Nigeria is insolvent.

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Read Time:1 Minute, 42 Second

Our debt is now officially higher than our GDP. Even though Mr. Peter Obi mentioned this when he said that the NNPC had not contributed any money to the federation account since January of this year, we were aware of this situation since last year, and J.P. Morgan downgraded the company as a result.

Many of us are aware that this will eventually touch home because we are no longer able to hide it.
What does that suggest? It denotes that our government’s debt is more than our income. Your salary is less than your costs since paying off debts is an expense, to put it simply.
Additionally, if this occurs, countries will continue to lend you money, but at a very high-interest rate because the likelihood of default is great.
Beyond payment default, investors would shun the country, and those who were already there would want to sell their belongings and depart. Hence, the pressure on dollars, which were yesterday sold at N650 to a dollar on the illicit market. Because of the naira’s volatility, any sane investor, including those holding that currency, wants to exchange it for US dollars.

Of course, times of recession or conflict frequently reflect this. In Northern Nigeria, a conflict has been going on. Then the fighting in Ukraine made things worse.
Unfortunately, we only have two undesirable choices: Governments typically raise borrowing in accordance with Keynesian theory to encourage growth and increase aggregate demand. To be clear, we’ll take out more loans!
If we choose to follow modern economic theory, which is what CBN may do, we will print additional money to pay our debts and fulfil our internal duties.

But if we don’t reduce waste, theft, and subsidies, as well as strengthen our capacity for production and revenue generation from foreign trade partners, we won’t be able to maintain this.
Now you understand why we must help Obi instead of AGBADO eaters who continue to favour consumption and theft by moving us from consumption to production and reducing waste.

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Oil Slides on Fresh Worries about US Rate Hike

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Read Time:2 Minute, 26 Second

Oil prices dropped nearly $2 a barrel on Thursday as fresh worries emerged that the interest rate hikes in the United States would slow economic growth.

Brent crude futures settled at $110.05 a barrel after falling by $1.69 or 1.5 per cent and the U.S. West Texas Intermediate (WTI) crude futures settled at $104.27 a barrel after it dropped $1.92 or 1.8 per cent.

After another round of remarks from Federal Reserve Chair, Mr Jerome Powell, the market was thrown into a fresh bout of worries.

Mr Powell said the Fed’s focus on curbing inflation was “unconditional” and the labour market was unsustainably strong, comments that stoked fears of more rate hikes.

The market has been jittery since the US Federal Reserve raised its key interest rate by 0.75 per cent, the biggest hike since 1994. This was followed by top economies like the United Kingdom and Switzerland, thus feeding worries about global economic growth.

The most recent estimates by the American Petroleum Institute, according to market sources, showed US crude and gasoline inventories rising last week and this weighed on prices.

Official weekly estimates for US oil inventories were scheduled to be released on Thursday but technical problems will delay those figures until next week, the US Energy Information Administration (EIA) said, without giving a specific timeline.

With much of the market’s focus on the US, President Joe Biden asked Congress on Wednesday to lift the federal fuel tax for three months in a bid to reduce excessively high prices at the pump.

However, there is evidence to support that the bid may not happen as it met scrutiny from lawmakers including those from the President’s own party.

In a four-point plan, Mr Biden told legislators to consider suspending the $0.24 federal tax per gallon of diesel and the $0.18 per gallon tax on petroleum (called gasoline) for 90 days and recommended that states also lift their state taxes on fuels.

The President also called on oil companies to use their profits to boost refining capacity and on fuel retailers to pass on the reduction in prices resulting from the potential lifting of federal taxes to customers.

US oil producers have been reluctant to boost production, prioritizing instead the return of cash to shareholders.

On the supply end of the market, the Organisation of the Petroleum Exporting Countries (OPEC) and allied producing countries including Russia will likely stick to a plan for accelerated output increases in August in hopes of easing crude prices and inflation.

