Connect with us

Economy

Nigeria’s 2015 GDP, Lowest in 15 Years − Adeosun

Published

on

nigeria

The Minister of Finance, Mrs Kemi Adeosun on Friday said the growth recorded by the country in the 2015 fiscal period was the lowest in the last 15 years.

Nigeria’s Gross Domestic Product grew by 2.84 per cent year on year in real terms in the third quarter of last year.

The growth of 2.84 per cent represents an increase of 0.49 percentage points when compared to the 2.35 per cent recorded in the second quarter of 2015.

Adeosun said in a statement issued by her Special Assistant, Media, Mr. Festus Akanbi that to stimulate growth and avoid recession, there is need for a spending stimulus by the government.

According to the minister, this was what informed the decision to send a budget of N6.07tn with a capital expenditure of N1.8tn to stimulate economic development.

The minister said the planned N1.8tn capital investment in 2016 by the Federal Government was key to driving economic growth.

The assured that the economic outlook in the medium term was strong and that if the planned investments in capital were undertaken then based on the GDP growth projections, Nigeria would become a leading global economy.

The statement reads in part, “She said that government would work to ensure that consumption from our huge population would drive internal growth across a number of key sectors.

“She assured that if the disciplined implementation of the plans could be attained then Nigeria would finally be able to diversify and the situation where the entire nation is focused on the oil price would end.

“She explained that that public investment would attract further investment from the private sector and that investments in power and transport would increase the competitive position of Nigerian businesses.”

On the planned borrowing, the minister explained that government was seeking the lowest cost of funds and was therefore consulting with the multilateral agencies, which offered concessional rates of interest as low as 1.5 per cent before looking at the commercial Eurobond Market.

“She said that the financing strategy was to restructure much of the existing debts, which has short maturity and align it with the investment plans of the government in line with its Medium Term Expenditure Framework.

“She assured that government was ensuring that projects to be undertaken would create direct and indirect revenues, which would be used to repay the obligations,” the statement added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Economy

Abuja to Kaduna Train Service to Resume on Monday, November 28, 2022

Published

on

Lagos-Ibadan Train Services - Investors King

Barring any last-minute change, Abuja to Kaduna train service is expected to resume operation on Monday, November 28, 2022.

This is coming after eight months when operation along the route was suspended due to a deadly terrorist attack on the train. 

It could be recalled that the attack which happened at night led to the death of no less than eight people while 168 passengers were kidnapped. 

Early this month, the minister of transportation, Mu’azu Sambo disclosed during a presidential briefing that Abuja to Kaduna train service will resume operation before the end of this month, Investors King learnt. 

Mu’azu noted that following the release of the last badge of those that were held hostage, the ministry has been putting security measures in place to forestall any future occurrence of such a sad experience.

Sources confirmed that contractors were at the Idu rail station to install the tracker and cameras which will enhance security along the train corridor. 

Speaking in the same line, the Managing Director of the Nigeria Railway Corporation, Fidet Okhiria disclosed that the government has set up a high-level committee that will fine-tune a way to ensure adequate security for both the train passengers and the facilities. 

“Government has set up a committee to ensure maximum security for both train passengers and facilities during operation. We believe proper security measures should be put in place and until then, the Federal Government won’t approve the functioning of the train station,” Okhira stated in September. 

Meanwhile, the federal government has stated that millions of Nigerians will soon prefer to travel by train as the government is committed to connecting virtually all states in Nigeria to the train services. 

The ministers of transportation who disclosed this during a working visit to the train station in Lagos State noted that the ministry has a number of ongoing rail projects which include Lagos to Kano, Port Harcourt-Maiduguri, and Kaduna to Kano.

He revealed that at the completion of the rail projects, it will be much easier for Nigeria to commute from one state to another. 

Continue Reading

Economy

Increase in Price of Food is Imminent; Farmers Association Warns

Published

on

Agriculture - Investors King

Farmers under the aegis of the Smallholder Women Farmers Organisation in Nigeria (SWOFON) have joined a growing list of associations and experts who have warned of food scarcity in Nigeria.

SWOFON noted during an event in Abuja that Nigerians will likely spend more on food if the federal government failed to address the challenges faced by farmers due to flooding. 

Investors King had reported that a series of ravaging floods destroyed several houses and farmlands across the country. 

According to the National President of SWOFON, Mary Afan, if relevant government agencies failed to give financial aid to farmers and improve security around the country, it could lead to high cost of food which might result in increased hunger for the vulnerable Nigerians. 

“The implication of this massive flooding is that the prices of food will rise higher owing to its unavailability. 

“This will deal a great blow to the over 90 million Nigerians currently leaving below the poverty line and the over 21 million Nigerians currently experiencing acute hunger,” the president noted. 

She noted that small farmers who are women have lost many of their farmlands due to the ravaging floods. She added that members of the association are also short of seeds to plant during the next farming season. 

“While some farmers are gradually returning to their homes as the water recedes to pick up whatever is left of the destruction, others cannot go back home or to their farms. Some have lost the courage to start all over and others have totally lost hope,” she lamented. 

Also speaking at the event, the Director-General of the Budget Office of the Federation, Prof Ben Akabueze admonished the association to seek federal government intervention through the national assembly. 

It could be recalled that the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq had disclosed that about 123,000 farmlands were partially destroyed while about 392,000 farmlands were totally destroyed due to the devastating floods. 

Continue Reading

Economy

Nigerian Governors Forum Rejects Sale of 10 Power Plants by FG, Considers Legal Action

State governors objected sales of 10 power plants

Published

on

ossiomo

The 36 state governors in Nigeria under the aegis of the Nigerian Governors Forum (NGF) have announced their rejection of the sale of 10 power plants in the country.

The governors who issued a communique noted that they going to file a lawsuit against the federal government to stop the privatisation.

According to the communique which was signed by the chairman of the Nigerian Governors Forum, Aminu Tambuwal, the forum has ordered its lawyers to approach the federal high court to stop the privatisation. 

They argued that the power plants which are under the National Integrated Power Projects (NIPPs) and managed by the Niger Delta Power Holding Company (NDPHC) are owned by the three tiers of government. That is the federal, state governments, and local government councils.

Investors King could recall that in 2021, the National Council on Privatisation (NCP) approved the adoption of a fast-track strategy for the privatisation of five major power plants. The power plants include Geregu II in Kogi State, Omotosho II in Ondo State, Ihovbor in Edo State, Olorunsogo II in Ogun State, and Calabar power plants.

Other power-generating companies lined up for privatisation include Omoku Generation Company, Ogorode Generation Company, Gbarain Generation Company, Alaoji Generation Company, and Egebma Generation Company.

Although the House of Representatives had also objected to the privatisation, the Bureau of Public Enterprises (BPE) nonetheless announced that it has commenced due diligence assessment of the 16 pre-qualified investors shortlisted for the acquisition of the plants. A development that is in contrast to the position of the state governors. 

Meanwhile, the governors’ forum also noted that it is working with the federal government to address the issue of flooding which has ravaged many homes and farmlands across the country. 

The forum stated that all the affected states are collaborating with the Ministry of Agriculture and Rural Development, Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, National Emergency Management Agency, the CBN, and the World Bank to ensure emergency interventions to ameliorate the adverse impact of the devastating flood. 

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending