Aso Villa Reads for 06/02/19
Everyday, we bring you the best stories the media is reporting about the Government of Nigeria
According to Guardian “a positive outcome recorded in rice production in the country, under the Central Bank of Nigeria (CBN) agriculture intervention programme, may be underway, as it is already assessing huge interests and investments for the produce by stakeholders. For a start, the apex bank has assured tomato farmers of all the necessary support with a formal take off of Anchor Borrowers Programme for tomato production, given the off-taker arrangement with Dangote Factory.The CBN Governor, Godwin Emefiele, expressed optimism that a revolution, similar to what was recorded in the production of rice is about to recur.” The report continues that “in quick response, the Minister of Agriculture, Audu Ogbe, assured farmers of better days ahead, with a firm commitment by CBN for protective policies, which may include the addition of tomato in the import prohibition list.But Emefiele, speaking during a tour of Dangote Tomato Processing Factory and Farms, in Kadawa, Garun Malam Local Government Area of Kano State, declared the facility as the only real processing plant in Nigeria for now.”
Business Day (Wednesday 06 February 2019) reports that “banks, Airtel partner TraderMoni to give Internally Displaced Persons (IDPs) access to financial services considering they occupy the bottom of the economic ladder and remain part of extremely poor Nigerians.” The report states that “about 80 million displaced people find it difficult to have access to financial services”, due to the Boko Haram crisis in the North Eastern part of Nigeria, “as they are forced to live temporarily at camps across the country. Camp residents remain unbanked for several reasons; chief among them being loss of identification documents during unexpected crisis that ravaged their communities.”
“The Nigerian National Petroleum Corporation (NNPC) says a total of 735 Million Standard Cubic Feet of gas per day (mmscfd) was delivered to gas fired-power plants in November 2018 compared with October 2018 when an average of 627mmscfd was supplied.” Daily Trust reports that “a release on Tuesday by the spokesman for the corporation, Mr. Ndu Ughamadu, said details of the gas supply were contained in the NNPC Monthly Financial and Operations Report for the month of November, 2018.”
“Africa’s largest economy recorded the continent’s highest private equity deals in five years, according to data obtained from Africa Private Equity and Venture Capital Association (AVCA). Nigeria outperformed South Africa and Kenya to record a total of 112.14 deals amounting to $7.8 billion in the five year period of 2012 and 2017, with South Africa recording $2.8 billion while East Africa’s largest economy raked in $1.17 billion. Although Nigeria had the most deals in terms of value South Africa recorded more deals by volume at 207.32 surpassing Nigeria’s 112.14 and Kenya’s 100.8 private equity deals.” Business Day reports that “Ayo Akinwumi, Head of Research FSDH said by phone that “Nigeria attracted the highest private equity deals in the continent as a result of the business opportunities that investors see in country.”
“Nigeria’s borrowing is still within acceptable fiscal limits, despite the country’s growing debt level, the Minister of Finance, Zainab Ahmed, has said. As at December 31, 2016, the country’s total public debt, according to the Debt Management Office (DMO), stood at about N17.36 trillion and N57.39 billion.” Premium Times reports that “with the coming of the present administration, the debt management agency said, the figure has grown to about N22.43 trillion and $73.2 billion as at September 30, 2018. The DMO said government policy is to adjust the debt structure to 60:40 shared between domestic and external.”
“Nigerian Investment Promotion Commission (NIPC) has said that Nigeria recorded a total of N32.82 trillion ($90.9 trillion) proposed investments in 2018 for 92 projects in 23 states and the Federal Capital Territory (FCT). NIPC’s Report of Investment Announcements for 2018 released, yesterday, showed that Nigeria recorded a 27 per cent growth in value of proposed investments in 2018 from N23.96 trillion ($66.36 billion) recorded in 2017.” Daily Trust “observed that the top 10 investment announcements in 2018 totalled N28.63 trillion ($79.3 billion), representing 87 per cent of the value of the announcements. The report revealed that the 2018 announcements were from investors in 20 countries, with domestic investors accounting for 33 per cent of the value, followed by investors from the United Arab Emirates at 20 per cent.”
“Egbin Power Plc is set to increase generation capacity to 1,320 Megawatts (MW) from its current strength of 1,100MW by the end of February, the Group Managing Director (GMD) Sahara Power Group (SPG), Kola Adesina, has declared. Adesina, who made this revelation in Lagos, during the SPG’s Graduate Engineering Programme (GEP) induction, noted that even though evacuation still stands at 543MW due to challenges of transmission evacuation, the company is working to ensure this new capacity is achieved by the end of this month.” Guardian reports that “according to him, the plan is to increase the generation of Egbin Power to about another 1900MW and at the risk of the plant not to deploying all due to challenges of gas supply and transmission evacuation. Adesina explained that the new technology deployed for the increment is a combined circle power plant which uses less gas, and produces more energy than the current plant.”
Premium Times reports that “PZ Cussons, a major British manufacturer of healthcare products and consumer goods, has debunked a rumour that surfaced on social media that it has exited the Nigerian market. In a release signed by the Christos Giannopoulos, CEO PZ Cussons Nigeria Plc. on the Nigerian Stock Exchange site yesterday, the company said it had no plans of leaving Nigeria.” The paper reports that “on January 29, the rumour was rife on social media. One of the national dailies equally published the headline “Nigeria PZ, Cussons to Withdraw amid tough conditions”. The report, which focused on PZ Cusson’s half-year report published on the London Stock Exchange on January 29, indicated PZ had commented on the weak state of its affair in the Nigerian market due to the low consumer disposable income. However, in its release on the NSE site, the firm said the trading statement issued to the London Stock exchange was clear on their continued operations in Nigeria.”
According to Daily Trust, “Lebanon is to cooperate with Nigeria on increasing the investment potentials of their Diaspora communities for the development of both countries, Lebanese Ambassador to Nigeria, Mr Houssam Diak, has said. Ambassador Diak gave the assurance when he paid a courtesy visit on Abike Dabiri-Erewa, Senior Special Assistant to the President on Foreign Affairs and Diaspora, in Abuja.” The report stated that “Diak said his country and Nigeria will collaborate on how to explore the potentials of their diaspora communities for the growth and development of both countries. He congratulated Nigeria for joining the league of those having full-fledged commission for its diaspora people, saying it will fast track mutual, huge benefits for the country and its citizens abroad.”
According to Guardian “global discoveries of conventional oil and gas could jump to 20 billion barrels of oil equivalent this year as an industry-wide recovery in exploration activity continues to ramp up, research group Wood Mackenzie has said. Indeed, the report noted that southern and western Africa will see resurgence in offshore exploration, as well as other South American countries like Brazil, and Mexico. Already, President Muhammadu Buhari on Saturday, flagged-off the official commencement of crude oil search in the Kolmani Well River-II, located near Barambu, Alkaleri Local Government Area of Bauchi State. Buhari also declared that the Federal Government would intensify oil exploration efforts in all frontier basins including Chad Basin, Gongola Basin, Anambra Basin, Sokoto Basin, Dahomey Basin, Bida Basin and Benue Trough.”
