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Buhari’s double-barrelled mission to Scotland to attract trillion dollars investments

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In a week of the Climate Change Summit in Glasgow, Scotland in the United Kingdom, President Muhammadu Buhari also used the opportunity to voice his deep-rooted desires to boost Nigeria’s National Infrastructure Stock.

Buhari made his feelings known in Glasgow at the COP26 high-level side event on improving global infrastructure hosted by President Joe Biden of the United States, EU Commission President, Von Der Leyen, and the UK Prime Minister, Boris Johnson, on Nov. 2.

According to the Nigerian leader, over 1.5 trillion dollars is needed by Nigeria over 10 years, to achieve an appreciable level of the National Infrastructure Stock.

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Buhari, who had earlier delivered his national statement at COP26 Leaders’ Summit in Glasgow, Scotland, on Tuesday, said:

‘‘My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process.

‘‘We look forward to working with you in this regard.’’

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He also declared that his administration had taken infrastructure expansion in Nigeria seriously, conscious of the fact that new investments in critical sectors of the economy would aid in lifting 100 million Nigerians out of poverty by 2030.

‘‘There is a nexus between infrastructure development and the overall economic development of a nation.

‘‘My administration identified this early enough as a major enabler of sustainable economic development and the realisation of other continental and global development aspirations particularly the 2030 Agenda for Sustainable Development Goals.

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‘‘On my assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35% of our Gross Domestic Product.”

While delivering his national statement to world leaders, the President pledged that Nigeria would cut its emissions to net-zero by 2060.

He said that attaining national and global climate change goals would require adequate and sustained technical and financial support to developing countries.

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According to him, greater effort should be channelled towards assisting developing nations to meet their ‘‘Nationally Determined Contributions (NDCs) commitments through the pledges made by the developed countries to provide at least $100 billion yearly.’’

Buhari noted that easier access to climate finance had become imperative given the COVID-19 pandemic, which battered the economies of developing countries.

‘‘I do not think anyone in Nigeria needs persuading of the need for urgent action on the environment.

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‘‘Desertification in the North, floods in the centre, pollution and erosion on the coast are enough evidence.

‘‘For Nigeria, climate change is not about the perils of tomorrow but what is happening today.

”Nigeria is committed to net-zero by 2060.’’

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The president had on Nov. 1 at an event, co-hosted by French President Emmanuel Macron, the Prince of Wales, and the Mauritanian President Mohamed Ould Ghazouani maintained that ”Africa’s ambition of restoring over 100 million hectares of the degraded landscape for productive agriculture is achievable”.

The president expressed optimism at the Climate Change Summit, COP26, a side event on the Great Green Wall (GGW).

The Nigerian leader said it was noteworthy that the meeting was tailored towards ameliorating the problems of land degradation, desertification, depletion of the forest ecosystems and biodiversity in Africa.

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The president, who was speaking on the theme of the event, “Accelerating land restoration in Africa, the case of the Great Green Wall initiative”, said:

‘‘With all hands on deck and concerted efforts at land restoration by African leaders, I am optimistic that Africa’s ambition of restoring over 100 million hectares of the degraded landscape for productive agriculture is achievable.

‘‘Distinguished ladies and gentlemen, I am pleased to inform you that Nigeria will soon be assuming the leadership of Conference of Heads of State and Government of the Pan African Agency of the Great Green Wall.”

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The News Agency of Nigeria (NAN) reports that American billionaire and founder of Amazon, Jeff Bezos, had also on Nov. 1 in Glasgow, Scotland, commended Buhari’s leadership role in restoring degraded lands in the country.

Bezos described the commitment of the Nigerian leader to restore 4 million hectares as exemplary.

Bezos joined Buhari, French President Emmanuel Macron, Prince Charles and the Mauritanian President, Mohamed Ould Ghazouani, at a COP26 side event entitled, “Accelerating land restoration in Africa, the case of the Great Green Wall (GGW) initiative”.

