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Some of the Tools for the Job in Hand

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BY Gregory Kronsten

The principal losers from COVID-19, as with other global viruses and all national disasters, are the poorest members of society. They have fewer, if any savings. They generally live on top of one another. Their income is received in cash because their jobs, if any, are not secure.

 

They depend upon the state for education and health so when the government seizes up for whatever reason, they are left without. We could go on. The lucky ones are the “professionals” who can work from home and adapt to the restrictions imposed by their government.

The authorities in Nigeria have sought to respond with monetary and fiscal stimuli. The headline measure on the monetary side was the rate cut of 100 basis points (bps) announced by the monetary policy committee (MPC) last month.

The impact of rate changes is limited for well-documented reasons, which explains the consensus view (including our own) ahead of the meeting on 28 May that there would be no change. The cut was the signal/message, whatever its effect, that central banks and MPCs across the world have sent in the face of COVID-19 and the ensuing lockdowns.

On 16 April, the CBN governor outlined a package of regulatory and credit measures that was costed at N3.5trn in aggregate. The largest intervention was a N1trn facility for agriculture and manufacturing, of which N93bn had been disbursed for 44 projects one month later. Similarly, for the N100bn healthcare intervention, a total of N10bn had been released.

This is not particularly fast or slow. The CBN has tested procedures to follow. There are not the resources available for the quick fix. In the US the government sent a cheque to each household. In several European countries such as Germany, Switzerland and the UK, banks released government-guaranteed loans for small business after credit checks that could charitably be termed light.

There is little doubt that some of these loans were fraudulent and that many will turn sour. However, governments in advanced economies can take the hit.

The Federal Government of Nigeria’s (FGN) contribution to the fight against COVID-19 is the inclusion of a N500bn COVID-19 crisis intervention fund within the latest version of the 2020 budget, approved by the National Assembly on 11 June.

This fund is to be targeted on improvements to healthcare facilities and a special scheme of public works to employ 770,000 Nigerians. Additionally, the FGN will request funding from the World Bank Group for its Nigeria Centre for Disease Control (NCDC), the country’s leading public health institute, and from a West African disease surveillance vehicle to provide US$100m for the state governments to tackle the impact of COVID-19.

These initiatives will complement programmes financed by the US$5.5bn multilateral borrowing in the budget, of which the IMF has already disbursed US$3.4bn. A further US$290bn has been approved for release by the African Development Bank.

It is far too early to say how much COVID -19 will hit the health of Nigerians, let alone the broader economy. An analysis of the victims elsewhere tells us that the young average age of the population stands in Nigeria’s favour.

We should also cite the possibility that the average temperature counts as another positive. All advantages, and we will add the sizeable domestic investment institutions that will fund most of the FGN’s borrowings, are to be valued since Nigeria has limited resources to fight off COVID-19.

Gregory Kronsten is Head Macroeconomic and Fixed Income Research, FBNQuest


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General News

NSE, Indian Firm Donate Design Software to Universities

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Nigerian Society of Engineers (NSE), in collaboration with MIDAS IT, India, have donated engineering software valued at over $15 million to 15 Nigerian Universities.

NSE, Indian Firm Donate Design Software to Universities

MIDAS IT is also conducting a technical workshop to train the universities on the use of the engineering software in designing structures, especially in the area of civil engineering.

Mrs Margaret Oguntala, president of NSE, at the handover ceremony, in Abuja, said the collaboration, which is in line with the Society’s mission, is aimed at training young Engineers who would lead the profession in the future

She advised the benefiting universities to use the software productively and to ensure that the students transition from academic concepts to real-world applications.

“I would like to emphasize that the future of our profession lies in the hands of our young ones. It is our collective duty to guide, support, and inspire them to rise to their full potential.

“Through structured mentorship and active knowledge-sharing, we can equip the next generation to lead the engineering profession with vision, competence, and excellence.

“As the world continues to embrace the Fourth Industrial Revolution, it has become increasingly critical for us as a country to create deliberate pathways for our young innovators to transition from classroom concepts to real-world applications.

“I therefore urge the benefiting universities in this programme to intensify their efforts in closing the gap between academia and industry. By doing so, we will ensure that our engineering graduates are well-prepared to function effectively and confidently in the professional space from the moment they leave the university,” she said.

Minister of Innovation, Science and Technology, who was represented by the Okoro Ikechukwu, director of ICT, said the Ministry would always support any action that strengthens the link between Education, innovation, and industry.

