* Greet the military, court investors
* Says the government is taking ambitious steps to tackle the poor return on profits
NNPC, US Corporation and Exim Bank seek financing for multi-billion dollar fuel project
Deji Elumoye in Abuja
President Muhammadu Buhari expressed joy that the current administration’s investments to improve security are paying dividends across the country.
The president said this just as Nigerian National Petroleum Company Limited (NNPC) said it had initiated talks with the US Finance Corporation and Exim Bank to seek financing for their multi-billion dollar fuel projects. The Nigerian military and other security agencies for making significant progress. to address the lack of confidence and create the momentum to reduce demanding situations to the absolute minimum.
Speaking at Nigeria’s International Economic Partnership Forum held on the sidelines of the 77th United Nations General Assembly in New York, the president pledged that the federal government will do more for security, noting that the sector is another critical component of the flow of investment and overall economic and infrastructure development.
He explained, “We will continue to provide everything mandatory to our security groups to make sure they can meet the challenge immediately,” adding that “the pros and cons of making an investment in Nigeria far outweigh the challenges. “Buhari, who was represented at the opening consultation through his Chief of Staff Professor Ibrahim Gambari, also said that despite the global crisis fueled by the Russian-Ukrainian war, the COVID-19 pandemic and the insurgency in parts of the country, Nigeria was prepared to take its rightful position in the global economy.
While attributing the country’s good fortune to the implementation of reforms to attract foreign investment and sustained improvement in governance, he noted that the quarterly GDP expansion in the first quarter of 2022 was basically driven through the non-oil sector, which lends credence to the diversification of profit sources. . Government Agenda.
The president, however, stated that much more is wanted to be done with personal capital flows to Nigeria through foreign direct investment, infrastructure financing, and said that the administration relies on the Integrated Domestic Financing Strategy to address this problem. Oil sector, Buhari said: “The agricultural sector, our utmost importance, has remained resilient despite safety concerns, low irrigation, limited inputs and legacy infrastructure issues, with a strong call for food to support growth and business entry due to the reopening of economic activities and source chains.
“The existing expansion of our service sector is promising. Further privatisation, foreign investment, globalisation and festivals will serve to stimulate expansion and festivals in the facilities sector and the wider economy. And our operations will make investments in Nigeria very attractive.
“Overall, the Nigerian economy is ripe for more investment. By contrast, personal capital flows to Nigeria, which consist mainly of foreign direct investment, have slowed, making it difficult to finance much-needed infrastructure projects and herbal resources. Our management is already working with cutting-edge tactics to repair those flows.
The president told the foreign forum he attended through African Development Bank President Akinwumi Adesina and Florie Liser of the Corporate Council on Africa, among others, that a key strategy followed to improve infrastructure financing is the built-in domestic financing strategy. He explained that the strategy aims to identify tactics to expand the financial envelope of the Sustainable Development Goals in Nigeria, improve the impact of financing on sustainable progress by seeking to integrate and align public and private monetary policies, regulatory frameworks, tools and business processes with sustainable progression.
Buhari added that the personal sector would play a vital role in the strategy. The President also discussed other efforts throughout his tenure for the country’s economic and progress prospects, such as Nigeria’s National Development Plan (2021-2025) and the President’s Power Initiative. Nigeria’s national progression plan, the President said it was formulated in the context of several remaining demanding situations of progression in the country and the need to address them within the framework of medium and long-term plans.
“This comprehensive plan aims to generate 21 million full-time jobs and lift 35 million people out of poverty by 2025, paving the way for fulfilling the government’s commitment to lift 110 million Nigerians out of poverty within 10 years. For the objectives of the National Development Plan (2021-2025), we estimate that we would want an investment commitment of around N348 billion. Government investment spending, the constant value, will be N49. 7 trillion (14. 3 percent) while the balance of N298. 3 trillion (85. 7 percent) are expected from the personal sector.
“Out of the government’s contribution of 14. 3%, NGF capital expenditure will amount to 29. 6 trillion naira (8. 5%), while investment expenditure by subnational governments is estimated at around 20. 1 trillion naira (5. 8%). and public sectors, either within and with development partners outside Nigeria. »
Commenting on the country’s electric power sector, the president noted that his management has identified it as a major catalyst for Nigeria’s industrialization, adding that in July 2021, the allocation of the 614-kilometer Ajaokuta-Kaduna-Kano fuel pipeline was introduced for energy security. Our administration has also provided sovereign assurance for this important infrastructure allocation. Once completed, this allocation will stimulate industrialization throughout the country.
“In addition, the first phase of the President’s Electricity Initiative will provide more than 40 million people with a more reliable source of electric power, create 11,000 direct and indirect jobs for Nigerians. “This will range from electrical formula engineers to electricians and contractors, and this in turn will be a criterion of life while offering homes and businesses a constant, reliable and affordable source of electric power. “
He recalled that at the beginning of his administration in 2015, 200 naira had been paid for blocked electricity to meet existing debts. Distribution companies were forced to use banks to collect invoices; before that, Transmission Company of Nigeria (TCN) earned only 50% of revenue. TCN is now financially viable and can invest in its own infrastructure.
While wishing the forum’s deliberations to be fruitful, Buhari hoped that Nigeria was in a position to hear the final results of the deliberations and recommendations to bring Nigeria’s assignment to where it belongs.
NNPC, US Corporation and Exim Bank seek financing for multi-million dollar project
Meanwhile, NNPC said it has begun talks with the U. S. Finance Corporation and Exim Bank to seek financing for its multibillion-dollar fuel projects. Kyari said: “Inclusion (in the energy transition) means we want support. We’re already talking to the U. S. DFC, EXIM so they can give us investment and financing for our fuel projects and that’s very important, so that we can have that flexibility to move forward and backward. I’m sure some of you may know that we’re getting a grant to build baseline studies on carbon emissions in our country from the U. S. government. And that’s very helpful in the sense that Mr. President also asked to be taken care of. Currently, the main source of investment we have comes from the African exim.
Nigeria’s transition from 0 to 2060 requires massive investments in fuel projects that are the country’s transitional fuel.
According to the federal government, transit would cost $410 billion and large fuel projects such as the recently signed memorandum between the NNPC, the ECOWAS Commission and Morocco to deliver pipelines along the African corridor would consume billions of dollars. see how we can deliver the pipeline from Morocco that will cross a number of countries to supply a number of values, adding to lift other people out of poverty and also an opportunity that exists that we are also making in the domestic market, which increases the amount of fuel in the domestic market,” he said.
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