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By Gloria Ikibah

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for greater access to affordable long-term capital to enable African countries finance infrastructure and accelerate development.

Oyedele made the call while addressing the United Nations Dialogue on Solutions to Climate Finance on the margins of the 81st Session of the United Nations General Assembly in New York.

The minister said Africa’s development ambitions, particularly in the energy sector, continued to be held back by high financing costs, currency risks and limited access to affordable long-term funding.

He said the continent faced additional costs in accessing international capital despite its relatively low contribution to global carbon emissions.

According to Oyedele, Africa continues to bear what he described as a “prejudice premium” and “narrative cost” when seeking financing for critical infrastructure.

He also identified currency risk and what he termed “stereotype tax” as further burdens affecting African countries’ ability to raise capital for energy and other development projects.

Oyedele called for a rethink of the global approach to climate finance, urging the international community to make funding more accessible and affordable for developing countries.

He said financing arrangements should better reflect the economic and development realities of African countries, rather than impose financing conditions that make critical infrastructure projects more expensive.

The minister also called for increased investment in gas and other transition energy sources, particularly in Africa, saying such investments were necessary to expand access to reliable and affordable energy and tackle global energy poverty.

He argued that increased investment in Africa’s energy sector could also help diversify global energy supplies and reduce concentration risks, particularly amid disruptions affecting the Gulf region.

Oyedele stressed that Africa’s energy transition must take into account the continent’s substantial energy-access deficit.

He said African countries needed increased investment to meet their development requirements while pursuing a practical transition towards cleaner energy sources.

For Nigeria, the minister said the immediate priority was to implement policies and programmes capable of reducing poverty, expanding economic opportunities and accelerating the distribution of shared prosperity.

He said achieving those objectives would require stronger international cooperation and a financing framework that enabled developing countries to mobilise the capital needed to build infrastructure and improve living standards.

Oyedele’s call comes as the Federal Government continues to emphasise access to capital as a key requirement for investment, infrastructure development and economic growth. The Federal Ministry of Finance has also identified long-term financing and access to credit as important to unlocking investment in infrastructure and industry.

The minister said the international financing system must therefore do more to support developing countries in meeting their infrastructure and development needs, particularly in sectors such as energy where investment requirements remain significant.

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President of the Senate, Godswill Akpabio has stated that the creation of Akwa Ibom State 39 years ago by the President Ibrahim Babangida administration was a fulfilment of the aspiration of the founding fathers of the state.

Akpabio’s assertion was contained in his goodwill message to the government and people the state on the 39th anniversary celebration of the creation of the state.

The message, titled, “Akwa Ibom at 39: Celebrating Our Journey, Building Our Future reads:

“On behalf of my family, the Senate and the entire National Assembly of the Federal Republic of Nigeria, I extend my warmest congratulations to His Excellency, Pastor Umo Eno, Governor of Akwa Ibom State, the Government and the good people of our dear State on the auspicious occasion of the 39th anniversary of its creation.

“Thirty-nine years ago the long-held aspiration of our forebears became reality with the creation of Akwa Ibom State. It was the fulfilment of a dream nurtured through years of sacrifice, advocacy, courage and an abiding faith in the capacity of our people to determine their destiny and build a prosperous homeland.

“Today, we remember with profound gratitude those illustrious sons and daughters whose vision and struggles helped to bring our State into being.
From those modest beginnings, Akwa Ibom has grown into one of Nigeria’s most consequential States, distinguished by the industry, ingenuity, hospitality and resilience of its people.

“Across Nigeria and beyond our shores, Akwa Ibom sons and daughters continue to excel in public service, business, academia, the professions, the creative industries, sports and numerous other fields of human endeavour. Our greatest resource has always been our people,” he stated

According to the former two-term governor of the state, “as one who had the privilege of serving this great State as Governor, I remain profoundly grateful for the opportunity our people gave me to contribute to its development.

“The years of Uncommon Transformation demonstrated what is possible when vision is matched by courage, when public resources are deployed for the public good, and when leadership refuses to accept yesterday’s limitations as the boundaries of tomorrow’s possibilities. The infrastructure, institutions and human-capital investments of that era were never ends in themselves; they were foundations upon which succeeding generations could continue to build.

“I therefore, commend Governor Umo Eno for sustaining the journey of development through the ARISE Agenda and for his commitment to peace, rural development, economic advancement and the welfare of our people. The progress of Akwa Ibom must always rise above partisan considerations. Every generation of leaders has a duty to add another storey to the edifice handed down to it.

“At 39, therefore, our celebration must be accompanied by renewed determination. We must continue to build an Akwa Ibom where every child can dream without limitation; where enterprise and innovation flourish; where our young people find opportunities to translate their talents into prosperity; where our communities enjoy the dividends of development; and where peace, unity and mutual respect remain the foundations of our collective progress.

“As we approach the fourth decade of our State’s existence, let us remember the faith of those who fought for its creation and resolve to leave to those coming after us a State greater than the one we inherited. The task before us is not merely to celebrate how far we have travelled, but to imagine how much farther we can go.

In conclusion, Akpabio wished the state and its people, a happy 39th Anniversary, saying, ” Akwa Ibom is rising. And together, we shall continue to build a future worthy of the dreams of our founding fathers.
God bless Akwa Ibom State”.

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•••Defends Tinubu’s Extended Vacation

President of the Senate, Godswill Akpabio has dismissed calls for President Bola Ahmed Tinubu to hand over power to Vice President Kashim Shettima, saying there is no leadership vacuum despite the President’s continued working vacation abroad.

Speaking on Tuesday, in Akwa Ibom State, while commisioning road projects executed by Governor Umo Eno, Akpabio addressed public concern over Tinubu’s three-week holiday, which was recently extended by one week. He insisted the President remains fully in office and continues to carry out his constitutional duties.

“I am the Senate President, and I am not the acting President of Nigeria, because President Tinubu is still in power. He is on a working leave, and there is no absence in Aso Rock. The world is a global village, and one can give instructions over the internet. So, why are people complaining?” he retorted.

Akpabio emphasized that only his office can declare a presidential vacancy and that no such condition currently exists. “Right now, there is no vacancy. Asiwaju Tinubu is still in power, and he is still running the affairs of Nigeria,” he added.

To underscore the President’s continued engagement, Akpabio disclosed of recent diplomatic contacts, including communications with French President Emmanuel Macron.

His remarks may have finally put to bed, unnecessary concerns raised by critics who claim the extended absence has hindered governance. Invoking modern communication, Akpabio argued a “remote” presidency can still function effectively.

The Presidency has not provided a formal return date for President Tinubu. Akpabio’s comments, however, signal a united stance within the ruling All Progressives Congress (APC) aimed at quelling speculation about a leadership crisis.