The group known as OPEC+ agreed at its last meeting on June 2 to boost output by 648,000 barrels a day in July, or 7 per cent of global demand, and by the same amount in August, up from the initial plan to add 432,000 barrels per day a month over three months until September.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Nigeria unarguably has one of the most expensive debt servicing obligations in the world

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Read Time:4 Minute, 56 Second

Nigeria unarguably has one of the most expensive debt servicing obligations in the world. But they will never tell you about it. Not the DMO, the Minister of Finance, or the Presidency will say anything in this regard.
So whenever they return from their jamboree road shows and gleefully announce that their bonds offer were oversubscribed, the question a well-informed public should ask is, oversubscribed at what cost to generations unborn?
For emphasis, let us do a comparative analysis between the cost of Nigeria’s debt servicing and that of, say, South Africa. As of the end of December 2021, Nigeria’s total debt was only 30per cent of South Africa’s total debt. Means South Africa was more indebted than Nigeria ( the kind of example Nigerian leaders use to go cap in hand to borrow more after all even America dey owe).
But they will never tell you that it costs Nigeria far more to service its debt than it costs South Africa, even though South Africa’s total debt is more than half of Nigeria’s GDP.
Nigeria’s total debt as of December 2021 was $94.166bn (source: DMO) while South Africa’s total debt at the same period was $261bn (source: SA National Treasury).
A comparison of both economies shows that Nigeria is Africa’s largest economy at $420 billion ( just $131 billion short of the combined net worth of Elon Musk and Jeff Bezos) according to the latest estimates from the National Bureau of Statistics (NBS), while South Africa’s GDP is second in Africa at an estimated size of $320bn.
But while Nigeria presently spends over 90% of its revenue to service its debt, South Africa spends about 20% of its revenue to service its own debt.
This is because if the amount you are borrowing is high, you are also obligated to pay more, secondly, Nigeria borrows at a very expensive rate, especially the Eurobonds, add to that, because investors see Nigeria as a very high-risk country, its debt service is very expensive. Same way, If the amount you are borrowing is high, you also have to pay more.
Nigeria debt service-revenue is not only the most expensive when compared to that of South Africa, it is the same when compared to that of Egypt. Egypt’s debt service-to-revenue was 20.5% in 2021, while Kenya’s was 60% and Uganda’s was30%.
Government apologists are quick to point out that Nigeria’s debt to GDP is still within the accepted threshold and one of the lowest globally, this deflationary tactic aims to give the impression that there is still good space within the borrowing headroom, thus they can still go cap in hand begging whosoever can lend them money, even when the funds are frittered away on non-capital, non-revenue yielding projects.
Some might even trickle down to marrying a new wife, or making a side-chic happy. Do you know how much from the borrowed funds leaked into the personal needs of the suspended Accountant General?
But they will never tell you that the debt-to-GDP ratio is a perpetual borrower’s mentality rather than having sleepless nights over the country’s revenue-to-GDP ratio, which is one of the reasons our debts are quite expensive because creditors factor in your ability and capacity to pay back.
Is it not a shameful thing that a country that “buga’s” around with shoulder-high as the biggest economy in Africa ($420b) has one of the lowest revenue to GDP in the continent, and to imagine that Nigeria with a population of over 200 million, and the largest market in Africa has revenue to GDP of just 9% compared to Ghana with a population of about 31 million, and revenue to GDP of 13%.
Further probe shows that Kenya has a revenue to GDP of 16.6 per cent, while Angola has a revenue to GDP of 20.9%. There are actually no positive global metrics in the world that Nigeria can be said to make the cutoff mark for a good result.
And why wouldn’t investors perceive the country as a high risk entity when there is basically no stats from Nigeria that gives hope.
In the just-released Global Peace Index (2022), Nigeria ranked Nigeria 143 among 163 independent nations and territories, according to the level of peacefulness. Nigeria moved three places up on the log from the 146th position it was ranked last year.
Many African countries are ahead of Nigeria in the ranking, such as Mauritius 28; Ghana 40; The Gambia 45; Sierra Leone 50; Equatorial Guinea 59; Malawi 65; Senegal 70; Morocco 74; Rwanda 72; Liberia 75; Gabon 75; Angola 78; Lesotho 100; Madagascar 8; Mozambique 122; and Namibia 68.
Others are Zambia 56; Tunisia 85; Tanzania 86; Niger 140; Burundi 131; the Benin Republic 105; Botswana 48; Republic of Congo 111; Ivory Coast 108; Cameroon 142, Djibouti 113, Algeria109; South Africa 118; Egypt 126, Eritrea 132, Guinea 123, Guinea-Bissau 110; Chad 136; Togo 102; Uganda 121 and Zimbabwe 127.
They are all ahead of Nigeria. This is why the world perceives you as a backwater country that should be escorted with a long stick like a Millipede….
But do you need the foreign investors to know that something is definitely wrong with the country?
A place where someone will wake up, walk into the forest, post a Tweet from that she has been kidnapped with other people, and start calling for help. A place where a man can be shot by the Police because his wife rebuffed the illicit advances of a celebrity…
Such a place should be high risk indeed, especially were peopled by a majority who have normalized the abnormalities.
Yet these things do not make it to the issues worth talking about in the upcoming elections…
These are the Facts of The Matter.

