Connect with us

News

Nigeria searches for $7 billion to combat COVID-19 issues

Published

on

The Nigerian government has drafted several requests to international lenders requesting a total number of $6.9 billion in order to keep their economy afloat as well as continue their battle against the novel Coronavirus.

Although the country has not seen too much of the virus, compared to Europe and the United States at least, the government still decided to impose a 2-week shutdown in order to prevent the spread. Currently, the country has 232 confirmed cases and 5 deaths in total, but more cases are expected in the coming weeks.

Who is Nigeria asking for help?

The Nigerian government has addressed multiple international lenders. These include the International Monetary Fund ($3.4 billion), the World Bank ($2.5 billion) and the African Development Bank ($1 billion).

All of this was announced by the Minister of Finance, Zainab Ahmed herself.

However, considering the serious economic implications of the Coronavirus, many Nigerian politicians believe that asking these organizations for a loan is not the right thing to do at the moment.

Criticism has been heard of the Nigerian government for worrying about the economy much more than the pandemic spreading across the country, and only imposing the shutdown just a couple of days ago.

Although it is true that most of the funds requested from these international organizations will be dedicated to keeping the economy alive before the pandemic stops, it needs to be highlighted that Nigeria is still in serious danger of having the virus spread out of control.

Although most commercial states are on lockdown, there are some regions in the country where movement is relatively free.

Why is Nigeria asking for so much?

The next big question is finding out why Nigeria needs so much money and where most of it is going to be spent. It’s quite an easy question to answer. Nigeria is the largest oil producer on the African continent, which means that it is going to dedicate these funds to solidifying that position well into the future.

You see, the COVID-19 didn’t only topple stock prices of large corporations worldwide, it also seriously impacted oil prices, which were already significantly weakened well before the outbreak.

To put this in perspective. The Nigerian government devised a national budget when oil prices were around $59 per barrel. The price is somewhere in the range of $30 per barrel nowadays, and demand keeps on dropping as fewer people drive or use oil-consuming machinery and technology.

Due to this massive change in pricing, the Nigerian government had to adjust by cutting costs during 2020, but that is simply not enough. Having your country’s biggest income effectively be cut more than half is a serious hit to all of the plans created not only for that year but for the future.

Criticism floats up once more

Naturally, whenever a government plan has some kind of issues that could have been avoided, there will always be opposition members or just freelance politicians criticizing these policies. In this case, it’s very hard not to agree with what is being said in most of the cases.

Most of the politicians were advocating a more diverse economy, investments into different industries rather than re-investment into the oil. Tricks that have worked in the past are not necessarily going to work in the future, and considering oil is a finite resource, Nigeria is seriously advised to look into diversification.

And this is not only about Nigeria as well. The largest oil-exporting countries in the world such as Norway, Saudi Arabia, the UAE, and even the United States have considered this issue seriously.

But most surprisingly, there are countries that normally don’t have too large of oil production for export that are already deviating away from the commodity, and in that sense, Germany is a perfect example.

What can Nigeria learn from Germany

Naturally, it’s very hard to compare these two economies as Germany is a production powerhouse that has already diversified beyond anything that Nigeria could achieve in the next decade or so, but there are still some nice hints as to what could be changed.

Let’s talk about taboo industries as an example. In this sense, both Nigeria and Germany have quite a lot in common. Banning or discrediting taboo industries such as gambling, for example, is present in both countries, but both of them have seen huge demand for these services.

The difference is seen when we look at the actions taken by both countries. Germany, for example, does not charge any fines to its citizens playing online roulette or any other game of chance. The only fine goes to the company providing this service. In Nigeria, it’s a bit different as the country has only a few companies operating in the country which tend to be untrustworthy in terms of service and tax.

Germany is easily able to pinpoint websites that provide these services and fine them pretty much on a monthly basis. This pretty much acts like a monthly tax which is always fixed. It’s a small loophole, but mutually beneficial nonetheless.

In Nigeria though, the trust in government-approved companies is fading as people switch to unlicensed platforms, thus depriving the authorities of tax and information. It would be much better for the local government to either allow commercialization of gambling or introduce a similar system as in Germany.

Back to the topic – will Nigeria get the funds it is requesting?

There is one thing to consider. Nigeria is a country that has the capacity to repay the debt it is asking the IMF and other organizations for, but the question is whether these organizations will be able to deliver.

There are quite a lot of middle eastern and central Asian countries that have requested the same organizations for financial assistance, therefore some serious budgeting is to be expected.

