General
Diop Targets Deeper World Bank Relationship With Nigeria
By Adedapo Adesanya
The newly appointed World Bank Country Director for Nigeria, Mr Ndiamé Diop, has announced that he will foster an existing relationship with Nigeria amid current economic challenges.
The Senegalese assumed his new position on Monday (July 8) succeeding Mr Shubham Chaudhuri who completed his term in the same capacity.
Prior to his assignment to Abuja, Mr Diop served as the World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand, based in Manila.
In this position, he more than tripled the bank’s financing to the Philippines to scale up its support to key economic reforms (policy-based budget support programs) and the nation’s endeavours to bridge disparities in various sectors, including nutrition, stunting, healthcare, social protection delivery, education, agriculture, and digital connectivity.
Speaking on plans as the new Nigerian country director for the lender, he said, “I am most excited to be leading the World Bank’s program in Nigeria, especially at this critical time when Nigeria has a significant opportunity to make progress towards improving its economy and delivering development outcomes for its citizens.
“I look forward to deepening our partnership with the Government of Nigeria at the federal and state level by ensuring quality technical and financial support which will help accelerate progress for Nigeria’s development priorities.”
Mr Diop says Nigeria remains a country with great potential faced with economic challenges and that the World Bank would continue its partnership to attain improvement.
“Nigeria is a dynamic and vibrant country which is significant for the entire sub-region. The World Bank Group is most committed to working with the Government, development partners and citizens to realize a thriving economy where jobs and economic prospects are created, and millions of Nigerians are lifted out of poverty”.
In his new position, he will lead the World Bank’s team in Nigeria and deepen policy dialogue and partnership with the government and key stakeholders.
He will oversee the delivery and implementation of lending and non-lending support to Nigeria.
Mr Diop has held several leadership positions in the World Bank which include, Head of the Macroeconomics, Trade and Investment unit for Southeast Asia and the Pacific, based in Jakarta and Bangkok, Lead Economist for Indonesia, based in Jakarta, Lead economist roles for Jordan and Lebanon, Country Economist roles in the Middle East and North Africa.
He served as the Bank’s Resident Representative for Tunisia between 2007 and 2010. He joined the World Bank in Washington DC in 2000 as a Young Professional.
As an economist, he has published in peer-reviewed journals and books on fiscal policy and growth, monetary policy and inflation, macro policies and resilience to sudden stops in capital inflows, natural resource abundance, Dutch disease, and economic diversification.
General
Nigeria-China Strategic Partnership to Deepen Economic Ties
By Adedapo Adesanya
The Director-General of the Nigeria-China Strategic Partnership (NCSP), Mr Joseph Tegbe, is currently visiting China to bolster China-Nigeria relations and foster economic and sustainable development between both countries.
The DG, with the Nigerian delegation, on Monday was at the headquarters of the National Development and Reform Commission (NDRC) of the People’s Republic of China where the NDRC Deputy Chairman received them, Mr. Zhao Chenxin, and other top officials, as well as the Nigerian diplomatic community and the Chinese Business Community.
Mr Tegbe is expected to cement strategic agreements in line with President Tinubu’s vision, with China for national growth and in vital sectors of the economy such as agriculture, to boost food security, alternative energy for developing renewable energy sources, healthcare, mining for harnessing Nigeria’s mineral resources to drive economic growth, education to strengthen Nigeria institutions and promote cultural exchange.
Other areas include technology, to foster innovation and advancement, and the support initiative of China’s Belt and Road Initiative (BRI).
The visit of the NCSP ‘s DG underscores the federal government’s commitment to establishing strong bilateral relations and supporting Nigeria’s economic diversification plans, infrastructure development, technology transfer, and job creation to foster mutually beneficial collaboration between the two nations.
Through this initiative, Nigeria can leverage its resources and human capital to develop key industries, bolster infrastructure, and enhance youth capacity through skills acquisition programmes.
On Monday, the DG NCSP and his team visited the CCECC Head Office, had dinner with the CHEC, and will on Tuesday, visit the Governor of the Central Development Bank, the Ministry of Foreign Affairs, and the China Export, Import Bank, as well as the China Development Bank. They also met with Power China Representatives.
They will on Wednesday, visit the Chief Harbour, the CHEC, CNCEC, and the CCECC Chairman, before moving to the CSCS Haishen Medical on Thursday, the CCECC, the China Building Materials, amongst others.
They will on Monday, 20th January, visit the Consulate General/Trade Mission Office, the Yang Shang Deep Sea Port, and Danghai Bridge (Sea).
