Business
FG Tasks States Infrastructure Master Plan
The Minister of National Planning, Dr Abubakar Suleiman, has urged state governments to redouble their commitments to the full implementation of States Integrated Infrastructure Master Plans (SIIMPs).
Suleiman gave the advice in Abuja while meeting with Commissioners of Economic Planning and Chief Executives of states Planning Commissions on the development and implementation of the plan.
He said the SIIMP was developed to improve the living standards of people in the country.
“ SIIMP as an extension of National Integrated Infrastructure Master Plan (NIIMP) is designed to give Nigerians improved infrastructure services accelerated economic growth and better standard of living.
“The development and implementation of SIIMP in our various states will help the nation to have a unified drive in all sectors of our infrastructure development,’’ the minister said.
According to him, the states are and federal governments are expected to establish infrastructure delivery units within relevant ministries, departments and agencies to drive implementation of the master plan.
“Governments should develop priority of infrastructure projects and identify other sources of funding for infrastructure development such as bonds, loans and others.
“They are also expected to establish a legal framework and streamline bureaucracy to attract private sector investment and build a strong synergy for infrastructure development,’’ Suleman said.
He expressed optimism that the decisions, recommendations and steps taken at the meeting would help in closing infrastructure gap in the country.
The Secretary, National Planning Commission, Mr Fidelis Ugbo, said the commission would commence the process of implementing the national infrastructure master plan beginning from 2015 budget.
Expert Identifies Reason For Money Market Rates Increase
Executive Secretary, Financial Market Dealers Association (FMDA), Mr. Wale Abe has attributed the upward trends in the money market rates to the volatilities in the Nigerian capital market.
Volatility is a measure for variation of price of a financial instrument over time. It is a measure of risk based on the standard deviation of the asset return.
It is a measure of security’s stability calculated as the standard deviation from a certain contnuously compounded return over a given period of time.
Abe told The Tide source in Lagos that the volatilities were because of the socio-political uncertainties and national security challenges.
He said the uncertainties had led to investment lethargy as noticed in the sustained dropping of the All Share Index (ASI).
ASI shows the movement in the price of stocks of companies on the Nigeria Stock Exchange (NSE).
Abe said that the volatilities in the capital market had made foreign investors to pull out their investments following low yields from the listed equities.
He also said that the development had made the stock market to remain unattractive to both domestic and foreign investors.
The executive secretary added that the downward movement in the price of listed equities could be traced to the Central Bank of Nigeria (CBN) induced liquidity through its tight monetary policy.
Abe said that the sustained fall in ASI was a threat that would make the nation’s portfolio investment climate unattractive.
He added that short term investors in the capital market preferred to put their money in the money market because of artificial returns noticeable in the money market.
Abe also said that the sustainability of the upward trend in the money market could only be retained by the law of demand and supply.
He added that the force of the law of demand and supply in the ideal and real market made it not possible for the rates to be manipulated.
“The net yield of treasury is higher than that of the stock market.
“The two markets differ, especially because of the tax deduction in the stock market therefore making the short-term investors to be attracted to the money market.
“The higher the interest rates in money market, the lower the interest rate in the stock market,” he said.
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.