Buhari To Investors: Capital Inflow Our Major Challenge – Newstrends
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Buhari To Investors: Capital Inflow Our Major Challenge

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2 years ago

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President Muhammadu Buhari

President Muhammadu Buhari has said that lack of capital inflow from investors, especially those outside the country, is a serious challenge for Nigeria.

He stated this yesterday while speaking at the Nigeria International Economic Partnership Forum on the sidelines of the United Nations General Assembly (UNGA 77) in New York.

In his keynote address delivered by his Chief of Staff, Professor Ibrahim Gambari, Buhari said Nigeria’s economy was ripe for increased investment.

 “But on the contrary, private capital flows into Nigeria, consisting mainly of Foreign Direct Investment, have slowed, hindering the financing of much-needed infrastructure and natural resource access projects.

He said a key strategy being adopted was the Integrated National Financing Strategy, which sought to identify ways to expand the financing envelope of the sustainable development goals in Nigeria and enhance the sustainable development impact of financing by seeking to integrate and align public and private financial policies, regulatory frameworks, instruments, and business processes with sustainable development. The private sector will play a significant role in this strategy.

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The president said: “The power sector is recognised as a major catalyst for Nigeria’s industrialisation. To this end, in July 2021, I launched the 614-kilometre Ajaokuta-Kaduna-Kano gas pipeline project to enhance our energy security.

“Our administration also provided the sovereign guarantee for this vital infrastructure project and when completed, this project will drive industrialisation across the country.

“Furthermore, the first phase of the Presidential Power Initiative will provide over 40 million people with more reliable electricity supply, create 11,000 direct and indirect jobs for Nigerians.”

Speaking on insecurity, Buhari said: “The level of insecurity on account of Boko Haram and other terrorist organisations such as ISWAP as well as banditry and kidnapping groups across Nigeria have also impacted negatively on our efforts. Happily, we are overcoming such bends with huge prospects for stability, which foreign direct investments can count upon. The advantages and disadvantages of investing in Nigeria far outweigh the challenges.”

Nigeria needs help to tackle debt burden- Adesina 

Speaking at the event, the President of the African Development Bank (ADB), Akinwunmi Adesina has said Nigeria needs debt relief to tackle its debt burden.

Adesina  argued that several African countries were at risk of high debt distress due to unstable and unsustainable debt levels.  He said: “Nigeria’s debt level is N42.8 4 trillion, or $103 billion; external debt levels stand at N16.61 trillion naira or $14 billion.

“It is my firm belief that Nigeria needs to tackle its debt and international partnerships on debts will be needed to help Africa and Nigeria,” he said.

He said the National Integrated Infrastructure master plan showed that Nigeria will need total financing of $759 billion to support infrastructure over a 23-year horizon from 2020 to 2043.

According to the ADB president, “Nigeria holds impressive investments that are global reference. The newly constructed $10 billion Dangote Petrochemical and Fertiliser complex, the world’s largest ammonia plant in the free trade zone with a new port is exactly the kind of massive infrastructure and industrial manufacturing that is needed to make Nigeria a regional and global powerhouse gasoline, diesel and aviation for enterprise value chains.”

Categorise Nigeria’s stolen crude as ‘blood oil’ Kyari 

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari called on the international community to label stolen oil from Nigeria as ‘blood oil.’

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Kyari said the international community needed to support Nigeria because oil thrift had signatures.

He also called on the AFRIEXIM Bank to consider partnering with the NNPCL to achieve its objectives.

FG considering review of tax incentives

The Minister of Finance, Budget and National Economy, Zainab Ahmed said Nigeria had identified revenue leakages that were being systematically blocked by digitisation and the various tax systems.

She said: “There are some ineffective tax incentives that are currently in the process of being reviewed; some that have reached returning with maturity will not be renewed.

“There might be some rewards that have been introduced and we trying to make sure that we are getting value for the investments that they are providing,” she said.

Interest rate will continue to rise-CBN 

Speaking at the forum, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele hinted that interest rates will continue to rise in a bid to check rising inflation.

