Economy

Ajaokuta steel coy to create additional 5m jobs – Buhari

Published

2 years ago

January 2, 2023

President Muhammadu Buhari, in the course of the week, said the Ajaokuta Steel Complex would provide 500,000 estimated jobs for Nigerian youths.

The president revealed this during his one-day state visit to Kogi on Thursday.

He also spoke of the determination of his administration to position Kogi as an industrial hub as well as a solid mineral power base.

He explained how the Federal Government achieved the resolution of all legal entanglements that had bogged down the progress of the Ajaokuta Steel Complex.

According to him, the project stands to benefit the people of the state immensely.

The president had earlier hosted the leadership of the FCT and representatives of the FCT community, who paid him Christmas homage at the Presidential Villa, Abuja, at the beginning of the week.

During the Christmas homage, Buhari lauded the Minister of the Federal Capital Territory (FCT), Malam Mohammed Bello for exhibiting the virtues of transparency, honesty and integrity while managing the affairs of the FCT.

According to the Nigerian leader, he deliberately appointed Bello as FCT minister and refused to redeploy him because of his good character.

He said Bello had proven to be a better manager of both financial and human resources.

Buhari also told his guests that he would not be hanging around the FCT, after May 29, 2023, in order not to meddle in the affairs of the office of his successor.

He reiterated that he would return to Daura, Katsina State, his hometown, at the end of his tenure.

According to him, his decision not to make Abuja a permanent abode is to allow his successor a free hand to operate and run the affairs of the government.

The president also told members of the FCT community that he had not built a new house in Daura or anywhere and hoped to live in his same house for many years.

The president also inaugurated the Defence Intelligence Agency (DIA) newly acquired Estate in Idu-Karmo, Abuja, on Wednesday.

At the event, Buhari said the befitting accommodation would enhance productivity and coordination of activities of staffers of the agency given the increasing number of personnel facing new challenges and responsibilities.

He also used the opportunity to charge security agencies that would be engaged with various support services in the 2023 general elections to maintain a high sense of professionalism.

Buhari urged the agencies to handle the distribution and monitoring of classified materials and other logistics ‘‘professionally and in accordance with Standing Operation Procedures.’’

While reiterating his earlier directive to security agencies to remain apolitical, the president said they must desist from behaviour that could bring disrepute to their organisations and the country ‘‘by compromising the democratic process.’’

On Wednesday, the Nigerian leader heaped praises on the newly promoted Commander, Brigade of Guards, Maj.-Gen. Mohammed Usman.

He described him as an outstanding officer who was serving the nation with great zeal.

The president, assisted by the Chief of Army Staff, Lt.-Gen. Faruk Yahaya and the wife of the Commander, Dr Rekiya Usman, decorated the officer with the rank of Major-General.

Speaking shortly after the ceremony in the Presidential Villa, the president recalled his tumultuous military career marked with coups, counter-coups and detention.

He described Usman as a very lucky officer to have risen to the height of his military career with distinction and without hiccups.

The president also expressed sadness over the passing of Prof. George Obiozor, the President General of Ohaneze Ndigbo, worldwide.

He extended heartfelt condolences to Obiozor’s family, the government and the people of Imo as well as Ndigbo, at home and in Diaspora.

The president said the contributions of the unique leader and strong proponent of peace and a stable polity, who also held other strategic public positions, would never be forgotten.

On Friday, Buhari hosted the Senate President, Dr Ahmed Lawan at the State House, Abuja.

Lawan, who spoke to State House correspondents at the end of the meeting revealed that the president would sign the 2023 appropriation bill on Tuesday.

Lawan said that he discussed some national issues with Buhari, including the president’s recent additional loan request, the legislature’s support to the Independent National Electoral Commission (INEC) ahead of the general elections and the 2023 Appropriation Bill.

Buhari had on Saturday paid tribute to late Pope Benedict XVI who was greatly admired globally for his selfless leadership and renowned learning as a theologian.

He commiserated with Pope Francis, the Catholic Church in Nigeria and around the world, as well as all Christian faithful mourning the passing of Pope Emeritus Benedict XVI.

He also lauded the deceased for his dedication to advancing inter-faith dialogue and peace.

According to Buhari, the late Pontiff will be remembered as a true servant of God.

The president concluded the week under review with his administration’s last New Year message released by his media aide, Malam Garba Shehu in Abuja on Saturday.

He reassured Nigerians that under his watch, their collective will and votes in the 2023 general elections would be fulfilled.

Buhari thanked the almighty God who saw Nigerians through the year 2022 and had given them the opportunity to see another New Year.

“It is an opportunity to reflect on the past year, reposition, and move forward in the new year,” Buhari said. (NAN)

Economy

CBN, IFC partner to boost Nigeria’s local currency financing

Published

3 weeks ago

October 28, 2024

Matthew Eloyi

The International Finance Cooperation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing.

According to a statement by CBN’s Acting Director, Corporate Communications Department, the agreement is to enable private businesses in Nigeria to grow and thrive.

Sidi-Ali said that IFC aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing more than one billion dollars in the coming years.

She said that those priority sectors included agriculture, housing, infrastructure, energy, small and medium enterprises and the creative and youth economy.

“Many of these sectors require local currency financing, and IFC’s partnership with the CBN is a key tool in expanding access,” she said.

“The partnership will allow IFC to manage currency risks and increase its investment in the Nigerian Naira across priority sectors of the economy,” she said.

Meanwhile, the CBN Governor, Yemi Cardoso, said that this pioneering initiative would unlock much-needed long-term local currency financing for private businesses in Nigeria at economically viable rates.

“This collaboration marks significant progress in the
CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programmes.

” It will serve as a catalyst for economic growth and advance the Federal Government’s agenda for economic diversification,” he said.

According to Makhtar Diop, IFC Managing Director, expanding access to affordable local currency financing for small businesses in Nigeria is
essential for IFC to address the increasing demand for diverse funding options and to better manage currency risk.

“Our partnership with the CBN will enhance lending in Nigerian Naira, fostering economic growth and creating jobs across the country,” he said.

Diop said that with an active portfolio of investments in Nigeria of up to 2.13 billion dollars —the second highest in Africa—local currency financing is a key priority for IFC.

He said that the corporation would continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets.

The News Agency of Nigeria (NAN) reports that the IFC is the largest global development institution focused on the private sector in emerging markets.

It work in more than 100 countries, using its capital,
expertise, and influence to create markets and opportunities in developing countries.

In fiscal year 2024, IFC committed a record 56 billion dollars to private companies and financial institutions in developing countries.

It leverages on private sector solutions and mobilising private capital to create a world free of poverty on a livable planet.

Business

ACCI moves to promote business connections, balance work-life

Published

1 month ago

October 16, 2024

Matthew Eloyi

ACCI moves to promote business connections, balance work-life

The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.

The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.

Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.

He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.

“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.

“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.

“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.

“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.

According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.

“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.

“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.

“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.

“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.

The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.

Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.

He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.