“We are always committed to supporting initiative that strenghtens the linkage between education, innovation, and industry, and of course, to drive our collective vision for a knowledge-based and technology-enabled Nigeria. We are always open for partnerships in this regard,” he said.

Mr Bello Goronyo, minister of State for Works,  said, “I am particularly pleased to see that this handover is accompanied by a Technical Training Workshop. The best software in the world is useless without skilled hands to operate it.

“This crucial step ensures that the knowledge transfer is complete, empowering our lecturers and coordinators to fully integrate these tools into their curricula for maximum impact.

“The Federal Government’s agenda prioritizes quality infrastructure and local content development and is committed to facilitating a fertile ground for collaboration between industry, government, and academia to advance our technological competitiveness.

“Today’s event is a vibrant demonstration of that commitment,” he said.

Naga Ravi Anne, managing director, Africa and UAE Region of MIDAS IT, emphasised the importance of providing the right tools that would facilitate training for children.

He added that this first stage of donation is focused on supporting civil engineering and that they would consider providing software for mechanical engineering in the next stage.

Abdulrahman Salawu, Vice Chancellor of Confluence University of Science and Technology, on behalf of the 15 universities, promised to use the software effectively, adding that the universities would work towards developing their own software.

 


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New Science Minister Charts Roadmap for Innovation, National Development

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Kingsley Tochukwu Udeh, Nigeria’s newly appointed minister of Innovation, Science and Technology, has pledged to reposition the ministry as a catalyst for national development through a renewed focus on innovation, research, and technology-driven solutions.

Speaking at a leadership strategic meeting with directors and heads of agencies under the ministry in Abuja on Friday, Udeh said the session was convened to chart a 12-month strategic plan aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

“We have identified the key things that we, as an ecosystem — the ministry and its agencies — want to achieve in the next 12 months in line with the Renewed Hope Agenda,” Udeh said.

“We understand the importance of our mandate. If we are to rise to become one of the leading nations of the world, we must take innovation, science and technology seriously — and we have resolved to do exactly that.”

Udeh emphasised that science, technology and innovation (STI) are central to Nigeria’s transformation, not only in economic growth but also in addressing challenges such as insecurity, unemployment, and underdevelopment.

“It will be innovation, science and technology that provide solutions to advance our progress and development — that even tackle the hard-headed monster of insurgency and terrorism,” he stated.

The minister said the meeting produced a set of “quick wins” that would begin to show visible impact from next week. He also underscored the need for synergy and teamwork among all agencies under the ministry to deliver measurable results.

“We have agreed as a leadership that we will work as a team, identify quick wins, and begin to make remarkable impacts immediately. What will make us relevant is the impact we make in the lives of Nigerians,” Udeh added.

Udeh, who was confirmed by the Senate in November 2025 following his nomination by President Tinubu, replaces Uche Geoffrey Nnaji, who resigned in October.

The meeting concluded with a pledge of unity among the ministry’s leadership and a commitment to ensuring that Nigeria’s innovation and technology ecosystem drives inclusive national progress.


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Senate Committee Says $300Bn Lost to Oil Theft

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The Senate ad hoc committee investigating persistent crude oil theft in the Niger Delta has disclosed that a forensic audit conducted by independent consultants revealed that suspected oil thieves stole more than $300 billion worth of oil, which ought to have been Nigeria’s proceeds from crude oil sales.

Senate Committee Says $300Bn Lost to Oil Theft

Senator Ned Nwoko, chairman of the committee  made the disclosure this while presenting an interim report of the committee during Wednesday’s plenary, adding that the findings were based on a forensic review conducted by consultants engaged by the committee.

The Senator representing Delta North Senatorial District explained that the stolen funds were traced to both local and international transactions, however, requested that the committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil both locally and internationally

“The ad hoc committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil both locally and internationally, as forensic review by the consultant shows over $22 billion, $81 billion, and $200 billion remains unaccounted,” he said.

Nwoko who did not disclosed identity of the consultants, stated that the period covered by the forensic report, the identities of the suspected perpetrators and the companies allegedly involved.

The federal lawmaker, however, pointed out that the report was interim, suggesting that more findings would be made public in the committee’s final submission, adding that the committee recommended that the Nigerian government establish a special court dedicated to prosecuting oil-related offences and offenders appropriately.

 

 

 

 


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