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While heaping praises on the Nigerian leader at the event co-hosted by the French President, his Mauritanian counterpart and the Prince of Wales, the Amazon founder said:

“We are fortunate to have President Buhari of Nigeria with us today.

“Nigeria plays a critical role in the restoration movement and has pledged to restore 4 million hectares of degraded lands.

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“This kind of ambition coming from Africa’s largest economy underscores just how vital this issue is.”

The Bezos Earth Fund has 10 billion dollars to allocate money to projects fighting climate change.

Before departing for the COP26 in Glasgow, Buhari had commiserated with families who lost loved ones in the 21-storey building that collapsed in Lagos.

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Buhari shared the sad moment with the people and Government of Lagos State, calling on emergency institutions, including hospitals, to provide all the necessary support to safeguard the lives of the rescued.

The president had also hosted the national leader of the All Progressives Congress (APC), Sen. Bola Tinubu, at his official residence, State House, Abuja, on Oct. 31.

Speaking to State House correspondents after the closed-door meeting, Tinubu dismissed the insinuation that he was in the presidential villa to discuss politics with the president.

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He, however, stated that his Sunday’s mission to the seat of power was to thank Buhari for visiting him when he was recovering from surgery at his residence in London.

He said: ”I came only to thank, first of all, the president for his visit to my residence in London when I was ……after the surgery, and wishing me well, lifting my spirit.

”Indeed, what an exceptional leader will do.

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”That’s what I came for and to welcome him back from the trip from Saudi Arabia.

”No politics, just courtesy call, thanking him in a big way, that’s all.”

The president had on Aug. 13 visited the APC chieftain in London.

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NAN reports that the president also received a briefing from the Chief of Naval Staff, Rear Admiral Awwal Gambo, at the Presidential Villa on Sunday.

On Nov. 5, Buhari had expressed deep shock and grief over the killing of 69 people in the Niger Republic by insurgents on the country’s common border with Mali and Burkina Fasso.

He said: ”This dastardly and callous attack on innocent people, including a mayor in the Niger Republic, is a disturbing setback to the regional efforts to stem terrorist activities that have caused massive destructions in our countries.”

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The president on Nov. 6 also condoled with the government and people of Sierra Leone, following the fuel tanker explosion in Freetown, the country’s capital, where at least 100 people were killed and many injured.

The tragic incident happened late on Friday when a fuel tanker exploded following a collision, and many people rushed to the scene to siphon petrol.

The Nigerian leader said: ”I’m anguished by the unfortunate loss of lives  and injury to so many.”

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NAN also reports that Vice President Yemi Osinbajo had on Nov. 7 attended the meeting of the Nigeria-Cote d’Ivoire Binational Commission where he signed agreements with Ivorian Prime Minister, Patrick Achi.

The signing of agreements was at the high-level segment of the Second Session of the Nigeria-Cote d’Ivoire Bi-National Commission on Saturday in Abidjan, Cote d’Ivoire.

Osinbajo thanked Achi for his excellent leadership in hosting and co-steering the 2nd session of the Nigeria-Cote d’Ivoire Bi-National Commission to a successful outcome.

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He said that Achi’s opening remarks were certainly very important for setting the tone and ensuring that the objectives of the meeting were achieved.

The vice president also expressed gratitude to President Alhassane Ouattara for granting him and his delegation audience earlier and for giving both sides very wise and insightful guidance on how to deepen relations between the two countries.

“The Nigerian delegation on its part is quite happy with the outcomes especially the Agreements that we have signed on this occasion,” he added.

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NAN reports that Buhari will this week pay an official visit to Paris, France, to reciprocate an earlier one to Nigeria by the French President, Emmanuel Macron, and also attend the Paris Peace Forum 2021.

The Paris Peace Forum will be the fourth edition to be hosted by the French President.

”It will have Heads of State and Government and CEOs of major multinationals as well as several civil society actors, gathering to advance concrete solutions to the enormous challenges posed by the COVID-19 pandemic and to improve global governance in times of COVID-19.

