering improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience.

Recognizing the institutional frailties of past years and his pragmatic approach to achieving his bold agenda through a path that fully accounts for present-day challenges, the President said: "With the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. These changes have been tackled head-on. My government has introduced several measures to resuscitate the economy; including the Five Hundred Billion Naira intervention to support small businesses and the agricultural sector. By January 2024, the new student loan program and consumer credit schemes will have come into effect.

The President called on the private sector to support his vision for a greater Nigeria, saying: "I would like to charge YOU, the Captains of Industry here present, to commit and redouble your commitment to our vision of a Renewed and more Prosperous Nigeria, a better Nigeria for all. For us to successfully deliver our promise to Nigerians, we recognise that it is imperative that we foster a highly collaborative relationship with the private sector. We must work together. I have proven capacity in this regard, as we remember the role of public-private partnership in the transformation of Lagos State under my leadership. We will replicate that across Nigeria with your unwavering support.

"Today, I urge you, as Nigeria's foremost private sector think tank and policy advocacy group, to go much further than you have done before. Bring your ideas, bring your leadership, bring your capital, bring the collective will of your large conglomerates and business networks. Let us build a future of renewed hope. My government is prepared. Are you also prepared?"

The annual Nigerian Economic Summit is organized by the Nigerian Economic Summit Group in collaboration with the Federal Ministry of Budget and National Planning.

Student Loan Scheme Takes Off In January 2024 — President Tinubu.

Student Loan Scheme Takes Off In January 2024 — President Tinubu.

President Bola Tinubu has assured that the era of industrial actions in the nation’s academic environment has come to an end as the administration’s Students Loans Scheme commences January next year.

President Tinubu gave the assurance on Monday while speaking at the 29th edition of the annual Nigerian Economic Summit, anchored by the Nigerian Economic Summit Group (NESG), at the Transcorp Hilton, Abuja.

Tinubu, who spoke extensively on his administration’s plans to stabilise the economy, with the collaboration of all stakeholders, especially the private sector, also noted the need to immediately initiate a sustainable credit scheme, which he said will aid an effective anti-corruption campaign.

He said: “By January 2024, the new Students Loan Programme must commence. To the future of our children and students we’re saying no more strikes.

“There must be consumer credit, scheme will have to come to effect as soon as possible. I thank my team and my colleagues to build this programme, develop it now. We cannot talk about anti-corruption when you have to look for cash to buy a car, when there’s no mortgage for homeownership”, he said.

First Year Anniversary: Oyebanji Thanks President, Ex-Governors, Ekiti People, Others.

First Year Anniversary: Oyebanji Thanks President, Ex-Governors, Ekiti People, Others. 

The Governor of Ekiti State, Mr Biodun Oyebanji wishes to thank all Ekiti citizens at home and in the Diaspora as well as friends of the state for their support and participation in the activities marking the first anniversary of the administration which was rounded off with a thanksgiving service on Sunday, October 22nd, 2023. 

Specifically,  the Governor appreciates  President Bola Ahmed Tinubu, the Senate President Godswill Akpabio, represented by the Senate Leader, Senator Opeyemi Bamidele, for their support and goodwill messages. He also thanks the leadership of the All Progressives Congress (APC), especially, the National Chairman, Alhaji Abdulahi Ganduje and the National Secretary, Senator Ajibola Bashiru. 

The Governor also appreciates his predecessors in office, former Governors Kayode Fayemi; Ayodele Fayose and Niyi Adebayo for being part of the celebration, and for their sundry contributions to the growth and development of the state. 

Similarly, the Governor  appreciates his colleague- Governors, the Ekiti State Council of Traditional Rulers, members of the state Assembly, the state judiciary, state executive council and members of Ekiti caucus of the National Assembly. 

The Governor also thanks the state civil servants, iyalojas, market leaders, religious leaders, transporters and youths for the success of the anniversary celebration and for their sundry support for the administration right from inception. 

Also on the Governor’s appreciation list are the heads of institutions, Labour Leaders, the media, heads of security agencies, private sector players in the state, development partners and the general public. 

Governor Oyebanji says the massive support received by the administration remains a source of encouragement and motivation to do more for the people of the state. 

While noting that the best is yet to come, the Governor says Ekiti people should expect more in the coming years, especially in the areas of service delivery, project execution, building a more stable economy, support for the less privileged, and shared prosperity for all Ekitikete.

Ekiti State Tops National Accountability and Transparency Index - Applause from Hon. Ogunsanya Lawrence Sunday.

Ekiti State Tops National Accountability and Transparency Index - Applause from Hon. Ogunsanya Lawrence Sunday.

In an exceptional achievement, Ekiti State has been recognized as the foremost state in the nation concerning accountability and transparency in the management of public funds and the execution of public policies among all 36 states in the federation.

This recognition has earned Ekiti high praise from Hon. Ogunsanya Lawrence Sunday, the All Progressives Congress party's flag bearer for the upcoming Chairmanship election in Ifedara Local Council Development Area. Hon. Ogunsanya Lawrence was keen to commend the leadership of Governor Biodun Oyebanji, attributing this top-ranking to the Governor's unwavering commitment to good governance throughout his tenure.

