Business
‘Nigerian Economic Outlook Still Robust’
The Minister for Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, last Wednesday in Abuja said that the nation’s economic outlook remained strong and good in spite of the global economic uncertainty. A statement signed by Okonjo-Iweala, said that the various economic indications showed that the economy remained robust.
“The Nigerian economy is strong. Our economic performance is robust when viewed against a whole range of objective factors. Inflation is now down to a single-digit at 9.0 per cent in January 2013 compared to 12.6 per cent in January 2012.
“The exchange rate has been relatively stable and the fiscal deficit, at just under two per cent of Gross Domestic Product, is on a downward trajectory and below our threshold of three per cent,” she said.
According to her, the national debt is at a sustainable level at about 19.4 per cent of GDP.
The statement said that the overall GDP growth for 2012 was 6.5 per cent and projected at 6.75 per cent for 2013 against the projected global growth rate of 3.5 per cent.
“The above facts have been independently validated by international ratings agencies such as Fitch, Standard and Poor’s and Moody’s who have upgraded the country’s economic outlook, even as other countries were being downgraded. In addition, Nigeria’s bonds have recently been included in the Barclays and JP Morgan Emerging Market indices,” Okonjo-Iweala said.
She called for support of all stakeholders to ensure that more jobs were created for Nigerian youths.
She said that there was the need to accelerate the slight two per cent poverty decline between 2003 and 2010.
On the discrepancy in account balances of the ministry and CBN on excess crude account, she said that the ministry usually rendered its account after the Federation Account Allocation Committee meeting at middle of the month “Whereas CBN data are reported at the end of each month. There is thus a time lag between the reports from the two institutions. As a result, there are usually some differences due to ‘transit items’ which are yet to be reconciled in both accounts.
“The CBN excess crude reports have included the one billion dollars allocated to the Sovereign Wealth Fund. This is still domiciled with the CBN, whereas the Ministry of Finance does not regard it as part of the distributable excess crude account,” she said.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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