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President Buhari finalises Nigeria’s membership in African Trade Insurance Agency

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Nigeria becomes a full member country at an opportune time. It joins ahead of others that are fast-tracking membership given the trade and investment insurance challenges during the COVID-19 pandemic and also recognizing the potential post pandemic opportunities.

  • Nigeria contributed US$14.1 million to ATI’s capital in 2019 with African Development Bank’s (AfDB) financial support and fully completed its membership process through the ratification of the ATI’s Treaty.
  • Membership in ATI provides African countries with additional trade and investment insurance capacity, which helps cushion against the negative economic impacts of COVID-19.
  • ATI expects an estimated US$138 million in additional capital from prospective new shareholders in the coming months.

This week, President Buhari signed the instrument of ratification to the African Trade Insurance Agency’s (ATI) treaty. This finalises Nigeria’s membership in ATI in a process that began some years ago. Membership in ATI allows Nigeria to attract additional insurance capacity to help attract investments and it also increases ATI’s capacity to support sovereign and commercial transactions in the country. Ultimately, Nigeria benefits because effective risk mitigation is vital to increasing investments and trade flows.

Nigeria’s membership comes at a critical time for the economy as a sharp drop in oil prices due to a COVID-related one-third decrease in demand, has impacted the country’s spending plans. The IMF predicts that falling oil prices will halve Nigeria’s export earnings to US$26 billion, which traditionally accounts for 90% of the government’s budget.

ATI is well positioned to support African countries through the pandemic. In the last three years, ATI has helped crowd-in nearly US$3 billion of investments to several African countries. With ATI’s sovereign and sub-sovereign credit wrap solutions, governments and state owned enterprises have been able to obtain competitively priced and longer-term financing.

In Nigeria, ATI has already provided significant support in the country’s oil and gas sector covering oil traders as well as in the financial sector insuring financial institutions.

“As one of the largest economies in Africa with a vibrant private sector, ATI looks forward to working with the Ministry of Finance, the Central Bank, local financial institutions and corporate traders to support Nigeria’s economic diversification plans and its post-COVID recover.” noted Benjamin Mugisha, ATI’s Chief Underwriting Officer.

As an important strategic partner, the African Development Bank (AfDB) has played a significant role in funding the membership participation of several African countries. Between 2010 and 2020, AfDB has provided US$70 million to fund the shareholding of seven African governments – Benin, Côte d’Ivoire, Ethiopia, Mali, Nigeria, South Sudan and Zimbabwe.

In the coming months, five countries are expected to become fully-fledged members while an existing member state indicated its intention to increase its capital contribution. These countries will cumulatively benefit from US$91 million in financial support from the African Development Bank and the European Investment Bank, which is ATI’s other strategic partner.

Furthermore, the recently held General Meeting approved three new membership applications worth US$47 million, demonstrating ATI’s ability to mobilize international support to implement its development mandate and support African countries’ economic recovery from the COVID-19 global pandemic.

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Politics

Oseni declares Oyo South senatorial ambition Sunday

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A member of the House of Representatives, Hon.  Aderemi  Oseni, will on Sunday, April 26, formally declare his ambition to represent Oyo South Senatorial District in the National Assembly.

Oseni, who represents Ibarapa East/Ido Federal Constituency, is expected to unveil his senatorial bid at the Recreation Club, Ibadan, by 10 a.m.

A statement issued on Friday by his media aide, Idowu Ayodele, said all arrangements have been concluded for the declaration, which will formally signal the lawmaker’s entry into the Oyo South senatorial race ahead of the 2027 general elections.

The statement added that the event is expected to attract political leaders, including party chieftains, state and senatorial executives of the All Progressives Congress (APC), stakeholders, supporters, and members of the public across the senatorial district.

It further noted that adequate security and traffic management arrangements have been put in place to ensure a smooth and orderly event.

Oseni, who currently chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), is positioning for a broader legislative role in the upper chamber of the National Assembly.

The statement described the development as a significant moment in Oyo State’s political landscape.

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2027: Oyo Reps Hopeful, Socrates Rallies APC Unity to Reclaim Power, Drums Support for Tinubu

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File photo of Hon. Monsuru Akintunde Adeyemo

 

A House of Representatives aspirant for Ibadan North Federal Constituency, Hon. Monsuru Akintunde Adeyemo, on Friday urged members of the All Progressives Congress (APC) in Oyo State to unite ahead of the 2027 general elections, warning that disunity could undermine the party’s chances of returning to power.

