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Business News

Insecurity: Presidency commends U.S support in fight against terrorism



President Muhammadu Buhari has revealed that the United States government has supported the Federal Government’s efforts to eradicate terrorism within its borders.

The President disclosed this on Friday in New York while in a meeting with Ambassador Linda Thomas-Greenfield, the Permanent Representative of America to the United Nations, according to the News Agency of Nigeria.

Presidential spokesman, Mr Femi Adesina, in a statement said President Buhari stated that America’s support was a morale booster to the military, and people of Nigeria in general.

The Presidency also added that the supply of the Super Tucano aircraft, purchased from America, and other helicopters on the way, will end the security challenges in Nigeria in a matter of time.

On the Coronavirus pandemic, Buhari added that Nigeria raised a special team which in conjunction with states, educated people on safety methods.

“Coronavirus does not discriminate between small and big, rich and poor countries. So we all have to collaborate and work together,” Buhari said.

In his remarks, the Ambassador said about 70 per cent of her work at the UN center on Africa, and expressed worry about the recent military coups in Mali and Guinea.

In his response, President Buhari said leaders must respect their people, part of which is to obey the term-limit clauses in their Constitution.

“I am surprised when people spend the maximum term possible, and then tinker with the Constitution, to stay longer.

“In Nigeria, we try to educate our people to appreciate the democratic system.

“Elections should be safe and secure, no coercion of any form. People should elect the people they want. That would grow democracy,” he said.

On climate change, President Buhari said the impact had been badly felt in the Lake Chad basin area, with more than 30 million people affected, deprived of access to fishing, farming, animal husbandry, and causing irregular migration and other anti-social acts and urged for concerted action on inter-basin water transfer from Congo basin to the Lake Chad.

In case you missed it

President Muhammadu Buhari on Friday addressed world leaders at the 76th Session of the United Nations General Assembly (UNGA76). The President spoke at the high-level General Debate of the summit which is going on at the UN Headquarters in New York, the United States.

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Power: Nigeria committed to electrifying 5 million households – Buhari



President Muhammadu Buhari said the Nigerian Government is committed to electrifying 5 million households in Nigeria under the Energy Transition Plan.

President Buhari disclosed this at the 76th United Nations General Assembly in New York, highlighting Nigeria’s role as a Global Theme Champion for the Energy Transition.

“Nigeria’s commitment to a just transition is reflected in our ambitious Energy Compact, which includes the Government’s flagship project to electrify five million households and twenty million people using decentralized solar energy solutions,” Buhari told the UN General Assembly.

He added that it is a major first step towards closing Nigeria’s energy access deficit by 2030 and called for support from developed countries to unlock the finance needed to accelerate a just energy transition for all.

“Nigeria’s commitment is also reflected in the development of our Energy Transition Plan, which was developed with support of the UK COP26 Energy Transition Council.

“The focus of our discussions on transition must now involve how we help countries develop detailed energy transition plans and commitments to mobilize enough financing to empower countries to implement those plans,” President Buhari said.

He added that Nigeria’s electricity generation plan needs major financing that amounts to over US$ 400 billion over the next 30 years.

“This breaks down to US$ 155 billion net spend on generation capacity, US$ 135 billion on transmission and distribution infrastructure, US$ 75 billion on buildings, US$ 21 billion on industry and US$ 12 billion on transport.”

He highlighted the importance of Natural gas towards Nigeria’s electricity needs stating that it is “imperative that I flag a major risk to development that stems from the current narrative around the energy transition, particularly on the role of gas and the lack of financing.

“Nigeria’s Energy Transition Plan has laid out our roadmap to reach net-zero and highlights the scale of the effort required, which includes the development and integration of renewables into current grid infrastructure at tremendous scale and electrification of all sectors.

“This is challenging for any country, especially a developing country. On our development objectives, gas will have a key role to play here for some years before being phased out,” he said.

What you should know

Recall It was reported recently that the Nigerian electricity sector, classified with gas, steam and air conditioning supply recorded a 78.16% year-on-year real GDP growth in the second quarter of 2021, by far the highest growth rate record by any sector in the review period.

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Nigeria Railway: FG leveraging alternatives to fund railway development – Amaechi



The Federal Government through the Minister of Transportation, Rotimi Amaechi, revealed that it is leveraging alternative funding mechanisms to rehabilitate old rail lines and modernise the rail system in line with its 25-year strategic vision.

The Minister disclosed this at the 2021 annual public lecture organised by the Department of Economics, Faculty of Social Science, University of Lagos, Akoka, themed “Nigeria’s National Rail Transport Project,” reported by the News Agency of Nigeria.

He said the FG recovered most of the failed locations on the Narrow Gauge corridor and is also taking precautions in the Environment Impact Assessment (EIA) report on the standard gauge corridors. He stated that the establishment of rail projects was aimed at reducing the cost of transportation and boosting the economy; since economic activities drive development in any country.

He also added that all the regions in the country would have been connected with rail transportation but for lack of sustainable funding plan, environmental issues, degenerated infrastructure, theft of railway materials and obsolete legal framework.

“The railway project is affected by decline of requisite railway professionals, indiscriminate disposal of refuse on railway right of way by citizens among others,” he said.

The minister urged community leaders and civil society organisations to join in the fight against vandalisation of railway infrastructure across the country.

Unilag Vice-Chancellor, Prof. Oluwatoyin Ogundipe, said when transport systems are efficient, they provide economic and social opportunities and benefits that result in positive multiplier effects such as better access to markets, employment, and additional investments.

“Availability of railway also plays an important role in reducing regional disparities and improving the competitiveness of regions, by facilitating trade, movement of labour, and economies of scale.

“In a vast country like ours, where the population are not only scattered all over the country but are also separated by desert, forest, valley and mountains, efficient, reliable, and cheap means of transportation like modern railway networks are essential,” Ogundipe said.

What you should know

Recall that it was reported in July that the Minister of Transport, Rotimi Amaechi, revealed that the Federal Government has committed the sum of $280 million for the $1.2 billion Kaduna-Kano rail project which is set to begin this month.

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