Author: Okeoghene Oghenekaro

Meetings
By Okeoghene Akubike

Abuja, June 13, 2024(NAN) Heads of State, Ministers, government officials, and renowned captains of industry have gathered at the 31st African Export-Import Bank (Afreximbank) Annual Meetings (AAM) in Nassau, The Bahamas.

The meetings, holding simultaneously from June 12 to June 15, would be hosting no fewer than 2,000 delegates, the News Agency of Nigeria (NAN) reports.

The theme of the Annual Meetings is “Owning our Destiny: Economic Prosperity on the Platform of Global Africa.”

The three-day event is taking place jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF).

“This is in recognition of the increasingly closer linkages between Africa and the Caribbean and the movement towards a Global Africa uniting Africans, their diaspora, and descendants worldwide.

“The first day of the Meetings called to strengthen the linkages between Africa and the Caribbean, the sixth region of the African Union.

“These meetings are considered crucial for economic decision-makers in Africa and the Caribbean and are covered by the African, Caribbean, and international media,”  Vincent Musumba, Afreximbank’s Manager, Communications and Events (Media Relations), said in a statement.

Mr John Rolle, Governor, Central Bank of The Bahamas, in his welcome remarks, encouraged the attendees to capitalise on the opportunities to learn, share, and network.

Rolle mentioned that the Caribbean could benefit from learning more about the Pan African Payment and Settlement System (PAPSS) from Africa.

He said that with support from Afreximbank, the Central Banks across the Caribbean Community (CARICOM) could work towards replicating that system.

“A successful project in the Caribbean could keep us on pace to deliver on targets that are already being set for an international payment system.

“A system that even at the retail level, is more integrated, faster, and significantly cheaper for the average consumer.

“If we perfect the multilateral cross-border payments and settlements arrangement, it could also help us to conserve the use of precious international reserves, especially if we expand intra-regional trade.”

Also, Mr Denys Denya, Senior Executive Vice-President, Afreximbank, said the AAM and ACTIF2024 were a reunion of all Africans in the context of Global Africa.

Denyal said the meetings would also help shape the shared vision and aspirations of the Caribbean region and Africa.

“For a continent that is endowed with such an abundance of natural resources, the quest for sustainable development has been a perennial struggle.

“It is in this context of sustained deprivation and marginalisation, that we seek to unify our forces in the context of Global Africa for a better future.

“ In our unity, we have the numbers, we have the voice to sit at the table when decisions are made. We are a viable force to influence global decisions.”

Similarly, Asa Pamela Coke-Hamilton, Executive Director, International Trade Centre, emphasised the significant trade potential between Africa and the Caribbean, projecting trade to reach 1.8 million dollars annually by 2028.

Coke-Hamilton suggested it was time to explore establishing a free trade area between Africa and the Caribbean.

“Trade agreements are one way to help bring down barriers and open new opportunities.”

During a session on “Building Resilience in an Era of Globalisation,” Dr Roger Ferguson, Former Vice Chair, Federal Reserve, emphasised the importance of developing diverse and flexible systems to respond to challenges.

Dr Donald Kaberuka Chairman/ Managing Partner of SouthBridge Group emphasised the importance of countries learning to manage crises rather than treating them as unique situations.

Kaberuka, Former President, African Development Bank Group said this during the first plenary session, on “Navigating Economic Transformation in a Poly-Crisis World.”

Also, Prof. Jeffery Sachs, Senior Lecturer in Economics, International Institute of Social Studies (ISS), Erasmus University of Rotterdam, said that in the face of stiff competition internationally, Africa must unite.

“You cannot operate in this world as a small country. Even the small countries that are successful are part of somebody’s world.

“ Africa is too big to be part of somebody’s world. It’s got to be Africa as a fundamental pillar of the world scene.”(NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

Democracy
By Okeoghene Akubuike
Abuja, June 12, 2024 (NAN) Nigerians have expressed mixed reactions as Nigeria celebrates 25 years of Democratic Government, saying they need to see more dividends of democracy.