Emefiele said: “I am not going to give any guarantee to anybody that we will not continue to tighten or raise rates as long as we continue to see inflation at the current levels that we have seen. We have seen how the issues of inflation have led to a significant slowdown in global growth.”

He said the Swedish Central Bank raised rates by their highest margin in the last 30 years and in the last couple of days, the fed also raised rates, the second time by about 3% already.

“If the US Fed in history has raised rates this year, one year by 2 per cent, you could imagine what that means for the global economy.”

Daily Trust

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Tinubu: Fuel subsidy removal aimed at securing future for unborn generations

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1 hour ago

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March 11, 2025

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President Bola Ahmed Tinubu

Tinubu: Fuel subsidy removal aimed at securing future for unborn generations

PRESIDENT Bola Tinubu, yesterday, said he removed fuel subsidy to protect the future of the unborn generation.

President Tinubu stated this at the inauguration of the National Youth Congress Planning Committee at the Council Chambers, Presidential Villa, Abuja.

The President reaffirmed his administration’s commitment to youth empowerment, declaring that the government policies were designed to secure a prosperous future.

He said: “I’ve listened to you carefully, today is not for long speeches, I just want to reassure you that you are the hope of the country. Everything hangs on your future, every decision that I’ve taken is all about tomorrow.

“When you remove oil subsidy, you’re protecting the future of generations yet unborn, the youth. Where’s the investment for the infrastructure? When you listen to majority of professionals talking about Japa, leaving Nigeria, it’s because if you grow prosperity back home and you empower people, they will not bother to leave, they will stay home. This is your home, to develop, build and make prosper.

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“Government of the day is all about you, take it very seriously. You can abuse politicians all you like, but politics is about development and about the future generation. I’m glad you are all here as a committee to inspire today, tomorrow and day after. I’m with you.”

Further, he said: “ When we started, it looked so foggy, dicey and hopeless. We tried hard and we were fetching water from a dry well, but today, the economy has turned the corner, prices are falling, confidence in our economy is improving, investors are looking in, technology is advancing. You have the opportunity.

“I’ve listened to the remark of your spokesperson, you have the great opportunity of advancing the development of this country, it’s all in your hands. Mine is to help navigate and push and lift the heavy weight problems, so I can clear the path for you to have a very great future, but it’s in your hands.

“Look at me in the face, tell me whatever you think is wrong and the way you want things done or suggestions. We’ll try to implement all of it as long as it is for the prosperity of this country.

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“Mine is to assure you that we’ll do everything possible to make Nigeria a better place for you, but we can’t do it alone, you represent over 60 percent of our population, you’re the heartbeat of our nation and I hope you’ll take this opportunity very seriously.

Inaugurates Youth confab Planning c’ttee

“I am with you, I repeat again. I, therefore, inaugurate the committee. I wish you a very successful period, an interesting one. Let’s employ technology every way possible, let’s look at our farming conditions, let’s hear what we can do to empower youths in their firm spirit, let’s work for food sovereignty of this country.
“I like you, I can’t be youth again, maybe in the next life, I’m envious of all of you.”

In his remarks, Minister of Youth Development, Ayodele Olawande, said the confab would be convoked to promote youth engagement.

 

Tinubu: Fuel subsidy removal aimed at securing future for unborn generations

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Hajj: NAHCON proposes May 6 for inaugural airlift

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4 hours ago

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March 11, 2025

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Hajj: NAHCON proposes May 6 for inaugural airlift

The National Hajj Commission of Nigeria (NAHCON) has proposed May 6th for the inaugural airlift of Nigerian pilgrims for the 2025 Hajj.

Speaking at the signing of agreement with selected airlines to participate in the Hajj operations, on Monday in Abuja, NAHCON’s Commissioner for Operations, Inspectorate and License, Prince Anofi Elegushi, said this is to prepare the airlines for premium service for Nigerian pilgrims during the airlift operations.

It would be recalled that the commission had announced Max Air, Air Peace, UMZA Airline and FlyNas as the selected airlines to airlift the 52,000 pilgrims under the state allocation.

Speaking during the event, Elegushi urged the airlines to ensure no hiccup in the exercise.

He added that this year’s operations would see payment made promptly but will be in naira for Nigerian carriers and Saudi riyal for the sole Saudi carrier.

