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$30bn Economy: UK, World Bank, Afreximbank, AFDB, Others Back Enugu

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The Enugu State Government at the weekend took a bold step towards the actualisation of a $30 billion economy in the next four to eight years, as the state successfully hosted an inaugural Enugu State Investment and Economic Growth Stakeholders Roundtable.

This was even as the administration of the state governor, Dr. Peter Mbah, used the occasion to unveil 30 investment opportunities worth over $2.1 billion, which it said were projects that would directly impact the lives of the people and change the economic fortunes of the state.

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The event saw a large turnout of community of investors, development bankers, international development agencies, and other critical stakeholders, including the Government of the United Kingdom (UK), the World Bank, African Export-Import Bank (AfriExim), African Development Bank (AfDB), United Kingdom Department for Business and Trade, and the Infrastructure Credit Guarantee Company.

Speaking at the event, which was attended by prospective local and international investors, development financiers, and members of the diplomatic community, Mbah said that the theme of the event, “Leveraging Public-Private Partnership”, underscored the administration’s vision to accelerate sustainable economic transformation powered by the private sector.

READ ALSO: Newborn Rescued From Pit Toilet Dies, Soludo Mourns

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He urged investors to look towards Enugu as a preferred investment destination, saying the state was taking deliberate steps to create a friendly and de-risked business environment that would guarantee impressive returns on investment.

“The roundtable marks a new beginning for long-term partnerships and cooperation for shared prosperity, which will catalyse a sustainable, resilient, and prosperous Enugu,” he stated, assuring that Enugu would regain its lost glory in no time.

“Enugu State will become Nigeria/South East’s most remarkable success story driven by industrialisation and structural economic transformation, responsible public financial management, robust growth in trade and investment, and sustainable and inclusive infrastructural development.

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“The magnitude of the efforts required to achieve our transformation goal calls for a shift away from the current dominant public sector model and towards policies and business environment reforms that will attract increased private sector and African diaspora participation in financing and delivering infrastructure and services in critical economic areas.

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“We are no longer satisfied with the status quo and so, we are presenting a pipeline of 30 potential project opportunities with an estimated investment value of more than 2.1 billion dollars.

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“My vision is to transition the state from public to private investment-led growth, which will eventually close our physical and social infrastructure gap, create hundreds of thousands of jobs for the people, and expand our economy towards the 30-billion-dollar growth trajectory that we know is achievable”, he stated.

While laying out the State’s Integrated Sector-Based Productivity Growth Strategy, which charts a clear path to achieving the $30 billion GDP growth target, Mbah said: “We know that our goals for economic transformation are challenging, but they are attainable, and my government is resolute in its commitment to deliver on the promise we made to Ndi Enugu”.

Meanwhile, the strategic sector opportunities and indicative projects presented by the Secretary to the State Government, Prof. Chidiebere Onyia, span transport and logistics, agriculture, energy and minerals, healthcare, eco-tourism and hospitality, aviation, and Information Communication Technology (ICT) sectors.

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READ ALSO: Naira Gains At Investors, Exporters Window

Speaking at the event, the Deputy British High Commissioner to Nigeria, Jonny Baxter, commended the Dr. Mbah administration for putting together the roundtable.

“This round table discussions is for us to understand and engage in the state’s transformation agendas and to also position the state into one of Africa’s hubs by accessing the investment opportunities that are existing.

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“It should also be known that cashew, coconut and plantain are products being planted in Enugu and other South Eastern States are among the top priority products which are under the scheme. I will be delighted to ask people in the UK to look out for the cashew nuts produced in Enugu when they buy it in the UK. Cocoyam, which is also produced in the state, is also a priority product.

“We are all working together so that we can transform the enormous economic potentials in the state into a prosperous reality. I look forward to fostering a mutual investment and trading relationships between the UK and Enugu State,” he said.

Commending the roundtable, which he described as a demonstration of Mbah’s vision to transform Enugu’s economy, the World Bank Country Director for Nigeria, Shubham Chaudhuri, said there could not be job creation and sustainable economic growth and development without private-sector investments.

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On his part, the Regional Chief Operating Officer, Afrexim Bank, Eric Intong, said the financial institution was ready to support the Enugu State government in project preparation to ensure their realisation, adding that Afrexim Bank was poised to trade with Enugu.

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Peter Obi Condemns Tinubu’s Saint Lucia Trip

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Labour Party leader and former presidential candidate, Peter Obi, has criticised President Bola Tinubu’s planned trip to Saint Lucia, describing it as poorly timed and lacking in sensitivity, especially amid Nigeria’s deepening economic and security challenges.

Tinubu is expected to leave Nigeria on Saturday for Saint Lucia and is also scheduled to attend the upcoming BRICS summit in Brazil.

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In a post shared on X (formerly Twitter) on Saturday, Obi expressed dismay over the president’s travel, questioning the state of governance in the country.

Obi argued that Tinubu’s trip highlights a pattern of misplaced priorities by the administration, particularly at a time when citizens are grappling with widespread hunger and insecurity.

READ ALSO:Strike: NLC To Shutdown FCT After Tinubu’s Project Inaugurations Labour

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“What I have seen and witnessed in the last two years has left me in shock about poor governance delivery and apparent channelling of energy into politics and satisfaction of the elites, while the masses in our midst are languishing in want,” Obi stated.

He lamented the toll of rising insecurity across Nigeria, pointing out the country’s deteriorating safety situation.

In the past two years, Nigeria has lost more people to all sorts of criminality than a country that is officially at war.