It’s unlikely for every country to get what they asked for, but some funds could be covered. One real issue that Nigeria could face is a serious deficit in what it asked for. At that point, there will be no other way than asking China for financial assistance, and that is something that Nigeria could simply not afford at this point, considering how much it already owes to China.

Continue Reading

News

RSIPA DG Unveils New Rivers Investment Pathway At BRACED Commission

Published

on

The Director-General of the Rivers State Investment Promotion Agency (RSIPA), Dr. Chamberlain Peterside, has used the platform of the revived BRACED Commission to unveil investment opportunities and plans in Rivers State.

 

The BRACED Commission just bounced back and has already held a roundtable in Port Harcourt preparatory to an economic summit in the near future.

The roundtable featured the investment promotion agencies of the cooperating states: Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta states.

Dr Peterside not only chaired the roundtable but made presentations for Rivers State economic landscape.

He hailed the rebound of the BRACED Commission which did well at the onset. “The governors of the region were one and united for one cause. Then, politics came and everything scattered. The agenda is simple, to integrate the economy of the region into one strong bloc.”

He admitted that Rivers State’s investment promotion agency is very young, plus six months in the limbo of state of emergency. “This thus is a very unique opportunity to get resurgent momentum.”

He listed the achievements of RSIPA in the short period since its establishment, saying it has received numerous investment proposals.

“We’ve engaged actively with the private sector, both those currently operating in the state and those intending to invest. We do realize the fact that investment begins from domestic investors. and you have to guide them.

“Through outreach programmes and establishment of a One-Stop-Center (OSC), we have created a streamlined system for addressing investor needs, supporting their business operations. For the first time in Rivers State, prospective investors and small and medium enterprises now have a centralized hub that can address their challenges and find solutions that enable them to thrive.”

He outlined the plans ahead thus: “One of our cardinal focuses at RSIPA is to enhance the operating climate and improve the ease of doing business.

“We are committed to creating a vibrant and business-friendly environment that attracts and retains investment. We are also working closely with other ministries, departments, and agencies to harmonize our activities.

“Collaboration for us is key; we see Rivers State as a single ecosystem where all stakeholders work together to support investment inflow and build a favorable environment for businesses to flourish.”

For the region, he lamented the situation whereby “the carpet is shifting under our feet. The IOCs (international oil corporations) have moved offshore. The issue before us now is how should the region act now. We should target big ticket investment proposals. This is because some proposals will involve other states. There is thus need to collaborate.”

He gave examples of projects that cannot be for one state. “Railway system is not for one state. At the moment, there is no railway line that links Benin to Port Harcourt to Calabar. BRACED can push this agenda.

“There is an oil route from Opobo to Akwa Ibom where Sterling Oil is operating. It’s a route of interest. Governor Sim Fubara wants us to synergise with other states economically. The best time is now because all the governors are now in one political party.”

He called on all the agencies in the BRACED states to sell the idea to their governors.

“Let the governors know that BRACED task is not a competition but as a collaboration. We have the Niger Delta Development Commission (NDDC), the South-South Chambers of Commerce, Industry, Mines and Agriculture (SSCCIMA), the Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA), etc. This is the ripest time to strike the iron.”

The Director General of the Bayelsa Investment Promotion Agency (BIPA), Mrs. Patience Ranami Abah, also shook the floor when she presented what she termed ‘Closing the Value Capture Gap’.

She showed how the states will win bigger by playing together to present an economic front.

David Franklin, a deputy director, who represented the Permanent Secretary, Federal Ministry of Industry, Trade, and Investment, Abuja, said investment in people is the beginning of prosperity.

“The South-South is the hub of power of Nigeria due to the hydrocarbon industry, blue economy, agriculture, tourism, etc.”

The Director General, BRACED Commission, Amb.Joe Keshi, in his welcome remarks, said the roundtable was themed around synchrosnising investment frontiers in a strategic framework for south-south economic integration.

The roundtable ended with a communique that recommended setting up a monitoring committee, and other organs to drive integration and investment.

Some of the key resolutions in the Communique issued at the end of the two-day symposium included the call for a BRACED Investment Promotion Charter with a harmonized Regional Investment Promotion Framework and a roadmap.

The Communique called for infrastructure alignment, uniform economic reforms, human capital development plan, and a technical oversight group.

The communique urged state governments, investors, and development partners to collaborate in transforming the BRACED states into a beacon of economic dynamism.

Continue Reading

News

Easter: DHQ Orders Troop Alert, Confirms US Support

Published

on

The Defence Headquarters has placed troops on nationwide alert ahead of the Easter celebrations, assuring Nigerians of tightened security.

