SPEECH DELIVERED BY EBEN AKINYEMI, THE CONVENER OF ORGANISATION FOR TRUTHFUL REBIRTH (OTR), AT A MEDIA PARLEY, HELD AT PROTEA HOTEL, MARYLAND, IKEJA, ON AUGUST 14, 2013.
It is a great privilege to welcome you here today. The purpose of this media parley is to introduce to you, an organisation that is ready to create the new Nigeria we all desire.
The World Bank and West African Institute for Financial and Economic Management (WAIFEM) have announced collaboration between them, which may result in measures that will help keep Nigeria’s local and foreign debt within sustainable levels.
The Debt Management Office (DMO) statistics reveal that the country currently owes local and international creditors a total of $50.91billion (about ₦7.93trillion). As at June 2013, the nation’s external debt stood at $6.92billion (about ₦1.08trillion), while the domestic debt component stood at ₦6.85trillion ($43.99billion).
The Bank of Industry (BoI) has so far disbursed ₦517billion to key sectors of the economy under the Federal Government’s intervention programme.
A breakdown of the interventions shows that out of the ₦235billion Central Bank of Nigeria’s Refinancing/Restructuring Fund of commercial banks loans to the manufacturing sector, about ₦229.18billion had been disbursed as of the end of the first quarter of 2013 with over 525 companies benefiting from the scheme.
In order to tackle some of the shortcomings discovered by operators in applying the Book Building process, to deepen the capital market and make fixed income securities issuing process faster, the Securities and Exchange Commission (SEC) has introduced a new rule that will facilitate price discovery and marketing ahead of the opening of offers.
As the federal government finalises the sale of the assets of the Power Holding Company of Nigeria (PHCN) and the 10 power stations built by the Niger Delta Power Holding Company (NDPHC), under the National Integrated Power Project (NIPP), ABB, said it would collaborate with the new owners of these assets to fix the entire distribution network nationwide.