Adeyemo, popularly known as Socrates, made the call in a statement, where he also drummed support for the re-election of President Bola Ahmed Tinubu.

The former Vice Chairman of Aare Latosa Local Council Development Area stressed that cohesion among party leaders and stakeholders remained critical to building a formidable opposition in the state.

He commended party chieftains, including Moses Alake-Adeyemo, for their roles in repositioning the party for future electoral success.

“The task before us requires unwavering commitment and unity of purpose. A divided house cannot stand. If we are determined to reclaim Oyo State in 2027, we must close ranks and work together,” he said.

Adeyemo also criticised the administration of Governor Seyi Makinde, alleging that residents were experiencing the effects of what he described as governance failures.

“With the current realities in Oyo State, it is evident that the only credible alternative in 2027 is the APC. I commend our leaders for rebuilding the party and urge members to remain steadfast, as victory lies in our collective resolve,” he added.

The aspirant further described Tinubu’s leadership as pivotal to Nigeria’s recovery and long-term development, urging Nigerians to sustain their support for the President.

Adeyemo, who is also the Oyo State Coordinator of Relax Tinubu Is Fixing Nigeria, called on party loyalists to intensify grassroots mobilisation, deepen engagement across communities, and work collectively towards ensuring victory for the APC in Oyo State in 2027.

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2027: Tinubu is my ultimate project – Oseni

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cites NELFUND, LG autonomy, rising allocations, state police, electricity reforms

A member of the House of Representatives from Oyo State, Hon. Aderemi Oseni, has restated that the re-election of President Bola Ahmed Tinubu remains his “ultimate political project” ahead of the 2027 general elections.

In a statement issued on Friday by his media aide, Idowu Ayodele, and made available to journalists in Ibadan, the Oyo State capital, Oseni, who represents Ibarapa East/Ido Federal Constituency and chairs the House Committee on Federal Road Maintenance Agency (FERMA), said his position was informed by what he described as “verifiable and far-reaching reforms” introduced by the  Tinubu-led administration across key sectors.

“President Bola Ahmed Tinubu is my ultimate political project. I am committed to mobilising all available structures and support across all strata of our society to ensure his re-election in 2027,” the lawmaker said.

Oseni highlighted major policy milestones, including the signing of the Electricity Act, which decentralises the power sector and empowers states and private investors to generate and distribute electricity.

He also referenced the Nigerian Education Loan Fund (NELFUND), noting that the scheme provides interest-free loans to students in tertiary institutions, and described it as a critical intervention in expanding access to higher education.

According to him, the administration’s economic reforms, particularly the removal of petrol subsidy and the unification of the foreign exchange market have significantly boosted government revenue and improved fiscal transparency.

The All Progressives Congress (APC) chieftain added that one of the most impactful outcomes of these reforms is the increase in allocations to states and local governments, which, he said, has enhanced their capacity to execute projects and meet obligations to workers.

Oseni further pointed to the push for local government financial autonomy, following recent judicial pronouncements and policy backing by the Federal Government, noting that it would strengthen grassroots governance and service delivery.

He also cited ongoing national conversations and policy steps towards the establishment of state police as part of broader security sector reforms aimed at addressing localised security challenges.

On infrastructure, Oseni said the administration had prioritised road construction and rehabilitation across the country, as well as railway development, with increased intervention through relevant agencies to improve connectivity and support economic growth.

He noted improvements in key economic indicators, including revenue generation and efforts to stabilise the macroeconomic environment, adding that reforms in the oil and gas sector are gradually boosting investor confidence and local capacity.

Oseni, however, acknowledged that there might be challenges, explaining that “While all may not be perfect at the moment, tangible results and key performance indicators clearly show that hope is rising and indeed being renewed. The foundation being laid today will yield greater benefits in the coming years,” he said.

He stressed that continuity in President Tinubu’s leadership was essential to consolidate ongoing reforms and deliver long-term national development.

“This is not the time for disunity or distractions. We must close ranks, deepen grassroots mobilisation, and work collectively to deliver victory for our party and President Tinubu,”  Oseni submitted.

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