Some Nigerians, who spoke to the News Agency of Nigeria (NAN) on Wednesday, said our leaders needed to listen to the citizens which was what was obtainable in a true democracy.

Mr Isaac Ighure, a Former Secretary-General, Nigerian Guild of Editors, said the leaders needed to firm up the country’s democracy and improve on it.

“Democracy is yet to take a firm root in Nigeria. We keep describing our democracy as nascent.

“We cannot remain young forever, after 25 years we should be standing firm in our democracy and see its dividends.”

Ighure said Nigerian leaders did not have a listening ear citing the removal of fuel subsidy and the floating of the naira as examples, which had led to hardship.

“Our leaders need to listen to the people because the people voted for them. That is what democracy is. Our leaders do not tolerate alternative views.

“They need to wake up to entrench free democratic practices, freedom of the press, and the right of the people to make their feelings known through peaceful protest without intimidation by security personnel.

“The government needs to take away the hunger ravaging the land, improve the health and education sectors, provide adequate infrastructure, and tackle insecurity in the land.

“Nigerians can no longer feed properly, Nigerians are living in IDP camps in their own states, farmers can no longer go to the farms because of bandits.

“The Chibok and Dapachi School children are still missing, and other students are being kidnapped from their schools. These are not things that make up a democratic setting,” he said.

He said the government must tackle corruption at all levels, and prosecute any corrupt person irrespective of who they were.

“We claim to model our democracy after the U. S., which is a largely free society. Former U. S. President, Donald Trump has been convicted of a felony, that is a true democracy. Can that happen in Nigeria?

“Leaders should not live in opulence while the citizens live in penury. Our leaders should give us a sense of worth.

“Your children cannot be sick at home or unable to go to school while you and the parents are looking for money to buy a new car or travel abroad.”

Ighure urged the government to pay the minimum wage proposed by labour, saying it was long overdue, especially with the present economic situation which had led to  hardship.

Femi Ogunshola, a public servant, said the country had witnessed some dividends of democracy, however, things could be better after 25 years of democracy.

“The press is relatively free compared to the military era and Nigerians can now exercise their democratic right to vote and be voted for.

“Nigerian youths have now been given the opportunity to occupy leadership positions as well.

“However, we still have a long way to go, this is not where we are supposed to be as a nation.

“Nigeria can be better if we have the right leaders, who listen to the people and consider the citizens’ interests above their personal interest. ”

Mrs Gloria Okafor, a businesswoman said Nigeria had witnessed some dividends of democracy but a lot more could be done to achieve more.

“In the area of freedom of speech, we have made good progress. Also, we have a system of government where citizens can vote for their leaders who represent them in parliament.

“However, we are not where we are supposed to be yet after 25 years. if you compare other countries practising democracy and see what they have achieved in terms of development.
then you know Nigeria still has a long way to go.

“Democracy is a good thing but part of the problem is that the people are not holding the government accountable.

“Government must listen more to the people and after listening they should act on what the people have said.

” It is one thing to listen and another to take action. We need a responsive government,” she said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Growth
By Okeoghene Akubuike
Abuja, June 11, 2024(NAN) The global economy is expected to stabilise for the first time in three years in 2024 but at a level that is weak by recent historical standards, says the World Bank.

This is contained in a statement issued by the bank’s online media briefing centre on the World Bank’s latest Global Economic Prospects report on Tuesday.

According to the statement, global growth is projected to hold steady at 2.6 per cent in 2024 before edging up to an average of 2.7 per cent in 2025-26.

“That is well below the 3.1 per cent average in the decade before COVID-19.

“ The forecast implies that throughout 2024-2026 countries that collectively account for more than 80 per cent of the world’s population will experience slower growth than in the pre-COVID decade.”

The report said overall, developing economies were projected to grow four per cent on average over 2024-25, slightly slower than in 2023.

It said growth in low-income economies was expected to accelerate to five per cent in 2024 from 3.8 per cent in 2023.