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”The Summit will focus on spurring a more solid and inclusive recovery by addressing the various gaps in global governance, offering initiatives to better tend to the global commons and putting forward new principles of action for the post-COVID world,” the president’s media aide, Malam Garba Shehu, had said in a statement.

He revealed that while the president is in Paris, the Nigerian government would organise the Nigeria-Paris Forum.

According to him, the event is expected to pull a crowd of Nigerian and French investors, government and business leaders, diplomats and the media in the hope of showcasing opportunities on both sides.

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Shehu expressed optimism that the event would also bring enlightenment to bearNigeria’s prevailing security, economic and investment criteria.

According to the presidential aide, Buhari is expected back in the country after the engagements.

 

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Africa

Customs hands over illicit drugs worth N117.59m to NDLEA

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Customs hands over illicit drugs worth N117.59m to NDLEA

The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).

The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.

Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.

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He said the illicit drugs were seized  in various strategic locations between January and November 21, 2024, in Ogun State.

He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.

Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.

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“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.

“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.

He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.

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He described the height of illicit drugs smuggling in the recent time as worrisome.

This, he said, underscores the severity of drug trafficking within the borders.

“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.

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Ojo said the seizures had  disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.

He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.

Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.

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Responding, Adeyeye, applauded the customs for achieving the feat.

Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.

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Africa

Ann-Kio Briggs Faults Tinubu for Scrapping Niger Delta Ministry

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Prominent Niger Delta human rights activist and environmentalist, Ann-Kio Briggs, has criticised President Bola Tinubu’s decision to scrap the Ministry of Niger Delta, describing it as ill-advised and detrimental to the oil-rich region.

Briggs expressed her concerns during an appearance on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.

“The Ministry of Niger Delta was created by the late (President Umaru) Yar’Adua. There was a reason for the creation. So, just removing it because the president was advised. I want to believe that he was advised because if he did it by himself, that would be terribly wrong,” she stated.

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President Tinubu, in October, dissolved the Ministry of Niger Delta and replaced it with the Ministry of Regional Development, which is tasked with overseeing all regional development commissions, including the Niger Delta Development Commission (NDDC), North-West Development Commission, and North-East Development Commission.

Briggs questioned the rationale behind the restructuring, expressing concerns about its feasibility and implications. “But that’s not going to be the solution because who is going to fund the commissions? Is it the regions because it is called the Regional Development Ministry? Is it the states in the regions? What are the regions because we don’t work with regions right now; we are working with geopolitical zones,” she remarked.

She added, “Are we going back to regionalism? If we are, we have to discuss it. The president can’t decide on his own to restructure Nigeria. If we are restructuring Nigeria, the president alone can’t restructure Nigeria, he has to take my opinion and your opinion into consideration.”

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Briggs also decried the longstanding neglect of the Niger Delta despite its significant contributions to Nigeria’s economy since 1958. “The Niger Delta has been developing Nigeria since 1958. We want to use our resources to develop our region; let regions use their resources to develop themselves,” she asserted.

Reflecting on the various bodies established to address the region’s development, Briggs lamented their failure to deliver meaningful progress. She highlighted the Niger Delta Basin Authority, the Oil Mineral Producing Areas Development Commission (OMPADEC), and the NDDC as examples of ineffective interventions.

“NDDC was created by Olusegun Obasanjo…There was OMPADEC before NDDC. OMPADEC was an agency. Before OMPADEC, there was the Basin Authority…These authorities were created to help us. Were we helped by those authorities? No, we were not,” she said.

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Briggs further described the NDDC as an “ATM for failed politicians, disgruntled politicians, and politicians that have had their electoral wins taken away from them and given to somebody else.”

Her remarks underscore the deep-seated frustrations in the Niger Delta, where residents continue to advocate for greater control over their resources and improved governance.

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AfDB mobilises $31bn investment interest

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The African Development Bank (AfDB), has drawn 31 billion dollars in investment interest from African and global investors.

