Television Nigerian

The Federal Executive Council (FEC) has authorized a $2.2 billion external borrowing financing program, which may include an offer of Eurobonds and Sukuk bonds.

This was revealed to reporters at the Presidential Villa in Abuja on Wednesday following the FEC meeting by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

In the recent Federal Executive Council meeting, I had the honor of introducing two memoranda to the group.

The first was to approve a $2.2 billion financing scheme in order to finish the Federal Government’s external borrowing program.

Access to the global capital market for a mix of the Sukuk and Euro bond offers, as well as maybe a Euro bond worth roughly $1.7 billion, make up this package.

Once the National Assembly has reviewed and, ideally, approved the borrowing plan, the real financing will be completed with sukuk financing of an additional $500 million.

“If approved, external borrowing will be completed this year, as soon as possible after approval.”

“What the advisors would say about market conditions at the time of the decision to enter the market would determine the actual combination of instruments that would be raised,” he stated.

Naturally, earlier this year, we demonstrated the depth of the Nigerian financial markets’ resiliency, as well as their growing sophistication and complexity, by issuing dollar bonds domestically, which drew in Nigerian investors from all over the country.

Access to the global capital market, he added, is another indication of support and acceptance for the macroeconomic policies of the administration of President Bola Tinubu.

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According to the minister, the macroeconomic pillars of foreign exchange and PMS market pricing were the main focus of the economic recovery and restoration program that was implemented to turn the economy around.

Additionally, he said that the FEC had authorized the Ministry of Finance’s real estate investment fund.

The fund provides the foundation for the Nigerian economy’s recovery and the reintroduction of long-term mortgage lending, he claims.

“The Morph Real Estate Investment Fund would initially be a N250 billion fund that will offer long-term, affordable mortgages to Nigerians who wish to own homes.

The yawning housing deficit of 22 million units will be partially or completely filled by it. Of certainly, it will boost economic growth and provide jobs.

Additionally, it will create opportunities for additional private sector investors to enter and take part in the crucial home construction sector, which will have a significant positive impact on the entire economy.

“Long-term investors can profit from market interest rates on their investments.

He stated, “This will be combined with N150 billion in seed funding.”

For the sake of the book business, the Nigerian Copyright Commission (NCC) has emphasized once more the necessity of increased cooperation between stakeholders in order to govern the printing and publishing sector.

During the International Paper, Printing and Publishing Expo (IPPEX 2024) opening in Abuja, Dr. John O. Asein, Director-General of the NCC, gave this statement as a Special Guest.
The organizers, DCS Integrated Media Limited, and their partners were also lauded by him for expanding the yearly event’s focus to include the global aspects of trade.

He acknowledged the benefits of new technologies in a society that is becoming more digital and knowledge-driven, but he also called attention to the disruption they are generating in the creative economy and the copyright ecosystem in a statement released on Friday.

Therefore, he gave stakeholders his word that the Commission will not back down from its pledge to create safer spaces for the creation, sharing, and commercial use of copyrighted works for the benefit of investors and authors.

The DG-NCC emphasized that in order to revitalize Nigeria’s paper and printing industry, we must give publishers the incentives they need to support local printers and authors the incentives they need to create.

Additionally, publishers and printers were urged to use more environmentally friendly materials in their productions by academia and other industry players.

Prof. Sa’adatu Hassan, the vice chancellor of Nasarawa State University, in the person of Dr. Hauwa V. Ibrahim, the deputy director of research and innovation, urged industry participants to think about how their operations affect the environment and collaborate with academia to improve university publishing standards.

The utilization of state-of-the-art technology, quality and innovation, and customized publishing solutions for cost and accessibility are some of the demands she listed for universities from the business.

As one of the nation’s largest employers of labor, the business has enormous potential, according to Mr. Alonge Kayode, CEO of Printway Limited, and government support and intervention are essential to its growth.

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Mr. Kayode urged industry professionals and regulatory bodies to work together more closely.

He noted that some of the issues that need to be solved to support the printing business are attracting additional investors, producing raw materials locally, and providing access to capital at a single-digit comparable rate.

The event brought together printers and equipment providers from the publishing and printing sector to present cutting-edge printing technology and exchange ideas about industry-changing prospects.

Additionally present at the event were stakeholders, including academics, government representatives, industry enthusiasts, and creators. Other notable attendees included the following: Mr. Innocent Agbanu, Chairman, FCT Branch of Nigerian Publishers Association (NPA); Comrade Babajide Salako, President/Chairman in Council, Chartered Institute of Professional Printers of Nigeria (CIPPON); Mrs. Grace Samuel, Executive Secretary, Universal Basic Education Commission (UBEC); and Mrs. Olumuyiwa Abosede Hayi-Ade, Deputy Director, Industrial Development, Minister of Industry, Trade, and Investment.