The report, however, said the forecasts for 2024 growth reflected downgrades in three out of every four low-income economies since January.

It said in advanced economies, growth was set to remain steady at 1.5 per cent in 2024 before rising to 1.7 per cent in 2025.

According to the report, this year, one in four developing economies is expected to remain poorer than it was on the eve of the pandemic in 2019.

“This proportion is twice as high for countries in fragile- and conflict-affected situations.

“Moreover, the income gap between developing economies and advanced economies is set to widen in nearly half of developing economies over 2020-24, the highest share since the 1990s.

“Per capita income in these economies, an important indicator of living standards, is expected to grow by 3.0 per cent on average through 2026, well below the average of 3.8 per cent in the decade before COVID-19.”

It said global inflation was expected to moderate to 3.5 per cent in 2024 and 2.9 per cent in 2025, but the pace of decline was slower than was projected just six months ago.

The report said as a result, many central banks were expected to remain cautious in lowering policy interest rates.

“ Global interest rates are likely to remain high by the standards of recent decades averaging about four per cent over 2025-2026, roughly double the 2000-2019 average.”

The statement quoted Indermit Gill, World Bank Group’s Chief Economist and Senior Vice- President, as saying:

“Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying.

“However, growth is at lower levels than before 2020. Prospects for the world’s poorest economies are even more worrisome.

“They face punishing levels of debt service, constricting trade possibilities, and costly climate events.

Gill said developing economies would have to find ways to encourage private investment, reduce public debt, and improve education, health, and basic infrastructure.

“The poorest among them, especially the 75 countries eligible for concessional assistance from the International Development Association will not be able to do this without international support.”

The statement quoted Ayhan Kose, World Bank’s Deputy Chief Economist and Director of the Prospects Group, as saying:

“Although food and energy prices have moderated across the world, core inflation remains relatively high, and could stay that way.

“That could prompt central banks in major advanced economies to delay interest-rate cuts.
“An environment of ‘higher-for-longer’ rates would mean tighter global financial conditions and much weaker growth in developing economies.”(NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

Company tax for Q1 2024 stands at N984.61bn- NBS

Tax

By Okeoghene Akubuike

Abuja, June 11, 2024 (NAN) The nation’s aggregate Company Income Tax (CIT) for Q1 2024, is reported to be N984.61 billion, the National Bureau of Statistics (NBS) says.

 The figure is contained in the NBS Company Income Tax (CIT) Q1 2024 Report released in Abuja on Tuesday.

 According to the report, the figure shows a growth rate of -12.87 per cent on a quarter-on-quarter basis from N1.13 trillion recorded in Q4 2023.

 The report said local payments received were N386.49 billion, while foreign CIT payment contributed N598.13 billion in Q1 2024.

 It said on a quarter-on-quarter basis, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42 per cent.

 The report said this was followed by administrative and support service activities with 33.18 per cent.

 “On the other hand, activities of manufacturing had the lowest growth rate with –70.24 per cent, followed by electricity, gas, steam and air conditioning supply with –69.14 per cent.”

 In terms of sectoral contributions, the report showed that the top three largest shares in Q1 2024 were mining and quarrying with 20.94 per cent. 

 “This was followed by financial and insurance activities with 18.73 per cent and information and communication with 12.56 per cent.”

 It said on the other hand, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent.

 “This was followed by water supply, sewerage, waste management, and remediation activities with 0.07 per cent and activities of extraterritorial organisations and bodies with 0.24 per cent.”

 The report, however, said, on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93 per cent from Q1 2023.(NAN) (www.nannews.ng)

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Edited by Abiemwense Moru

Nigeria recorded N1.43trn VAT in Q1 2024, says  NBS

Vat
By Okeoghene Akubuike
Abuja, June 11, 2024 (NAN) The National Bureau of Statistics (NBS), said the aggregate Value Added Tax (VAT) stood at N1.43 trillion in Q1 2024.

This is according to the VAT Q1 2024 Report released in Abuja on Tuesday.

