Metro

Nigerian governor says President Tinubu inherited dead, battered economy from Buhari

Published

12 months ago

November 24, 2023

Governor Charles Soludo of Anambra State in south east Nigeria has claimed that the current administration of President Bola Tinubu inherited a dead and battered economy from former President Muhammadu Buhari.

Soludo, a former Governor of the Central Bank of Nigeria (CBN), who raised the alarm on Thursday, reiterated Tinubu’s several assertions that he met a dwindling economy from his predecessor.

In an interview on a popular television programme, Soludo urged Nigerians to be patient with the Tinubu administration as it went about fixing the economy.

The governor also alleged that during the immediate past regime, the CBN was illegally printing money, which contributed to the fall of the country’s currency, a total violation of the 2007 Act governing the apex bank.

He described the present economic situation in Nigeria as a result of the recklessness of the previous government, noting that the economy it left behind was a “dead horse”.

“This particular government inherited a dead economy from a micro economic point of view,” the governor said.

“This government inherited a dead horse that was seen standing but people didn’t know that it was dead. I think it’s important for Nigerians to understand this.

“We sat here in this country and saw the monetary authorities literally printing money.

“And to prevent us from getting to where we are today, that was why we had an explicit clause that prevented the Central Bank from lending recklessly, granting ways and means to the federal government,” he opined.

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Metro

World Bank pledges $3b to support Zambia’s development goals

Published

17 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

2 days ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.