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IFC, CBN Partner On Private Sector Growth Through Naira Financing

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The International Finance Corporation, IFC, a member of the World Bank Group, and the Central Bank of Nigeria, CBN, have signed an agreement to increase local currency financing to enable private businesses in Nigeria to grow and thrive.

The partnership will allow the IFC to manage currency risks and increase its investments in the Naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy,
small and medium enterprises and the creative and youth economy.

A statement jointly issued by Hakama Sidi Ali, on behalf of the CBN in Abuja, and Hlazo Mkandawire for the IFC, said the global financial institution aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing over $1billion in the coming years to shore up the Naira.

The statement added that many of the sectors of the economy to be impacted require local currency financing, and as such the IFC’s partnership with the CBN is a key tool in expanding access to finance.

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“Ths pioneering initiative between the IFC and CBN will unlock the much-needed long-term local
currency fnancing for private businesses in Nigeria at economically viable rates,” stated Governor Yemi Cardoso of the Central Bank of Nigeria.

“This collaboration marks a significant progress in the CBN’s commitment to deliverng innovative development initatives through reputable third-party
service providers, moving beyond traditional intervention programs.

“It will serve as a catalyst for
economic growth and advance the Federal Government’s agenda for economic diversification”, the apex bank governor stated.

“Expanding access to affordable local currency financing for small businesses in Nigeria is essential for the IFC to address the increasing demand for diverse funding options and to better
manage currency risk,” said Makhtar Dop, the IFC managing director.

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“Our partnership with the
Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and
creating jobs across the country.”

With an active portfolio of investments in Nigeria of up to $2.13 billion—the second highest in Africa—local currency financing is a key priority for the IFC.

“We will continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets”, he added.

The IFC, a member of the World Bank Group is the largest global development institution focused
on the private sector in emerging markets.

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Operating in more than 100 countries worldwide, the IFC uses its capital, expertise, and influence to create markets and opportunities in developing countries.

In fiscal year 2024, the IFC committed a record $56billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.

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Reps Demand Details Of Project Undertaken From Ministry Of Solid Minerals In 2024 Budget

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By Gloria Ikibah
The House of Representatives has directed  the Ministry of Solid Minerals Development to provide details of all projects embarked on in the last year.
The Chairman Committee on Solid Minerals, Rep. Jonathan Gbefwi gave the directive when the Permanent Secretary in the Ministry, Mary Ogbe, appeared before it to defend the 2024 budget.
The committee members expressed displeasure with the inconsistencies in the presentation by the Permanent Secretary and resolved that all documents pertaining to all jobs carried out by the Ministry be made available before next Tuesday.
The lawmakers also queried the Ministry for not capturing most of the projects it embarked on in the presentation it made.
Gbefwi said, “We are expecting the budget and we cannot appropriate if we do not know the true status of the utilisation of what has been given you in 2024.
“We were quite detailed when we sent you then documents we required. You must provide details of all the projects, budget codes, budget items, appropriated amount, contractors, amount awarded, date of award, the status of the projects, the percentage with regards to performance, and the lot numbers among others.
“So all these individual items must be captured in detail in this document so that Nigerians would know how the money that has been appropriated has been utilised.
“There are a number of projects that were not captured in the presentation to the Committee. There was no explanation whatsoever.
“Don’t give us any half baked documents again. Every line must be adhered to. And give us the advertisment that was done, the code the contractors and everything. Even if it is before. FEC. Kindly put it in the remark section. Go and work on your documents again and make proper presentation. Let’s have a comprehensive submission,” he said.
Earlier the Permanent Secretary said a total of N25.05 billion was appropriated as expenditure outlay for the ministry in the 2024 budget.
“This comprised of 894.4 million as overhead cost and 23.15 billion as capital expenditure. The personnel cost of the Ministry was captured in the captured still in the Ministry of Steel Development for 2024 because the personnel separation  had not been fully executed.
“On appropriation releases to the Ministry, she said for overhead, the total appropriation is N895, 441, 335. As at October 31st 2024, N745, 367, 779 had been released. Balances as at October 31, is N149, 073, 555. Percentage of releases of the appropriation for the overhead is 83 percent. Expenditure on release is the same amount that has been released. So there is a hundred percent performance. For capital appropriation it is N23, 150, 884, 863. Out of which N2, 724, 818, 977 has been released. 11 percent had been released and percentage performance is 100 percent.
“The Ministry achieved a 100 percent utilisation mainly of non debt recurrent expenditure and the percentage utilisation in capital as at the end October is 11 percent. This is because procurement process is still ongoing and some are awaiting FEC approval. With the bottom up cash plan, works must be executed before payment,” she said.
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PDP leaders, critical stakeholders endorse Hon. Teejay Yusuf for National Chairman

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Key political figures and critical stakeholders from the North Central region of the Peoples Democratic Party (PDP) have rallied behind Hon. Tajudeen Yusuf as their preferred candidate for the party’s next National Chairman.

The endorsement comes from the group known as the PDP Conscience Vanguard, who believe Yusuf is the key to uniting and revitalizing the main opposition party

In a statement issued on Thursday in Lokoja, the North Central Coordinator of the group, Isaiah Akoh, emphasized that Hon. Yusuf possesses the experience, leadership qualities, charisma, extensive connections necessary to lead the PDP towards unity and strategic repositioning.

The statement outlined several reasons for their endorsement of Hon. Yusuf, particularly noting that the party’s future success lies in having a chairman from the North Central region.

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The group pointed to his extensive political background and ability to bridge gaps within the party, especially in light of the challenges the PDP faces.

“We believe that Hon. Teejay Yusuf is the right candidate at this crucial moment,” the statement reads. “Yusuf is not merely a legislator; he is an experienced statesman with a proven track record. Serving three terms as the representative of Kabba/Bunu/Ijumu Federal Constituency, he has demonstrated exceptional leadership and political acumen.”

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Enugu ready to provide evidence against Ekpa, hails arrest

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Enugu State Government has hailed the Government of the Republic of Finland for the arrest of the Finland-based leader of the criminal gang, Autopilots, Simon Ekpa, describing him as a common criminal, con man, and terrorist, who has no interest of Igbo people at heart.

The government also described Ekpa as a murderer and fraudster, who delights in killing his people and living large off their misery, saying that Enugu State was ready and willing to provide evidence of Ekpa-sponsored atrocities against Ndigbo to aid his trial and conviction, whether in Finland or Nigeria.

This was contained in a statement issued by the Secretary to the State Government, Prof. Chidiebere Onyia, on Friday.

“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa.

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“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.

“This arrest is in line with the demand of Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster, who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region.

See also Bauchi: Head teacher bags 11 years jail term for sexually assaulting 6-year-old pupil
“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work. He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra,” the government said.

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