Connect with us

News

NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

Published

on

NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

*We must reposition BOA to drive Nigeria’s food security- VP Shettima

By: Our Reporter

The National Council on Privatisation (NCP) has received key recommendations from its committee on the Bank of Agriculture (BOA), including a proposed merger with the Central Bank of Nigeria’s NIRSAL Microfinance Ltd and a fresh capital injection to revitalize the bank.

Addressing the second NCP meeting of 2024 at the Presidential Villa on Wednesday, the Vice President, Senator Kashim Shettima reiterated President Bola Ahmed Tinubu’s commitment to repositioning and reforming BOA to drive the administration’s food security agenda.

“Let’s get very sound professionals with integrity to manage the bank. If we use it well, it’s going to be a tool for the transformation of our economy because agriculture is the key,” the Vice President said.

Presenting the committee’s report, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who doubles as NCP Vice-Chairman, said the Council’s decision was informed by the challenges identified and the need for urgent resolution of the issues confronting the Bank.

Edun outlined the major recommendations, including “the immediate reconstitution of the Board of Directors of the Bank to enhance corporate governance” and “a merger of BOA with the CBN’s NIRSAL Microfinance Ltd.”

He also highlighted the proposal to “cede National Agricultural Land Development Authority (NALDA) land titles to BOA so that it reflects in its Balance Sheet, thus increasing its capital adequacy for the purpose of raising funds from institutional investors.”

Acknowledging the need for financial reinforcement, the Minister identified “adequate capital injection into the Bank by the shareholders” as a crucial step forward.

The committee’s report comes after the NCP empanelled an 8-member inter-ministerial body in December 2023 to review the state of affairs at BOA, given agriculture’s critical role in the economy and the Tinubu administration’s commitment to food security under the Renewed Hope Agenda.

In 2016, the NCP had approved the collaboration between the Bureau of Public Enterprises (BPE), the then Federal Ministry of Agriculture and Rural Development, and the Federal Ministry of Finance to restructure and recapitalize BOA.

A consultant, Lead Capital Consortium, was engaged in 2019 to review the bank’s operations and advise on strategies for rebirth and growth. The consultant’s core recommendation was for the government to recapitalize the bank, implement reforms, provide technical assistance, and transform BOA into a sustainable agricultural development bank.

Edun further outlined additional recommendations, including “Provision and upgrade of the Bank’s ICT infrastructure to automate processes, reduce costs and enhance the Bank’s outreach to the grassroots” and “Enhance governance and risk management by appointing qualified Board members and senior management with relevant expertise.”

In a move to bring transparency and efficiency to the nation’s energy sector, the NCP also noted the proposal seeking approval for the establishment of an independent system operator from the Transmission Company of Nigeria (TCN).

NCP Chairman, Vice President Shettima, set up a committee to liaise with the Special Adviser to the President on Energy and the Federal Ministry of Power to provide a roadmap and reach out to stakeholders.

The committee is chaired by Mr. Oye Hassan-Odukale, Technical Committee Chairman of NCP.

On a Strategy Paper for the Optimisation of Oil and Gas Assets, the Council also formed a committee to look into issues concerning oil and gas infrastructure, stressing the strategic importance of investors in the sector.

The committee chaired by the Minister for Budget and Economic Planning includes the Coordinating Minister of Health and Social Welfare, the NCP Secretariat, the Ministers of Power, the Minister of State for Petroleum Resources (Oil) and the Minister of State for Petroleum Resources (Gas),

The committee was given three weeks to come up with its report on optimizing the nation’s oil and gas assets.
End

NCP Mulls BOA-NIRSAL Merger, Injection Of Fresh Capital

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

Published

on

Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

By: Michael Mike

Energy policy experts have called for stronger data-driven decision making in Nigeria’s energy transition process, warning that ambitious climate targets must be balanced with economic realities, job security, and the country’s persistent energy access challenges.

The call was made during a national policy dialogue where researchers presented findings on the economic, environmental, and political implications of different energy transition pathways for Nigeria.

At the event, the Stakeholders Research Workshop on Supporting Just Transition in Nigeria, organized on Tuesday in Abuja by the Ministry of Environment and Society for Planet and Prosperity (SPP), analysts said the study was designed to help guide policymaking by providing empirical insights into how various decarbonisation strategies could impact growth, employment, and emissions.