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“Without any twilight, Nigeria ranks among the most insecure places in the world. Nigerians are hungrier, and most people do not know where their next meal will come from,” he wrote.

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Obi said he was stunned when he learned of the President’s travel plans, especially following what he described as a recent holiday in Lagos.

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With such a gory picture of one’s country, you can imagine my bewilderment when I saw a news release from the Presidency announcing that President Bola Tinubu is departing Nigeria today for a visit to Saint Lucia in the Caribbean,” he said.

Quoting Saint Lucia’s Prime Minister, Philip J. Pierre, Obi noted that the visit comprises both official and personal segments.

According to the Prime Minister’s announcement, ‘two of these days, June 30 and July 1, will be dedicated to an official visit, with the remainder of the trip set aside as a personal vacation,” he said.

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Obi noted that he initially found the report hard to believe.

READ ALSO:How Atiku, El-Rufai, Amaechi Can Learn From Tinubu’s School Of Politics

I told the person who drew my attention to the Caribbean story that it cannot be true and that the President is just coming back from a holiday in Lagos.

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“I didn’t want to believe that anybody in the position of authority, more so the President… would contemplate a leisure trip at this time,” Obi said.

He condemned Tinubu’s failure to visit disaster-stricken areas like Minna in Niger State, where over 200 people reportedly died and hundreds remain missing due to flooding.

This is a President going for leisure when he couldn’t visit Minna, Niger State where over two hundred lives were lost and over 700 persons still missing in a flood natural disaster,” he said.

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READ ALSO:PHOTOS: President Tinubu Receives Queen Mary Of Denmark At State House

Obi also took issue with Tinubu’s recent trip to Benue State, claiming it was politically motivated rather than compassionate.

The other state in crisis where over two hundred lives were murdered, the President yielded to public pressure and visited Makurdi… for what turned out to be a political jamboree than condolence as public holiday was declared and children made to line up to receive the President who couldn’t even reach the village, the scene of the brutal attack,” he said.

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Drawing comparisons between Nigeria and Saint Lucia, Obi questioned the logic of prioritising a visit to the Caribbean nation over addressing pressing domestic issues.

Makurdi is 937.4 Km², which is over 59% bigger than St Lucia, which is 617 km², and Minna is 6789 square kilometres, which is ten times bigger than St Lucia. St Lucia, with a population of 180,000, is less than half of Makurdi’s 489,839 and Minna, with 532,000 is almost three times the population of St Lucia,” the former Anambra governor said.

READ ALSO:‘Peace Has Returned To Rivers’ — Wike, Fubara Speak After Meeting Tinubu

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He concluded his post by stressing the urgent need for leadership that is grounded in empathy and focused on addressing the suffering of ordinary Nigerians.

He said, “I don’t think the situation in this country today calls for leisure for anybody in a position of authority, more so the President, on whose desk the buck stops.

“This regime has repeatedly shown its insensitivity and lack of passion for the populace…”

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Obi added, “This very obvious indifference of the federal government to the suffering of the Nigerian poor should urgently be reversed.

“One had expected the President to be asking God for extra hours in a day for the challenges, but what we see is a concentration of efforts in the 2027 election and on satisfying the wealthy while the mass poor continues to multiply in number.

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World Bank Lists Nigeria Among 39 Nations Facing Rising Poverty, Hunger

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The World Bank has listed Nigeria among 39 countries where poverty and hunger are deepening as a result of conflict and instability.

In a report released on Friday, the bank said the economies, a mix of low- and middle-income countries, span all global regions. Among them are Afghanistan, Burkina Faso, Cameroon, Ethiopia, Libya, Mali, Nigeria, Sudan, Ukraine, and Zimbabwe.

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The report, which assesses the economic impact of conflict and fragility in the post-COVID-19 era, revealed that 21 of the 39 countries are experiencing active conflict.

READ ALSO:World Customs Organisation Elects Adeniyi Chairperson

According to the findings, extreme poverty is rising more rapidly in these countries, taking a severe toll on economic development, worsening hunger, and derailing progress toward key development goals.

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Since 2020, the report noted, the average per capita GDP of these economies has declined by 1.8 per cent annually, in contrast to a 2.9 per cent growth rate recorded in other developing countries.

The report partly reads: “This year, 421 million people are struggling on less than $3 a day in economies afflicted by conflict or instability—more than in the rest of the world combined.

“That number is projected to rise to 435 million, or nearly 60% of the world’s extreme poor, by 2030.”

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Nigeria’s Public Debt Rises To N149trn

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Nigeria’s total public debt rose to N149.39 trillion as of March 31, 2025, according to the latest data released by the Debt Management Office (DMO).

The nation’s public debt represents the indebtedness of the federal and state governments, as well as the Federal Capital Territory.

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The Federal Government owes N74.89 trillion, while the 36 states and the Federal Capital Territory (FCT) owe the balance of N3.87 trillion.

READ ALSO:World Customs Organisation Elects Adeniyi Chairperson

The figure represents about 4. 72 trillion or 3.3 percent increase over the preceding quarter, with a debt stock figure of N144.67 trillion.

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The data showed that external debt rose minimally by 0.5 percent between the end of 2024 and the end of March 2025 (N344 billion).

Although the nation’s external borrowing has been quite low since the last quarter of 2024, the Naira depreciation has had a very negative effect on the stock.

Domestic debt stood at N78.76 trillion as of the end of the first quarter compared to N65.65 trillion in March 2024.

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