“We are trying to do away with the dollar component. What we want to do is to pay in the local currency of all the airlines. And the payment will be made according to the current rate per dollar during the instalment payment period.”

“So, as the chairman promised earlier, that payment will be made promptly. The tenure of you waiting endlessly for you to get your payment is over.

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“Also, the percentage of payment that will be made will be enough for you to finish the operation and after the operation, a little reconciliation, and then the balance will be paid immediately as we too are much more concerned about, you know, sudden increments in the dollar rates. So that’s why we’ll make all the payment very snappy within the period.”

Speaking earlier, NAHCON’s Chairman, Prof. Abdullahi Usman Saleh, said the airlift of pilgrims is one of the most significant aspects of the Hajj operation.

“It requires absolute professionalism, efficiency and dedication. This process is not just about transportation; it is about fulfilling a spiritual obligation with dignity, safety and comfort.”

He said the airlines engaged have undergone a thorough selection process based on merit, reliability and proven capacity.

“NAHCON was careful in ensuring that only the most competent, well-equipped and passenger-friendly airlines are entrusted with this noble task.

“Your experience and track record in handling large-scale operations, especially Hajj-related services, have given us confidence in your ability to deliver a smooth Hajj airlift.”

He reminded them that pilgrims’ comfort, safety and convenience remain paramount from pre-boarding services to in-flight experience and post-arrival logistics, adding that” We expect nothing short of excellence.”

Hajj: NAHCON proposes May 6 for inaugural airlift

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Nigeria, UAE meet over visa restrictions

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1 day ago

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March 10, 2025

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Nigeria, UAE meet over visa restrictions

The Ministry of Foreign Affairs has announced that the Federal Government and the United Arab Emirates (UAE) will resolve issues related to visa procurement for Nigerians seeking to travel to the UAE.

The Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu, made this known in a statement following the visit of Amb. Salem Alshamsi, the UAE Ambassador to Nigeria.

Odumegwu-Ojukwu explained that the decision was made during a meeting with Alshamsi.

She acknowledged that Nigerians had faced difficulties in obtaining UAE visas, especially tourism visas.

This challenge, according to her, persisted in spite of the warm diplomatic relations and strategic partnerships between the two countries.

“Nigeria has remained committed to the relationship. The city of Dubai in the UAE has become a popular destination for many Nigerians.

“Officially, about 12,000 Nigerians live in the UAE, ranging from unskilled workers to professionals and students across various institutions,” she said.

She noted that in 2015, nearly a million Nigerians visited the UAE, particularly Dubai, spending between 100 million dollars to 150 million dollars on visas alone, and more than 1 billion dollars on shopping, school fees, tourism, and other activities.

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Odumegwu-Ojukwu stressed the need for a more balanced economic relationship between both countries.

The minister further mentioned concerns regarding the current visa status for the UAE, noting that even some top Nigerian government officials had raised their concerns.

She also pointed out that a joint commission between the two countries was due after the one hosted by the UAE in 2022.

Odumegwu-Ojukwu expressed appreciation to the UAE government for their recent donation of relief materials to flood victims in Nigeria, as well as vaccines for chickenpox patients to support Nigeria’s health institutions.

“There is a need to communicate the new visa policy, if any, to Nigerians.

“We want to reciprocate by hosting the joint commission in Nigeria, where we will address various bilateral issues, including power, renewable energy, and more,” she said.

Alshamsi congratulated Odumegwu-Ojukwu on her appointment and lauded the progress made in the 50-year Nigeria-UAE relationship.

He acknowledged that visas for both government officials and private individuals had been issued over the past year and a half, with the process handled by an appointed agent.

He assured that the UAE was committed to resolving the visa challenges faced by Nigerians and emphasised that both countries would work together to foster stronger economic partnerships.

“We have issued more than 700 tourism visas since July 2024, and I have had zero visa rejections since I assumed office,” Alshamsi stated.

He also promised to continue signing agreements to further strengthen bilateral ties, with a major agreement expected to be signed ahead of the Nigerian president’s visit to the UAE in the second quarter of 2025.

Nigeria, UAE meet over visa restrictions

(NAN)

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