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IMF Rating: Expert Urges FG To Remain Focused

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A financial expert, Prof. Uche Uwaleke, has urged the Federal Government to focus on efforts to get the economy out of recession and provide conducive environment for job creation.
Uwaleke made the call in an interview with newsmen yesterday in Abuja at the backdrop of International Monetary Fund (IMF) latest rating of Nigeria as largest economy in Africa.
The new rating, which restored Nigeria’s prime position, lost to South Africa in August, placed the country ahead of South Africa and Egypt as Africa’s second and third big economies, respectively.
But the IMF’s World Economic Outlook for October puts Nigeria’s GDP at 415.08 billion dollars, from 493.83 billion dollars in 2015, while South Africa’s GDP was put at 280.36 billion dollars, from 314.73 billion dollars in 2015.
Uwaleke advised that the government should not fantasise on the IMF rating and lose focus of its duty to the nation’s economy.
He said, “the government is advised not to make a big issue out of the IMF’s rating of the economy.
“It must rather remain focused in its efforts geared towards getting the economy out of the present recession and engendering environment conducive for job creation.
“Nigeria has once again assumed the status of the biggest economy in Africa and this should ordinarily be something to cheer about.
“However, in view of the plummeting value of the naira and the contraction in national output, especially for the first two quarters, one is left to wonder whether the IMF estimate is realistic.’’
Uwaleke recalled that the removal of the currency peg in June, 2016 and adoption of a new foreign exchange policy by the Central Bank of Nigeria (CBN), caused a resultant depreciation of the naira.
He said that the depreciation of the naira significantly reduced the country’s GDP size in dollar terms such that Nigeria’s economy dropped to second place behind South Africa.
He added that not long after, the National Bureau of Statistics reported a negative growth in GDP of 2.06 per cent for the second quarter of 2016.
Uwaleke said the reality in the country had not changed since then as the naira had continued to depreciate in the foreign exchange market.
“The same IMF projects a negative year-end GDP growth rate for Nigeria. Therefore, it is not yet time to roll out the drums.
“The about 415 billion dollars GDP estimate by the IMF is difficult to reconcile with the country’s poor macro economic performance in the last few months occasioned by the drastic fall in oil revenue.
“So the government should ensure to play its role to the nation.

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$5bn Train 7 Project 80% Complete -NCDMB 

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The Nigerian Content Development and Monitoring Board (NCDMB) has said the Nigeria Liquified Natural Gas (NLNG) Train 7 project has reached 80 percent completion.
The Board stated this in a statement released by its Corporate Communications Directorate to newsmen, recently, during the inauguration of 140 trainees for the Train 7 Project.
The trainees had undergone the Nigerian Content Human Capacity Development (NC-HCD) programme it organised in partnership with the Nigeria Liquefied Natural Gas (NLNG) Limited in Port Harcourt, the Rivers State capital.
The Tide gathered that the training programme was an intensive three-month Advanced NC-HCD Programme for the US$5 billion NLNG Train 7 Project on Bonny Island, Rivers State.
The trainees, The Tide further learnt are graduates in different academic disciplines who have completed a 12-month Basic Training Programme in diverse oil-and-gas-industry-related skill sets and are now set for an on-the-job phase which includes active hands-on participation in operational areas such as Turn Around Maintenance (TAM), Commissioning, and Desktop Programmes.
The Corporate Communications Directorate of the NCDMB told The Tide that in November 2024, a set of 331 trainees under Batch A of the NLNG T7 HCD Training Programme began capacity development in facility management, engineering, Information and Communication Technology (ICT), Health Safety and Environment (HSE), Quality Assurance and Quality Control, as well as welding and fabrication.
According to the Board, additional 77 trainees under Batch B of the same Training Programme began capacity development in data analytics and supply chain management among several other fields relevant to the operations of the oil and gas industry.
While addressing the trainees and trainers who were drawn from the Oil and Gas Trainers Association of Nigeria (OGTAN), Management Personnel of the NCDMB and NLNG, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, said the Advanced NC-HCD training is more than a milestone.
“The NC-HCD training programme is an expression of the collective commitment of the Board and the NLNG to nurturing world-class Nigerian professionals who will shape the future of our oil and gas industry.
“The Board has remained steadfast in its conviction that Human Capital Development is a critical investment in the sustainability and competitiveness of Nigeria’s oil and gas value chain”, the NCDMB boss said.
Ariwera Ibibo-Howells, Yenagoa
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Ageing Aviation Workforce: Minister Urges Youth Grooming For Replacement 

