News
Buhari’s Govt Confused, Adamant on Economy- Ezekwesili
Dr. Obiageli Ezekwesili, former vice president of the World Bank for Africa, has described the economic policies of the government as “confusing,” expressing regret that in spite of the confusion, the government remains “adamant.”
Ezekwesili, convener of the Bring Back Our Girls and former minister was speaking in the current edition of The Interview magazine.
Answering a question on the call for diversification, she said, “I am not a fan of the economic policies of this government so far; I feel it’s too tentative in making even the right policy decisions and even when it tries to make the right policy decisions, it has been in the breach. It has been very confusing.”
In a statement, Azu Ishiekwene, MD/Editor-In-Chief of The Interview, described the interview as “a no-nonsense call to reflection. Oby is not treading on eggshells. It’s bareknuckle stuff.”
Ezekwesili said, “It’s not that the government is timid; it’s about doing the wrong things and being adamant about them.”
She cited the government’s monetary and fiscal policies as key areas of denial of “empirical evidence” and called for structural reforms and better citizen engagement.
In the interview, conducted before the BBOG’s visit to Sambisa, Ezekwesili wept over the fate of the remaining Chibok girls, saying the episode had exposed Nigerian governments in their “worst form.”
She said: “I am not a fan of the economic policies of this government so far.
“I feel it’s too tentative in making even the right policy decisions and even when it tries to make the right policy decisions, it has been in the breach. It has been very confusing.
“It’s not that the government is timid; it’s about doing the wrong things and being adamant about them.”
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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