The team is also expected at Huawei, before going to the CEC/ Long UAV, for a meeting with Diana Chen on Saturday, before returning to Nigeria.
This initiative comes on the heels of President Bola Tinubu’s official visit to China before the 2024 Forum on China-Africa Cooperation (FOCAC), where he had talks with China’s President Xi Jinping on improved economic cooperation, with the latter pledging 360 Billion Yuan, (about $51 billion), financing to African nations in the next three years, and support for 30 infrastructure projects to boost connectivity across the continent.
Last week, Chinese Foreign Minister Wang Yi visited Nigeria to reinforce the growing partnership between China and Africa, especially Nigeria, with discussions on strengthening economic ties, enhancing security cooperation and mutual developmental goals.
As Nigeria, Africa’s largest economy, seeks to become a net exporter to China in the next five years, the consolidated partnership is aimed at playing a crucial role in achieving this goal.
The country also remains China’s major partner on the continent for trade and technology investments.
General
Adelabu Claims Power Generation Rose 30% in 2024
By Adedapo Adesanya
The Minister of Power, Mr Adebayo Adelabu, said power generation in the country increased by about 30 per cent in 2024, but missed crucial targets in the review year.
Mr Adelabu made the disclosure during his ministry’s 2025 budget defence before the Senate Committee on Power at the National Assembly complex on Monday.
He said that when he assumed the leadership of the ministry in 2023, he met an average of 4,100 megawatts of power generation.
“I can tell you authoritatively that by the end of 2024, we had a peak generation of 5,528 megawatts of power from 4,100 megawatts that we met on ground and the reason for this is not far-fetched. We added a new hydroelectric power dam, Zungeru, with 700 megawatts.
“There was also a tremendous increase in the generation lines by other existing generation companies,” he said.
The Minister said that the target for power generation was 6,000 megawatts, adding, however, that due to the challenges experienced toward the end of 2024 in terms of grid collapses, the ministry missed the target by a minimal margin.
He further said that apart from energy access expansion, the sector had plans to stabilise the grid and other transmission infrastructure.
“I’m happy to also inform you that out of the eight collapses of the national grid that we experienced during 2024, five were full collapses, while three were partial collapses.
“Out of the five full collapses, three were actually due to generation problems. So, as against the 12 collapse that were publicised, it was just about eight collapses.
“We have been trying very hard to ensure that we manage the grid that was inherited.
“Unfortunately, it is still very old. It is dilapidated. And we are just managing it until we are able to fix it permanently.
“This is the focus of the Presidential Power Initiative, to ensure that the entire grid is revamped so that we won’t be having all this vandalism.
“So these are the summaries of our activities. And we are proud to say that we almost met all our targets for 2024.
“Our hope is that 2025 will be a better year for us, and we will be able to address all the existing issues in the sector,” he said.
General
Sanwo-Olu Denies Involvement in Obasa’s Removal as Lagos Speaker
By Dipo Olowookere
The governor of Lagos State, Mr Babajide Sanwo-Olu, has refuted claims that he was involved in the removal of Mr Mudashiru Obasa as the Speaker of the Lagos State House of Assembly.
Mr Obasa was impeached on Monday after being on the seat since 2015 by 32 of the 40-member state parliament for alleged gross misconduct.
The action was carried out while the Speaker was away in the United States, with Mrs Mojisola Meranda elected as his replacement, becoming the first female to occupy the position.
It happened a few weeks after Mr Obasa said during the presentation of the 2025 budget by Mr Sanwo-Olu that he was qualified to be the governor of the state and even better than those who have occupied the position.
This statement by the former Speaker was seen as an affront on the previous governors of the state, including President Bola Tinubu, who governed Lagos between 1999 and 2007.
It has been speculated that Mr Obasa kept Governor Sanwo-Olu waiting for long during the budget presentation last month. It was claimed that this action infuriated the governor and leaders of the ruling All Progressives Congress (APC).
Yesterday, members of the parliament in Lagos said they had had enough of Mr Obasa, moving to remove him from office.
As this happened, there were claims that Mr Sanwo-Olu instigated members of the Lagos State House of Assembly to impeach the former Speaker.
But the governor, through his Special Adviser on Media and Publicity, Mr Gboyega Akosile, distanced himself from the impeachment, emphasising that it was purely a decision of the legislative arm of government.
“This is a legislative matter, and the Assembly handled it as they saw fit. The governor has no involvement,” Mr Akosile, who once served as the Chief Press Secretary (CPS) of Mr Sanwo-Olu, said in an interview, noting that his principal does not interfere in the other arms of government.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN