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SGF: Nigeria requires $2.3trn to bridge infrastructure gap

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3 years ago

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Boss Mustapha, secretary to the government of the federation (SGF), says $2.3 trillion is needed to bridge the infrastructure deficit in Nigeria over the next 22 years.

 

Mustapha said this during a town hall meeting organised by the Business Hallmark Public Policy Forum in Abuja on Thursday.

 

He said the 23-year national integrated infrastructure masterplan (2020-2043) is for the development of infrastructural projects, including roads, railway networks and the maritime sector.

 

“It is important that we appreciate where we are coming from, where we stand, what we need to do to get to our desired destination and most importantly, what government is doing to facilitate reaching that destination,” he said.

 

“At inception, in May 2015, President Buhari’s administration was confronted with a monster that is a huge infrastructure challenge, indicated by infrastructure stock that was estimated 35 per cent of Gross Domestic Product (GDP).

 

“Conscious of the economic disruption caused by 2016 recession and COVID-19 as well as challenges of previous reforms, the Federal Government revised the 23-year (2020-2043) national integrated infrastructure masterplan that identified critical enablers.

 

“For the 23-year period, $2.3tn will be required, translating to about $150bn annually, and the private sector and other partners have to provide 56 per cent, while Federal Government and state governments will provide 44 per cent of the share of the investment.

 

“The Federal Government has made important strides towards providing much of our infrastructure and has, in recent years, conducted several infrastructural reforms.

 

“Specifically, we are extending and upgrading the nation’s railway network and introducing more locomotive couches. The port sector has been converted to a landlocked model and terminal.

 

“Similarly, Public-Private Partnership style infrastructure company with an initial seed capital of N1tn envisaging to grow over time to N6tn in assets and capital has been established and will soon commence operation.

 

“It will be one of the premier finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development.

 

“The reduction in Nigeria’s infrastructural gap will also give the country a competitive advantage under the newly signed Africa Free Continental Area Trade Agreement.”

 

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), had said the country requires about N35 trillion worth of investment to attain double-digit growth in achieving the nation’s infrastructure master plan.

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Nigeria will stop fuel importation by June – Dangote

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May 18, 2024

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Alhaji Aliko Dangote, the CEO of Dangote Group

Nigeria will stop fuel importation by June – Dangote

Aliko Dangote, Africa’s richest person, has announced that Nigeria will cease importing petrol by June.

Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote revealed that his refinery will commence production next month, meeting Nigeria’s petrol needs and eliminating the need for imports.

“Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of litre,” he said.

The refinery will also produce diesel, aviation fuel, and other essential products, making Africa self-sufficient in these commodities.

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With a capacity of 650,000 barrels per day, the refinery will meet the demands of West Africa and beyond.

Dangote emphasized that the refinery will not only focus on petroleum products but also produce polypropylene, polyethylene, base oil, and linear benzyl, raw materials essential for producing detergents and other products.

This will reduce Africa’s reliance on imports and make the continent self-sufficient in these critical products.

Dangote expressed his optimism that within three to four years, Africa will no longer need to import fertilizers, as his refinery will produce urea, potash, and phosphate, meeting the continent’s needs.

The refinery’s second phase is set to begin early next year, further expanding its operations and impact on Africa’s energy landscape.

Nigeria will stop fuel importation by June – Dangote

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Olanipekun, Yayale, Elechi, Yusuf Ali, others named higher institutions’ governing council chairmen

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May 18, 2024

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Olanipekun, Yayale, Elechi, Yusuf Ali, others named higher institutions’ governing council chairmen

President Bola Tinubu’s administration has unveiled a list of appointees to the governing councils of 111 federal universities, polytechnics, and colleges of education.

Notable figures among the appointees include former Independent National Electoral Commission (INEC) Chairman, Attahiru Jega; Senior Advocates of Nigeria Wole Olanipekun, former Bauchi governor, Isa Yuguda, and Yusuf Alli.

Others are former National Universities Commission Executive Secretary, Peter Okebukola; and labour activist, Issa Aremu. The individuals have been selected to lead the councils of various academic institutions across the country.

The announcement follows a recent ultimatum issued by the Academic Staff Union of Universities (ASUU), which demanded the Nigerian government address issues such as the alleged illegal dissolution of university governing councils and the continued use of the Integrated Payroll and Personnel Information System (IPPIS) for salary payments.

The Federal Ministry of Education responded by assuring that these concerns were being handled and that the list of council members would be released soon.

The appointments, signed by Permanent Secretary Didi Walson-Jack of the Federal Ministry of Education, include five representatives each for 50 universities, 37 polytechnics, and 24 colleges of education.

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Specifically, Attahiru Jega has been appointed Chairman of the Governing Council of Usmanu Danfodio University, Sokoto. Wole Olanipekun will chair the University of Lagos, while Yusuf Alli takes on the Federal University of Agriculture, Abeokuta.

Peter Okebukola will lead the University of Port Harcourt, and Issa Aremu will head the Federal College of Education (Technical) in Keana, Nasarawa State while Yuguda will chair the National Open University of Nigeria (NOUN).

