“Water don get enemy?”…10 Most expensive States…Abia Magic…ANINVEST – prizes to be won…plus South East Digest

“Water don get enemy?”:  Photos of the Week

No boda to wake up Fela!  Wata neva geti enemy!!   See wetin wata do for around Lekki yesterday:

Ten most expensive states to live in Nigeria based on inflation Rate – August 2023

Inflation rates are often an economic barometer for understanding the health and well-being of a nation’s economy.  In Nigeria, inflation affects states differently, indicating the varied economic conditions across the country.

As these rates directly impact the cost of living, from essential commodities like food to housing and transportation, it’s crucial to know which states are the most expensive to live in based on their current inflation rates. 

Nairametrics takes a look at the ten most expensive states in Nigeria based on the August Food Inflation and All Items Inflation rates….The Rankings

10. Oyo State 

Food Inflation: 31.3% 

All Items Inflation: 28.4%

Oyo kicks off our list with inflation rates that are high but less alarming compared to others on this list.

9. Ondo State

Food Inflation: 32.8% 

All Items Inflation: 28.2 

Ondo closely follows Oyo, with only slight differences in food and all items inflation rates.

8. Delta State

Food Inflation: 32.9% 

All Items Inflation: 26.6%

Delta ranks eighth with its high food inflation being a major concern, compounded by an overall high rate of inflation for all items. 

7. Abia State

Food Inflation: 32.2% 

All Items Inflation: 28.0%

Abia follows Delta but with a slightly higher all-items inflation rate.

6. Rivers State 

Food Inflation: 34.0% 

All Items Inflation: 29.1%

Rivers State presents a balanced but high rate of inflation for both food and all items, reflecting an economic issue that affects almost every sector.

5. Bayelsa State

Food Inflation: 34.1% 

All Items Inflation: 28.6%

With rates that are closely matched to Rivers State, Bayelsa takes the fifth spot on our list.

4. Ekiti State

Food Inflation: 34.4% 

All Items Inflation: 25.0%

Ekiti’s alarming food inflation rate is offset by a comparatively lower overall inflation rate, yet it still ranks high on our list.

3. Kwara State

Food Inflation: 35.3% 

All Items Inflation: 26.9%

Kwara’s inflation rates make it the third most expensive state to live in Nigeria, despite not being a commercial hub like Lagos.

2. Lagos State 

Food Inflation: 36.0% 

All Items Inflation: 29.2%

Lagos, Nigeria’s economic center, ranks second with its exceptionally high inflation rates affecting both food and all items.

1. Kogi State

Food Inflation: 38.8% 

All Items Inflation: 31.5%

Topping the list is Kogi State with its astronomical food inflation rate of 38.8%, making it the most expensive state to live in Nigeria.

Debt servicing gulps N2.34tn in six months – DMO

Nigeria’s debt servicing spending slowed to N849.58bn in the second quarter of 2023, findings by The PUNCH have shown.

This was a decrease by 43.04 per cent compared to N1.49tn, which was spent in Q1 2023 on servicing debt. 

According to data obtained from the Debt Management Office, between January and March 2023, Nigeria spent N874.13bn on domestic debt servicing, while it spent $801.36m (N617.35bn) on external debt servicing, giving a total of N1.24tn.

However, between April and June 2023, Nigeria spent N565.88bn on domestic debt servicing, and $368.26m (N283.7bn) on external debt servicing, a total of N1.24tn.

The exchange rate of the DMO, which was $1 to N770.38, was used for external debt servicing.

In six months, a total of N2.34tn was spent on servicing the country’s debt.

The PUNCH also observed that unlike the previous quarter, where Nigeria spent about $131.13m servicing loans from the Exim Bank of China, nothing was spent in Q1, 2023 on Chinese loans.

Despite the decrease in the cost of debt servicing, Nigeria’s total public debt hit N87.38tn at the end of June 2023. 

The figure represented an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023.

The DMO, in a statement, said the debt included the N22.71tn Ways and Means Advances of the Central Bank of Nigeria to the Federal Government. 

LASU makes Yoruba Language compulsory for all students

The Lagos State University (LASU) in an obvious move to preserve Nigeria’s rich cultural heritage, has announced the inclusion of Yoruba Language as a compulsory course for all its students.

The new course added to the school’s curriculum from the 2023/2024 academic session is titled GNS 104 (Yoruba Language Studies). LASU’s decision to introduce this course aligns with the broader national effort to preserve Nigeria’s diverse linguistic and cultural heritage.

The course, Yoruba Language Studies, is designed to provide students with a comprehensive understanding of the Yoruba language, one of Nigeria’s prominent indigenous languages.