The DHQ also reaffirmed that ongoing support from the United States is strengthening counter-terrorism operations, with a visible impact expected in the coming weeks.

Addressing journalists during the end-of-the-month briefing on Tuesday in Abuja, the Director, Defence Media Operations, Maj Gen Michael Onoja, assured citizens of heightened vigilance by troops during the Easter celebrations.

Onoja said the Armed Forces had already placed personnel on alert nationwide to prevent any security breach during the holiday period.

He added that similar measures were implemented during previous festive seasons, including Christmas and Eid-el-Fitr, and would be sustained.

“We know that festive seasons usually have heightened security activities. The military command gives instructions to ensure all personnel are on alert. This time will not be different,” he said.

He emphasised that security agencies would not relax despite the celebrations, noting that adversaries often attempted to exploit such periods.

“I can assure you that we will always be on alert, particularly at this period of festivities, because we know that the threats expect us to relax.

“But we are not going to relax. Everything will be okay for this Easter,” he added.

Speaking on the ongoing collaboration with the US forces, Onoja said the impact of the collaboration may not be immediately visible due to the nature of military engagements, but expressed confidence that the benefits would become evident in the coming weeks and months.

He said the U.S. support to Nigeria’s operations had been significant, particularly in the areas of intelligence sharing and training, noting that the assistance was being provided on favourable terms to strengthen ongoing counter-threat operations.

According to him, “You are aware that they are bringing intelligence and training support to us, which we need. They are giving that to us on very favourable terms. There are lots of things I cannot say because of confidentiality.”

He added that the intelligence being provided included information on the location of threats and hostile elements, stressing that Nigerian troops would act accordingly.

“All we can say is that these things take time. There is a gestation period when we are conducting military operations.

“You will not see it immediately, but in the next few months or weeks, you will feel the difference in the impact of the assistance that the U.S. is providing,” Onoja stated.

On February 16, 2026, DHQ confirmed the arrival of approximately 100 US military personnel and equipment at Bauchi Airfield.

According to the military high command, the personnel, who are not combat troops, were in Nigeria strictly for technical assistance, training, and advisory roles in counter-terrorism efforts.

However, insecurity has continued to surge in several parts of the country since their deployment, raising concerns about the effectiveness of the collaboration.

 

 

Continue Reading

News

RSG Pledges Support For Youth Initiative …As Youth Dev Advocate Seeks Policies On Transformational Leadership

Published

on

The Rivers State Ministry of Youth Development has restated the State Government’s commitment towards supporting initiative that will empower youth socially and economically in the State.

Permanent Secretary, Rivers State Ministry of Youth Development, Mrs Ruhoma Kejeh, stated this during the launching of a book titled: ‘A-Z Nuggets of Goal Setting: Discover Winning Ways To Set And Achieve Goals Like a Pro’, in Port Harcourt.

Kejeh said the State Government was committed towards supporting initiative that will empower youth socially and economically in the state.

The Permanent Secretary, represented by the Head of Department, Youth Education and Counseling, Rivers State Ministry of Youth Development, Mrs. Veronica Oborolor,  described the book as a practical guide that will serve as a source of inspiration for youths.

According to her, the book is not only timely and commendable, but comes at a time when many youths face uncertainty in life.

In his remarks, the author of the book and a youth development advocate in Rivers State, Mr. Ibeleogute Emmanuel Ibodeng, called for policies that will promote transformational leadership in the country.

He said transformational leadership comes when the right policies are in place, and described the book as his contribution to human capacity development in Nigeria. 

“This is my book launch. This will serve as my own contribution to human capacity building in this country,” he said.

Ibodeng added that the book will serve as a coaching template and model for emerging leaders, readers and passionate nation builders to coach themselves into excellence and patriotic citizens.

According to him, reading the book and imbibing its message has the capacity to make one a nation builder as it is tailored towards mind transformation and community development.

“My major target is to see that the leaders who come after this set will have their minds tuned after transformational leadership, and not just the kind of leadership we are used to today,” he said.

Also speaking, the guest speaker, Mrs. Uche Etiaba, said rather than relying on false hope and partisan politics, Nigerian youths should set clear goals and work out ways of achieving them.

Etiaba also described the book as a masterpiece, adding that vision without structure is like a mere dream.

She, however, blamed systemic failure as Nigeria’s major problem, arguing that the nation is experiencing high youth unemployment because the nation’s education system does not align with the job market.

According to her, there must be an alignment across all levels of our national life.

The event attracted people across all works of life.

 

John Bibor

Continue Reading

Trending