Business
Stakeholders Okay Kaduna Investment Drive
The Nigerian Sovereign
Investment Authority (NSIA) and International Finance Corporation (IFC) have said that they would partner with Kaduna State Government in agriculture and power for sustainable development.
They made the commitment in separate remarks at the just concluded Kaduna Economic and Investment Summit, in Kaduna.
According to them, the state with an estimated population of about 10 million people, has huge investment potentials in agriculture and power.
“In agriculture, we will partner in agricultural financing, infrastructure and land rehabilitation, while in power we will be looking at waste management for electricity generation,” NSIA Chief Executive Officer, Uche Orji, said.
He said that the state could access the NSIA’s 40 per cent funding for investment in local infrastructure.
Similarly, IFC Country Manager, Eme Essien, said that the corporation would also partner with the state in the two sectors.
“We are particularly interested in sola energy as a critical infrastructure for businesses.
“We want to also see where Kaduna state has competitiveness in agriculture and mining and then invest, “ Essien said.
Also, the Senior Special Adviser to President Muhammadu Buhari, on Social Investment, Maryam Uwais said the Federal Government would equally partner with the state to improve the well being of the people.
Uwais disclosed that federal government would shoulder part of the responsibility of offering free meal to primary pupils.
She announced that the government would soon role out the Cash Transfer Scheme for the most vulnerable persons in the country.
Meanwhile, key stakeholders in economic development have also pledged their support towards making the state an investment destination.
In their separate remarks, the stakeholders commended El-Rufai for organizing the summit that brought investors from all over the globe to appraise the various investment opportunities in the state.
The British High Commissioner to Nigeria, Mr Paul Arkwright said a clear implementation of the state’s five-year development plan would deliver inclusive growth and serve as development model for other states.
He said the British government currently has 21 programmes in the state, and pledged to support the state’s socio-economic development initiative.
The United States Deputy Economic Counsellor, Joel Kopp, said the USAID has spent 600 million dollars on various programmes in Nigeria.
He described Kaduna state as one of the state’s in the country that make concerted effort to address its economic challenges through a vision to move the state to greater heights by attracting investors.
“We will continue to partner and support Kaduna state in its goal of making the state an investment destination in the country,” Kopp said.
Also speaking, the Chairman of the Nigerian Economic Summit Group (NESG), Alhaji Bukar Kyari, said good governance was fundamental in transforming the well-being of the people.
He commended the state government for having a clear vision and itemising priorities to achieve positive change and better the lots of people.
Kyari pledged NESG’s support in achieving the set goals.
Similarly, World Bank Country Representative, Rachid Benmassaoud, described the summit as inspiring, adding that the bank would partner with state to make its vision attainable.
Head of European Union’s Trade and Economic, Fillippo Amato said that to attract investment, the state must invest hugely in the development of infrastructure and security.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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