Economy
I Favoured Igbos with Key Ministerial Posts—Buhari
**Region to Benefit More from Road, Coastal Rail Projects
By Modupe Gbadeyanka
Stakeholders from the South East region of Nigeria have been assured by President Muhammadu Buhari that the geo-political zone will benefit more from roads and coastal rail projects, which are of critical importance to the economy.
This was made known in a statement issued on Friday by the Special Adviser to the President on Media & Publicity, Mr Femi Adesina.
Mr Adesina said the President, speaking at an audience with leaders from the region led by the Deputy Senate President, Mr Ike Ekweremadu, declared that 2nd Niger Bridge, the East-West Road and the Coastal rail project, are receiving utmost attention from his administration.
The President was quoted as saying that counterpart funding from the Chinese government would substantially fund these projects, which when completed will improve the welfare, well-being and economy of the people in the region.
“I know the Chinese are very competent in handling such projects and we will ensure that we get the money for the projects to take off.
“I thank you for articulating your demands and I want to assure that we are doing our best for the country. If we can stop people from stealing, then there will be more resources to put into projects that will create employment for Nigerians,” the statement quoted the President as saying.
Responding to allegations of under-representation of Igbos in his government, the President said, “I gave south-east four substantive ministers in the ministries of Foreign Affairs, Trade and Investment, Science and Technology and Labour.
“Seven states in the North got Ministers of State and of the two Ministries headed by your sons, I cannot take any decision on foreign policy and investments without their input,” he said.
The President also promised the leaders, comprising governors and ministers from the region, the President of Ohaneze, Chief Nnia Nwodo and representatives from the National Assembly, that he will visit states in the zone soon.
“I want to assure you that I came into government with a clear conscience and I will also leave with a clear conscience,” he said.
Earlier, the President of Ohaneze, while articulating the demands of the zone to the President highlighted the issue of state creation, restructuring, federal projects in the South East namely Enugu-Onitsha road, Enugu-Port Harcourt road and Aba-Ikot-Ekpene road, among others.
Nwodo also demanded urgent presidential interventions on the Enugu Airport, reticulation of the gas-pipelines in the South East and the standard gauge plan for railway construction.
Commending the President’s remarkable achievements on security and the fight against corruption, Nwodo declared: “we are ready to work with you. We are determined to work with you. We know you are a decisive leader and we know God will continue to give you the wisdom to govern Nigeria.’’
Also speaking, Governor Dave Umahi of Ebonyi State expressed satisfaction on the outcome of their discussions with the President on critical issues and topics affecting the region.
“You have no hatred for any state. You have treated all states with equality. What one state gets in the north, the other gets in the south,’’ the governor said, referring to budget support facility and stabilisation fund released to states and local governments since the inception of the administration.”
By Adedapo Adesanya
The federal government is looking to remedy discrepancies in fiscal data across government institutions, which have affected Nigeria’s credit ratings and borrowing capacity.
This came as the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has spearheaded a high-level Fiscal Data Harmonisation Meeting (FDHM).
The meeting was part of a bold move to revolutionize Nigeria’s economic landscape, marking a significant milestone in the country’s quest for economic stability and transparency.
The meeting which was held in his office in Abuja, brought together key stakeholders, including the Honourable Minister of State for Finance, Mrs Doris Uzoka-Anite; the Accountant General of the Federation, Mr Shamsedeen Babatunde Ogunjimi; and the Director General of the Budget Office, Mr Tanimu Yakubu.
Mr Edun emphasised the need for synergy between agencies such as the Budget Office, the Accountant General’s Office, and the Debt Management Office (DMO).
“Delivering accurate and comprehensive fiscal data is critical to economic stability and investor confidence,” he stated.
According to a statement, attendees agreed on the establishment of a Fiscal Data Coordination Framework, which includes a main committee, a subcommittee, and technical teams dedicated to standardising fiscal reporting methodologies and economic assumptions.
Mr Edun reaffirmed that Nigeria must take ownership of its fiscal data credibility, reducing dependence on external institutions.