It aims to equip students with language skills, cultural knowledge, and historical context, fostering a deeper appreciation for the Yoruba culture.

Speaking on the development, Professor T.M Salisu, the Dean of LASU Faculty of Arts and Humanities, expressed his enthusiasm for the introduction of the course. He emphasized its potential to strengthen students’ connections to their roots and promote cultural diversity.

(A digest of latest reports on the Economy, Industry, Politics, Sports, and developments around the South East of Nigeria)

ABIA STATE

Abia Magic:  Governor Otti commissions 3 roads in Aba, vows to fulfill campaign promises

Abia State Governor, Dr. Alex Otti has commissioned the newly rehabilitated Emelogu, Shallom and Cemetery roads in Aba, with solar street lights.  Commissioning the roads, Otti said he is investing in road infrastructure because a good road network is a huge enabler for economic development and assured the residents of Aba of his commitment to fulfilling his campaign promises.

He explained that what Aba needs is to open it up with good infrastructure and an enabling environment that would support the social and economic lives of the people.  Otti noted that the Cemetery Market road has not been used for 20 years and said that his government is committed to ending the activities of touts in the markets.  He thanked the residents and contractors for their support, stressing that a new Abia requires the participation of all and sundry.  The Governor disclosed that a water fountain would be fixed at the Emelogu roundabout in the next few weeks.

ANAMBRA STATE

Gully erosion in Anambra shocks works minister

Minister of Works, Chief David Umahi expressed shock last Sunday at the sight of the gully erosion at Oba, a community in Anambra on the Onitsha-Owerri Expressway.  According to the News Agency of Nigeia (NAN), Umahi assured that the Federal Government would take urgent steps to ensure that the Owerri-bound side of the expressway was not severed as it had happened to the Onitsha-bound side.

“The magnitude of the gully at Oba is beyond the capacity of the Federal Road Maintenance Agency (FERMA) to reverse,’’ the minister, on a two-day inspection of federal roads in Anambra, said. 

“This is a very difficult situation I must say. We will look at the possibility of diverting the drainage so as to save the other lane from getting cut off.

“I must say that this is a difficult situation because if we cannot divert the flood, we must divert the road,’’ he said.

Umahi emphasised that the permanent solution to the Oba gully erosion was to pile the two ends of the road, noting that such work could be done only during the dry season. 

The minister noted that apart from Oba, two other serious gully erosion sites threatening the Onitsha-Owerri Expressway were at the Ozubulu end of the road.

Umahi also visited the 2nd Niger Bridge and commended the contractor for doing “nice and quality job’’.

He, however, directed the contractor to change the street lights installed on the bridge to solar street lights.

At Nnewi-Oba Road, the minister directed the contractor to suspend work and redesign the road to use concrete pavement to address obvious challenges.

Fielding questions from newsmen, Umahi advised Nigerians to be patient with President Bola Tinubu’s government on the execution of projects, especially roads.

“We need huge amount of money to fix roads.

“As a government, we are thinking out of the box to source money to ensure that things work.

“For instance, I am reviewing a number of projects to determine where we can cut cost,’’ Umahi said.

 

ASEC awards Uga-Nkpologwu road contract and others

by

Paul Nwosu, Anambra State’s Commissioner for Information

In the march toward fulfilling the vision of Governor Charles Chukwuma Soludo, CFR, of making Anambra State a liveable and prosperous megacity with the best road network, the Anambra State Executive Council (ANSEC) has approved the release of the sum of One Billion, Nine Hundred and Ninety-Five Million, Four Hundred and Five Thousand, One Hundred and Eight Naira (N1,995,405,108) inclusive of Preliminaries, Contingencies, and 7.5% VAT of N149,655,,383.1 for the construction of Uga-Nkpologwu Road with a Spur to Amesi road within Aguata LGA in favour of APOGEE Engineering Ltd. Date of completion is a period of Ten (10) Months from the date of the payment of the mobilization fee.

Also approved by ANSEC is the release of the sum of Eight Billion, Six Hundred and Eighty-Two Million, Five Hundred and Seventy-One Thousand, Seven Hundred and Forty-Seven Naira (N8,682,571,747) for the construction of Amansea-Ifite Road-Aroma-Overpass-Ekwueme-Government House Road. The contract was awarded to Geld Construction Ltd with a completion period of Eighteen (18) Months from the date of the payment of the mobilization fee.

The reconstruction of Ugwu Nwasike Ogidi Building Material Road was equally approved for the release of the sum of Five Hundred and Fourteen Million, Six Hundred and Eighty-Four Thousand, Two Hundred and Thirty-One Naira (N514,684,231). The contract was awarded to New Idea Construction Company Limited with a completion period of Sixty (60) Days from the date of the payment of the mobilization fee.

