Business
Buhari Lauds China For Addressing Nigeria’s Infrastructural Deficits
President Muhammadu Buhari has applauded the Chinese government for addressing Nigeria’s infrastructural deficits in the area of roads, rails and power.
The President gave the commendation when he received the Board of Directors of the Nigerian Economic Summit Group at the State House, Abuja, on Monday.
According to him, since the nation’s independence, no country, such as China, has exhibited commitment towards Nigeria’s infrastructural development.
He, therefore, commended the Chinese government for its support in improving infrastructure in Nigeria.
“We send our gratitude to the Chinese for all their support to Nigeria. Since Independence, no country has helped our country on infrastructural development like the Chinese.
“In some projects, the Chinese help us with 85 per cent payment, and soft loans that span 20 years.
“No country has done that for us as far as I can remember,’’ he said.
According to him, his administration remains resolute and focused on delivering on the three-pronged promises to the people.
The focus are securing the lives and properties of Nigerians, halting the pillage of the economy by corrupt public officials and creating employment opportunities for the youths.
He said the initial economic challenge posed by recession was already dwindling, with the economy smarting out and posting better results on falling inflation rates, higher foreign reserve and better ranking on ease of doing business.
“If you look critically into the 2018 budget, we have already taken into account key issues of more stable electricity, construction of roads and rails, and the airport concession,’’ he said.
The President said the government would work more to accelerate and increase momentum in agriculture, power, gas, manufacturing and processing.
He assured Nigerians that the rising attacks on communities by herdsmen would soon be brought under control by security forces deployed to the vulnerable areas across the country.
He said the unfortunate incident of attacks, which had resulted in loss of lives and properties, had already brought sorrow and hardship on many Nigerians.
Buhari said the government would continue to strengthen its relationship with the NESG, especially in integrating its recommendations into policies for improving the livelihood of all Nigerians.
In his remark, the chairman of the NESG Board of Directors, Mr Kyari Bukar, commended the government for the “pragmatic approach’’ in engaging with citizens of Niger Delta region which had translated into steady rise in oil production.
“Your Excellency, we salute your courage in providing support to the states that have had fiscal challenges.
“We recognise that without the intervention of the Presidency, many state governments would have been unable to pay salaries last year,’’ he said.
Bukar said the outlook on the economy remained upwardly positive, projecting a 3.5 per cent GDP growth.
He urged the President to pay more attention on the herdsmen attacks, which could reverse the gains recorded in the agricultural sector.
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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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