Economy
FG Nets N242bn From Marine Sector, Targets $7bn Oil & Gas Investment
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The Minister of Marine and Blue Economy, Gboyega Oyetola, has said that his ministry recorded a revenue of N242 billion in the first quarter (Q1) of 2024.
During the ministerial press briefing on Tuesday in Abuja, Oyetola said the revenue recovered represented a 92 per cent increase from the N126bn recorded in Q1 of 2023.
“A comparison of Q1 of 2023 against Q1 of 2024 revenue performance across the agencies reveals a 92 per cent increase. The increase in revenue performance has largely been due to a 10 per cent increase in the number of vessels calling at our ports due to strategic investments in port infrastructure in the last one year; mooring boats, patrol vessels and dredging of the ports’ channels,” he added.
Also, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the government of President Bola Tinubu was not responsible for the economic conditions that led to the shutdown of about 800 companies in 2023.
In a statement on Tuesday, Edun’s explanation was coming on the heels of an earlreport in February by the Manufacturing Association of Nigeria (MAN) indicating that about 767 manufacturing companies shut down operations in Nigeria in 2023.
In addition, the association noted that another 335 companies were in distress financially in the same year.
Edun explained that the departure of the companies from Nigeria’s economic landscape did not happen overnight; but that factors like market instability, unfulfilled promises and breaches of contract forced them out.
He added that the issues were currently being addressed by the current administration.
He explained that, “Our government inherited the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.
“The conditions which sent them packing are no more. Those conditions were a foreign exchange market that was in no way fit for business where there was no liquidity.
“They were the general economic regime marked by instability, broken promises, lack of adherence to contract and so on.
“The new environment which investors face is one in which inflation is being attacked which will eventually lead to lower interest rates where investors can use the very vibrant domestic market to add their own equities and invest.”
We expect $7bn investment in oil & gas sector
Edun also disclosed that the oil and gas sector received approximately $7bn investment pledge due to the new incentive frameworks introduced by President Bola Tinubu’s administration.
He said that the investment had been dormant for years, awaiting the appropriate economic conditions for inflow.
He also highlighted the CNG-fueled conversion programme as part of the administration’s policy framework to drive growth.
He said, “CNG is a government policy not just for vehicles, but for generators. They have to be either CNG-fueled or solar-based or electric vehicles.
“That is the new incentive structure. And it continues also in the oil and gas sector. There has just been a new set of incentives that are encouraging new investments.
“We expect $7bn worth of investments that have been sitting on the sidelines to now come in.
“A stable, growing economy attracts investment that increases productivity, grows the economy further, creates jobs and reduces poverty. That is the trajectory that Nigeria is now on.”
Nigeria’s economy recording positive growth
The minister also disclosed that Nigeria’s economy was returning to the path of positive growth with a Gross Domestic Product (GDP) growth rate of 2.98 per cent in the Q1 of 2024.
He said the 2.98 per cent growth rate was higher than last year’s GDP growth rate of 2.31 per cent.
Speaking on interventions of the government in the last one year, he said, “Efforts have been made to improve food security, with N200bn allocated to programmes.
“Also, access to credit has also been improved, with N100bn allocated to consumer credit and grants of N50,000 being given to one million nano industries.”
Nigeria attracted $3.5bn investment to textile industry in 1 year – Industry minister
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said the federal government has secured $3.5bn in investments to enhance Nigeria’s textile, cotton and apparel sector in one year.
She said the investment was part of the ministry’s initiative to rejuvenate the long-dormant textile industry.
Similarly, the minister highlighted that, “Over 16,000 jobs have been created in the past year, through programmes and interventions by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Such programmes include the National Business Skills Development Initiative (NBSDI), Conditional Grant Scheme (CGS) and General Enterprise Development Training (GEDT).”
She noted that, “The federal government, under the auspices of the ministry, generated N430m in the first quarter of 2024 from the Lagos International Trade Fair Complex, which is significantly more compared to the N17.9m accrued in the same period in the previous year.”
The Naira yesterday appreciated to N1,387 per dollar from N1,390 in the parallel market on Monday.
Similarly, the naira appreciated to N1,322.9 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,322.9 per dollar from N1,320 per dollar on Monday, indicating N2.9 appreciation for the local currency.
Consequently, the margin between the parallel and official markets narrowed to N64.1 per dollar from N70 per dollar on Monday. The value of interbank turnover in NFEM declined by 48.07 percent to $55.6 million from $107.07 million on Monday.
The Central Bank of Nigeria (CBN) has announced that it will be paying closer attention to how banks and other financial institutions in the country are being used, or misused, to move money that could fund terrorism.
