Business
World Bank commits over $200m to Ekiti Development- Country Director
….As Gov Oyebanji seeks more collaboration with development partners
Ekiti State Governor, Mr Biodun Oyebanji has sought for an increased collaboration and partnership with both local and international development agencies to ensure all round development of the state’s economy.
Governor Oyebanji, who made the request on Tuesday during a strategic meeting with Heads of Development Agencies at the Transcorp Hilton, Abuja, said with the right partnership and collaboration, the state’s development goals could be significantly accelerated through mutual cooperation and resources sharing.
Governor Oyebanji spoke just as the World Bank said it had committed over $200 million to Ekiti State, out of which $60 million has been disbursed so far in some critical aspects of the state’s development.
The World Bank Country Director, Dr Ndiame Diop who disclosed this during the Governor’s engagement, said the funds are directed at eight different projects. He called for more effective collaboration from the Ministries, Departments and Agencies (MDAs) to ensure success of the projects.
Governor Oyebanji had set the tone for the day’s discussion in his opening address, where he emphasized the fact that Ekiti State was not looking for help. Rather , he said what the state government wants is partnership and collaboration that would accelerate growth and development.
Oyebanji said that his administration has positioned itself as reform-minded, transparent and accountable to build trust with stakeholders and ensure that development initiatives are effectively implemented. He said his administration is determined to harness and explore collaborations and gather necessary support and resources to drive development in the critical areas of the state economy which include infrastructure, agriculture, healthcare and education, among others.
Highlighting numerous reforms by his administration to create a conducive atmosphere for investment, the Governor emphasized the Ekiti’s top position in transparency index and its recognition as the safest state in the country has made it an ideal environment for business operations.
He said his administration is intentional in its efforts towards achieving the state’s 30 years development plan through partnership and collaboration with national and international development partners.
While calling the development partners to consider Ekiti State as their next investment destination and take advantage of the numerous opportunities and advantages in the state, Governor Oyebanji said the state is open for business and eager to partner with investors who shared the state’s vision of sustainabile growth and development.
He said “We are government that is reform minded, transparent, we are accountable and am leading a team that is competent and committed to the mandate of this administration.
“Everything we are doing in Ekiti is already planned for. We know the track we are following, we know the step we have taken and we are trying our best within the available resources to as a state, but we know that we have the capacity and ability to do more and that is why we have invited you here today to say, please handhold us in areas where your institutions can partner and collaborate with us. Let us work together so that we can deliver good governance to the people of Ekiti State.
“We tick all boxes in transparency, we have regulatory instrument in the state that ensures that we deliver on projects, and for those of you that have one programs or the other in Ekiti, you will know that we adhere strictly to protocols for implementation, and that speaks to our commitment to doing things the right way.” The Governor added.
The Governor highlighted efforts by his administration to improve Ease of Doing Business
In the state to include the establishment of small claims court, streamlining of business permit, enforcement of contracts, aligning tax policy to remove double taxation, as well as enhanced security among others.
“On Ease of Doing Business, we have gone so far. I head and chair the committee on Ease of Doing Business. We have streamlined business permit, enforcement of contracts . We are at a point of having a one- stop shop physically and virtually that addresses the concerns of investors in the state. “
He also revealed that access to the state is being improved with investment in road infrastructure. He also revealed that the Ado Ekiti airport would be ready for commercial operation before the end of the year, adding that the airport is undergoing certification process by relevant aviation authorities.
He said officials of the NCAA and FAAN are currently in the state for the certification for commercial operation of the airport, adding that commercial flights would become operative at the airport before the end of the year.
The airport project, he said was conceived to aide economic development and growth in the state through access to local and international markets.
Earlier in his goodwill message, the World Bank Country Director, Ndiame Diop, who commended the Governor for his determination to the state’s development and for engaging with development partners to discuss on ways to improve and leverage partnerships towards addressing development challenges in the state, said world bank has committed over 200 million dolars in Ekiti across key sectors such as Education, health, social protection,water and sanitation and women’s economic empowerment with about 60 million dollars disbursed so far.
While commending the state’s good track records of implementation of the bank’s projects, the Director said more projects opportunities would soon come to the state in critical sectors such as irrigation, hydro power, and agriculture, health and education, among others.
Also, the heads and representatives of several other international development agencies including British High Commission, USADF, USAID, Belgium Embassy, Japan Embassy and UNiDOC among others pelleted to strengthen commitment to the state, while lauding the Governor’s regular engagement.
In his welcome address, the State Commissioner for Budget, Economic Planning and Performance Management , Mr Niyi Adebayo, in his presentation identified the state’s areas of competitive advantage as well as areas where it requires collaboration.
The Director General, Office of Development Partnerships, Mr Biodun Oyeleye did an overview of the Biodun Oyebanji Administration’s six- pillar development agenda, drawing the attention of ten development agencies to each of ten agenda.
Also at the event were members of the State Executive Council, Ambassadors, High Commissioners, Country Directors and representatives of International Organizations and Countries, among others.