This information was made public during a media session with Sky Media Consult this morning. It underscores an administration dedicated to granting unrestricted access to essential information related to governance, public finances, budgets, and government audited accounts, as well as the Governor's resolute pursuit of good governance.

Hon. Ogunsanya Lawrence was effusive in his praise of the Governor for making Ekiti State stand out on the national stage by acing the governance integrity test. This acclaim followed the release of the Center for Fiscal Transparency and Integrity Watch Index's annual assessment for 2023, which encompassed all 36 states and six crucial categories, including open budget, accessibility, public procurement, human resources, anti-corruption, and citizen engagement.

This report highlighted Ekiti, Kaduna, and Ondo as the top three most compliant states, with Ekiti securing the highest score at 61.32% to attain the top spot. In contrast, Ogun, Bayelsa, and Akwa Ibom lagged behind in compliance.

Hon. Ogunsanya Lawrence suggested that it came as no surprise that Ekiti topped the list considering the extensive parameters evaluated by the Transparency and Integrity Index. He emphasized that residents, particularly those who keenly observe the state's development and progress, can affirm that Governor Biodun Abayomi has diligently adhered to his campaign promise of leading an open, transparent, and inclusive government.

The Ifedara Local Council Development Area Chairman candidate concluded by celebrating the Governor for this remarkable achievement. He believed that this recognition was a testament to the Governor's unwavering commitment to safeguarding local government funds and directing them towards critical development projects throughout Ekiti. He also called on the people of the state to continue supporting the Governor as he strives to project the state's positive image through the implementation of people-oriented programs and policies.

Ekiti State's top position in the Transparency and Integrity Index serves as a testament to Governor Biodun Abayomi's dedication to good governance and transparent leadership.

Senator Jimoh Ibrahim to Host International Day for Disabled in Ondo South.

Senator Jimoh Ibrahim to Host International Day for Disabled in Ondo South.                      By: Comr Olamide Akinwumi J.

The Araba of Ikaletand, Dr. Bar. Jimoh Ibrahim CFR, CON, is set to host all persons living with disabilities in Ondo South in celebration of this year's International Day for Disabled Persons in November.

Representing all persons living with disabilities in Ondo South Senatorial District, we use this platform to express our heartfelt gratitude to our distinguished Senator, Dr. Bar. Jimoh Ibrahim CFR, for his decision to celebrate the International Day of Disabled Persons with the disabled community in Ondo South.

This act of generosity is unprecedented, as it marks the first time that a senator has taken it upon himself to empower hundreds of disabled individuals across Ondo South Senatorial District.

We pray that God elevates our capable Senator to even higher positions within Ondo State so that he can continue to implement more human-oriented programs for the betterment of our society.

It's a well-known fact that when a righteous individual holds a position of authority, the people rejoice. Dr. Jimoh Ibrahim, we extend our deepest gratitude to you, and we firmly believe that Ondo South Persons with Disabilities (PWD) will forever remain grateful for your benevolence.

Thanks.

Hon. Princess Koledoye Omomo

Food Security: Shettima arrives US to participate in AfDB event.

Food Security: Shettima arrives US to participate in AfDB event.

Vice President Kashim Shettima has arrived the United States of America (USA) to participate in the AfDB World Food Prize-facilitated Norman E. Borlaug International Dialogue slated for Iowa.

This was revealed in a statement issued by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, on Sunday.

As the special guest, the Vice President is due to deliver the keynote address at the event which commences on October 24th, 2023. In the itinerary of the Vice President while in the US are high stake meetings across some states of the US with manufacturers, investors and top government officials.

On the Norman E. Borlaug International Dialogue, VP Shettima as stated earlier, will be joining the late former United Nations Secretary-General and AGRA founder, Kofi Annan; World Food Prize Laureates; Ghana President, John Kufuor and AfDB President, Akinwunmi Adesina; former President Olusegun Obasanjo; Presidents Felix Tshishiked and Joaquim Chissano; Joyce Banda; Ameenah Gurib – Fakim and IFAD President, Kanayo Nwanze, as distinguished African leaders who in the past have used the event to canvas support for agricultural development and food sufficiency in Africa.

The Vice President will use the platform to speak to the potentialities and endowments of Nigeria’s agricultural sector, woo investors and push for commitments in achieving President Bola Ahmed Tinubu’s mandates and programmes for Nigeria’s agro-food sector.

Credit: The Nation Newspaper.

EU unveils Global Gateway Initiative, targets €150bn infrastructural investment for Nigeria, others.

EU unveils Global Gateway Initiative, targets €150bn infrastructural investment for Nigeria, others.

The European Union (EU) has unveiled the Global Gateway Initiative, which plans to disburse €150 billion in four years by 2027 to Nigeria and other African countries to enhance infrastructural development.

According to Urpilainen, the Global Gateway Initiative is crafted to enhance connectivity, promote sustainable development, and strengthen economic ties between the EU and its partner countries, including Nigeria.