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Jumia Nigeria Announces Juliet Anammah as New CEO

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The e-commerce leader in Africa formalizes the appointment of Mrs Juliet Anammah at the head of Jumia Nigeria, Africa Internet Group’s (AIG)

LAGOS, Nigeria, December 28, 2015/ — The e-commerce leader in Africa formalizes the appointment of Mrs Juliet Anammah at the head of Jumia Nigeria, Africa Internet Group’s (AIG) (https://www.Jumia.com.ng) biggest company on the continent. Juliet is taking over from former Co-CEOs Jeremy Doutte and Nicolas Martin, who are taking the reins of Jumia Global across the 11 African countries in which the group operates.

“Juliet brings strong leadership capacity and a consumer driven mindset honed from her experience in consumer goods and services” said Jeremy Hodara, Co-CEO Africa Internet Group.” As Jumia moves into a new phase of growth, consolidating on the gains so far, while driving for more relevance to our customers, Juliet’s ability to focus sharply on the strategic levers of success is invaluable”,

Prior to joining Jumia, Juliet Anammah was a Partner in Accenture and the Managing Director of the firm’s Consumer Goods Practice in Nigeria. She focused during her later years in Accenture on the digital consumer and route to market for consumer goods companies. She brings to Jumia over 24 years of professional experience with six years at senior executive level. Passionate about “Africa rising” and women advancement, Juliet serves on the board of many non-profit organizations involved in women development and trade expansion.

This appointment marks a new phase of growth for Jumia Nigeria, emphasized by two key themes: the focus on the customer and the partnership of Jumia with its brands and its vendors, which will be the battlefield of the newly appointed CEO.

“My objective is to relentlessly focus on building the Jumia brand, making it the one-stop shopping destination in Nigeria by offering convenience and the widest assortment of quality products at affordable prices” said Juliet Anammah. “We are building a platform for local and global brands to enter the market at the speed of light by going directly from the factory to the consumers. This is a game changer for Nigeria and a major shift in the way companies look at their market entry strategy”.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Super Deal Weekend: Supermart.ng offers up to 30% discount on hundreds of grocery items.

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Read Time:1 Minute, 29 Second

Lagos, 25/11/2015: To kick start the festive shopping season, Supermart.ng, Nigeria’s leading online supermarket & grocery delivery service has promised up to 30% per cent discount on your grocery shopping during the Super Deal Weekend which lasts till 1st of December,2015.

The Communications Officer of Supermart, Tayo Alofun said, “hundreds of grocery and everyday essential items have been discounted to rock bottom prices for our customers. Customers can select these and more online and receive delivery to their homes and offices across Lagos”.

He added, “We are also giving N3,000 discounts to all our new customers over this period when they buy items worth N10, 000 or more. They will also get one month free delivery on their subsequent orders all through the month of December”
To access the deal, the new customers will simply have to log on to supermart.ng, select various desired items from the widest range of groceries in Nigeria and enter the coupon code SUPERDEAL to receive their instant N3,000 discount.

“Our goal is to welcome new customers to the experience of convenient grocery shopping. Our organizational goal from the beginning is to help busy professionals save time to spend with their families and loved ones and other interests. Super Deal Weekend is yet another step in that direction” Alofun said.
He also noted that more products have been added to the store numbering over 70,000 items currently including fresh meat and vegetables, branded consumer products, local (market) ingredients, drinks and alcohols, beauty and cosmetics, baby products, office supplies and medicines among other things, making Supermart.ng the one stop grocery shopping destination.
Visit Supermart.ng to start enjoying these incredible prices.