Business
inDrive Emerges Most Outstanding Brand in Urban Service
inDrive, a global mobility and urban services platform, has emerged the most outstanding brand in urban service in Nigeria at the maiden edition of Iconic Brands and Legends of Media and Marketing Communications Award held in Lagos on Tuesday, December 10, 2024.
inDrive was recognized and celebrated for its transparency, fairness, and affordability in intercity travel and logistics among ride-hailing platforms in Nigeria.
Speaking on the award, Timothy Oladimeji, Country Representative, Nigeria, inDrive, described it as a testament to the ride-hailing platform’s unique contribution and commitment to providing fair and accessible transportation options to its customers.
Oladimeji stated that the award highlights the company’s focus on safety, fairness, affordability, and satisfaction, thereby cementing its reputation as the go-to ride-hailing service in Nigeria.
He noted that the achievement underscores the company’s dedication to delivering the best ride-hailing and logistic experience for customers while continually pushing the envelope for innovation. He explained that the mobility platform remains a game-changer in the ride-hailing business in Nigeria as it empowers both drivers and passengers through its negotiation model.
“This recognition is a huge motivation that would help us expand our footprint and continue to provide exceptional services to all our customers. I can categorically say that the recognition validates the acceptability and rapid adoption of our platform by both drivers and passengers in Nigeria,” he said.
Speaking on the recognition and criteria, the lead convener of the award, Samuel Ajayi, said the award was truly deserving, given that the platform has provided unique, fair, and affordable services to all its users.
Ajayi emphasised the significance of acknowledging the brand’s achievements in Nigeria over the last few years adding that the company has shown exceptional performance by all parameters and standards.
“inDrive has really thrown its weight since joining other ride-hailing platforms in Nigeria. I am happy to say that inDrive has disrupted the Nigerian market with its unique offerings, which has endeared many users to the platform. From our findings, I can say that the brand remains the preferred platform given that it is the only one that provides safe, fair, efficient, and affordable transportation,” he said.
Since launching in Nigeria, inDrive has cemented its status as a market leader through its commitment to enhancing urban mobility and consistently delivering superior customer service.
Business
FG to benefit from World Bank’s $500m loan
Federal Government is to benefit from a $500 million loan facility from the World Bank for the Human Capital Opportunities for Prosperity and Equity (HOPE) project in the country.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this known during a courtesy visit on him by the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig
The loan facility, according to the minister, will increase the availability and effectiveness for financing for basic education and primary health care in the various states of the federation.
The fund, he said, will enhance transparency and accountability for basic education and primary health care in addition to improving recruitments, deployments and better performance management of teachers.
While appreciating the support of the World Bank, Bagudu elucidated that the Nigerian Constitution is the legal framework that provides the rules and procedures that guides the budget process in addition to empowering the federal and state governments to make expenditures in the preceding year for the purpose of meeting expenditure necessary to carry on the services of the government.
“This expenditure can continue for a period not exceeding six months or until the coming into operation of the law as can be seen on Chapter 5, Part 2 Section 122 of the Nigerian Constitution” he said
Bagudu explained further that the reforms embarked on by the Bola Ahmed Tinubu’s administration were aimed at developing and implementing economic and tax reforms that will guarantee more functional Public Financial Management (PFM) systems in the country.
“The economic reforms are necessary decisions to put the Nigerian economy on the right track”he explained
He assured the IMF Team that though Nigeria is experiencing a number of challenges such as hardship of citizens as a result of removal of fuel subsidy, floating of foreign exchange, electricity reforms that distributed citizens into bands, Nigeria is on course to economic recovery.
In a statement, the minister appreciated the willingness of the IMF to support Nigeria but however called for more support in the area of resource mobilisation from multinational partners in order for government to provide developments in all sectors of the economy.
Earlier, the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig said he was in the country to have interactions with the minister on the workings of the Nigerian budgeting process with particular emphasis on the simultaneous implementation of the 2023/2024 budgets and supplementary budgets in the same year in preparation for the publication of the 2025 annual report of the World Bank.
Schimmelpfennig welcomed the tax reforms of the federal government as increased revenue generation will ensure more developments for Nigerian citizens and thus promised the country of more IMF support for Nigeria’s developmental needs.
Permanent Secretary, Ministry of Budget and Economic Planning, Dr. Vitalis Emeka Obi, briefed the team on the ministry’s role in co-ordinating Nigeria’s development planning and budgeting processes. The Permanent Secretary emphasised that 2025 promises to be a year of more rapid investments.
DailySun
Business
FG invests $450m on CNG value chain
The Nigerian government said that it has invested over $450 million in the development of the country’s compressed natural gas value chain.
According to NAN, the Project Director of the Presidential Compressed Natural Gas Initiative, PCNGi, Michael Oluwagbemi, disclosed this on Monday at the 9th Edition of the Nigeria Energy Forum, NEF 2024, in Lagos.
Oluwagbemi, who was represented by Tosin Coker, the Head of Commercial at PCNGi, emphasised that the investment spans critical areas of the CNG infrastructure, including the establishment of mother stations, daughter stations, refuelling stations, and conversion centres across the country.
“The Presidential Compressed Natural Gas Initiative (PCNGi) on Monday said that it had invested more than 450 million U.S. dollars in the Compressed Natural Gas (CNG) value chain.
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