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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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The Great Leap Forward: Tinubu Orders Immediate Funding for Regional Development Commissions

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President Bola Tinubu has directed the Secretary to the Government of the Federation, George Akume, to ensure the release of all funds approved for the regional commissions.

Tinubu gave the directive on Monday at the North Central Development Commission Summit, themed “The Great Leap Forward: A 20-Year Economic Infrastructure and Social Development Plan for the North Central Region.”

Akume, who represented the President at the summit, said the creation of regional development commissions was part of the administration’s Renewed Hope Agenda to accelerate development across the country.

“Government will continue to give the NCDC and other Regional Development Commissions the political and financial backing to embark on key projects that will unlock the economic and industrial potentials of the nation.

“I therefore direct the Secretary to the Government of the Federation to ensure that all funds accruable to the Commissions are released as and when due,” he said.

The President, however, said the commissions should not rely solely on government funding, urging them to explore public-private partnerships, donor funding and development financing for transformative projects.

He said the commissions were expected to focus on major projects in rail, air transportation, industrialisation, security, investment, human capital development, education and health.

Tinubu also warned the boards and management of the commissions against corruption, marginalisation, politicisation and misuse of government resources.

“Such actions will not be tolerated, and government will not hesitate to sanction anyone found culpable,” he said.

The President said the regional commissions were not established to replace or duplicate the functions of state and local governments or existing federal institutions.

He said the North Central Development Commission should support efforts to address the security challenges in the region, stressing that development could only take place in a stable environment.

Meanwhile, the Nasarawa State Governor and Chairman of the North Central Governors’ Forum, Abdullahi Sule, said the region possessed the human and natural resources needed to drive economic development.

Sule said the region had demonstrated its capacity in agriculture, mining and industrial production, stressing the need to move from the extraction of raw materials to processing and value addition.

“When you are mining in North Central, you must also process in North Central,” the governor said.

He cited the establishment of a cement factory in Kogi State as an example of how local processing could transform Nigeria’s economy.

The governor said Nasarawa State, which had more than 400 steel licences when he assumed office in 2019, previously had no processing plant despite its mineral resources.

He said the state had since become home to the country’s largest and second-largest lithium processing plants.

“The North Central is the home of Benue cement. The North Central is the home of rice production. The North Central is the home of sesame production. So we have it all. Whatever it is that we are looking for, we have it,” Sule said.

He said what the region needed was leadership capable of developing and implementing long-term plans.

“What do we need more? We need thinkers. We need implementers. We need people who understand what it means to lead,” he said.

Sule also commended the Tinubu administration’s economic reforms, saying the policies had increased revenues available to the federal, state and local governments.

“Today, we are paying salaries without borrowing money from the bank. Even if you hate him, you cannot hate his policies. Even if you disagree with him, you cannot disagree with his policies. And that is the only way we can build,” he said.

Earlier, the Chief Executive Officer of the North Central Development Commission, Cyril Tsenyil said the commission’s role was to coordinate regional development and mobilise resources and partnerships rather than replace the six state governments and the Federal Capital Territory.

He said the commission’s 20-year plan would focus on developing regional economic corridors, processing agricultural and mineral resources, improving infrastructure and creating opportunities for young people.

He said the region should aspire to become one of Africa’s most competitive agricultural regions rather than merely being known as Nigeria’s agricultural hub.

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Railway Revamp Will Open New Frontiers for Trade, GDP Growth, Says Opeifa

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The Managing Director/Chief Executive Officer of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has said an efficient railway system will boost Nigeria’s GDP, strengthen trade and food security, reduce transportation costs and improve the general standard of living.

Speaking on TVC’s This Morning Show, Opeifa said the Corporation is focused on optimising existing railway assets while encouraging greater participation by state governments, regional development commissions and the private sector.

“The NRC is not doing badly, but we could do better. We should have been better than where we are today if not for many years of inaction,” he said.
He explained that Nigeria inherited an extensive railway network linking major parts of the country, but decades of inadequate investment and the abandonment of the narrow-gauge system during the modernisation drive created major setbacks.

According to him, the present administration is correcting past mistakes by rehabilitating existing lines, expanding the standard-gauge network and strengthening partnerships with states.

Opeifa said moving railway matters from the Exclusive Legislative List to the Concurrent List has opened fresh opportunities for states and private investors.

He cited the Lagos Red Line as a successful example of what he described as “Railing with the States,” adding that similar initiatives are being pursued in Plateau and Zamfara states.

He also disclosed that regional development commissions and state governments across the South West, South East, North East and North Central are engaging the NRC on railway development.

“Every state and region is now showing interest, and the national government is ready,” he said.

On freight development, Opeifa said the Federal Government had completed the connection of the Lagos-Ibadan Standard Gauge Railway to the port, while goods are also being moved from Apapa towards Ilorin on the narrow gauge.
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He added that arrangements had been concluded to move freight from Lagos to Kano, Kaduna and Minna, stressing that the Corporation is determined to keep existing railway corridors commercially active.