Contact: Tayo.Alofun@supermart.ng

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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FMBN set to partner LGs on housing initiatives

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THE Federal Mortgage Bank of Nigeria, FMBN, is set to engage with the 774 local government areas in the country on how best the bank’s housing initiatives can be extended to them. Managing Director, FMBN, Mr Gimba Yaú Kumo, who disclosed this in an interview with a news portal, listed various ways of addressing the housing deficit in the country.

“We started a programme with Association of Local Government of Nigeria (ALGON) but you will also realise that most of the employees don’t have capacity to go through the mortgage processes. Their income will not be able to service the mortgages. What we are trying to do now is to build houses depending on the needs, location, culture and environmental issues. We will resume discussions with ALGON to see how we can come up with houses that can go round the 774 LGA,” he said.

Yaú Kumo noted that in order to adequately address the nation’s housing needs; there must be provision of mortgages and construction financing to facilitate construction of the houses. He said this could be addressed through the provision of FMBN Home Renovation Loan (FHRL) scheme to enable existing house owners to upgrade their houses, and through the introduction of Diaspora Mortgage Programme for Nigerians living abroad who needed to have their own houses in the country.

He further explained that the deficit could be addressed through the engagement of the various cooperatives across the country, to enable Nigerians who were not in the formal sector of the economy to also own their houses. “Those who don’t have houses, we can see what we can do in trying to build affordable houses on sustainable paces. We have lined up a lot of activities; these activities need a lot of fund, hard work, they need dedication, they need support of all Nigerians particularly the media houses so that the public can be sensitised to be able to come under our platform,” he stated.

The FMBN boss noted that Nigeria requires between 17 and 20 million units to meet its housing needs. “We are all aware that the housing gap is very big, 17 to 20 million units needed to address the housing needs of Nigerians. Apart from that, we also believe that even some Nigerians that have houses deserve more than that to have shelter over their heads.

We are at the moment trying to focus on an intervention to address the issue of NHF contributors that have been displaced by the insurgency in the three states of the north east – Borno, Yobe and Adamawa states. We would, first of all, try to give them the FMBN Home Renovation Loan (FHRL) for those that have houses to quickly see how they can renovate and get back to their houses that have been destroyed. That’s for those contributing to the National Housing Fund (NHF) scheme.”

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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“There might be petrol scarcity soon” – oil marketer

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Read Time:3 Minute, 42 Second

Some marketers on Thursday expressed concern over the shutdown of all loading depots of the Pipelines Products Marketing Company (PPMC) in the South West due to activities of vandals.

The marketers, who spoke to the News Agency of Nigeria (NAN) in Lagos on condition of anonymity, expressed worry as over 2,000 trucks from various states in the South West now come to load at private depots in Apapa.

A NAN correspondent, who monitored the situation at Ejigbo Satellite Depot in Lagos and Mosinmi Depot in Ogun State, reported that loading was no longer going on at these places although trucks were parked there.

An executive member of Independent Petroleum Marketers Association of Nigeria (IPMAN) at Ejigbo Satellite Depot, who preferred anonymity, told NAN that it had been a serious challenge to trucks coming from Kwara, Ilorin, Ekiti, and Kogi to load at Apapa.

The source said that the current situation could lead to fuel scarcity if urgent steps were not taken.

According to the source, marketers have not also been able to load petrol in all NNPC depots in the South West since September due to pipeline vandalism.

"There might be scarcity of products soon because marketers now face serious problems getting the products in Apapa.

“We have over 4,000 trucks within the Western Zone that struggled to load products at Apapa due to non-availability of products at depots in Ejigbo and Mosinmi , but we hope that it will be resolved soonest,” the source said.

At Mosinmi, a senior member of IPMAN urged Federal Government to expedite action to combat pipelines vandalism in the area to reduce loading challenges in the South West.

Another source at Mosinmi said that the depot had been shut since Sept. 10 due to shutdown of system 2B pipeline network.

“Marketers have resorted to lifting the product from Apapa depot which is very expensive and time consuming.

“The shutdown of the pipeline by PPMC over incessant vandalism in Arepo is causing serious hardship,” he said.

Mr Chinedu Okoronkwo, National President, IPMAN, condemned incessant vandalism of pipelines, saying that the menace was causing huge losses to the economy.

