VenturesNow

Debt owed by 350 Nigerians enough to fund 50% of county’s 2018 budget

The Asset Management Corporation of Nigeria (AMCON), has said that the debt owed by 350 Nigerians is sufficient to fund 50% of the the country’s 2018 budget

Published

5 years ago

June 29, 2018

Africa News Watch

The Asset Management Corporation of Nigeria (AMCON), has said that the debt owed by 350 Nigerians is sufficient to fund 50% of the the country’s 2018 budget.

Speaking Wednesday in the country’s capital, Abuja, the Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, said the 350 Nigerians or their businesses, owe N4.3 trillion of the entire N5.4 trillion debt profile, representing 80 percent of the N5.4 trillion debt portfolio of the company.

Kuru said many of the debtors were yet to pay as AMCON had only recovered about N700 billion.

“Our responsibility is first to intervene, then provide support before we recover, we have done the two, nobody has complained, now that we are doing the third people are complaining.

“The people complaining are those people that do not want to meet their obligations. Some of the obligors owe as much as N200 billion.

“We have 350 Nigerians that have obligations or control more than 80 per cent of all AMCONs debt portfolio.

“So, if you are talking about N5.4 trillion, only 350 Nigerians are supposed to pay more than 80 per cent of that amount, and they are normal people you see on the street,” he said.

Kuru noted that the judicial system was a major challenge to the operations of the company.

“I can tell you that today, our major challenge has to do with the judicial process.

“In other climes, what they do is that they allow AMCON to own the assets ab-initio, which means I have paid for the loans from the commercial banks, I have taken over the loan and I will take it over with the assets so I can sell the assets from day one.

“But here, somebody can decide to take you to court and he has to be heard. He can lock you up with judicial processes and technicalities for 10 years, 15 years or even 20 years,” he said.

VenturesNow

New $700 million loan approved by World Bank for Nigeria

Published

10 hours ago

September 23, 2023

Ifeoluwa Dada

Amid its recent economic challenges, Nigeria has received approval from multilateral lender, World Bank for a fresh $700m loan to enhance adolescent girls’ learning and empowerment.

With the new loan, more money will be available for the Adolescent Girls Initiative for Learning and Empowerment, a project that is already underway.

The Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, in January, disclosed that the country’s total debt stock may hit N77 trillion by the end of President Muhammadu Buhari’s administration on May 29, 2023

The World Bank, in a statement, said it had “approved additional financing of $700m for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment programme whose goal is to improve secondary education opportunities among girls in targeted states.

“The additional financing will scale up project activities from the current seven states to eleven additional states and increase the targeted beneficiaries to include out-of-school girls, those who are married, and those who have disabilities.”

The statement added, “In the seven AGILE programme implementing states – Borno, Ekiti, Kaduna, Kano, Katsina, Kebbi, and Plateau – the number of girls in secondary schools has increased from about 900,000 to over 1.6 million.

“Under the programme, over 5,000 classrooms have been renovated and over 250,000 eligible girls have received scholarships.

“The AGILE programme has supported the construction and rehabilitation of WASH facilities in secondary schools and the installation of computers and solar panels which make attending school more convenient and conducive for both girls and boys. Life skills, systems strengthening, and advocacy are other key aspects of the program which address social norms impeding girls’ education.

“Closing the gender disparities in economic empowerment by ensuring girls have access to education and skills is vital for Nigeria’s growth and economic prosperity,” said Shubham Chaudhuri, the World Bank’s country director for Nigeria

“Nigeria’s working population will soon be one of the youngest and largest around the world, which means that investing in adolescent girls is imperative when addressing overall economic prospects and growth.”

Despite the recent removal of fuel subsidies, Nigeria’s public finance is currently affected by dwindling oil prices and industrial-scale crude oil theft.

VenturesNow

South Korea eyes Nigerian Lithium as global battery demand rises

Published

2 days ago

September 22, 2023

Ifeoluwa Dada

Nigeria’s Ministry of Solid Minerals Development on Thursday revealed that the South Korean government had indicated interest in lithium deposits from Nigeria.

The Nigerian government engaged the South Korean government at the Seventh Korea-Africa Economic Co-operation Conference in Busan, South Korea, according to a statement issued by the ministry’s Deputy Director (Information), Alaba Balogun.

Officials from the Ministry of Solid Minerals Development and Oando Mining Company made up the Nigerian delegation at the event, while representatives from the Korean Institute of Geosciences and Mineral Resources and Korean Mines were also present.

A 2006 Memorandum of Understanding between Nigeria and South Korea on investments in the solid minerals sector was revised as part of the engagement, according to the statement.

It stated that the proposed revision to the 2006 MoU “include training of Nigerian mining professionals in Geochemistry, Geophysics, Ore Modelling, Mineral Processing, research, and exploration of critical minerals such as lithium, nickel, cobalt, manganese, and graphite.”

Lithium is a core resource used for the production of batteries. With increases in battery demand, electric vehicles will be a strong driver of lithium consumption in the next decade, and South Korea will be a top global producer of batteries.

The statement added, “KIGAM president, Dr Pyeong Koo-lee, offered to collaborate with Nigeria to explore the large deposits of lithium-bearing pegmatites.

“He said KIGAM has the best technology in lithium ore processing, adding that the beneficiation process can reduce the carbon to improve the grade of the ore.

“Vice President of the state-owned KOMIR, Dr Alex Kwon, expressed interest in overseas mining investment, adding that KOMIR provides technical and financial assistance and investment in the exploration and mining of solid minerals”, it added.

Considering the potential to export mineral resources to the rest of the globe and the need for diversification, the mining and quarrying sector is essential to Nigeria’s growth.

In general, it is claimed that Nigeria is endowed with around forty (40) different types of minerals, including marble, coal, iron ore, gold, silica, lead, zinc, tin ore, manganese, granite, laterite, limestone, among others.

A report by Statista said by 2030, the global demand for lithium is expected to surpass two million metric tons of lithium carbonate equivalent, more than doubling the demand forecast for 2025.