Connect with us

Business

‘I’ll Fight To Win World Bank Top Job’

Published

on

Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday in Abidjan said she would fight to win the position of the World Bank President, after getting fresh endorsements from  African Union (AU) and the Economic Community of West African States  (ECOWAS).

The AU on Monday in Addis Ababa, endorsed Okonjo-Iweala as its candidate for the top job, while ECOWAS Heads of States on Tuesday in Abidjan, also declared their support for the former Managing Director.

The endorsements buoyed the chances of the former Managing Director of the World Bank, who had spent over 20 years working as a staff of the Bank and rose to the position of a Vice President.

Okonjo-Iweala, in an interview with the West Africa correspondent, said she had the track record of leading the bank, “in spite of the odds of history”.

On U.S. President Barack Obama’s endorsement of another candidate, she said: “Let’s give it a good fight, with a level playing ground we still stand the chance to win. ’’

Obama had endorsed a South Korean-born medical doctor, Jim Yong Kim, for the top job.

Our  correspondent quotes Okonjo-Iweala as saying that: “President Goodluck Jonathan endorsed my candidature and sent me immediately to the AU headquarters in Addis Ababa, where I was received and a communiqué was issued.

“I was also at the extra-ordinary meeting of the ECOWAS Heads of States in Abidjan and the family declared to support my candidature as well. ’’

The Tide gathered that the former managing director had also extended her campaign to Asia to woo interests.

Some financial experts said election of Dr Ngozi Okonjo-Iweala, the Minister of Finance, as the President of World Bank, would bring development to developing nations.

They said this in separate interviews with our correspondent in Lagos last Wednesday.

Our correspondent reports that the African Union, had during its just concluded summit in Addis Ababa, endorsed the nomination of Okonjo-Iweala for the president of the bank.

Dr Olumide Owoade, a senior lecturer, Department of Economics, Lagos State University, said that the election of Okonjo-Iweala as the World Bank president would promote the country’s business interest at the international level.

He said that her election would also place the country on the competitive advantage over other African countries.

Owoade said that the position would enable her to present the nation’s economic problems to the IMF for necessary financial assistance.

“If the minister of finance is elected as the next president of the World Bank, it will make the country to be closer to the IMF which will have positive influence on the economy,” he said.

Dr Samuel Nzekwe, the immediate past President, Association of National Accountants of Nigeria (ANAN), said that the election of Okonjo-Iweala as the World Bank President would make the country to be more recognised internationally.

He said that the position would enable the international community to begin to explore the investment opportunities in the country.

Nzekwe urged the Federal Government to aggressively put in place adequate measure for infrastructure development, good governance and security to woo the investors.

“The ability of the government to have a good framework in place will make the emergence of Okonjo-Iweala as the World Bank president to have positive impact on the nation’s economy,” he said.

Also, Mr Eddie Osarenkhoe, the former President, Finance Houses Association of Nigeria (FHAN), said that Okonjo-Iweala’s election would be beneficial to African countries.

He said that this would help the country in sourcing for external loans to revamp the decaying infrastructure.

Osarenkhoe said that it would also attract new foreign investors into the country, which he said, would provide jobs opportunities for the unemployed youth.

“I believe that if Okonjo-Iweala is elected as the World Bank President, it will promote the nation’s economic activities and enhance good performance,” he said.

Continue Reading

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

on

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
Continue Reading

Business

NPA Targets N1.489tn Revenue In 2026

Published

on

The Management  of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
 The Managing Director NPA, Dr Abubakar Dantsoho, stated this  during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said  the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
Continue Reading

Business

NPF Disburses ?21.68m  To Fallen Heros’ Families …Reinforce Welfare Commitment 

Published

on

Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.
The gesture formed a major highlight of the activities marking  the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.
The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.
He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.
Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.
The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.
He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.
Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.
They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.
The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.
The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.
King Onunwor
Continue Reading

Trending