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Courageous Steps by Tinubu in making Nigeria a destination of choice for investors , says Edun

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The President Bola Ahmed Tinubu administration to steer the economy in the right direction has propelled Nigeria to become the destination of choice for most investors.
Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun made this known yesterday at a press briefing in Marrakech, Morocco.

Highlighting Nigeria’s current investment climate and the opportunities available for foreign and domestic investors, the finance minister said Nigeria has taken bold, courageous steps to improve its economy and is now a prime destination for investment.

Edun acknowledged that more work is needed but believes that Nigeria is on the right path towards economic recovery, job creation, and inclusivity for women and young people.

He insisted that the opportunity being presented is not only to showcase what Nigeria has done but to also allow people to gain a better understanding of the progress that has been made.

The Minister noted that some countries now see Nigeria’s progress as an inspiration but lack the courage to take similar steps.

According to him, “regarding the opportunity to attract investment, there have been many conversations and in all honesty the narrative is that with the bold courageous steps that Nigeria has taken, we are now at the forefront almost number one on people’s list when they want to look at where to invest, that is now the narrative.

“There is more to be done but Nigeria is definitely on the right path, taking the right decisions for the economy to recover and for it to attract foreign direct investment as well as domestic investment in other to recover true economic growth, job creation and at the same time achieve inclusivity of women and young people.”

The finance minister added that “the opportunity we have had, not so much to stand in front of people and showcase but that they get the opportunity within this environment to understand even more clearly what has been done and the truth is there are some countries here that say that ‘these are steps we would like to take but they do not believe they have essentially the courage to do it’.

With regards to debt restructuring, the finance minister said the goal is to improve or modify the terms of the debt so that the borrower can better meet their obligations.

Edun agreed that waiting to restructure debt is not always the best approach but instead suggested being proactive and looking for opportunities to improve the conditions under which the debt was borrowed.

However, he pointed out that given the current global economic climate, debt is becoming less affordable due to high interest rates.

He noted that, if a borrower has access to cheap financing, they should take advantage of it as long as they are comfortably servicing the debt.

In situations where a borrower can afford to do so, they should try to pay down debt in order to avoid it becoming a burden.

Speaking about more government borrowing but this time from the Central Bank, the finance minister underscored President Tinubu’s commitment to fiscal responsibility, rule of law, and a responsible approach to managing government finances, particularly in the context of borrowing from the central bank.

According to him, one of President Tinubu’s key priorities is to adhere to the legal framework and regulations already in place and this, the minister explained, extends to the President’s commitment to staying within the limits for “Ways and Means”.

Edun emphasized that President Tinubu is aware of the importance of fiscal responsibility, even though he may resort to overdraft borrowing, “his goal is to ensure that the government doesn’t exceed the statutory limits set for such borrowing.

Moreover, the minister said that there has been a realization of the need to reduce the reliance on borrowing from the central bank, which might have been excessive or appeared to be spiraling out of control in the past.

On the talks with the World Bank on $1.5 billion budget support, the minister confirmed that Nigeria was in talks with the World Bank to access the facility.

According to Wale Edun, “it has free money through IDA International Development Association. It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero.

“So, therefore, there is no stigma attached to qualifying for World Bank funding to help finance development. In this particular case, it has long been in the pipeline, and we are hoping that the funding will come through soon.

“A lot of hard work is being done. There is a Federal Executive Council meeting on Monday, that should be able to discuss this, as well as other initiatives for financing on reasonable terms. We have talked about the high costs of money, the World Bank money is the cheapest”.

Speaking on the current level of hardship Nigerians are going through as a result of putting an end to subsidy on fuel and exchange rate unification, the finance minister said “these are painful reforms and Mr. President is a man of empathy who promised not to leave the vulnerable and poor behind.

“As you know there is a set of interventions being rolled out which, day by day, should improve things. More food has been grown, fertilizers are being released, Compressed Natural Gas (CNG) transport is the order of the day, while the government buses, conversion kits are on the way, there is take-up of that initiative by the private sector.

“So day by day we are moving closer to affordable and even cleaner energy simply because the price of petroleum products has been put where it really stands rather than having cheap fuel which is below the market price and below its value. Now you are seeing the right value and that is making the move to cleaner and finer energy.

He also added that one of the benefits of some of the measures taken, “is the fact that there has been a 30 per cent reduction in smuggling of petroleum products across the border, I think is a major achievement of that all important step to remove fuel subsidy.

Meanwhile, the Minister has been appointed as the Chairman of the African Governors’ Forum of the World Bank.

The African Governors’ Forum is a platform for African finance ministers and central bank governors to engage with the World Bank on issues of mutual interest.

The African Caucus was established in 1963 to strengthen the voice of African Governors.

A statement issued by the Federal Ministry of Finance on its official X (formerly Twitter) account, said that this marks the first time Nigeria has assumed the role of Chairman in 60 years.

It said: “World Bank Appointment: Nigeria’s Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun has been appointed to Chair the African Governors’ Forum of the World Bank.