The report shows a growth rate of 19.21 per cent on a quarter-on-quarter basis from N1.20 trillion recorded in Q4 2023.

The report also showed that local payments recorded were N663.18 billion, while foreign VAT payments contributed N435.73 billion, while import VAT contributed N332.01 billion in Q1 2024.

On a quarter-on-quarter basis, the report showed that accommodation and food service activities recorded the highest growth rate at 59.15 per cent , followed by the activities of administrative and support at 47.79 per cent .

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at –57.01 per cent , followed by human health and social work activities at –27.73 per cent.”

In terms of sectoral contributions, the report showed the top three largest shares in Q1 2024 were manufacturing at 26.72 per cent, information and communication at 17.42 per cent and mining and quarrying activities at 15.42 per cent .

“On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share at 0.01 per cent.

“This was followed by activities of extraterritorial organisations and bodies at 0.03 per cent, and water supply, sewerage, waste management and remediation activities at 0.05 per cent.

On a a year-on-year basis, it showed that VAT collections in Q1 2024, increased by 101.65 per cent from Q1 2023. (NAN) (www.nannews.ng)

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edited by Sadiya Hamza

Afreximbank supports Fidelity Bank’s acquisition of Union Bank UK with $40m

Facility

By Okeoghene Akubuike

Abuja, June 10, 2024 (NAN) Afreximbank said it has disbursed 40 million dollars Intra-African Investment Facility to Fidelity Bank Nigeria Plc to support Fidelity Bank’s acquisition and recapitalisation of Union Bank United Kingdom.

A statement issued by Mr Vincent Musumba, Manager, Communications and Events, Afeximbank, on Monday said the acquisition was part of Fidelity Bank’s international expansion.

Musumba said the facility was provided in two tranches of 20 million dollars each.

He said the first tranche of the facility enabled Fidelity to part-refinance the acquisition of a 100 per cent equity stake in Union Bank UK.

Musumba said the second tranche was used to support its recapitalisation via the injection of additional equity into the acquired bank, as approved by the United Kingdom’s regulator.

“With this acquisition, Fidelity Bank can birth a new pan-African financial institution capable of providing correspondent banking and offshore banking services to banks in Africa and servicing the banking needs of Africans in the diaspora.

“The acquisition is expected to contribute to Africa’s economic growth and development by increasing intra- and extra-African trade finance and trade flows between Nigeria and the UK.

“It will also support the integration of the African Diaspora into regional and continental supply chains and enable small and medium-sized enterprises across the continent to improve their export competitiveness and light export manufacturing capabilities.”

Musumba quoted Kanayo Awani, Executive Vice-President, Intra-African Trade Bank and Export Development Bank, Afreximbank, as saying the disbursement of the facility was part of Afreximbank’s effort to promote African control and ownership of capital while improving intra-African trade and investments.

“Fidelity Bank’s acquisition of Union Bank UK aligned with Afreximbank’s Intra-African Investment Facility. It was a significant milestone for the institutions, reinforcing African ownership and control within the global financial landscape.

“By supporting this strategic transaction, we are not only bolstering Nigeria’s banking sector but also fostering greater financial integration between Africa and its Diaspora.”

Awani said the initiative was a testament to Afreximbank’s commitment to enhancing intra-African trade, promoting economic stability and driving forward the objectives of Agenda 2063 for a prosperous and self-reliant Africa.

She said Afreximbank’s bank acquisition strategy, empowered African entities to acquire financial assets, divested by foreign entities in Africa and the diaspora.

“This is also in line with the bank’s Diaspora Strategy which seeks to promote and finance the integration of the African Diaspora with the rest of the continent.”

Awani said through the facility, Fidelity was extending its services to the UK, in particular, to Africans and African-owned businesses in the UK, including products to support diaspora investments.

Musumba quoted Dr Nneka Onyeali-Ikpe, Managing Director/CEO, as saying, we are very thankful to Afreximbank for supporting our expansionary initiatives for international growth.

“It is, indeed, the result of a strong partnership between the two institutions over the years that has produced this good outcome.

“The refinancing of the Union Bank (UK) acquisition by Afreximbank will unlock additional value and help create a scalable and more sustaining service franchise that will support trade businesses in Africa and diaspora banking.”(NAN)(www.nannews.ng)

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Edited by Abiemwense Moru

FG committed to infrastructure development through PPP – ICRC boss

PPP
By Okeoghene Akubuike
Abuja, June 7, 2024 (NAN)Mr Michael Ohiani, Director-General, Infrastructure Concession Regulatory Commission (ICRC), says the Federal Government remains committed to infrastructure development through Public-Private Partnership (PPP).

Ohiani said this at the Second Quarter 2024 Public-Private Partnership Units Consultative Forum(3PUCF) Meeting in Abuja on Friday.

The News Agency of Nigeria (NAN) reports that the forum provides a platform for PPP departments in Ministries Departments and Agencies(MDAs) and stakeholders to share ideas, success stories, and challenges on their PPP projects to drive economic growth in Nigeria.

The meeting was hosted by the Federal Road and Maintenance Agency (FERMA).

Ohiani said that within the second quarter, the commission successfully issued Outline and Full Business Case Compliance Certificates in respect of key PPP projects from several MDAs.

He said between April and June 2024, the commission issued 14 Outline Business Case (OBC) Compliance Certificates and two Full Business Case (FBC) Compliance Certificates.

Ohiani said the commission would continue to issue OBC and FBC certificates as the need arises.

He said some projects which had been issued OBC Compliance Certificates in the second quarter included the Infrastructure Development of Residential Buildings at the Federal School of Forestry, Jos.

Ohiani said others were the Design and Development of eight Hostel accommodations at the University of Lagos, Campus, Akoko.

“Others are the development of 240 Housing Units of two and three Bedroom Bungalows at Nigerian Airspace Management Agency’s land located at Jaba, Kano State.

“The Operation and Management of Kashimbila Integrated Cargo/Agro-Allied Airport, Taraba, and Implementation of the Nigerian National Patronage Cash Reward Programme.

“Also, the Implementation of Metal and Mineral Operational Audit and Export Certification programme, and the Implementation and Development of the Electronic Enforcement and Penalty Management (eTraffika).”

Ohiani said FBC Compliance Certificates were issued for the following projects which included the Implementation and Development of the Electronic Enforcement and Penalty Management (eTraffika).

“Also the Renovation and Upgrading of School of Nursing Student Hostel, University College Hospital (UCH), Ibadan, Oyo State.”

He said the commission had also continued to monitor PPP projects which were at the implementation stage.

“Just last week, our staff and the relevant officers of the Federal Ministry of Agriculture and Food Security visited 17 silo complexes across the Federation.”

Ohiani reiterated the commission’s commitment to continue to build PPP capacity across MDAs and PPP practitioners through its training arm- the Nigeria Institute of Infrastructure and Public-Private Partnership.

He urged the members of the forum to take advantage of the opportunities the training institute provided.

“We also invite you to take advantage of the MBA in PPP and PhD in Management (PPP option) programmes which are being run in collaboration with the Malaysia University of Science and Technology.”

Ohiani expressed his appreciation to members of the forum for their continued valued contributions to its sustenance and overall success.

“I, therefore, encourage us all to continue to advance with the various projects across our MDAs up to implementation and possible hand-back, as these will have a direct positive bearing on the wellbeing of Nigerians.

“ I encourage us to sustain the shared vision of a prosperous and infrastructure-sufficient country for the coming generations.” (NAN)(www.nannews.ng)
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Edited by Vivian Ihechu

Statistician-General calls for action to eradicate poverty in Nigeria

Collaboration
By Okeoghene Akubuike

Abuja, June 6, 2024(NAN)Mr Adeyemi Adeniran, the Statistician-General of the Federation has called on stakeholders to take action to eradicate poverty in Nigeria.