The NRC boss said the Port Harcourt-Aba section of the Eastern corridor had also been completed and was operational.

He identified poor road links to railway stations as a major challenge to intermodal transportation and urged state governments to provide efficient connections between railway stations, cities and public transport networks.

According to him, railway remains a major driver of industrial development, supporting factories, agriculture, mining, petroleum distribution and inland container movement.

He said completion of rehabilitation works on the Western Line would create opportunities for increased movement of petroleum products and other freight by rail, thereby reducing pressure on roads.

Opeifa also disclosed that the NRC is exploring opportunities in livestock and agricultural transportation, including the use of refrigerated wagons for perishable goods.

On regional connectivity, he said Nigeria’s railway links with neighbouring countries would strengthen trade and give landlocked countries access to Nigerian seaports.

He expressed optimism that the Kaduna-Kano railway project could be completed by December 2026, paving the way for rail movement from Abuja to Kano.

Speaking on the suspended Warri-Itakpe Train Service, Opeifa apologised to passengers and said safety remained the Corporation’s priority.

He explained that although track rehabilitation and a test run had been completed, passenger operations would not resume until safety audits of the track, equipment and personnel were concluded.

Opeifa also said the NRC had completed a proof of concept for the use of Liquefied Natural Gas in railway operations and remained committed to tackling ticket racketeering.

“If we get the railway system right, our GDP will increase, farmers and small businesses will benefit, inflation will continue its downward movement and the general standard of living will improve,” he said.

He urged state and local governments, regional development bodies and private investors to take advantage of opportunities in the railway sector.

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Fake Agency Scandal Deepens as Ministers, DGs Face Foreign Travel Hurdles

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The Federal Government has barred ministers, heads of ministries, departments and agencies and other government appointees from embarking on official foreign trips without prior approval from the Office of the Secretary to the Government of the Federation.

The government also directed the Ministry of Foreign Affairs to make evidence of valid approval from the Office of the Secretary to the Government of the Federation a mandatory requirement for processing official travel documents, including official, diplomatic and service visas for government appointees.

The directive was contained in a circular signed by the Secretary to the Government of the Federation, George Akume, and addressed to top government officials and heads of major Federal Government institutions.

The move comes amid heightened scrutiny of government agencies and individuals claiming to represent the Federal Government, following the controversy surrounding the self-styled Director-General of the purported Presidential Foreign Intervention Promotion Council, Prince Adeniyi Adeyemi.

The controversy has raised questions about how individuals claiming official status can undertake engagements in the name of Nigeria, including foreign engagements, without clear evidence of government authorisation.

However, the latest directive is broader and applies to Federal Government appointees generally.

The circular, titled “Non-Compliance by Government Appointees with the Requirement for OSGF Approval for Official Foreign Trips and the Mandatory Inclusion of OSGF Approval in the Processing of Official Visas,” said the government had observed that some officials continued to embark on official foreign trips without obtaining the required clearance.

It stated, “It has been observed with concern that some Federal Government Appointees continue to embark on official foreign trips without obtaining prior approval from the Office of the Secretary to the Government of the Federation (OSGF), contrary to extant government directives and established administrative procedures regulating official travels outside the country.”

The SGF recalled that the government had issued several circulars over the years to regulate official foreign travel by ministers, heads of ministries, departments and agencies, boards, committees and other public officials.

According to the circular, these directives were issued “with a view to promoting accountability, fiscal discipline and effective coordination of Government business.”

The circular listed a September 18, 2023, circular on “Guidelines for Official Travels by Cabinet Members, Heads of Agencies and Public Officials”, a March 31, 2015, circular on “Guidelines for Official Trips by Chairmen of Federal Government Committees, Boards of Corporations and Government-Owned Companies” and a September 27, 2017, circular on “Additional Cost Control Measures to Guide Foreign Trips by Ministers and Senior Government Officials.”

It also referenced a March 8, 2018, circular on “Observed Indifferent Adherence to Extant Regulations Guiding the Conduct of Foreign Trips by Public Officials” and a November 20, 2012, circular on “Further Cost-Cutting Measures and Fiscal Prudence on Travel by Cabinet Members.”

Despite the previous directives, the SGF said cases of non-compliance had persisted.

The circular stated, “Despite these directives, instances of non-compliance continue to be recorded.”

It warned that the development had broader implications for government administration, stating, “This trend undermines Government’s efforts to ensure proper coordination, accountability, transparency, prudent management of public resources and effective monitoring of official foreign engagements undertaken on behalf of the Federal Government of Nigeria.”

The government consequently reaffirmed the requirement for prior clearance.

The circular stated, “Accordingly, all official foreign trips undertaken by Federal Government appointees shall continue to require prior approval from the Office of the Secretary to the Government of the Federation before such trips are undertaken, except where otherwise expressly provided by law or by specific Presidential directive.”

It added, “This requirement is consistent with the principles of due process, centralised coordination of government business and prudent management of public resources, as reflected in the Public Service Rules, 2021 Edition, the Financial Regulations (Revised Edition, January 2009) and other extant Government directives.”