“This marks the first time Nigeria has assumed the role of Chairman in 60 years.

‘’The appointment presents a unique opportunity for Nigeria and the implementation of President Tinubu’s Renewed Hope Agenda.’’

According to the IMF’s guiding principles for the caucus, the forum’s Chairman is determined by rotation based on the alphabetical order of African countries.

This system ensures that each country takes its turn to lead the group, preventing one nation from chairing the forum twice while others have yet to assume the role.

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Humanity, Leadership and Legacy: Ooni of Ife Celebrates Prince Eludoyin at 78

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The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and the Natural Head of the Oduduwa race worldwide, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, has celebrated renowned businessman and illustrious son of Ile-Ife, Prince Eludipo Elusanmi Eludoyin, on the occasion of his 78th birthday.

In a statement on Monday released by the Director of Media and Public Affairs, Ooni’s Palace, Otunba Moses Olafare, the Ooni who is also the Permanent Co-chairman of the National Council of Traditional Rulers of Nigeria (NCTRN) described Prince Eludoyin as one of the shining lights of Ile-Ife whose life has remained dedicated to hard work, service to humanity and the growth of Nigeria’s economy.

The Ooni praised the Ife-born business mogul for his remarkable achievements in the international business community, noting that his contributions through Paragon Holdings Limited and other business platforms have created employment opportunities for thousands of people while also supporting meaningful development projects within and outside Nigeria.

Ooni Ogunwusi said Prince Eludoyin’s impact goes beyond business, describing him as a man who has consistently used his success to uplift people and support communities through various philanthropic activities.

According to the Ooni, the celebrant’s humility, wisdom and commitment to humanity have earned him respect across different sectors both in Nigeria and abroad.

The royal father also acknowledged Prince Eludoyin’s longstanding relationship with President Bola Ahmed Tinubu, describing the celebrant as a trusted confidant and loyal friend whose influence and experience continue to contribute positively to national development.

“Prince Eludoyin is a pride to Ile-Ife and the Yoruba race. His life story is one of vision, resilience and service. At 78, he remains a source of inspiration to younger generations who desire success built on integrity, excellence and compassion,” the Ooni stated.

The Ooni prayed for more years of sound health, peace, strength and continued accomplishments for the elder statesman as he continues to serve humanity and contribute to the progress of society.

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Between Hope and History: What Nigerians Expect from Tegbe as Power Minister

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By Michael Olukayode
For decades, electricity has remained Nigeria’s most enduring national embarrassment. From military administrations to democratic governments, promises of stable power supply have come and gone with little to show beyond recurring darkness, collapsing grids, abandoned projects and rising public frustration.

Now, with the appointment of Joseph Olasunkanmi Tegbe as Minister of Power, expectations are once again rising. Yet unlike in previous eras, Nigerians are no longer impressed by ambitious declarations. They are demanding results.

The question confronting Tegbe is not whether he understands the scale of the crisis. It is whether he can succeed where many before him failed.

Nigeria’s electricity sector is littered with the ruins of grand promises.

From the Olusegun Obasanjo administration’s multi-billion dollar National Integrated Power Projects (NIPP), to the Goodluck Jonathan-era privatisation of generation and distribution companies, successive governments repeatedly promised that stable electricity was around the corner. Under former President Muhammadu Buhari, Nigerians were told that the Siemens-backed Presidential Power Initiative would revolutionise transmission and distribution. The current administration of President Bola Ahmed Tinubu also pledged sweeping reforms, improved generation and a more efficient market-driven electricity sector.

Yet millions of Nigerians still rely on generators as their primary source of power.

The irony remains painful: Africa’s largest economy continues to generate barely between 4,000 and 5,000 megawatts for over 200 million people, despite an installed capacity exceeding 13,000MW.

Entire industries have collapsed under the burden of self-generated electricity. Small businesses spend more on diesel than on salaries. Manufacturers complain of rising operational costs. Students study under torchlights. Hospitals struggle to preserve vaccines and operate life-saving equipment. For many Nigerians, electricity is not merely an infrastructure issue; it is the dividing line between poverty and productivity.

That is why Tegbe’s appointment comes with enormous pressure.

Unlike many previous political appointees in the sector, Tegbe comes into office with the image of a technocrat rather than a career politician. A chartered accountant and management consultant, he built his reputation in the private sector through years of corporate advisory work, investment strategy and institutional restructuring. He previously served as the Director-General and Global Liaison for the Nigeria-China Strategic Partnership, where he was credited with helping to deepen investment engagement between Nigeria and Chinese investors in infrastructure, manufacturing and industrial development initiatives.

Before that appointment, Tegbe had a long corporate career spanning consulting, finance and business transformation. He worked with multinational consulting firm Deloitte and later became a senior business strategist with extensive experience in public-private partnerships, governance systems and economic planning. Supporters argue that this background gives him a better understanding of the financial and structural complexities that have crippled Nigeria’s power sector for years.