Adeniran, CEO, National Bureau of Statistics(NBS) said this at a Stakeholders Technical Dialogue on the “Operationalisation of the Multidimensional Poverty Index(MPI) as a Policy Tool in Nigeria” in Abuja on Thursday.

He said results from the 2022 MPI survey showed Nigeria has 133 million citizens living in multidimensional poverty in spite of its vast resources and potential for exponential growth.

“The MPI has given us a clear picture of what is happening in Nigeria. It has shown us that poverty in Nigeria is not merely a lack of income but a deprivation of health, education and living standards.

“It is a daily struggle for clean water, adequate nutrition, safe housing and quality education for all genders and demography. But we have an opportunity to change the situation we are in.

“We can no longer afford to look away, the MPI report has highlighted critical areas that demand our attention. It has illuminated a clear path for strategic recommendations to lift millions out of poverty.

“We need your support and your contribution can turn this recommendations into reality.”

Adeniran said the common fund basket that was used from 2021 to 2022 to conduct the MPI survey was empty, as he called for adequate funding for the proposed programmes.

“The urgency we need to put in place programmes and projects to eradicate poverty is very urgent now.

“Every second we delay to tackle this poverty, another child loses their chance for a better life, and another family struggles to make ends meet.

“Our collective action is crucial in changing this narrative. Investing in these programmes is an investment in the future and our testament to our shared vision of a Nigeria where every citizen can live in dignity and opportunity.

“We call upon you all present, international donor agencies, international and national development banks, philanthropists, business leaders, policymakers and every Nigerian who believes in the power of hope.

“ Please be the catalyst that transforms vulnerability into strength, and that can change poverty into prosperity.”

The Canadian High Commissioner to Nigeria, James Christoff said an essential step to responding to poverty in Nigeria was to integrate a gender perspective into data collection.

“Based on what has been highlighted in this report and we hope to see the discussion steered today as well, is how the technical discussions are going to address gender disparities in Nigeria.

“ There is an opportunity to undertake a deeper action at the state level to better address the disproportionate burden of poverty.

“Also on the climate impact on women and girls, and to more effectively direct resources and design programmes to address this.”

Christoff, represented by Djifa Ahado, said the Canadian government would continue to partner and support Nigeria in its development priorities, including those related to sustainable economic growth, health, and political participation.

According to him, as we look at our support in 2022-2023, we can see that Nigeria is now the second largest recipient of Canadian international assistance with funding of 277 million Canadian dollars.

Clare Henshaw, National Programme Specialist, UNDP, who spoke earlier on the progress of the MPI, said one of the next steps was to constitute an MPI Joint Basket Fund.

Henshaw said the MPI brought hope that poverty could be eradicated adding that it could only be achieved by collaborative efforts of all stakeholders.

She said poverty in Nigeria could end by strengthening the country’s social protection, adding that it was important to strengthen the social protection around women to achieve significant results.

“ A key element of the MPI report was gender analysis for selected indicators, therefore gender analysis should constitute a core element of the MPI policy implementation and updates going forward.”

She said another way to reduce poverty was to ensure the National Social Register(NSR) was dynamic to capture everyone ensuring “no one is left behind.”

Henshaw said the MPI should be mainstreamed into the NSR for the identification of the poorest households, adding that the NSR should become a living document. (NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

Poverty 

By Okeoghene Akubuike

Abuja, June 6, 2024 (NAN) The Federal Government says it remains committed to supporting implementation  of the Multidimensional Poverty Index (MPI) 2022.

 Sen. Abubakar Bagudu, the Minister of Budget and Economic Planning, said this at a Stakeholders Technical Dialogue on the “Operationalisation of the Multidimensional Poverty Index as a Policy Tool in Nigeria” in Abuja on Thursday. 

 The News Agency of Nigeria (NAN) reports that the 2022 MPI report revealed that 63 per cent, that is  133 million Nigerians are multidimensionally poor out of an estimated population of 211 million.

