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Experts call on banks to fund infrastructure
Experts in the financial sector have called on banks across the country to support the government in funding infrastructure to create opportunities for economic recovery.
The president of Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara, a finance and infrastructure specialist, Opuiyo Oforiokuma and other experts advised financial institutions at the 2022 fellowship investiture of the CIBN to come up with different ideas in a way to fund infrastructure in Nigeria.
Speaking at the event, Opara said the government cannot fund infrastructure development alone and urged the banks to get involved to develop the economy adding that there is a need to start talking about the potential strategies as financiers of infrastructure.
“It is near impossible to expect the government to foot the entire bill. The approach adopted by the government in tackling infrastructure challenges over the years has largely been through a combination of budgetary allocation augmented by foreign and domestic debts.
“This approach partly accounts for the continued rise in Nigeria’s debt profile resulting in increased cost of debt servicing to the country. In this regard, there are serious concerns that project financing mainly through debt is not sustainable in the long run.”
Opara said that the answer to bridging the infrastructure gap in Nigeria is to embrace fresh thinking and a new approach to unlocking the funding needed for viable infrastructure projects.
“A good place to start for the government is to have a good financial model and a strong regulatory platform, so that financial institutions can allocate money in public-private partnerships to fund infrastructure development.”
On his part, infrastructure specialist, Opuiyo Oforiokuma, said Infrastructure is critical to economic growth, social development and to the ease of doing business in developed and developing countries.
He noted that power supply is one of the biggest challenges Nigeria is facing currently and the pressure is on the country to invest more in renewable energy.
He advised financial institutions to invest in equity funds and subscribe to infrastructure bonds, as it is another way of financing infrastructure in the country.
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Gov Eno Urges Corps Members to Champion Unity and Development in Akwa Ibom
Governor Umo Eno of Akwa Ibom State has called on members of the National Youth Service Corps (NYSC) to serve with diligence and contribute meaningfully to the development of the state and the nation.
The governor made this appeal on Friday during the swearing-in ceremony of Batch C, Stream II corps members at the permanent orientation camp in Ikot Itie Udung, Nsit Atai Local Government Area.
Represented by the Permanent Secretary of the Ministry of Youth Development, Mr. Effiong Nicholas, Governor Eno encouraged the corps members to maximize the opportunity to serve their fatherland and foster unity across diverse backgrounds.
“As stakeholders in Nigerian projects, it is incumbent on you to continue the building process across linguistic, religious, ethnic, and socio-cultural boundaries,” he said. “Nigerians are looking up to you to give the country a new lease of life.”
The governor assured the corps members of the state government’s unwavering commitment to their welfare and safety.
“We are consciously taking necessary steps to ensure that your life and property, including those of other citizens, are protected against all forms of molestation and abuse,” he added.
Governor Eno also urged the corps members to develop a positive attitude to work, embrace innovation, and make lasting friendships during their service year.
“Nigeria needs people like you to show that we can stay together and achieve our aim of a united and indivisible nation, though tribe and tongue may differ,” he said.
Earlier, the State Coordinator of NYSC, Mr. Sam Pepple, disclosed that 1,660 corps members, comprising 718 males and 942 females, had been deployed to the state. He noted that the corps members were settling into the orientation exercise, which was designed to instill the vision and ideals of the NYSC scheme.
Pepple appealed to the state government to address the camp’s infrastructure challenges and urged local government chairmen to construct corpers’ lodges in their respective areas for the benefit of the corps members.
The ceremony’s highlight was the administration of the oath of allegiance by the Chief Judge of Akwa Ibom State, Justice Ekaete Obot.
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Delta Governor Urges Private Sector to Boost NYSC with Community Projects
Delta State Governor, Sheriff Oborevwori, has called on the private sector to support the National Youth Service Corps (NYSC) by sponsoring community development projects initiated by corps members.