The EU Commissioner for International Partnerships, Jutta Urpilainen said this during the unveiling of the Global Gateway initiative in Abuja yesterday.

She said the EU launched a digital economic package for Nigeria worth €820m with support of the European Investment Banks.

She said the EU was also supporting the roll out of digital IDs nationwide, mobile network expansion with MTN in Lagos and other states.

Urpilainen said: “Last year, we launched a digital economic package for Nigeria. With EU and European Investment Banks, investments worth 820 million Euros, it is a lot of money. We are already supporting the roll out of digital IDs nationwide, mobile network expansion with MTN in Lagos and other states.

“We are also about to launch the construction of a line between Katsina and Daura twin lines, and we are proposing to reinforce the Nigeria-Benin interconnection of the framework of the West African power pole.”

According to her, Nigeria, alongside other countries in Africa, would receive €150 billion in 2027 through the European Union’s (EU) Global Gateway initiative.

She said Nigeria will feature prominently in the initiative’s investment package.

The Global Gateway initiative is crafted to enhance connectivity, promote sustainable development, and strengthen economic ties between the EU and its partner countries, including Nigeria.

Through the initiative, the EU will support Nigeria to achieve enhanced infrastructure connectivity, including transport, energy, and digital networks; support agriculture, economic growth, health and education; promote sustainable development and environmental protection; and foster cooperation and partnerships with Nigeria and other partner countries.

She said: “We are living in an increasingly fragmented world. The war that Russia started against Ukraine last year, the military takeover in Niger in July, and the escalation in Israel-Palestine conflict, are just stark reminders of that.

“In such a world, the Global Gateway strategy is our positive offer to build resilient connections in the world through strategic partnerships to jointly address the challenges of our times from fighting climate change to improving health systems.

“Together, we intend to mobilize 300 billion Euros in investments by the year 2027, and half of them for Africa. For Africa, it is 150 billion Euros by the year 2027. When it comes to Nigeria, Nigeria features prominently in the Global Gateway investment package.”

While stating that the EU will support the 5G rollout in Nigeria, she stated that as part of efforts to support the digital economy, the EU was working on a potential loan to support Small and Medium Enterprises (SMEs) in the digital and print sectors.

She also stated that the EU has committed financial resources to support the energy sector, including the setting up of mini grids and small hydropower plants for productive and public purposes.

“Education is the most transformative investment one can make, and I am very glad to launch the empowerment in North Western Nigeria Project. I think this project is a tangible sign of our cooperation with the Government to promote quality basic education in the northern regions.

“Nigeria is also a major beneficiary of the student mobility and higher education cooperation project under Erasmus+. I was looking at the figures, last year, over 2,020 students from Nigeria were granted scholarships for studying in the EU.

“Global Gateway reinforces the EU-Nigeria partnership. It really brings opportunities to all. We want to continue working together with you to take our partnership to a higher level of shared prosperity. We will do that together with the Government, Member States, Civil Society Organizations, as well as with the business community,” she said.

Minister of Communication, Innovation and Digital Economy, Bosun Tijani stressed that initiatives like the Global Gateway, aimed at achieving collective regional and global prosperity, are in full alignment with President Bola Tinubu’s Renewed Hope agenda.

He emphasised that the core of this administration’s agenda was a developed Nigeria that was not only for a few, but for all, providing the government the opportunity to actualise its plans in sectors that it wants to focus on.

He said: “Africa’s relationship with Europe has deep historical roots, and has been built on years of shared values, collaboration and mutual respect. While we enjoy geographical proximity, we also have increasingly intertwined culture, and more importantly, a shared future. As we seek a better future together, we can only fully actualize and realize this dream by leveraging the ties that we have always had.

“We can build a more resilient world. If we empower and enable Africa to leverage its resources to contribute to the world, while strengthening its local economies. On the other hand, working together with the EU gives us the opportunity to leverage its structure and historical resources to do more for the world, specifically also for Africa.

“For us in the Ministry of Communication, Innovation and Digital Economy, our role takes on further significance as we have a portfolio that will be central to all we want to achieve under the Global Gateway program.

“Nigeria is a country that is extremely blessed; not only are we blessed with natural resources that can provide opportunities for us to help meet global challenges, food security, we are also blessed with a very young, agile population.

“As a continent, Africa is blessed with a population of about 40 per cent young people under the age of 25, which is extremely exciting. Nigeria in particular is blessed with about 60 per cent of our population being under the age of 25. This population of young people are digital natives. The investment of our Government is providing opportunities for these young people to participate in the global economy. While doing that, we are conscious of the fact that these resources are not only for the development of Nigeria, but the development for the world as a whole.”

The EU is committed to a long-term partnership with Nigeria under the Global Gateway to achieve shared goals and objectives.

The EU’s long-term commitment will see investments into the following sectors of the country: Agriculture (€42,000,000), Energy (€37,000,000), Health (€45,000,000), Digital (€55,000,000), Education (€45,000,000), and Social Protection (€46,000,000).

Credit: The Nation Newspaper.