Bagudu said the Federal Government would support the MPI implementation through the National Poverty Reduction with Growth Strategy (NPRGS) and the implementation of the eight -Priority Areas of the present administration. 

The minister, represented by Mrs Adeshola Oloyede, the Director overseeing office of the Permanent Secretary in the ministry,  said the MPI provided a nuanced understanding of poverty’s complexity. 

“By measuring factors such as access to clean water, electricity, schooling, and healthcare, we can identify specific areas where interventions are needed, ensuring that no one is left behind. 

“Remarkably, the MPI is in line with the Sustainable Development Goals (SDGs) 2030 Agenda, ‘leave no one behind’, as it shows the interlinkages of deprivations experienced by poor people. 

The minister said the operationalisation of the MPI in Nigeria was  a clarion call to action. 

“It is a call to embrace a holistic approach to poverty reduction, one that recognises the interlinked deprivations affecting millions of Nigerians.

“By leveraging the MPI, we can craft informed, targeted, and effective policies that address the root causes of poverty and promote sustainable development.

“Let us commit to this transformative journey with determination and unity.

“Together, we can create a Nigeria where every individual has the opportunity to thrive, where no one is left behind, and where the dream of prosperity and well-being becomes a reality for all.”

Mr Adeyemi Adeniran, the Statistician-General of the Federation and CEO, National Bureau of Statistics (NBS), said for the statistical System, operationalising the MPI was a welcome development and was well overdue.

Adeniran said there was a need to align the data from the MPI survey with interventions to tackle the issue of poverty in Nigeria in a sustainable way.  

“This means going beyond making the necessary data and evidence available to designing targeted  programmes and policies to address the issues identified within the data. 

“Only when these two things align (the data and the interventions) will we begin to see meaningful and sustainable changes in the lives of the citizens confronted with poverty.

“Therefore, we need to build on the success of the 2022 MPI survey by ensuring that the data is used for the benefit of the citizens.“

He said there was a need to invest in continuous training and technical capacity building of personnel to be able to produce data timely and in a sustainable manner. 

Adeniran said this would enable the government to have the appropriate tools to effectively monitor and track the impact of the interventions, and where necessary design new interventions to address any lapses. 

“While this means more resources from the government side, it also necessitates more donor support and assistance, both financially and technically.” 

Adejoke Orelope- Adefulire,  the Senior Special Assistant to the President on Sustainable Development Goals (SDGs),  said her office was working closely with both state and non-state actors.

Orelope- Adefulire, represented by Dr Bala Inusa, said it would guarantee an inclusive, participatory and collaborative implementation of the SDGs in Nigeria,  

“Such strategic partnerships demonstrate our collective commitment to the transformative promise of the 2030 Agenda for sustainable development  that is to Leave-no-one- behind.

“It is my hope that this dialogue will strengthen our commitment to work closely together as policymakers and development practitioners in support of the 2030 Agenda for sustainable development in Nigeria.“

Ms Elsie Attafuah, the Resident Representative, UNDP,  said multidimensional poverty in Nigeria was complex and multifaceted and would require several approaches.  

According to her, poverty in Nigeria goes beyond money but it is  about millions of people struggling with things we often take for granted. 

Attafuah , represented by Dr Jose Levy, the Deputy Resident Representative, said stakeholders must  focus on -energy poverty in Nigeria.  

“The right investment in energy can turn out to be a game changer in a bid to brighten the future for millions of people and remove them from energy poverty. 

“By focusing on targeted investment in clean energy , education, healthcare and social protection we can foster inclusive growth and create a more equitable society.”

She pledged UNDP’s continued support to Nigeria’s development journey. 

Beatrice Eyong, the  UN Women Country Representative, emphasised  the importance of incorporating a solid gender dimension into the MPI programming framework.

“By integrating gender-specific indicators and analysis, we can ensure that the MPI report highlights the disparities and drives targeted interventions that uplift and empower women and girls.”

Eyong, represented by Zapania Aura,   said the inclusivity of the MPI report was paramount, adding that it was essential to consider the voices and experiences of marginalised groups. 

