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Buhari Seeks More US Capital for Infrastructure a3e0d3b2 muhammadu buhari wave 696x522 1 300x225

President Muhammadu Buhari has met with the United States’ Treasury Secretary, Steven Mnuchin, to request for additional capital from the US development finance institutions to upgrade critical infrastructure in Nigeria.
A statement yesterday by a presidential spokesman, Malam Garba Shehu, said both men, who met on Wednesday in Riyadh, Saudi Arabia had positive discussions on investments in Nigeria under the new United States International Development Finance Corporation (USIDFC), which provides $60 billion for investments in developing nations.
At the meeting held on the margins of the Future Investment Initiative (FII) forum, Shehu said Buhari told Mnuchin that Nigeria would leverage on this US facility to address current challenges confronting its power sector, as well as the general upgrade of infrastructure.
According to him, the president thanked the US government for supporting Nigeria’s anti-terrorism efforts.
He also said the president and the treasury secretary discussed areas of strengthening Nigeria’s ongoing collaboration with the United States on how to stop terrorism financing.
The statement added that Mnuchin was accompanied by the Under Secretary of the Treasury for International Affairs, Brent Macintosh, and Assistant Secretary for Terrorist Financing in the United States Treasury Department, Marshall Billingslea.
“The Treasury Secretary used the occasion to introduce Macintosh, who was recently promoted Under Secretary for International Affairs by President Donald Trump after the previous Under Secretary, David Malpass, was elected President of the World Bank,” it stated, adding: “The Nigerian leader congratulated Macintosh on his elevation and requested for his continued support to Nigeria especially in accessing the $60 billion infrastructure fund under the USIDFC.”
Buhari had held earlier talks with King Salman of Saudi Arabia, during which both leaders committed to deeper partnership especially in the areas of oil and gas for the development of both countries.
The Nigerian leader and the Saudi monarch reviewed aspects of cooperation between both countries and agreed to advance cooperation in the areas of oil and gas, given the similarities of both countries as big producers of the commodity.
King Salman assured Buhari of the willingness of Saudi Arabia to invest in Nigeria’s oil and gas sector, thereby strengthening the strategic partnership between the Saudi energy company, Aramco, and the NNPC.
Shehu had said in a separate statement that both leaders also discussed the current regional and global security situation and that Buhari expressed his desire for a quick and peaceful resolution on contentious issues in the region.

 

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Buhari nominates Kingsley Obiorah as new CBN Deputy Governor

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Buhari nominates Kingsley Obiorah as new CBN Deputy Governor 20200117 020619

President Muhammadu Buhari has sent the name of Dr Kingsley Isitua Obiora to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria, CBN.

Buhari’s nomination of Obiorah was contained in a letter sent to the President of the Senate, Ahmad Lawan.

A statement signed and sent to DAILY POST by Buhari’s Media Aide, Femi Adesina said: “In a letter to President of the Senate, Ahmad Ibrahim Lawan, President Buhari said the nomination was in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.

“Dr Obiora, upon confirmation by the Senate, replaces Dr Joseph Nnanna, who retires on February 2, 2020.

“Dr Obiora holds a Bachelor’s degree in Economics and Statistics from the University of Benin, a Masters in Economics from the University of Ibadan, and a Doctorate in Monetary and International Economics, also from the University of Ibadan.

“He is currently an Alternate Executive Director in the International Monetary Fund (IMF) In Washington DC, United States of America.”

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President Buhari departs Nigeria for London Friday

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President Buhari departs Nigeria for London Friday 20200117 020346

President Muhammadu Buhari will depart Abuja Friday for London to participate in the inaugural UK-Africa Investment Summit holding on Monday, January 20, 2020.

Hosted by the British Prime Minister, Boris Johnson, the event, according to the organisers, is expected to bring together African leaders, international business chief executives and heads of international organisations “to create new partnerships that will deliver more investments and jobs” to the benefit of people and businesses in African countries and the United Kingdom.

A statement sent to DAILY POST on Thursday and signed by Femi Adesina said “Apart from highlighting new perspectives on UK-Africa Partnership for Prosperity, issues of Sustainable Finance and Infrastructure; Trade and Investment; Future African Growth Sectors and Clean Energy and Climate, are expected to dominate presentations and discussions during the Summit.

“With the expected take-off of the African Continental Free Trade Area (AfCFTA) in mid-2020, the London investment summit will provide Nigeria with the opportunity to project itself as a leading investment destination for new industries.

“In addition, the summit will deepen Nigeria-United Kingdom investment ties post-Brexit given that Africa currently represents just two per cent of British trade activity, with Nigeria accounting for only 10 per cent of that total.

“The Nigerian delegation to the investment meeting will further showcase what the Federal Government has done through policies and legislations to improve the investment and business climate in the country.

“While in the United Kingdom, President Buhari will hold a meeting with the Head of the Commonwealth, Prince Charles in Glasgow, Scotland.

“The President and his delegation will also have bilateral meetings with Prime Minister Johnson as well as heads of multilateral organisations.
President Buhari will be accompanied to the Summit by Governors Yahaya Bello, Muhammad Inuwa Yahaya and Okezie Ikpeazu of Kogi, Gombe and Abia States respectively.

“Also on the presidential entourage are the Minister of Foreign Affairs, Geoffrey Onyeama; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; the Minister of Finance, Budget and National Planning, Zainab Ahmed; the National Security Adviser (NSA), Maj-Gen. Babagana Monguno (retd); and the Director General, National Intelligence Agency (NIA), Ambassador Ahmed Rufai Abubakar.”

He added that President Buhari is expected back in Abuja next Thursday.

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