In a statement issued by the Communication and External Relations unit of the AfDB, President of the bank, Dr Akinwumi Adesina said this at the 2022 Africa Investment Forum (AIF) Market Days.

The forum ended on Friday.

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Adesina commended the forum’s outcomes and the partners’ commitment.

“Despite the challenges, we are not afraid, and neither have we despaired nor lost hope.

“We are excited and committed to a collective goal; accelerating the closure of deals to transform Africa and its investment landscape.”

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He said the AIF’s focus was to attract more foreign direct investment to Africa, and ensure the private sector remained the driving force of that transformation.

“The private sector is Africa’s growth accelerator. We must mitigate real and perceived risks and persuade the private sector that investing in Africa is safe,” Adesina said.

Combined with 32.8 billion dollars from the rescheduled 2021 Africa Investment Forum Market Days, the forum has mobilised a total of 63.8 billion dollars of investment interest in 2022.

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Islamic Development Bank (IsDB) President, Dr Mohammed Al-Jasser, said the organisation was hopeful that its commitment to the AIF would translate into tangible and measurable outcomes for the benefit of Africa.

Al-Jasser said the IsDB Group was commitment to support transformative African projects, especially those promoting resilience, financial, economic, and social sustainability.

Furthermore, Admassu Tadesse, Trade and Development Bank Group President and Chief Executive, spoke on the value of the “AIF spirit” in doing more to advance and close investments.

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Tadesse said: “Notwithstanding ongoing global crises, we have to keep our eye on the ball. We must continue to encourage and enable investment in agriculture and industry, as well as infrastructure.

“Growing our own food and manufacturing more will enable us to trade more. It will lead to less overall greenhouse gas emissions linked to imports from far away.

“In the process also generating more employment and opportunities for our people.”

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Also, European Investment Bank President, Werner Hoyer, said the bank was excited to see how the creativity and vision of African innovators were making an impact.

Hoyer said: “Particularly in the area of technology which holds such great potential for Africa’s future”.

Mohan Vivekanandan, Group Executive Origination and Coverage, Development Bank of Southern Africa, said a unique feature of the 2022 forum was that it focused on transactions.

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“It’s about the project sponsors, the project developers and how we, as development financiers, help them get their vision implemented to improve the quality of life of Africans.

“And how we promote economic growth, job creation and industrialisation,” Vivekanandan said.

Africa Finance Corporation President and Chief Executive Offcer (CEO), Samaila Zubairu said: “The current global economic challenges indicate the critical need to build Africa’s self-sufficiency by investing in resilient infrastructure.

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“Such critical investment is needed to drive Africa’s industrialisation and economic prosperity.”

Moreover, Africa50 CEO Alain Ebobisse said the AIF presented a timely platform to help scale up and speed up investments into Africa.

Ebobisse said attracting new pools of capital into infrastructure would be critical.

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“More specifically, Africa’s institutional investors such as pension and sovereign wealth funds must play a critical role and will be the game changers for Africa’s infrastructure development,’ he said.

In addition, Afreximbank President, Benedict Oramah said the AIF reflected the interest and optimism of global investors towards the continent and its opportunities.

“We close, knowing that the AIF, Africa’s largest transactional investment marketplace, continues to be a huge success.

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“Moreover, the event serves as a measure of international confidence in Africa’s economic and political development, and the unmatched investment opportunities this is creating,” Oramah said.

Also, the AIF Senior Director, Chinelo Anohu, on her part said, a lot of the successes recorded by the Africa Investment Forum were domiciled in the spirit of the partnership.

Anohu said it was up to the AIF to ensure the continent was “what it ought to be.”

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The three-day event, which held in Abidjan, Côte d’Ivoire, attracted the participation of several African heads of states and government.

The event had as theme: “Building Economic Resilience through Sustainable Investments”.

The News Agency of Nigeria (NAN), reports that the AIF platform has mobilised more than over 100 billion dollars in investment interests since its inception in 2018.

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