Furthermore, former Senator Joy Emordi will lead Alvan Ikoku Federal University of Education in Owerri; and former Secretary to the Government of the Federation, Yayale Ahmed, will head the council of Ahmadu Bello University in Zaria.

Adamu Rasheed, the immediate past Executive Secretary of the NUC, has been appointed to the Federal University of Health Sciences, Otukpo in Benue State.

The new governing council members are scheduled for inauguration and a retreat on May 30 and 31 at the National Universities Commission’s headquarters in Abuja.

In June 2023, President Tinubu dissolved the governing councils of several key government agencies and higher education institutions, a move that sparked criticism from various stakeholders. They argued that the University Miscellaneous Act grants universities and their councils autonomy to self-regulate.

Olanipekun, Yayale, Elechi, Yusuf Ali, others named higher institutions’ governing council chairmen

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UK lawmaker lauds EFCC, says Africa underestimates its strength

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17 hours ago

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May 18, 2024

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UK lawmaker lauds EFCC, says Africa underestimates its strength

In a significant boost to Nigeria’s anti-corruption efforts, the Economic and Financial Crimes Commission (EFCC) has received international recognition for its tireless work in tackling corruption.

Baroness Verma Sandy of Leicester, a member of the United Kingdom’s House of Lords, has commended the EFCC for its dedication to fighting corruption and promoting good governance in Nigeria.

During a visit to the EFCC headquarters in Abuja on Friday, Baroness Verma Sandy praised the Commission’s new leadership under Executive Chairman, Mr. Ola Olukoyede, for repositioning the organization on the path of professionalism and effectiveness.

She expressed confidence that the EFCC’s efforts would help change the global perception of Africa and build new confidence in the continent.

The Baroness, who led a six-man delegation of the UK-based African Leadership Organisation, acknowledged the EFCC’s efforts in shaping better narratives for Nigeria and praised the Commission’s innovative approaches to tackling corruption.

She emphasized the importance of international collaboration in the fight against corruption and encouraged the EFCC to continue its good work.

Sandy said: “We are so glad to be here. It is important having this organization led by somebody who has brought incredible positive changes to the country. And I want to thank all of your colleagues here for engaging with us today. I believe passionately on the strength of the African Continent. I am not connected at all to Africa, but I have been a champion for a continent that has under-estimated its own strength but has got so much to offer the world. And I think your organization will help change the perceptions and build new confidence. So, I am so pleased and honoured to be here.”

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EFCC Chairman, Mr. Olukoyede, thanked the Baroness and her delegation for identifying with the Commission and acknowledging its efforts.

He reiterated the EFCC’s commitment to tackling corruption and promoting good governance, emphasizing that corruption is a major obstacle to Africa’s development.

He highlighted the Commission’s new focus on prevention and addressing systemic issues that enable corruption, as well as its efforts to stimulate economic growth and prevent foreign exchange sharp practices.

The EFCC Chairman also applauded President Bola Ahmed Tinubu for the liberty of operation accorded to the Commission, enabling it to pursue its mandate without interference.

He emphasized the importance of political will in the fight against corruption and praised the President’s support for the EFCC’s efforts.

Olukoyede said, “On behalf of the entire management of EFCC, we are glad to have you in our midst. I want to thank you for identifying with what we do. You have an interest in Africa and I want to tell you that Africa has great potential. The major problem is bad governance. We need good governance to channel our human and natural resources rightly and bring Africa on top of the world.

“That is what people like us are advocating using the instrumentality of law enforcement and anti-corruption fight. Corruption is something we have to deal with. Every challenge we face in our daily life, insecurity, bad governance, lack of infrastructural development are all linked to corruption.

“Upon my assumption of office, I said I will use the instrumentality of the anti-corruption fight to stimulate growth in the economy because while enforcing laws against financial crimes, we also enforce against economic crimes. Anything can vitiate economic and infrastructural development, we are empowered by law to investigate it and bring the offenders to book. In this part of the world, you have to be courageous in order to realize your mandate. One thing that is going for us is the political will of the president. The government in power is supporting us and not interfering in what we do.

“We have tried to bring some innovations in the way we do things. Traditionally, the EFCC has been concentrating more on investigation and prosecution, and I discovered that the more we do that, the tougher the problem becomes. We are now trying to shift our focus, not necessarily away from enforcement, but we are looking more on the paths of prevention. We are looking more at the cause of the problems.

“Fundamentally, there is nothing wrong with Nigerians. Nigerians are good people. Given they find themselves outside the country and given the right ecosystem, you see Nigerians perform excellently well. We are looking into our systems; we are looking into our structures; we are looking into what actually allows corruption to fester in addition to making people account for their bad deeds while in office. So, we concentrate more on prevention now.

“What we deal with is white collar crime, which is non-violent. So we want people to own the fight. When you see something, you say something.”

UK lawmaker lauds EFCC, says Africa underestimates its strength

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