Okoronkwo said that IPMAN had constituted a surveillance team to curb activities of vandals along the petroleum pipelines across the country.

He, however, lauded government's initiative to curb incessant vandalism on pipelines network.

According to him, Federal Government is doing much is that direction to address pipelines vandalism as it is easy to spoil, but difficult to repair.

"Very soon, such will be addressed, l urge my members to bear with government on the ongoing challenges facing loading at Apapa.

“It is our collective responsibility to check and bring those pipelines culprits to book,” he said

Mr Tokunbo Korodo, Chairman, NUPENG (South-West), said that there was the need for government to decentralise loading of products to make for effective loading at depots across the country.

Korodo said that concentration of few trucks at Apapa could not address the fuel scarcity challenges in the Western Zone.

He said that the absence of Navy officials at the private depots contributed to the challenges of loading of products.

"NUPENG is not on strike, we are fully ready to work with the present government in achieving its commitment to the general public.

"We are 100 per cent available to load at any time when the products are available. Government should also stand firm to fight corruptions in the country,’’ he said.

Korodo lauded the Group Managing Director of NNPC for his efforts to find lasting solution to the oil and gas industry challenges.

Mr Nasir Imodagbe, Manager, Public Affairs and Community Relations at PPMC, confirmed to NAN that the depots were shut down in Sept.18 and Sept. 22, respectively due to pipeline vandalism that occurred in Arepo.

Imodagbe said that incessant vandalism of the pipeline contributed to the shutdown of system 2B pipeline network, adding that government had also put machines in motion to ensure adequate distribution of products in the South West.

"There is no cause for panic buying because we have 23-days products sufficiency.

"The issue of queue should not arise, Nigerians should not engage in panic buying due to speculation.

"Government has put in place a robust system that would ensure sufficient and effective petrol distribution chain network in the South-West," he said.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Customs boss orders removal of rice from import restriction list at land borders

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Read Time:1 Minute, 15 Second

The Comptroller-General of Customs, Col. Hameed Ali (rtd), has ordered that rice be removed from  import restriction list and the re-introduction of import duty payment at land borders with immediate effect.

The Public Relations Officer of customs, Mr Wale Adeniyi, disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

He said the restriction was only applied at land border stations before now, adding that the customs boss had lifted restriction on rice at border stations.

Adeniyi said that all rice imports through land borders by rice traders would attract the prevailing import duty of 10 per cent with 60 per cent levy.

He added that rice millers (preferential levy) with valid quota allocation would also attract duty rate of 10 per cent with 20 per cent levy on rice importation.

“Over the years importation has been restricted to the seaports because border authorities have found it difficult to effectively monitor and control importation of rice.

“When the decision to ban it (rice) was taken it was not an effective measure because smuggling of the product thrives with people using different means of conveyance including small trucks, bicycles and even animals – putting them on donkeys and some actually carry it on their heads.

“These new measures will be for customs to reognise their anti-smuggling operations in the border areas and ensure that all those importers through the borders bring their rice through approved routes and pay their extant duty.”

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Alison-Madueke, House to Square off over NLNG $14.9bn Remittance to NNPC

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Read Time:2 Minute, 51 Second

 A fresh feud may be brewing between the House of Representatives and the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

THISDAY, in the company of some select newspapers, learnt that the minister, who had employed the courts to quash a House probe into her alleged use of $10 billion to hire jets, may also use the same method to block the legislators’ scrutiny of  the $14.9 billion paid into the account of the Nigerian National Petroleum Corporation (NNPC) by the Nigerian Liquefied Natural Gas (NLNG).

The Chairman of the House Public Accounts Committee (PAC), Hon. Adeola Solomon Olamilekan (APC, Lagos), who hinted at the likelihood of another confrontation between his committee and Alison-Madueke, revealed this to journalists.

“Just about a month ago, we invited the NLNG to appear before the Committee of Public Accounts. They came and they told us that the federal government has about 51 per cent share holding in NLNG while 49 per cent is owned by Shell and other private sector outfits. They said between 2004 -2014, they have remitted to NNPC coffer the sum of $14.9 billion,” he said.

The correct equity holding in NLNG is: federal government through NNPC – 49 per cent, while Shell, Elf and Agip hold 51 per cent in the company.
Olamilekan explained that the committee decided to invite NNPC to provide “the documents which we need as a committee.”