The sum of Two Hundred and Twenty-Five Million Naira Only (N225,000,000) was approved for the execution of Phase 3 of the Solution Fun City (SFC) Project covering construction of the Foundation Bases for Park Equipment at the SFC. The contract was awarded to ZHONGTIAN Construction Nig. Ltd with a completion period of Four (4) Months from the date of the payment of the mobilization fee.

Ozubulu erosion control works got Nine Hundred and Eighty-Three Million, Nine Hundred and Twelve Thousand, Nine Hundred and Sixty-Nine Naira. Eighty-Three Kobo (N983,912,969.83). The contract was awarded to Tamad Construction Limited with a completion period of eight (8) months from the date of the payment of the mobilization  fee.

The erosion control works at Oba, along Onitsha-Owerri Road got the sum of Five Hundred and Fifty-Four Million, Two Hundred and Forty-Six Thousand, Seven Hundred and Sixty Naira, Seventy-One Kobo (N554,246,760.71). The contract was awarded to Benejaf Int’l Ltd with a completion period of Five (5) Months from the date of the payment of the mobilization fee.

ENUGU STATE

Governor Mbah signs Electricity Bill into Law

Governor Peter Mbah of Enugu State last week signed into law the Enugu State Electricity Bill, describing it as a major step towards economic growth in the state..

Speaking at the event, which took place at the Government House, Enugu, Mbah said it would make the state the premier destination for investment, business, tourism, and living.

Mbah said that the quest by his administration to build Enugu State’s economy from $4.4 billion to $30 billion would translate to a pipe dream without adequate and stable power supply, hence the need for the Electricity Bill, which was transmitted to the House of Assembly about a fortnight ago.

He equally commended the leadership and members the House of Assembly for the expeditious passage of the Bill and for their partnership with the government across party lines for the good of Enugu State.

Enugu government imposes ban on illegal mining

The Enugu State Government on Friday announced a ban on illegal mining in the state with immediate effect.  News Agency of Nigeria reported that this disclosure was made by the Secretary to the State Government (SSG) for Enugu State, Prof. Chidiebere Onyia during the inauguration of a committee to review mining activities in the state.

The SSG for Enugu cautioned against illegal mining in the state, adding that dire consequences exist for flouting this government’s directive.  According to Prof. Onyia, Gov. Peter Mbah’s administration’s ban on illegal mining activities is to protect residents from any sort of hazard related to illegal mining and maintain equal rights of benefits accruable from the mineral resource to taxpayers

 

Enugu, Indonesia to deepen trade and investment relations – Amb Usra

The Indonesian ambassador to Nigeria, Dr. Usra Harahap, has expressed the Asian country’s interest in deepening relations with the Government of Enugu State in the areas of trade, investment, and other socio-economic spaces that would be of mutual benefits to both entities.

Dr. Usra stated this when he led a team of senior delegates from the Republic of Indonesia to the state on a business and working visit to Governor Peter Mbah at the Government House, Enugu, on Monday.

While exploring the areas of interest that could lead to a productive partnership between Enugu State and Indonesia, the ambassador noted that investments in the state and frequent exchange of contacts would not only cement the bilateral ties, but equally create more opportunities for mutual growth and prospects of further investments in the future.

Ambassador Usra, who expressed Indonesia’s desire to invest in the energy and mining sectors in the state, said that Enugu was rich in mineral resources, agriculture as well as tourism, which would serve as additional sources of revenue, adding that the “trade value between Indonesia and Nigeria is about $4.5 billion of which the total import amount to $4.3 billion with export at only $5 million”.

“Indonesia has many interests in broadening the collaboration in energy, agriculture, health sector, as well as creative economy. In line with this, the Government of Indonesia has sought investment opportunities in Africa. Currently the Indonesia government has established 35 companies in Africa with values worth of $5 billion. The areas of investment are mining industry, food and beverages, oil and gas, pharmaceuticals, construction, textile, agriculture.

“We recognise the potential of the agro-sector in your region and we envisage collaboration between Enugu State and Indonesia business within areas such as food processing, agriculture machinery and irrigation. Indonesia expertise can help significantly to increase agricultural productivity and ensure food security in your state,” he added.

He also revealed that the Indonesian government was making plans to collaborate with the state in area of education through scholarship programme to enable bright students from the state to do their doctoral, master and undergraduate degrees in the Asian country. 

Responding to the visit, the state governor, Dr. Mbah, commended the ambassador and his team for picking special economic interest in the state, saying his administration was not only ready to partner with Indonesian investors, but had equally provided the enabling environment to welcome them to the state.