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Worried by the ageing workforce in the country’s air transport sector, the minister of Aviation and Aerospace Development, Festus Keyamo, has urged the Federal Airports Authority of Nigeria (FAAN) and other stakeholders in the sector to groom youths.
He said the situation has resulted in widened knowledge gaps and operational challenges.
As a globally regulated sector, he said it was important that stakeholders put measures in place to attract the talents required to move the industry forward.
Keyamo, therefore, called on stakeholders in the industry to be deliberate in identifying, encouraging, nurturing and harvesting young talents to ensure a sustainable supply of manpower to the aviation sector.
Director of Public Affairs and Consumer Protection of the FAAN, Mrs Obiageli Orah, in a release made available to aviation correspondents, noted that the Minister deemed it necessary to attract the right quality of human resources required to move the sector forward.
“As a globally regulated sector, it is important that stakeholders put measures in place to continually attract the right quality and quantity of human resources required to move the industry forward.
“It is important to note that organising training programmes are avenues through which we can breed, nurture, and harvest such human resources.
“One of the critical challenges facing the industry is the ageing and retiring workforce, leading to widened knowledge gaps and operational issues.
“Training programmes, I believe, is among other things designed to make aviation appealing to the younger generation, while encouraging them to develop interest in taking up a career in the industry”, the statement stated.
Meanwhile, some aviation stakeholders have expressed concerns of countless young Nigerians who seek to make their mark in aviation, tourism, and the wider transport ecosystem but often face steep barriers to entry.
According to them, lack of access, limited mentorship, financial constraints, skill mismatches, and systemic gaps, among others, have posed some constraints to them.
Corlins Walter
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Ogbe Gets Appo Board Appointment 

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The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr Felix Omatsola Ogbe, has been appointed into the Executive Board of the African Petroleum Producers’ Organisation (APPO).
The Tide gathered that by the appointment, Ogbe becomes Nigeria’s representative on the Board of the 18-member continental body, which has its headquarters at Brazzaville, Republic of the Congo.
Ogbe was picked for this role by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who doubles as the Chairman of the NCDMB Governing Council.
The notice of the Executive Secretary’s appointment was conveyed in a congratulatory letter signed by the Director of Support Services, APPO, Mrs. Philomena Ikoko, on behalf of the Secretary-General of the organisation, Dr. Omar Farouk Ibrahim.
She applauded the NCDMB boss on the confidence reposed in him by the Minister, expressing her belief that he would make immense contributions to the development of the African oil and gas industry.
Mrs Ikoko stated that Ogbe was joining the Executive Board of APPO at a challenging time for the oil and gas industry, especially in Africa.
“Your appointment is a major call to duty for Nigeria and the continent. The secretariat will give you the support you will need to make a success of your assignment”, she said.
According to a statement by the Directorate of Corporate Communications and Zonal Coordination, the NCDMB played key roles in catalysing the operations of APPO and the development of local content in Africa.
The statement added that the board was providing institutional support and mentorship to several oil producing countries in their formulation of local content policies.
“The NCDMB initiated the African Local Content Roundtable (ALCR) and hosted the inaugural edition in Yenagoa, Bayelsa state, in June 2021, and the event was attended by key officials of APPO and other oil industry players.
“The idea for the Africa Energy Bank (AEB) was mooted by NCDMB’s officials at the event, as one of the strategies that would accelerate the growth of the African oil and gas industry and deepen local content.
“The Board also collaborated with APPO to host subsequent editions of the African Local Content Roundtable (ALCR), including the 2023 edition held at Abuja.
“The Africa Energy Bank, which APPO is setting up at Abuja, is aimed at pooling financial resources needed to fund big-ticket oil and gas projects across the continent, and bridge funding challenges currently impeding the development of the sector”, the NCDMB’S said.
Meanwhile, the APPO Secretary-General has said the Africa Energy Bank seeks to fund oil and gas projects across economies in Africa and help to plug critical financing gaps that exist through the continent’s over reliance on financiers from the West.
He added that each APPO member country is expected to raise $83 million with an objective of raising $5 billion capital for the establishment of the Bank.
The Tide learnt that recently Nigeria, Angola and Ghana have contributed their share capital for the African Energy Bank, which represents 44 percent of the trio’s contributions to the minimum capital that is required from oil producing countries in the continent.
It would be recalled that at the Nigerian Oil and Gas Opportunity Fair (NOGOF) held recently, the NCDMB’s Scribe confirmed that the agency was part of key institutions that pooled resources for the formation of the Africa Energy Bank.
Ogbe announced that the Bank will open for business before the end of the 2nd quarter of this year, 2025, expressing hope that it will create more funding availability for local oil and gas projects and companies.
Similarly, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, had stated at the Offshore Technology Conference that Afrexim Bank has already raised $19billion for the take-off of the Africa Energy Bank.
According to him, $14 billion out of the funds represents the bank’s financial exposure on African oil and gas projects, with the additional $5 billion as take-off capital.
Ariwera Ibibo-Howells, Yenagoa
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