Few years back, Nigeria said it needed yearly spend of up to $50Bn to fix infrastructure needed to drive a thriving economy and have a hope of fighting for faster economic growth, coupled with boost in ease of doing business. Now, the present administration says it has been able to spend almost $10Bn in the past three years on infrastructure upgrade. This may mean an annual deficit of $40Bn or $120Bn gap in three years.
Vice-President Yemi Osinbajo says the Federal Government has invested close to $10Bn in infrastructure development in the last three years. He said the investment which focused on roads, power and a new national rail network, was unprecedented.
Osinbajo at the opening session of the Direct Investors Summit Nigeria, organised by Nigeria Investment Promotion Commission said the country has emerged from recession and is determined to make up for lost opportunities.
* The President of African Development Bank, Dr Akinwumi Adesina, says the bank will assist the Transmission Company of Nigeria to invest in modernisation of its transmission network to improve the country’s energy sector.
Adesina, told the News Agency of Nigeria (NAN) in Busan, South Korea, on the sideline of the bank’s Annual Meetings that it was also investing in the private sector of the economy by providing commercial banks with significant lines of credit to drive development.
* The Central Bank of Nigeria has made it mandatory for all the Bureau de Change operating in Nigeria to access Foreign Exchange thrice a week from the apex bank.
A statement from the CBN acting Director, Corporate Communications, Mr Isaac Okorafor, indicated that the new directive would allow eligible travellers more access to foreign exchange and allow more liquidity to the market.
It said all Bureau de Change shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays.
* The Federal Government has recorded N50.45 billion from its May bonds auction, lower than the N70 billion it targeted, the Debt Management Office (DMO), has said.
According to the auction result, the Federal government made N3.50 billion from a five-year bond at 12.75 per cent.
It also made N8.54 billion from a seven-year bond at 13.53 per cent and N38.50 billion from its 10-year bond at 13.98 per cent.
* The International Monetary Fund says Nigeria and other Sub-Saharan countries will grow their economies by an average of 3.4 per cent in 2018, from 2.8 per cent in 2017.
IMF’s country Senior Representative, Mr Amine Mati, said this during the public presentation of the Spring 2018 Issue of the Sub-Saharan African Regional Economic Outlook in Lagos.
Mati said about two-third of the countries in the region could experience the growth riding on the back of stronger global growth, higher commodity prices and improved capital market access.
* The Nigeria Customs Service says it has recorded an increase in the number of seizures, anti-smuggling operations and revenue generation in the last three years, collecting a record N1.37trillion in revenue for the country in 2017 alone.
Public Relations Officer of the Service, Mr Joseph Attah said the NCS had undergone a lot of transformation, restructure and reforms, which led to some spectacular seizures, including the seizure of 2,671 Pump Action Raffle and tonnes of illicit drugs.