Business and Economy
Nigeria Central Bank To Inaugurate N15 Trillion Infrastructure Fund In October 2021
The CBN Governor, Godwin Emefiele has disclosed that the N15 trillion infrastructure fund would be inaugurated in Oct. 2021.
Emeifele who made this known at the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria in Abuja, stated that the innovations like the Nigeria/International Financial will provide a gateway for capital and investments, and digital currency, e-naira, will enhance inclusion.
He said the regulatory body had been working with the Bankers Committee to scale the challenges posed by Covid-19, which include reduction of interest rates on loans, increasing the moratorium for payments, and injecting N3 trillion loans in the private sector.
“We do expect that the pace of inflation will moderate as we approach the harvest season,’’ he added.
President Muhammadu Buhari says N300 billion has been disbursed to farmers while 1.6 million poor and vulnerable households are currently benefiting from the Conditional Cash Transfer programme.
The president who revealed this while virtually declaring the conference open, said that some of the various initiatives embarked upon to boost agricultural trade in Nigeria include the Anchor Borrowers Programme.
He stated that the Central Bank of Nigeria had made more than N300 billion available to over 3.1 million smallholder farmers of 21 different commodities.
He said the commodities included Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soybeans, Groundnut, Fish, cultivating over 3.8 million hectares of farmland.
“It is on record that 80% of rice consumed in Nigeria is now produced locally,’’ he said.
He added that the National Social Register of poor and vulnerable Nigerians had 32.6 million persons from seven million poor and vulnerable households identified, imploring bankers to play a stronger role in improving livelihoods.
President Buhari said the National Social Investment Programme was biggest in Sub-Sahara Africa and one of the largest in the world.
To further strengthen recovery and enable more Nigerians, President Buhari said, last year, he approved the establishment of InfraCo Plc, a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion.
“In May 2021, the Rural Electrification Agency announced the planned deployment of solar-powered grids to 200 Primary Health Centres and 104 Unity Schools nationwide.
“Under the Family Homes Fund Limited, Social Housing programme incorporated by the Federal Government of Nigeria, more than two thousand hectares of land with title documents have been issued by 24 states with the capacity to accommodate about 65,000 new homes.
“The Central Bank of Nigeria is providing a N200 Billion financing facility, with a guarantee by the Federal Government,’’ he said.
The president affirmed that the theme of the conference, “Economic Recovery, Inclusion, and Transformation: The Role of Banking and Finance’’ was most appropriate, following the global shocks from COVID-19.
“I salute the Institute and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of our country, Nigeria, and by extension Africa as epitomized by the theme of your conference.
The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.
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Business and Economy
FG, Afreximbank Assess Nigeria’s Readiness for Africa Energy Bank Commencement
Ahead of the commencement of operations of the Africa Energy Bank (AEB) in Abuja, the Federal Government and the African Export-Import Bank (Afreximbank) teams have assessed the country’s readiness to host the bank.
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A statement issued on Thursday by Nneamaka Okafor, Special Adviser, Media and Communications to Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), stated that the assessment followed the visit of Dr. Benedict Oramah, President, African Export-Import Bank (Afreximbank).
According to the statement, the visit/assessment was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank, a landmark initiative expected to transform the continent’s energy landscape.
“The establishment of the bank is a collaborative move between Afreximbank and the African Petroleum Producers Organisation (APPO), which will see the bank take off with an asset base of five billion dollars.
“It is projected to grow to 120 billion dollars in five years’ time, marking a significant milestone in Africa’s quest for energy security and sustainability.
“Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.”
Okafor quoted Lokpobiri as reiterating during the meeting, Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential.
He called on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents.
“The bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation and economic prosperity.
“Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the statement quoted Lokpobiri as saying.
Following the discussions, the minister and Afreximbank president proceeded to the AEB Headquarters for an inspection to assess the level of readiness ahead of the commencement of operations.
The visit provided first hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.
Speaking on the significance of the AEB, The Afreximbank President, Oramah, emphasised the bank’s role in bridging Africa’s energy financing gap.
According to him, the establishment of the AEB is a game-changer for the continent.
He commended Nigeria for taking the bull by the horn in hosting the AEB headquarters and expressed confidence in Nigeria’s oil and gas portfolio, as it would not only benefit the sector, but would guarantee immediate benefit for Nigeria.
The bank was initially scheduled to commence operations January this year. (NAN)
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Business and Economy
Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo
By Abah Benjamin Eneojoh
The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.
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Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.
The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.
At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.
The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.
The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.
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Business and Economy
Naira appreciates N28.85 against dollar at official market
The Naira on Thursday, November 21st, 2024 appreciated at the official market trading at N1,658.67 against the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N28.
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This represents a 1.7 per cent gain, compared to the previous trading date on Wednesday when it exchanged at N1,687.52 to a dollar.
However, the total daily turnover reduced to 163.66 million dollars on Thursday, down from to 173.29 million dollars recorded on Wednesday.
At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,707.50 and N1,631.00 against the dollar.
Source: NAN
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