As part of the immediate measures to strengthen compliance, the Ministry of Foreign Affairs has been directed to ensure that evidence of OSGF approval forms part of the documentation required for official foreign travel.

The circular directed that “The Ministry of Foreign Affairs shall include evidence of valid OSGF approval, where applicable, as a mandatory requirement in the processing of requests for official Notes Verbales, diplomatic facilitation and all applications relating to official foreign travel by Government Appointees.”

The ministry was further directed to communicate the requirement to foreign missions and embassies operating in Nigeria.

It stated, “The ministry is further requested to formally communicate this requirement to all Foreign Missions and Embassies accredited to the Federal Republic of Nigeria, advising that applications for Official, Diplomatic or Service Visas by Government Appointees should, where applicable, be accompanied by duly issued OSGF travel approval as part of the mandatory supporting documentation.”

The new measure therefore gives foreign missions an additional means of verifying whether a Nigerian government official travelling on official business has received the required authorisation.

The Office of the Auditor-General for the Federation was also assigned responsibility for checking compliance with the directive during audit exercises.

According to the circular, “The Office of the Auditor-General for the Federation shall require every government appointee who undertook an official foreign trip at public expense to produce evidence of the requisite OSGF approval during audit exercises.”

The government further warned that public funds spent on unauthorised foreign trips would be subject to scrutiny.

It stated, “Any expenditure incurred in respect of official foreign travel undertaken without the required approval shall be reported appropriately in accordance with extant Financial Regulations and applicable audit procedures.”

The directive also places a direct responsibility on accounting officers and heads of Federal Government institutions to prevent the processing of public funds for unauthorised trips.

It stated, “Accounting Officers, Permanent Secretaries, Chief Executive Officers and Heads of Federal Government Agencies shall ensure that no expenditure relating to official foreign travel by government appointees is processed unless the requisite OSGF approval has first been obtained.”

The SGF consequently directed all ministers, permanent secretaries, accounting officers and heads of ministries, departments and agencies to ensure compliance.

The circular stated, “All Honourable Ministers, Permanent Secretaries, Accounting Officers and Heads of Ministries, Departments and Agencies are hereby directed to ensure strict compliance with the provisions of this Circular.”

It further stated that the directive was effective immediately, declaring, “This circular takes immediate effect and supersedes any administrative practice inconsistent with its provisions, without prejudice to existing extant regulations governing official foreign travel.”

The circular was addressed to the Chief of Staff to the President; Deputy Chief of Staff to the Vice President; all Honourable Ministers and Ministers of State; Head of the Civil Service of the Federation; National Security Adviser; Economic Adviser to the President; Special Advisers and Senior Special Assistants.

It was also addressed to the Chief of Defence Staff, Service Chiefs and Inspector-General of Police; Governor of the Central Bank of Nigeria; Chairman, Federal Civil Service Commission; Chairman, Police Service Commission; Chairman, Code of Conduct Bureau; Chairman, Code of Conduct Tribunal; Chairman, Federal Character Commission; Chairman, Revenue Mobilisation, Allocation and Fiscal Commission; Chairman, Federal Inland Revenue Service; Chairman, Independent National Electoral Commission; Chairman, National Population Commission; Chairman, Independent Corrupt Practices and Other Related Offences Commission; Chairman, Economic and Financial Crimes Commission and Chairman, National Drug Law Enforcement Agency.

Other recipients listed in the circular were all permanent secretaries and Heads of Extra-Ministerial Departments; Clerk of the National Assembly; Chief Registrar of the Supreme Court of Nigeria; Accountant-General of the Federation; Auditor-General for the Federation; and Directors-General and Chief Executives of Parastatals, Agencies and Government-Owned Companies.

The breadth of the recipients means the directive covers ministers, senior political appointees, permanent secretaries, security chiefs, heads of regulatory and anti-corruption bodies, electoral institutions, financial institutions, government agencies and government-owned companies.

The development is coming against the backdrop of the controversy over the purported PFIPC, which has drawn attention to the need for stronger verification of individuals and organisations claiming to represent the Federal Government.

The purported PFIPC and its self-styled Director-General, Adeyemi, have been at the centre of investigations into alleged impersonation and the use of questionable government documents.

The matter has also raised concerns about how purported government officials could engage public institutions and foreign entities while claiming to represent Nigeria.

The latest directive, however, does not single out the purported PFIPC or Adeyemi.

Instead, it establishes a general requirement that government appointees must obtain central approval before undertaking official foreign engagements.

By directing the Ministry of Foreign Affairs to demand evidence of OSGF approval, the government is also creating a formal verification mechanism for foreign missions processing travel documents for Nigerian officials.

The financial provisions of the circular further link official travel approval to accountability for public expenditure, as accounting officers have been directed not to process expenses relating to foreign trips unless the required approval has been obtained.

The measures are expected to strengthen the Federal Government’s control over official foreign engagements, reduce unauthorised travel and ensure that persons travelling abroad in the name of the government have the necessary approval to represent Nigeria.

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