In a statement signed by Hakama Sidi-Ali, Acting Director of the apex bank’s Corporate Communications and Investor Relations Department on Tuesday, the CBN said it has made terrorism financing supervision one of its current priorities. According to the statement, this is part of the bank’s “ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.”
What this means in plain terms is that the CBN will be looking more closely at how banks identify and manage the risk of their platforms being used to fund terrorism, how well they monitor suspicious transactions linked to terrorism financing, how they carry out sanctions ordered against specific individuals or groups, and how promptly they report suspicious activity connected to terrorism financing.
The statement explained that this new push covers four broad areas: how financial institutions manage terrorism financing risk, how they monitor transactions for signs of terrorism financing, how they carry out targeted financial sanctions, and how they report suspicious transactions linked to terrorism.
The apex bank said it will not be sitting back and waiting for problems to surface on their own. Instead, it plans to use a risk-based approach, which means banks and institutions seen as more exposed to this kind of risk will attract closer attention.
This will involve both on-site inspections, where CBN officials visit institutions directly, and off-site checks, where the bank reviews reports and data from a distance.
The goal, the statement said, is to support “effective Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector,” referring to the fight against money laundering, terrorism financing, and the financing of weapons proliferation, all of which are governed by existing Nigerian laws and regulations.
The CBN also linked this move to Nigeria’s wider efforts, both at home and internationally, to fight terrorism financing and the financing of weapons proliferation, and to protect the integrity of the country’s financial system.
The apex Bank did not name any specific institution under investigation or give a timeline for these actions, but noted that “further supervisory engagement will be undertaken as appropriate,” suggesting that more steps could follow depending on what its checks turn up.
For the ordinary Nigerian, the announcement signals that the CBN wants banks to be more careful and more accountable in how they track the movement of money through the financial system, particularly where there is any possible link to terrorism or the funding of violent groups.
It is also a reminder that financial institutions operating in Nigeria are expected to follow strict rules designed to keep the banking system safe from being used for illegal purposes.
The Federal Government has approved a new pensionable salary structure for personnel of the Nigerian Armed Forces.
The new structure affects personnel in the Nigerian Army, Nigerian Navy and Nigerian Air Force and took effect from September 1, 2026.
The approval was contained in a circular issued on September 3 by the National Salaries, Incomes and Wages Commission.
Under the new arrangement, Generals, Admirals and Air Chief Marshals occupy the highest level, with their annual pensionable salaries ranging from ₦21.9 million to ₦29.75 million, depending on their salary steps.
The highest figure works out to roughly ₦2.48 million per month when divided by 12.
Lieutenant Generals, Vice Admirals and Air Marshals will have annual pensionable salaries between ₦16.99 million and ₦25.91 million.
Major Generals, Rear Admirals and Air Vice Marshals will receive pensionable salaries ranging from about ₦14.98 million to ₦23.9 million annually.
For Brigadier Generals, Commodores and Air Commodores, the approved annual pensionable figures range from ₦13.86 million to ₦16.39 million.
Colonels, Captains and Group Captains will have annual pensionable salaries between ₦8.31 million and ₦9.49 million, while Lieutenant Colonels, Commanders and Wing Commanders will fall between ₦7.55 million and ₦8.74 million.
Majors, Lieutenant Commanders and Squadron Leaders will have pensionable salaries ranging from ₦5.99 million to ₦7.01 million annually.
Captains, Lieutenants and Flight Lieutenants will receive between ₦5.28 million and ₦6.42 million.
At the junior officer level, Second Lieutenants, Midshipmen and Pilot Officers will have annual pensionable salaries ranging from ₦4.92 million to ₦5.59 million.
The new structure also covers non-commissioned personnel.
Warrant Officers across the three services will have annual pensionable salaries between ₦4.53 million and ₦5.17 million, while Master Warrant Officers will receive between ₦3.94 million and ₦4.93 million.
Warrant Officers will have annual pensionable salaries ranging from ₦3.46 million to ₦4.35 million. Staff Sergeants, Petty Officers and Flight Sergeants will have figures between ₦2.98 million and ₦3.76 million.
Sergeants and Leading Seamen will have annual pensionable salaries ranging from ₦2.81 million to ₦3.16 million, while Corporals and Able Seamen will receive between ₦2.48 million and ₦2.73 million.
Lance Corporals and Seamen will have pensionable salaries between ₦2.32 million and ₦2.58 million annually.
Privates, Ordinary Seamen and Aircraftmen will have figures ranging from ₦2.28 million to ₦2.49 million.
The government clarified that the amounts contained in the new schedule are meant for calculating pension benefits.
They should not be treated as the actual monthly salaries or take-home pay of serving military personnel.
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