His defenders also point to his record in economic coordination and institutional reforms, arguing that the electricity crisis is no longer just a technical problem but a management and governance challenge requiring strategic execution, investor confidence and policy discipline.

At his Senate screening, Tegbe outlined a reform agenda focused on improving gas supply, strengthening grid reliability, accelerating metering, enforcing accountability among distribution companies and restoring financial discipline across the sector.

Those priorities are significant because Nigeria’s electricity crisis is no longer just about generation. The problems are systemic.

Generation companies complain of unpaid debts and inadequate gas supply. Distribution companies struggle with huge financial losses, weak infrastructure, electricity theft and poor revenue collection. Transmission infrastructure remains fragile and outdated, leading to frequent system collapses and stranded power capacity.

The national grid itself has become symbolic of institutional weakness. Grid collapses have repeatedly plunged large sections of the country into darkness, disrupting businesses and exposing the fragility of the system. Regulatory reports continue to show wide gaps between installed generation capacity and actual available electricity supply.

For many Nigerians, these recurring failures have destroyed public confidence.

Citizens openly question whether government officials genuinely intend to solve the crisis or merely manage it politically. Some blame corruption and weak regulation; others argue that decades of policy inconsistency and poor implementation are the real culprits.

That skepticism explains why Tegbe’s promises are being greeted with cautious optimism rather than celebration.

Still, his supporters believe he enters office with certain advantages. His experience in corporate restructuring and investment negotiations may prove useful in a sector desperate for efficiency, investor confidence and credible execution. But technical knowledge alone will not solve Nigeria’s electricity crisis.

What the sector requires most is political courage.

Any meaningful reform will involve difficult decisions: enforcing payment discipline, restructuring failing distribution companies, addressing subsidy distortions, improving tariff transparency, tackling electricity theft and compelling stronger private sector accountability. These reforms are politically sensitive because electricity affects every household and business in the country.

The minister must also confront the deeper institutional problem that has undermined previous reforms — weak governance.

Over the years, billions of dollars have reportedly been invested in power infrastructure with minimal impact on supply. Projects are often launched with fanfare only to disappear into bureaucratic delays, contractual disputes or funding crises. Nigerians have grown weary of ceremonial commissioning without measurable outcomes.

That is why measurable targets will matter more than speeches.

If Tegbe hopes to build public trust, Nigerians will expect clear timelines, transparent reporting and visible improvements in supply stability. Citizens want fewer excuses and more accountability. They want to know why power plants cannot get gas despite Nigeria’s enormous natural gas reserves. They want to know why transmission bottlenecks continue years after repeated intervention programmes. They want to know why estimated billing still persists despite promises of mass metering.

Most importantly, they want leadership that acknowledges that electricity is central to national development.

No serious industrial economy can thrive in darkness.

Countries that transformed their economies invested heavily in stable electricity infrastructure. Without reliable power, Nigeria’s ambitions for industrialisation, digital innovation, manufacturing growth and foreign investment will remain severely constrained.

The challenge before Tegbe therefore goes beyond fixing transformers or stabilising the grid. His real assignment is to restore credibility to a sector where public trust has nearly collapsed.

There are signs that structural reforms may finally be gaining momentum. The Electricity Act 2023 has opened the door for states to develop independent electricity markets, reducing overdependence on the fragile national grid. Several states are already moving toward decentralised power arrangements.

But Nigerians have heard reform language before.

What they seek now is evidence.

The success or failure of Tegbe’s tenure may ultimately depend on one simple question: can his administration deliver stable and predictable improvement, even if gradual?

If he succeeds, he could become the minister who finally begins the long-delayed transformation of Nigeria’s electricity sector.

If he fails, he risks joining a long list of officials whose promises disappeared into the darkness Nigerians know too well.

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Ekiti North Residents Reject Fasuyi, Fault Repeated Claims Against Tinubu on Project Funding

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……Stop Using Governor Oyebanji’s Name” — Orin Ora

…….Ward Fires Warning Over Fasuyi Endorsement

Fresh political tension reportedly erupted in Orin Ora Ward, Ido/Osi Local Government Area of Ekiti State, as aggrieved party members and residents allegedly rejected the re-election bid of Senator Cyril Fasuyi over what they described as “three years without visible development.”

The protest mood in the ward was said to have intensified following claims that the senator had repeatedly blamed President Bola Ahmed Tinubu for not funding constituency projects and budget allocations.

According to sources within the ward, residents expressed frustration over what they called “unfulfilled promises, lack of empowerment, and absence of meaningful projects” since the senator assumed office.

Political stakeholders in Orin Ora Ward were also said to have rejected alleged attempts to impose Senator Fasuyi on the people ahead of the 2027 elections.

“There is no Sakamaje endorsement here. Orin Ora Ward cannot be forced into supporting any candidate,” a party source reportedly declared.

The stakeholders further warned against dragging the name of Governor Biodun Oyebanji into what they described as “political imposition tactics.”

Residents reportedly insisted that any endorsement must reflect the genuine wishes of the people and not political pressure from powerful interests.

 

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