By Elizabeth Okwe and Ojone Grace Odaudu
…

The Senate on Tuesday confirmed the nomination of Dr Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria, CBN.

This is as questions are being raised as to the legal status of suspended CBN Governor Godwin Emefiele whose sack or resignation hasn’t been confirmed by the Federal Government.

According to the CBN Act, the President requires the endorsement of 2/3 majority of the Nigerian Senate to remove the Governor. There are other conditions that may lead to his removal, none of which has been established.

Cardoso was screened alongside four nominees for the positions of CBN Deputy Governors, to steer affairs of the apex bank in the next five years.

The deputy governors include: Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

Recall that last week, Cardoso resumed as the CBN governor in an acting capacity pending his screening and expected confirmation by the Senate.

Meanwhile, the Senate has also scheduled the screening of two additional ministerial nominees by President Bola Tinubu for Tuesday, October 3, 2023.

The President, while the National Assembly was on break, appointed the duo of Dr. Jamila Ibrahim and Ayodele Olawande as Minister of Youths and Minister of State for Youths respectively.

By Elizabeth Okwe
…

The Nigeria Bureau of Statistics (NBS) has revealed that Kogi, Lagos, and Rivers are the most expensive states to live in, based on inflation rates for August 2023.

In its latest Consumer Price Index data released on Friday, the NBS said on a year-on-year basis, Kogi led the way with the highest all-items inflation rate at 31.50 per cent, followed closely by Lagos at 29.17 per cent and Rivers at 29.06 per cent.

In contrast, Sokoto recorded 20.91 per cent, Borno 21.77 per cent, and Nasarawa 22.25 per cent, recorded the slowest rise in headline inflation on a year-on-year basis.
When examined on a month-on-month basis, the trend continued, with August 2023 seeing the highest increases in Kwara at 6.07 per cent, Osun at 4.36 per cent, and Kogi at 4.35 per cent.

While Sokoto recorded 1.38 per cent, Borno at 1.73 per cent, and Ogun at 1.89 per cent recorded the slowest rise in month-on-month inflation.
Specifically for food inflation, the figures for August 2023 showed a similar pattern, with Kogi again taking the lead with the highest year-on-year basis food inflation rate at 38.84 per cent. Lagos followed closely at 36.04 per cent, and Kwara at 35.33 per cent.
On the other hand, Sokoto 20.09 per cent, Nasarawa 24.35 per cent, and Jigawa 24.53 per cent recorded the slowest rise in food inflation on a year-on-year basis.

On a month-on-month basis for the same period, Rivers at 7.12 per cent, Kwara at 5.89 per cent, and Kogi at 5.80per cent recorded the highest increases, while Sokoto recorded 0.50 per cent, Abuja at 1.30 per cent, and Niger at 1.40 per cent experienced the slowest rise in food inflation.
The report noted that the surge in food inflation can be attributed to the significant price hikes in various essential food items, including oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, vegetables, milk, cheese, and eggs.

President Bola Tinubu on Wednesday commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, saying, “we are ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”

Among these many new investments, Indorama Petrochemical Limited has pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

A statement by the Special Adviser to the President (Media & Publicity), Chief Ajuri Ngelale said Jindal Steel and Power Limited, one of India’s largest private steel producers, has committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.

Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Bola Tinubu’s personal intervention, he is investing $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.

Additionally, the President has approved finalization on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.

Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, has expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.

Emphasizing that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to all Indian companies and individuals who have responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.

“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” the President affirmed.

Prospective investors were informed by the President, that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.”

“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President added, reiterating that Nigeria is open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.

The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who addressed the roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” thanked Mr. Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.

Commending the Tata group and so many others who have immediately responded to Mr. President’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the Finance Minister noted, “I also wish to thank Mr. Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million dollars more in Nigeria,” Mr. Edun said.

Minister Edun further used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasizing that his agenda aims to promote growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.

On behalf of investors, Chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal told the President, “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure. Now, you have just dropped your prepared remarks and have spoken from your heart. Our investors have heard from a leader who is doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies. Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”

Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for Co-operation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.

The Minister also signed an MoU with Central Square Foundation for Co-operation in the field of Sharing Successful Ecosystems, which involve interventions relating to education technology, to be implemented at population scale for digital economic transformation.

Under the watch of Nigeria’s Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite, a third MoU on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.

Closing the interactive session, Mr. Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII), noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.

“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.

The Presidential roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs;
Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.

Following the Roundtable, the President met individually with each of the top pledging investors to finalize on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.

September 6, 2023