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Courageous Steps by Tinubu in making Nigeria a destination of choice for investors , says Edun
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.
Operatives of the Economic and Financial Crimes Commission have arrested the Director-General of the Energy Commission of Nigeria, Dr. Mustapha Abdullahi, over alleged money laundering offences.
A source within the anti-graft agency, who spoke on condition of anonymity because he was not authorised to comment officially on the matter, disclosed on Wednesday that Abdullahi was arrested in Abuja and is currently being held in the custody of the commission.
According to the source, the investigation involves alleged fraud amounting to about N500 billion.
“We have arrested the Director-General of the Energy Commission of Nigeria, Dr. Mustapha Abdullahi, over alleged money laundering offences. He was arrested in Abuja and is currently in our custody. The amount involved is estimated at N500 billion,” the source said.
The commission is yet to issue an official statement regarding the arrest as investigations continue.
Senator Cyril Fasuyi, representing Ekiti North Senatorial District, has been dragged before the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving the sum of $2,980,535.00.
The petition, submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited, accused Senator Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, of conspiracy, fraudulent conversion, obtaining by false pretence, stealing, and diversion of foreign investment funds.
According to the petition, which was acknowledged by the EFCC on December 10, 2020, the Dubai-based company alleged that the senator and his wife, operating under the name Legacy Foods Limited, failed to remit payment for products supplied to them after several business transactions.
The petition stated that IPS Ingredis, a company registered in Dubai, United Arab Emirates, conducts the business of sales, supply, and distribution of raw materials across different countries, including Nigeria, through its local subsidiary based in Lagos State.
The complainant explained that the business relationship between both parties began in November 2015 after the suspects were introduced to the company by one of its Chinese customers. Following several meetings, the Fasuyis allegedly represented themselves as credible business partners interested in the company’s line of products.
Based on the agreement, the company reportedly supplied various raw materials, including corn starch, maltodextrin, shortening, maltose syrup, and other products to Legacy Foods Limited through multiple purchase orders.
The petition further alleged that goods worth over $9 million were supplied to the suspects during the course of the business relationship. However, the company claimed that after selling the products, the suspects allegedly refused to pay the outstanding sum of $2,980,535.00.
“Our clients supplied goods worth over $9,000,000.00 to the suspects. The suspects, after selling all the goods, refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United States Dollars worth of products already supplied,” part of the petition read.
The foreign investors also accused the suspects of allegedly diverting proceeds from the sales for personal use and benefits, despite repeated demands for payment.
According to the petition, investigations allegedly revealed that the products supplied had been sold and disposed of, while proceeds were allegedly converted for personal gains.
The complainant described the development as “a calculated attempt to dispossess foreign investors of their investment in Nigeria through fraudulent means.”
The petition also emphasized the need for Nigerian authorities to protect foreign investments and uphold the spirit of bilateral investment agreements between Nigeria and the United Arab Emirates.
Meanwhile, the petition named Mrs. Elizabeth Adun Fasuyi as a co-suspect in the matter. She was reportedly present in court alongside her husband at a point during proceedings but allegedly avoided arrest by operatives of the anti-graft agency.
Senator Cyril Fasuyi, representing Ekiti North Senatorial District, has been dragged before the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving the sum of $2,980,535.00.
The petition, submitted by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited, accused Senator Fasuyi and his wife, Mrs. Elizabeth Adun Fasuyi, of conspiracy, fraudulent conversion, obtaining by false pretence, stealing, and diversion of foreign investment funds.
According to the petition, which was acknowledged by the EFCC on December 10, 2020, the Dubai-based company alleged that the senator and his wife, operating under the name Legacy Foods Limited, failed to remit payment for products supplied to them after several business transactions.
The petition stated that IPS Ingredis, a company registered in Dubai, United Arab Emirates, conducts the business of sales, supply, and distribution of raw materials across different countries, including Nigeria, through its local subsidiary based in Lagos State.
The complainant explained that the business relationship between both parties began in November 2015 after the suspects were introduced to the company by one of its Chinese customers. Following several meetings, the Fasuyis allegedly represented themselves as credible business partners interested in the company’s line of products.
Based on the agreement, the company reportedly supplied various raw materials, including corn starch, maltodextrin, shortening, maltose syrup, and other products to Legacy Foods Limited through multiple purchase orders.
The petition further alleged that goods worth over $9 million were supplied to the suspects during the course of the business relationship. However, the company claimed that after selling the products, the suspects allegedly refused to pay the outstanding sum of $2,980,535.00.
“Our clients supplied goods worth over $9,000,000.00 to the suspects. The suspects, after selling all the goods, refused to pay the sum of Two Million, Nine Hundred and Eighty Thousand, Five Hundred and Thirty Five United States Dollars worth of products already supplied,” part of the petition read.
The foreign investors also accused the suspects of allegedly diverting proceeds from the sales for personal use and benefits, despite repeated demands for payment.
According to the petition, investigations allegedly revealed that the products supplied had been sold and disposed of, while proceeds were allegedly converted for personal gains.
The complainant described the development as “a calculated attempt to dispossess foreign investors of their investment in Nigeria through fraudulent means.”
The petition also emphasized the need for Nigerian authorities to protect foreign investments and uphold the spirit of bilateral investment agreements between Nigeria and the United Arab Emirates.
Meanwhile, the petition named Mrs. Elizabeth Adun Fasuyi as a co-suspect in the matter. She was reportedly present in court alongside her husband at a point during proceedings but allegedly avoided arrest by operatives of the anti-graft agency.
Engr. Marcus Adedini, Aspirant for Ife Federal Constituency, heartily congratulate the distinguished Ife-born retired military officer, Major General Adeyinka FAMADEWA (Rtd), on his well-deserved appointment as Special Adviser on Homeland Security by President Bola Ahmed Tinubu.
This prestigious appointment is a clear recognition of your years of meritorious service, professionalism, discipline, and unwavering commitment to national development and security.
Your appointment has brought immense pride, honour, and joy to the people of Ife Kingdom, as it further reflects the excellence and capacity of our sons and daughters who continue to contribute meaningfully to nation-building. Your outstanding record of leadership and dedication to service remains a great source of inspiration to many across the country.
As you assume this important national assignment, I am confident that your wealth of experience and strategic leadership will contribute significantly to strengthening peace, stability, and homeland security in Nigeria.
I pray that God grants you wisdom, strength, and greater success in this new office. Congratulations once again, Sir.
Signed:
Engr. Marcus Adedini
Aspirant, Ife Federal Constituency
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