Nigeria needs help from private sector to meet investment needs – Finance Minister
Zainab Ahmed, the Minister of Finance, Budget, and National Planning, said that Nigeria needs help from the private sector to meet its public investment needs.
Ahmed stated this at the presentation of the latest World Bank Nigeria Development Update (NDU): “Nigeria’s Choice” and “Country Economic Memorandum (CEM): Charting a New Course” in Abuja on Thursday.
The Minister was represented by Ben Akabueze, the Director-General of the Budget Office of the Federation.
“I wish to conclude my address by conceding that we need help. The Nigerian government at the national and subnational levels cannot provide all the financing required to meet Nigeria’s public investment needs.
“As stated in the National Development Plan (NDP) 2021-2025, we need the private sector, both foreign and domestic, as integral partners in securing the much-needed financing required to fund both physical and social investments for Nigeria’s overall development.”
Read also: FEC approves Finance Bill 2022 for transmission to NASS
Seriki’s death painful, shocking – Sanwo-Olu
Governor Babajide Sanwo-Olu of Lagos State says the death of Nigeria’s ambassador to Spain, Chief Demola Seriki, is painful and shocking.
Sanwo-Olu, in a statement by his Chief Press Secretary, Gboyega Akosile, on Thursday, said that the death of Seriki was a big loss to Lagos State and Nigeria.
He described the late Seriki as a businessman, politician, and public administrator, whose contributions remain indelible in the hearts of the residents of Lagos State and Nigerian citizens as a whole.
Seriki, a former Minister of State for Defense and Minister of State for the Interior, passed away peacefully surrounded by his family in Madrid, Spain, on Thursday at the age of 63.
Sanwo-Olu said that the death of Seriki came at a time when his wealth of experience was mostly needed in the country. This is according to NAN.
Twitter suspends accounts of several journalists
Twitter took its censorship a notch higher on Thursday when it suspended the accounts of several prominent journalists who recently wrote about its new owner, Elon Musk. Musk, in defending the company’s action, tweeted that the rules banning the publishing of personal information applied to all, including journalists.
Responding to a Tweet on the account suspensions, Musk tweeted: “Same doxxing rules apply to ‘journalists’ as to everyone else,” a reference to Twitter rules banning the sharing of personal information, called doxxing.
Reuters reported that on Wednesday, Twitter suspended @elonjet, an account tracking Musk’s private jet in real time using data available in the public domain. Musk had threatened legal action against the account’s operator, saying his son had been mistakenly followed by a “crazy stalker”.
Musk added on Thursday: “Criticizing me all day long is totally fine, but doxxing my real-time location and endangering my family is not.”
Biden says he plans to visit sub-Saharan Africa soon
President Joe Biden said Thursday he will soon make a visit to sub-Saharan Africa. He said this as he wrapped up the U.S.-Africa Leaders’ Summit, providing details of his travel plans and stressing his commitment to increasing U.S. attention on the continent.
Biden also added that he would be sending many of his top advisers to Africa, including Anthony Blinken, Secretary of State Janet Yellin, Treasury Secretary and Gina Raimondo, the Commerce Secretary.
“I’m looking forward to seeing you in your home countries,” Biden said to the leaders.
The visit will be Biden’s first of his presidency to sub-Saharan Africa. He made a brief stop in November in Egypt—which spans across the northeast corner of Africa and the southwest corner of Asia—for an international climate summit. The president did not detail which countries he will visit or exactly when the trip will happen. This is according to the Associated Press.
Oil price set to end week 7% higher
Oil prices are set to end the week 7 percent higher after WTI crude futures steadied near $76 per barrel on Friday morning. This bullish outlook for oil markets overshadowed the prospect of higher interest rates and a possible global recession.
Added to the bullish outlook is the prospect of increased demand coming from the second-biggest economy in the world—China, as the Asian giant recovers from the COVID-19-induced demand downturn.
Bloomberg also reported that there have been indications that Russian oil flows to Asia are declining following G7 sanctions targeting Moscow’s petroleum revenues.
Meanwhile, investors remain cautious about the mounting risks of a global recession as major central banks appear set to keep raising interest rates in an effort to bring inflation down to sustainable levels.