The meeting concluded with a firm commitment to implementing the framework, reinforcing transparency, strengthening investor confidence, and enhancing Nigeria’s economic outlook.
By Adedapo Adesanya
The Senate has directed the Bureau of Public Procurement (BPP) to halt the planned sale of Lafarge Africa to Chinese cement maker, Huaxin Cement.
The legislators made the move on national security and economic sovereignty grounds.
“The Senate notes that discussions are underway regarding the divestment of Lafarge Cement Plc, with reports indicating potential Chinese investors. This has sparked concerns over the possibility of foreign dominance in a key sector of the Nigerian economy,” the motion stated.
It further observed that Holcim AG, the majority shareholder, is planning to offload its 83.8 per cent stake in Lafarge Africa to Huaxin Cement Co., a Chinese cement manufacturer.
The $1 billion deal is expected to be finalized in 2025, pending regulatory approval.
“The cement manufacturing industry is vital to national security due to its role in infrastructure projects, including roads, bridges, housing, and public works,” the motion continued.
“Excessive foreign control in this sector could pose risks to Nigeria’s economic sovereignty and security interests.”
Some of the senators who backed the call included Mr Shuaib Afolabi Salisu, who said, “We cannot afford to wake up one day and realise that our cement industry, one of the backbones of our economy, is entirely in foreign hands. We must ensure that strategic assets like Lafarge Africa remain in the hands of those who have the country’s best interests at heart.”
On his part, Mr Olamilekan Adeola said, “The company is about to be divested and the transaction has been shrouded in secrecy. What the motion is simply asking for is that we want this transaction to be as transparent as possible. By the time the eventual sale of this company is done, we will be fully satisfied that Nigeria’s economy will be protected.”
Concerns have reportedly been raised that the deal could lead to capital flight, job losses and reduced regulatory oversight over a sector vital to national development.
Mr Jimoh Ibrahim cautioned against using the Senate to obstruct the federal government’s efforts to attract foreign investment.
He argued that investors should not feel restricted when they decide to exit or divest from their holdings.
His sentiment was echoed by Mr Sunday Karimi, advising against any legislative action that might hinder the sale.
By Adedapo Adesanya
Five stocks kept the NASD Over-the-Counter (OTC) Securities Exchange in the negative territory by 0.14 per cent on Thursday, March 27.
When the alternative stock exchange ended trading activities for the day, the NASD Unlisted Security Index (NSI) was down by 4.70 points to 3,310.51 points from the previous trading day’s 3,315.21 points.
In the same vein, the market capitalisation of the bourse fell further by N2.72 billion at session to settle at N1.912 trillion compared with the preceding day’s N1.914 trillion.
The volume of securities traded at the bourse yesterday rose by 2,272.7 per cent to 712,439 units from the 30,026 units recorded on Wednesday just as the value of securities traded went up by 728.2 per cent to N30.5 million from the N3.7 million quoted at the preceding session, with the number of deals executed at the Thursday session increasing by 253.9 per cent to 46 deals from 13 deals.
Okitipupa Plc lost N16.00 to sell at N240.50 per unit versus Wednesday’s value of N256.50 per unit, Afriland Properties Plc dropped 58 Kobo to trade at N18.92 per share compared with the previous day’s N19.50 per share, FrieslandCampina Wamco Nigeria Plc depreciated by 27 Kobo to N36.73 per unit from N37.00 per unit, Geo-Fluids Plc crashed by 15 Kobo to trade at N2.50 per share versus N2.65 per share and Food Concepts Plc fell by 5 Kobo to N1.30 per unit from N1.35 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc improved by N1.68 to N25.21 per share from N23.53 per share and Nipco Plc gained 70 Kobo to settle at N200.50 per unit, in contrast to the previous rate of N199.80 per unit.
FrieslandCampina Wamco Nigeria Plc became the most traded stock by value (year-to-date) with 13.7 million units valued at N528.90 million, Impresit Bakolori Plc followed with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units valued at N364.2 million.
However, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million followed by Industrial and General Insurance (IGI) Plc with 70.0 million units worth N23.8 million and Geo-Fluids Plc with 44.0 million units valued at N89.0 million.
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