President of the Society for Planet and Prosperity, Professor Chukwumerije Okereke, said Nigeria’s existing commitments under its Nationally Determined Contributions (NDCs) and Energy Transition Plan (ETP) are ambitious but require stronger technical validation before full implementation.

He noted that current projections suggesting up to 85 percent adoption of electric vehicles by 2060 and large-scale solar electricity generation of about 150 gigawatts may be difficult to achieve under current infrastructure and investment conditions.

“Policy targets are not enough on their own,” Okereke said. “What matters is how these targets will be achieved and what the economic and social consequences will be.”

He added that the research explores multiple transition scenarios, including gas-centered development, renewable-focused expansion, and hybrid energy strategies combining both gas and renewable technologies.

According to him, a balanced transition pathway may be more realistic for Nigeria, allowing the country to gradually reduce emissions while still leveraging its vast natural gas resources to support industrial growth and electricity access.

Researchers also emphasized that Nigeria’s transition strategy must address energy poverty, noting that millions of households still lack reliable electricity supply. They said distributed renewable energy systems, particularly solar mini-grids, could play a crucial role in expanding electricity access to rural and underserved communities.

Energy economists involved in the study explained that their analysis combined energy modelling with macroeconomic projections to assess how different policy choices would influence GDP growth, employment creation, and carbon emissions.

Senior Research Fellow, ODI Global, Dr. Timothy Kelsall said the research does not attempt to predict future outcomes but instead evaluates possible consequences of policy decisions.

“We are not predicting the future,” Kelsall said. “We are showing policymakers what could happen under different scenarios so they can make informed decisions.”

He explained that the study models three major transition pathways — gas-focused transition, renewable-dominated transition, and hybrid energy development — noting that each pathway would create different economic and political impacts across sectors.

Analysts also stressed that energy transition policies must consider Nigeria’s political economy realities, as policy reforms often create winners and losers across industries and interest groups.

Experts warned that abrupt policy changes could trigger economic disruptions, particularly in regions and sectors heavily dependent on fossil fuel revenues. Instead, they recommended a gradual transition supported by investment incentives, industrial development policies, and workforce reskilling programs.

The research also examined the use of savings from fuel subsidy reforms, noting that simply removing subsidies without clear reinvestment strategies would not automatically translate into development gains.

Stakeholders said subsidy savings could be redirected toward renewable energy infrastructure, social protection programs, and industrial development initiatives that support economic diversification.

While Nigeria continues to depend heavily on oil and gas exports for foreign exchange earnings, analysts said diversification efforts remain critical for long-term economic stability.

However, they stressed that natural gas could play a transitional role in supporting electricity generation and industrial expansion while renewable energy capacity continues to grow.

Researchers urged stronger collaboration between government institutions, private sector investors, and civil society organisations to ensure successful implementation of transition policies.

As Nigeria navigates its climate and energy future, experts say the country must pursue a pragmatic energy strategy that balances environmental protection with economic growth and improved access to reliable electricity for its growing population.

Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

Continue Reading

News

Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports

Published

on

Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports

By: Michael Mike

The Federal Government has intensified efforts to strengthen transparency, accountability, and public service efficiency with the reactivation and upgrade of the national ReportGov feedback system across major international airports in Nigeria.

The initiative, driven by the Presidential Enabling Business Environment Council (PEBEC) and the Federal Airports Authority of Nigeria (FAAN), was formally unveiled at the Murtala Muhammed International Airport Terminal 2 in Lagos, with plans to extend the system to airports in Abuja, Port Harcourt, Enugu, and Kano.

Officials said the project is part of broader governance reforms aimed at improving citizen trust in public institutions while enhancing Nigeria’s business environment and service delivery standards across government agencies.

At the unveiling ceremony, PEBEC Director-General Princess Zahrah Mustapha Audu said the reactivation of ReportGov kiosks represents the federal government’s commitment to placing citizens at the center of governance reform.

She explained that the platform is designed to capture real-time complaints, commendations, and service improvement suggestions from citizens while helping government institutions respond faster to service failures.

According to her, institutionalizing feedback mechanisms will help reduce bureaucratic delays, improve inter-agency coordination, and ensure that public service performance is measured by actual service outcomes experienced by citizens.

FAAN Managing Director Olubunmi Kuku described airports as strategic economic gateways where service quality directly affects Nigeria’s international reputation.

