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Viewing cable 08ABUJA630, NIGERIA: MINISTER OF STATE SHARES HIS VIEWS ON THE ECONOMY

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Reference ID Created Released Classification Origin
08ABUJA630 2008-04-07 14:06 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Abuja
VZCZCXRO5283
PP RUEHMA RUEHPA
DE RUEHUJA #0630/01 0981406
ZNR UUUUU ZZH
P 071406Z APR 08
FM AMEMBASSY ABUJA
TO RUEHC/SECSTATE WASHDC PRIORITY 2528
INFO RUEHOS/AMCONSUL LAGOS 9027
RUEHZK/ECOWAS COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RHEBAAA/DEPT OF ENERGY WASHDC
UNCLAS SECTION 01 OF 02 ABUJA 000630 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
DEPT PASS TO USTR-AGAMA, EXIM-JRICHTER 
TREASURY FOR PETERS AND HALL 
DOC FOR 3317/ITA/OA/KBURRESS, 3130/USFC/OIO/ANESA/DHARRIS, 
DOE FOR GPERSON, HAYLOCK 
 
E.O. 12958: N/A 
TAGS: ECON EFIN EINV OREP KCOR PREL NI
SUBJECT: NIGERIA: MINISTER OF STATE SHARES HIS VIEWS ON THE ECONOMY 
WITH CODEL SHELBY 
 
REF: ABUJA 578 
 
SENSITIVE BUT UNCLASSIFIED - PROTECT ACCORDINGLY. 
 
1. (SBU) Summary.  Senators Shelby, Gregg and Corker, along with the 
Ambassador, met with Minister of State for Finance Aderemi Babalola 
on March 17.  The meeting focused on the financial sector and 
efforts towards combating money laundering and terrorist financing. 
Babalola told the Senators that the Government of Nigeria (GON) is 
improving its supervision of the financial sector to check money 
laundering and financial crimes.  The oil price based fiscal rule 
aimed at saving oil windfall will continue.  There is collaboration 
between fiscal and monetary authorities to control money supply in a 
bid to ensure price stability.  The GON prefers a public-private 
partnership model rather than public spending to solve Nigeria's 
infrastructure problems.  End Summary. 
 
2. (SBU) On March 17, Senators Richard Shelby, Judd Gregg and Bob 
Corker accompanied by Ambassador Sanders, EconCouns, and EconOff and 
Econ Specialist (notetaker), met with Aderemi Babalola, Minister of 
State for Finance, to discuss Nigeria's financial sector and efforts 
towards combating money laundering and terrorist financing. 
. 
------------------------------------- 
We Have Lifted the Bar on Supervision 
------------------------------------- 
. 
3. (SBU) Babalola reported Nigeria has improved supervision of the 
financial services industry and there are further plans to enhance 
supervision.  The Central Bank of Nigeria (CBN) and the Nigerian 
Deposit Insurance Corporation (NDIC) regulate the banks.  The CBN is 
an independent agency that collaborates with the Ministry of Finance 
to achieve monetary and fiscal stability.  The NDIC reports directly 
to the Ministry of Finance. 
 
4. (SBU) The banking industry has moved to risk-based supervision, a 
departure from past prudential guidelines supervision.  There is 
collaboration between the banks, the CBN and the Nigerian Financial 
Intelligence Unit (NFIU) to curtail money laundering.  Babalola 
stated that the GON has also focused on the capital market to rein 
in laundered money.  Currently all applications for shares in public 
offers are verified to ascertain the sources of funds and the 
identity of applicants.  There are also plans to introduce 
electronic channels for shares allotment, dividend payment and other 
transactions in the capital market to streamline supervision. 
. 
----------------------------------------- 
Oil Price Based Fiscal Rule Will Continue 
----------------------------------------- 
. 
5. (SBU) Babalola contended that the oil price based fiscal rule 
saving revenues above the budget benchmark price will continue even 
though the basis for Nigeria's excess crude account is not 
recognized by the constitution.  The oil price based fiscal rule is 
a strategy for controlling money supply and achieving monetary 
stability by sterilizing excess crude oil revenues above the budget 
benchmark price.  It ensures proper fiscal planning by overcoming 
the boom-bust cycle associated with high oil prices which results in 
the inability of the government to complete projects embarked upon 
when revenues were high.  The strategy has led to more collaboration 
between the CBN and the Ministry of Finance.  He reported ongoing 
discussions among the Presidency, state governors and the National 
Assembly to convince the states that this fiscal rule is necessary. 
 
. 
-------------- 
Infrastructure 
-------------- 
. 
6. (SBU) Regarding the huge infrastructure problems in Nigeria, 
Babalola said that past governments had relied solely on public 
spending to solve the problem.  This resulted in fiscal and monetary 
instability and no infrastructural improvement.  Babalola said the 
government's strategy is to leverage private capital for 
infrastructure projects while social infrastructure such as 
education and health remain financed by the government. 
. 
------------------------ 
Joint Venture Cash Calls 
------------------------ 
. 
7. (SBU) On the GON's yearly obligations in joint ventures with 
 
ABUJA 00000630  002 OF 002 
 
 
multinational oil companies popularly referred to as Cash Calls, 
Babablola said the government cannot fully fund its expected yearly 
equity obligations, which amount to about $8 billion.  The GON will 
pay $5 billion in 2008 and there is an agreement with the oil 
companies to raise the $3 billion shortfall from both the domestic 
and international capital markets.  He posited that since the return 
on investment in the sector is quite high based on the current 
international price for crude oil, there shouldn't be a problem in 
raising the $3 billion shortfall from the capital market. 
. 
------- 
Comment 
------- 
. 
8. (SBU) Continuous USG collaboration with the GON has resulted in 
serious GON efforts to combat money laundering.  The infrastructure 
problems are huge and it is possible that through public private 
partnerships better results will be achieved.  Macroeconomic 
stability has been enhanced by implementation of the excess crude 
account and it is important that the GON find a way to maintain the 
account.  If it is eliminated, federal and state spending would 
increase, leading to higher inflation.  The understanding between 
the GON and the multinational oil companies may already be yielding 
some fruits as Shell and ExxonMobil have announced plans on 
alternative sources of funding.  This may go a long way in ensuring 
that upstream projects are not stalled due to lack of funds. 
 
9. (U) The Codel did not have an opportunity to clear this message. 
 
SANDERS