“By making the MPI more inclusive, the Nigerian Government  commits to  developing comprehensive strategies that are integrated and aligned with the National Development Plan and leave no one behind, thereby, advancing an equitable and just society.” (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Afreximbank, APPO sign establishment agreement of Africa Energy Bank

Agreement
By Okeoghene Akubuike

Abuja, June 4, 2024 (NAN) The African Export-Import Bank (Afreximbank) and Africa Petroleum Producers’ Organisation (APPO) have signed the Establishment Agreement and the Charter of the Africa Energy Bank (AEB).

The agreement was signed at a ceremony held at the Ministry of Petroleum and Mineral Resources of the Arab Republic of Egypt.

The event was hosted by Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, a statement issued by Vincent Musumba, Manager, Communications and Events, Afreximbank, said on Tuesday.

Musumba said Prof. Benedict Oramah, President and Chairman, Board of Directors, Afreximbank, and Dr Omar Ibrahim, Secretary-General, APPO, signed the Establishment Agreement and the Charter of the Africa Energy Bank on behalf of their respective institutions.

He said the signing ceremony concluded two years of negotiations and preparations by the two parties, having signed a Memorandum of Understanding in May 2022 toward the establishment of the AEB.

Musumba said the AEB was created to address the impending funding crisis in the African oil and gas industry, triggered by the global energy transition.

“Traditional financiers, on whom Africa has relied for decades, are withdrawing support, particularly in Africa, citing climate change concerns as the primary reason.”

He said while the AEB’s focus would be funding oil and gas projects, it would not close its doors to renewable energy projects.

Musumba said AEB would strive to harness all forms of energy to ensure that Africa’s energy poverty was eradicated.

“Although started by Africa, shareholding is open to all investors who share the mission and vision of the bank”.

He said the AEB had been structured as an independent and supranational Pan-African energy development bank with an initial five billion dollars capital.

“With the signing of the establishment documents by the two founding institutions, at least two member countries now need to sign and ratify the establishment documents for the bank to take off.”

He said El Molla, who is also a member of the APPO Ministerial Council, was quoted as saying, “It is a great honour to witness the establishment of the AEB.

“This moment marks a significant milestone in our continent’s journey towards energy independence and sustainable development.

“By harnessing our collective resources and expertise, we are paving the way for a brighter, more prosperous future for all Africans”.

El Molla said the collaboration between Afreximbank and APPO was a testament to the two institution’s unwavering commitment to powering Africa’s growth and ensuring energy security for generations to come.

“ I am confident that this newborn institution shall grow to serve the cause of Africa and its people. I commend the negotiating team and on behalf of the APPO Ministerial Council, I congratulate the team.’’

Musumba quoted Oramah as saying, “today marks a historic day for our continent and we are honoured to have collaborated with APPO towards the establishment of the AEB.

“These are challenging times when we must strive to find the right balance between the imperatives of mitigating climate change.

“Also the urgency of averting social upheavals as a result of increasingly difficult economic and financial conditions in Africa.

“For us at Afreximbank, we are proud to be co-investing in this new vehicle and for taking the lead role in advising on the management and implementation process with the operational launch set to commence in July,” Musumba quoted Ibrahim as saying.

“The AEB is Africa’s response to the imminent funding challenge that the global paradigm shift from fossil fuels to renewable energies, euphemistically called the energy transition poses to the oil and gas industry in Africa”.

Ibrahim said for too long, Africa’s oil and gas industry had been dependent on extra-African funding.

“We came to take foreign financing of our oil and gas projects for granted until the advent of energy transition made us realise that those on whom we have depended for many decades have decided to abandon us.”

The Secretary-General argued that Africa cannot afford to abandon oil and gas in a hurry when it has the largest proportion of its population living without access to energy.

Ibrahim commended Oramah for his exemplary leadership and commitment to the cause of the African continent. (NAN)(www.nannews.ng)

OKE/VIV

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Edited by Vivian Ihechu