She said improving passenger experience is critical for attracting foreign investment, promoting tourism, and strengthening business travel confidence. Kuku added that FAAN would continue supporting initiatives that promote transparency, operational efficiency, and customer-centered service delivery across Nigeria’s aviation facilities, noting that airport efficiency is closely linked to national economic competitiveness.

ReportGov serves as Nigeria’s official national grievance redress platform designed to capture citizen feedback on service delivery challenges across Ministries, Departments, and Agencies.

The newly upgraded physical kiosks will operate 24 hours daily in high-traffic public locations, allowing travellers and citizens to submit complaints, compliments, and policy suggestions directly into government monitoring systems.

Officials said the platform is structured to track complaints from submission to final resolution, helping authorities identify systemic service gaps and discourage unethical practices in public service interactions.

Government reform advocates said the initiative reflects a broader shift toward citizen-centered governance, where public satisfaction becomes a key performance indicator for government institutions.

Stakeholders noted that improving feedback infrastructure is particularly important as Nigeria continues efforts to diversify its economy and strengthen investor confidence in key sectors such as aviation, trade, and services.

Industry analysts said strengthening service delivery at airports is particularly important because aviation facilities serve as Nigeria’s international interface with the global economy. They explained that passengers’ first experiences at airports often shape perceptions about business conditions, investment potential, and tourism opportunities in the country. Improved feedback systems, they said, will help authorities address operational challenges such as passenger processing delays, service quality issues, and infrastructure maintenance gaps.

Officials also emphasized that the expanded deployment of ReportGov kiosks aligns with national anti-corruption and governance reform objectives. By creating structured reporting channels, the government hopes to strengthen transparency, reduce rent-seeking behavior, and improve coordination among agencies responsible for public service delivery.

As Nigeria continues its economic reform and infrastructure development agenda, authorities said citizen feedback will remain a central tool for measuring public service performance and guiding future policy decisions.

Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports

Continue Reading

News

KACRAN Calls for Increased Funding for Northeast Development

Published

on

KACRAN Calls for Increased Funding for Northeast Development

By: Michael Mike

The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has commended the North East Development Commission (NEDC) for demonstrating transparency and accountability following its recently concluded month-long inspection of development projects across the Northeast region.

In a statement released by KACRAN National President Hon. Khalil Mohammed Bello, the association described the inspection exercise as a strong indicator of responsible public administration, noting that comprehensive project verification remains a key test of accountability in public service delivery.

KACRAN stated that the NEDC’s decision to conduct high-level inspections of both ongoing and completed projects reflects a commitment to ensuring that public funds are translated into tangible developmental outcomes for citizens in the region.

The association further praised what it described as the “boldness and confidence” displayed by the Commission during the inspection tour, saying it signals that projects executed by the agency meet required standards and represent value for money.

Of particular interest to KACRAN members are the Commission’s investments in water infrastructure and livestock support projects aimed at improving pastoral livelihoods across the Northeast.

The association noted that such initiatives are critical to sustaining the livestock sector and supporting pastoral communities, while also aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes livestock development, food security, and economic diversification.

KACRAN said strengthening livestock production could help reduce Nigeria’s reliance on imported dairy and meat products while positioning the country as a potential exporter of livestock products in the long term.

The group also commended the composition of the NEDC inspection team, which included the Commission’s Governing Board Chairman, Managing Director, and senior directors from finance, operations, and humanitarian affairs. KACRAN said the inclusion of senior management personnel and media representatives during the nearly 30-day inspection tour demonstrates transparency and accountability in governance.

The inspection covered several development sectors including road infrastructure, drainage systems, primary healthcare facilities, educational projects, water points for livestock, and distribution of humanitarian relief materials to internally displaced persons (IDPs).

KACRAN described the NEDC as a model of sincerity and dedication in Nigeria’s public sector, praising the Commission’s efforts toward the rehabilitation and economic recovery of the Northeast region.

The association, however, called on President Bola Ahmed Tinubu to ensure timely and adequate funding for the NEDC to enable the Commission to sustain its development and humanitarian programs.

It stressed that increased funding would strengthen infrastructure development, livestock productivity, peace-building efforts, and humanitarian interventions across the Northeast.

KACRAN Calls for Increased Funding for Northeast Development

Continue Reading

Trending

Verified by MonsterInsights