The governor maintained that the state had an array of investment opportunities such as the sector-based productivity belt, minerals and energy sector, including coal and oil and gas with large deposits in different locations in the state.

Mbah enjoined the ambassador to see Enugu as the best state to invest as his government had already activated the mechanisms that would derisk investment flow and enable ease of doing business.

Enugu Assembly passes Governor Mbah’s N58.09bn Supplementary Budget

The Enugu State House of Assembly has passed the supplementary appropriation bill submitted by the Governor, Peter Mbah.  The supplementary appropriation bill with budget size of 58 billion, 95 million, 482 thousand 293 naira only (58,095,482,293) was read for the first, second and third time by the lawmakers.

The bill titled: “The bill for a law to authorise the issuance and appropriation of the total sum of 58,095,482,293 for capital and recurrent expenditure for the year ending 31st December, 2023,” generated a lot of debate as the lawmakers took time to canvass for their Constituency.  The Lawmakers argued that the bill will enable the state Governor, Peter Mbah to carry out some capital projects in the state and thereafter, passed the Bill for assent by the Governor. 

The euphoria is still on!

Tidbits

·         Ndi Anambra and socio-economic commentators believe that ANINVEST 2023 is one of the best things to have happened to the State in the last couple of decades.

·         Most commentators advise that the next edition should be at least two days to enable all issues to be given adequate timing.

·         Some commentators say that the Onitsha River Port may not be the panacea for Anambra’s trading vision as it had been thought to be.  They cite the fact that the three dams soon to be built in the course of River Niger may make the dredging to the needed depth for badges to carry containers in economic quantities uneconomical.  They urge the Anambra State Government to look again.

·         Some commentators urge the Anambra State Government to liaise with the governments of the other four South Eastern States before commencing work on the planned rail system.  This they say is to ensure that the States are not working at cross-purposes.

 

Answer and Win Prizes

1.0       What does the Anambra State-Afrieximbank agreement provide for?

2.0       What does the Anambra State-Chinese agreement provide for?

3.0       What is the total value of the MoU between Anambra State and Kojo Motors? 

4.0       Which of th3 13 Agreements/MoUs signed at ANINVST 2023 are concerned with agriculture?

5.0       Which of the MoUs are concerned with Industrial Parks?

6.0       Name the Industrial Parks and where they are to be sited

7.0       When is the railway system planned to take off?

8.0       Which is the first of the MoUs to take off?

9.0       A lady had her planned investment locked up since the year ….and how much ….was involved?

10.0     Who signed the agreement on behalf of Afrieximbank? 

Send your answers by WhatsApp to 08032469817 or by email to obimeze@gmail.com to

Reach Us not later than 5pm on Tuesday, September 19, 2023.  There will be three Star Prizes

For The first three persons to score 10/10.  The first seven to score 6/10 would receive

Consolation Prizes (Relatives and employees of Anambra State Government as well as

relatives and employees of ANSIPPA and their suppliers/contractors are barred from

participating)

 

Anambra to introduce rail system to ease movement of goods, commuters

Anambra State government has completed arrangements to introduce a rail transport system aimed at enhancing distribution of goods, commerce and movement of people across the state.

To this end, the Managing Director, state Bureau of Public Procurement (BPP), Arch. Okey Ezeobi, disclosed that the state government has engaged an international infrastructure development firm to design the rail master plan.

Addressing journalists, last week in Awka, during a press briefing ahead of a six-day capacity building series on ‘Theory And Practice of Public Procurement For Local Government Stakeholders,’ Ezeobi said the firm, CPCS Transcom Limited, based in Ottawa, Ontario, Canada, has been chosen from 10 international organisations that applied for the design.

According to him, investors were already waiting for the master plan implementation in view of the bankability and feasibility study on the railway initiative.

Ezeobi said: “The state government has commenced payment for the master plan design, which will take railways to the boundaries of the state. With the rails, moving containers from the ports will be cheaper and faster.

“We looked at their track record after considering the technical bids, the financial bids, their domestic experience before arriving at the CPCS. 

“It is also instructive to note that the firm had acclaimed Anambra, under Governor Chukwuma Soludo, as a forward-thinking state.”

Speaking on the capacity building series, Ezeobi assured that it would encourage accountability and transparency in public funds utilisation in line with Soludo’s vision to ensure adequate value for money.

He said that the new direction and changes in Soludo’s government is one that will restore public trust, as people are now aware of how their resources are spent, adding that ‘procurement’ is a process that must reflect accountability and transparency. 

He insisted that local council leadership must be accountable in their handling of public funds, assuring that plans had reached an advanced stage to absorb local council staff into BPP to ensure proper training on procurement.

 

 

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