Governor Oborevwori, represented by Prof. Nyerhovwo Tonukari, the Commissioner for Higher Education, made the appeal on Friday during the swearing-in ceremony of the 2024 Batch C, Stream 2, corps members at the NYSC Orientation Camp in Issele-Uku.
He emphasized that such investments would enhance the quality of life in host communities and positively engage corps members.
“My dear corps members, the NYSC, established over four decades ago, has consistently proven its relevance in the development of the nation,” Oborevwori stated. “Its appeal to Nigerian youths remains strong despite challenges, including the contemporary issues of insecurity in some parts of the country.”
The governor also acknowledged the efforts of the NYSC management in tackling youth unemployment through the Skill Acquisition and Entrepreneurship Development (SAED) programme. He urged corps members to take full advantage of the initiative during their orientation course.
Reiterating his administration’s commitment to the NYSC, he said, “My administration is committed to supporting NYSC with the necessary resources, encouragement, and enabling environment to foster progress in the scheme.”
Oborevwori disclosed that the state government had sensitized and mobilized communities to prioritize the security and welfare of corps members. He also urged the corps members to actively participate in orientation camp activities designed to engage and prepare them for their service year.
“The state government is continuously striving to make this camp more conducive and leave a lasting positive impression on you. With God on our side and adequate financial resources, we shall achieve this objective,” he added.
The Secretary to the State Government, Kingsley Emu, also addressed the corps members, encouraging them to embrace the challenges of transitioning from academic life to a more demanding environment.
“Take full advantage of the various skill acquisition programmes offered by the scheme, which are aimed at empowering you with the requisite knowledge and skills to address the challenge of post-service unemployment,” Emu said.
Delta State NYSC Coordinator, Mr. John Kwaghe, commended the corps members for their discipline and readiness to serve. He urged them to apply the knowledge and skills acquired during the orientation course to make a meaningful impact in their host communities.
“Serve with humility, diligence, and creativity. Be exemplary in your roles as teachers and leaders, and strive to impact positively on the lives of those you encounter,” Kwaghe advised.
He expressed gratitude to the state government for its continuous support, including the promise to provide a 150KVA generator to address the camp’s power challenges. However, he appealed for attention to the camp’s perimeter fencing, which he described as weak and inadequate.
A total of 2,159 prospective corps members, comprising 993 males and 1,166 females, were registered at the camp. Community leaders were also urged to prioritize the welfare and security of the corps members, treating them as their own children.
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FEC Mourns Ex-FCT Minister, Lt.-Gen. Jeremiah Useni at 82
The Federal Executive Council (FEC) has expressed deep sorrow over the death of Lt.-Gen. Jeremiah Useni (rtd.), a former Minister of the Federal Capital Territory (FCT), who passed away at the age of 82.
In a condolence message issued on Friday in Abuja, the Secretary to the Government of the Federation (SGF), Sen. George Akume, conveyed FEC’s sympathies through a statement signed by Mr. Segun Imohiosen, Director of Information and Public Relations in the SGF’s office.
The late General Useni, who also served as Minister of Transport during the military regime of Gen. Sani Abacha, was praised for his pivotal role in implementing the FCT’s master plan during its formative years.
“Late General Useni served the nation meritoriously in the implementation of the master-plan of the FCT during its budding stage,” Akume said.
Describing Useni as a “quintessential army general,” the SGF lauded his selfless contributions to promoting peace and unity in Nigeria, noting that his sacrifices would remain indelible. He urged younger military officers to emulate Useni’s outstanding legacy.
Akume also highlighted Useni’s transition into politics, where he served as a Senator of the Federal Republic under the platform of the Peoples Democratic Party (PDP) in 2015.
The SGF commiserated with the Government and people of Plateau State, Useni’s family, and associates, praying for divine comfort and eternal rest for the departed.
Useni’s demise marks the end of an era for a distinguished soldier, statesman, and patriot whose dedication to the nation remains a shining example.
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