In their visit to the Chamber of Commerce in the economic capital Douala, the African Development Bank has disclosed some internal reforms in favour of extending adequate financial stimulus to the private sector notably small and medium sized enterprises in Cameroon and the Central African region as a whole.
The Resident Representative of the ADB, Serge N. Guessan, announced that the bank’s consultative visit is also to gather ground-breaking strategies on Cameroon’s future Strategic Document (SD) which is about to expire at this year’s end.
Mr Guessan said emphasis will be laid on their global objectives of structural transformation in order to realize an all inclusive and sustainable economic growth directed especially in the transformation of agriculture or agro-industrialisation, improving human capital and of course governance. The sun of XAF 1.500 billion has been allocated for such development.
He elaborated that the upcoming strategic plan resources will have to be channeled especially in zones which had been largely neglected for years yet have enormous economic potentials such as in the Eastern and Extreme North regions as well as ensuring the regional integration in CEMAC, bearing in mind Cameroon’s potential as the bread basket and economic locomotive of the Central African region.
The ADB financial stimulus plan of eight years (2023-2030) is made up to coincide with Cameroon’s National Development Strategy (SND 30) which is a significant reversal of the bank’s usual five-year development plan.
According to ADB research findings, today in Africa the private sector contributes 70% (percent) of investments and the same on the GDP while it creates 90percent of the workforce or employment.
Honourable Christophe Eken welcomed the ADB stand as a very significant shift in the right direction. He said that agro-industrial projects had always been the centre-piece of the Chamber’s perennial objectives but had always had problems of financing long-term projects when they sought so from commercial banks. The Chamber’s economic actors are multisectoral.
To overcome these challenges, they have learned from the pandemic to promote digitization among its members and other stakeholders. So, a digital platform has been launched whereby they intend to screen the projects of economic operators to insure its authenticity to impact strongly on the developm ent of communities in Cameroon, before recommending such projects to the ADB, to consider at least 50 percent of their financing, guarantees and the mitigation of risk.
His Royal Highness Nfon Mukete also reiterated their gratefulness to ADB for bringing long term guarantees and stimulus packages whi ch commercial banks could not
Nigeria’s Port Harcourt Refinery Will Start Working In December – NNPCL Boss
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari has confirmed that the Port Harcourt refinery will start working in December 2023.
Kyari made the confirmation on Thursday during his meeting with the Speaker of the House of Representatives, Tajudeen Abbas.
He also informed Abbas that the rehabilitation of the state-run refineries is in serious progress, saying it would put an end to the importation of petrol by December 2024.
“I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery,” Kyari said.
“Early in the first quarter of 2024, we will start the Warri refinery and by the end of 2024, the Kaduna refinery will come into operation.
“This is the commitment we are giving today, and you can hold us accountable for this.”
Kyari added that in 2024, many of the initiatives including the rehabilitation of Nigeria’s refineries and also the efforts of small-scale refineries as well as the upcoming Dangote refinery, will make the country a net exporter of petroleum products in 2024.
“We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallize,” the NNPCL CEO said.
Dollar Tumbles As Naira Gains At Parallel Market
The naira sustained its appreciation against the United States dollar at the parallel market as it appreciated on Friday, from N1,160 to N1,155.
This represents a 0.43 percent (N5) gain than N1,160 exchanged on Thursday at the parallel market.
It could be recalled that the naira had steadied in the parallel market on Wednesday and Thursday as it sells for N1,160 respectively.
However, the forex turnover on Thursday hit $105.50 million according to data from NAFEM, the Nigerian Autonomous Foreign Exchange Market, the market trading segment for investors, Exporters and end-users.
The turnover represents the amount of dollars traded at a particular trading day.
Although the rate is still unpalatable to the business community and Nigerians at large but a management consultant, Babatunde Adeniji, said the naira crisis is being largely driven by speculation following the country’s liquidity challenge.
“In terms of price, for the short time it is speculation that drives things. If you are a trader and you want to take a bet, with the level of distrust of the government, with no clear visible assurance of where the dollar is coming from to stabilise the naira, which position would you take? You are bound to take the position skewed towards the dollar,” he stated.
He said the country would begin to heave a sigh of relief when the authorities can pay up all the backlog of foreign exchange forwards with sufficient liquidity to meet pending obligations.
“Nigeria, as a country, does not have enough dollars to meet its promise. If we don’t do things that are substantial and visible, all that grammar would not help,” he said.
FG commissions Abuja Market plaza in Cameroon
The Consul-General of Nigeria to Douala, the Republic of Cameroon, Ambassador (HRM) Queen Efe A. Clark-Omeru has commissioned the multimillion-naira Abuja Market plaza built in Douala, Cameroon by eminent Nigerian Alhaji Abba Mustafa.
The Consul General, who commissioned the projects in Douala, commended the Nigerian-Adamawa philanthropist for investing in such a massive project in a neighboring country like Cameroon which has over five million Nigerian migrants.
According to the Nigerian Diplomat, the facility is expected to create numerous business opportunities by generating revenue rents and creating job opportunities for both Nigerians and Cameroonians. Additionally, it will enhance the beauty of Douala city, attracting more tourists and strengthening Foreign Direct Investment (FDI).
The Nigerian Diplomat expressed hopes that the new building would further help strengthen the relationship between Cameroon and Nigeria, extending a hand of prayers during the commissioning ceremony.
“Alhaji Abba, you are a great man, it takes a great heart to think beyond yourself and invest in the huge facility, not just for you but for the people of Adamawa state, the whole Nigeria, and Cameroon, history will not forget you,” said Amb. Clark -Omeru
“This is a good day for Nigerians, for Cameroonians and for the people of Adamawa State in Nigeria, I am happy to be here and to be part of this joy of today, Nigerians are happy, Cameroonians are happy as well as the Adamawa indigenes,” she said.
“Our dear Father, Abba Mustafa, you have done very well with this massive building, may the Almighty God continue to bless you, may he continue to reward you abundantly and may he continue to keep you for the good of mankind.”
The Consul General praised the Cameroon authorities for fostering a spirit of brotherhood between Nigeria and Cameroon by offering a great opportunity to the distinguished Nigerian, Alhaji Abba.
She continued: “As we are celebrating this great achievement, the fact still remains that this facility is a representation of close collaboration and one cordial relationship between Alhaji Abba Mustafa and our host authorities which provided a friendly environment and gradually the opportunity for him to purchase the land. If not for the good reputation and integrity that Alhaji Mustafa is recognized for, there is no way the host authorities would have given him the opportunity to mark this great landmark. I am appealing to every Nigerian in Cameroon to be a good ambassador,” she concluded.
Alhaji Abba Mustafa thanked the Nigeria Consul General for honoring the invitation and supporting Nigerians in Cameroon ultimately.
“On behalf of my humble self and the people of Adamawa State Union Douala, I want to thank the Consul-General of Nigeria to Douala, the Republic of Cameroon, Ambassador (HRM) Queen Efe A. Clark-Omeru for making time to honor this great occasion. I am also using this opportunity to thank the President and members of the Nigerian Community in Douala and the royal fathers who came as well as everybody who grace this day, May you all return home safely, thank you very much.
Meanwhile, Ismaila Adegbola, the Chief Executive Officer ND Group, has praised Alhaji Abba for investing in Cameroon and building such an impressive structure that would provide employment opportunities to many. Adegbola has also urged the Nigerian government to recognize Alhaji Abba’s contributions to the country by including him in the nation’s historical book.
“This is a milestone achievement for Nigeria as a country, We are calling on the Federal Government to decorate this great man with a national award for bringing smiles and success into the lives of over five million Nigerians in Cameroon. »
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