After writing to the NNPC “asking for an evidence for this sources of revenue, the Value Added Tax (VAT) statement and expenditure from that account and any other item that they can furnish us with, “the corporation replied through one of its lawyers, Mr. Mike Ozekhome and Co, saying and quoting Section 88 and other sections of the Constitution as to why they cannot come before the committee with this particular document.”

The legislator, who is aspiring to become a senator, explained that on the face value of the exchanges, although the NNPC is yet to go to court, that option might be its next line of action considering what happened with the jet hire probe.

He said the committee “will study the document sent to us, then formerly write and on Tuesday, I want to come by a motion under matters of public importance so that the House can know what is in the offing as far as NLNG is concerned.”
He added: “For you to clarify issues on this item of transaction that concerns the generality of Nigerians and the next line of action is for you to go to a lawyer to start writing us to the committee and then from there move to the court to go and seek for an injunction, preventing us from having access to that documents.”

“That means there is more to what we are seeing. I am giving this as an information and to tell the extent in which they have used the judiciary to stall a lot of investigations we are carrying out in the House and I believe it is not too good for our democracy.

“It is not too good for us as a government and it is not too good for us as a legislative arm because we are separate bodies and I believe everybody should face what his or her duty are,” he said.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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AfDB Grants NEXIM Bank $302,000 for Regional Maritime Project

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Read Time:2 Minute, 45 Second

The Nigerian Export-Import Bank (NEXIM Bank) has received a financial grant of $302,000 (about N60m) from the African Development Bank (AfDB) to further promote the establishment of a regional maritime company, the Sealink project which NEXIM Bank is at its forefront.

The grant, which was released under the Nigerian Technical Cooperation Fund (NTCF) managed by AfDB, will be used to conduct further feasibility studies on the project to extend it to the Economic Community of Central African States (ECCAS).

It will also be utilised in enhancing the Sealink promotional activities and assist in the development of human capital and corporate governance structure of the Sealink Promotional Company Limited (SPV) which was incorporated to facilitate the project implementation.

The Sealink project aims to promote intra and inter-African trade, thus fostering regional integration, economic growth and development in the West and Central African sub-regions.

It is accordingly in line with the federal government’s reform policy on trade and transport as articulated in the regional trade component of the new trade policy.

A statement from the NEXIM Bank in Abuja quoted its Managing Director, Robert Orya to have said at the grant signing ceremony that it was a confirmation of the government’s confidence in the activities of the bank.

Orya noted that the project’s promotional SPV is being promoted by the Federation of West African Chambers of Commerce and Industry (FEWACCI), NEXIM and Transimex, S. A, Cameron.

He took the opportunity of the signing ceremony to give an update on the project, saying that the project is a private sector-driven project and that NEXIM Bank is only facilitating its establishment in line with its mandate, as the trade policy bank of Nigeria, to promote and deepen non-oil sector export trade.

He equally indicated that the project’s promotional phase and capital raising exercise are still ongoing with a pilot implementation phase expected to commence in the Quarter 2 (Q2) of 2015; while full project implementation would be initiated by the Q4 2015.

Orya reiterated that the Sealink project would assist in regional integration by mitigating some of the non-tariff barriers in intra/inter-regional trade in Africa.

Also speaking, the Resident Representative for AfDB Group in Nigeria, Mr. Ousmane Dore, reiterated AfDB’s commitment to promoting infrastructure development in Africa as being in line with the bank’s overarching objective to spur sustainable economic development, social progress and poverty reduction in the regional member countries.

Also, the Acting Director-General of the Directorate of Technical Cooperation in Africa (DTCA), Mr. Suleiman Shuaibu, stated that the aim of his Directorate (which is under the ministry of foreign affairs) is to enhance Africa’s development and integration by creating the enabling environment and opportunity for Nigerian professionals and indeed those of African descent to invest their immense intellect, expertise and skills in the economies of Africa towards bridging the widening economic and scientific gap between Africa and the rest of the world.

The statement added that the board and management of NEXIM Bank, other relevant stakeholders such as ECOWAS and its Parliament, federal ministries of finance, industry, trade and investment, as well as transport and Nigerian Shippers’ Council, amongst others are fully in support of the Sealink project.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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