Connect with us

Economy

Our Efforts in Agriculture Not Appreciated, Buhari Laments

Published

on

Agriculture - Investors King
  • Our Efforts in Agriculture Not Appreciated, Buhari Laments

President Muhammadu Buhari on Thursday lamented that his administration’s efforts at repositioning agriculture in the country were not being appreciated.

He said this was despite the fact that the Minister of Agriculture, Audu Ogbeh, and the Central Bank of Nigeria were working hard in that regard.

He, therefore, requested the African Export-Import Bank to align its lending schemes with the agricultural priorities of the present administration.

According to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke while receiving the bank’s President and Chairman of its Board of Directors, Dr. Okey Oramah, at the Presidential Villa, Abuja.

Buhari was said to have acknowledged the fact that Nigeria was the biggest beneficiary of AFREXIM’s loans and facilities.

He, however, observed that in spite of the impressive array of lending to institutions and industries in the country by the bank, agriculture did not feature very well and needed to be taken on board.

He said, “Many do not appreciate how much we are doing in agriculture. The Minister of Agriculture and the central bank are doing so much.

“We have almost achieved complete food security coupled with the massive employment of able-bodied Nigerians, both the educated and the not-so-educated. You must take interest in our agriculture.”

Buhari, at the meeting, also directed the Secretary to the Government of the Federation, Boss Mustapha, to liaise with the Minister of the Federal Capital Territory Administration for the issuance without delay of land for the regional headquarters building of the bank, and another for a proposed centre for medical excellence in tertiary health care in Abuja.

The proposed centre, to be established in collaboration with the Kings Hospital in London, will provide advanced treatment in Nigeria for cancer, haematology and cardiology, and pursuant to that, the creation of hundreds of jobs in the country.

The President also asked AFREXIM Bank to direct more of its resources to infrastructure funding in Nigeria.

The Minister of Finance, Kemi Adeosun, also informed the meeting that there were ongoing efforts to raise Nigeria’s equity in the bank, which had dropped to sixth from the first position.

Oramah, himself a Nigerian, reported that the dilution of the country’s shareholding needed to be addressed in order to justify the pre-eminent position of the nation as a leading beneficiary of the bank.

He disclosed that the bank exposure in Nigeria currently stood at about $4bn.

AFREXIM, which is marking its 25th anniversary this year, is bringing the events to Nigeria in recognition of the pioneering role played by the country in the bank’s formation.

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

Continue Reading
Comments

Economy

Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024

Published

on

Gas-Pipeline

The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

Continue Reading

Economy

IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%

Published

on

IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

Continue Reading

Economy

South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty

Published

on

South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending