Aso Villa Reads for 08/10/18
Every day we bring you the best stories the media is reporting about the Government of Nigeria
Leadership reports that “the Standards Organisation of Nigeria (SON) has restated its commitment with the Federal Government’s policy on improving the business environment and implementing the requirements of the Presidential Executive Order 003 on the ease of doing business. Director General of the agency, Mr Osita Aboloma , said this at the SON Special Day Event at the on-going 2018 Abuja International Trade Fair. The DG, who was represented by the SON, FCT coordinator, Mr. Gambo Dimka, hinted that manufacturers and producers of goods and services had been enjoying the support of the agency through its standardisation and quality assurance schemes. According to him, the activities of the agency were primarily aimed at protecting lives and property, promoting access to local and foreign markets for locally- made products through improved consumer confidence as well as value addition to business in general.”
“The Federal Government has given N4 million as start-up seed fund to 17 youths under the Social Investment Programme at the South-South Innovation Hub in Benin, the Edo State capital. Speaking at the event at the weekend, the state governor, Godwin Obaseki, said that with the start-up seed fund, the federal and state governments have demonstrated their faith in the programme. Represented by his Chief of Staff, Chief Taiwo Akerele, Obaseki said the hub is a creative and productive centre set up to encourage young innovators in the South-South region to come up with innovative ideas and solutions to the problems confronting the country. He assured of his administration’s commitment to providing the enabling environment for youths in the state to advance their ideas and utilise opportunities created by the federal and state governments.” Daily Trust reported.
According to a report by Punch, “the Bank of Industry has announced the disbursement of N2.8billion intervention funds to 20,550 Micro, Small and Medium Enterprises. The Managing Director, BoI, Olukayode Pitan said 280 Small and Medium Enterprises also got part of the intervention funds disbursed to small business owners in Kaduna State. He disclosed this at the 20th edition of the National Micro, Small and Medium Enterprises Clinic in Kaduna, adding that the move was part of efforts aimed at boosting ailing businesses. He stressed that the bank had plans to establish a shared facility in partnership with the federal and state governments as well as other relevant agencies in Kaduna. Pitan added that the shared facility would be fully equipped with adequate machinery so that the financial burden of buying equipment or renting space would be lifted off the shoulders of entrepreneurs.”
“The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the Federal Government will soon announce a policy that will require operating companies to refine locally at least 20 per cent of the crude oil they produce in the country. Kachikwu said the percentage would increase to 50 per cent in the next five years. He was quoted in a statement by the Nigerian Content Development and Monitoring Board on Thursday at the ground-breaking of a modular refinery being developed by Waltersmith Refining and Petrochemical Company in Imo State.” Punch reports that “the project, with a capacity of 5,000 barrels of crude oil per day, is being executed with 30 per cent equity financing by the NCDMB and an additional $35m debt facility from the African Finance Corporation. The refinery is expected to commence production in December 2020, according to the statement. The minister described the Federal Government’s policy on modular refineries as an integral part of the 14-point agenda for reducing militancy in the Niger Delta region.”
“Stakeholders in the mining sector at the end of a 3-day Council meeting in Kaduna, North Central Nigeria have developed new strategies that would successfully transform the sector and help realise Nigeria’s ambition in driving domestic industrialization. Speaking at the close of the Council Meeting, the Minister of State for Mines and Steel Development, Abubakar Bawa Bwari said that the event signals another milestone in Government’s efforts to re-position the sector. Abubakar Bwari explained that most of the decisions agreed on at the last Council Meeting have been implemented. Adding, inputs from the Council along with the sector’s roadmap have succeeded in mobilising critical stakeholders to work in synergy with Government at all levels for the growth of the sector.” Voice of Nigeria reported.
“The Federal Government’s plan to raise as much as $2.8 billion in Eurobond to finance the 2018 budget, might materialise this quarter (Q4) of the year, according to a statement by New York based investment bank and financial services company, Bank of America. Director General of the Debt Management Office (DMO), Patience Oniha had earlier disclosed in June this year that the Federal Government plans to tap into debt offshore and will explore all options to lower costs. Oniha also noted that the DMO has sent requests to banks for bond offerings pending approval from the Nigerian House of Assembly. Bank of America has stated that they now expect Nigeria’s $2.8 billion Eurobond issuance in Q4 subject to senate approval.” Business Day (Monday 8th October 2018, Page 2) reported this.
Business Day (Monday 8th October 2018, Page 2) reports that “Nigerian businesses expressed more optimism on the macro economy in October 2018 compared to the outlook for the previous month, the Central Bank of Nigeria’s (CBN) Monthly Business Expectations Survey Report released on Friday shows. The survey revealed that the respondent firms have positive outlook for October at 64.5 index points which is 39.7 points higher than the 24.8 index points overall respondents’ confidence on the macro economy in September 2018. The optimism on the macro economy in the current month was driven by the opinion of respondents from services (16.2) points, industrial (6.0) points, wholesale/retail trade (1.9) points and construction sectors (0.6) points. Meanwhile, a breakdown of the survey report showed that businesses were more optimistic about the outlook of September than the 21.5 index point’s level recorded in August.”
“The Minister of State, Health, Dr. Osagie Ehanire has reiterated the Federal Government’s commitment towards reducing the use of Tobacco in the country. Addressing the Eight Session of the Conference of the Parties (COP8), to the World Health Organisation Framework Convention on Tobacco Control (FCTC) in Geneva, Switzerland, the Minister said that efforts had been made towards the implementation of the National Tobacco Control Act of 2015, which is the national law that domesticates the WHO FCTC.” According to the Federal Ministry of Information and Culture , “Ehanire said that Government of Nigeria had ratified the protocol to eliminate illicit trade in Tobacco products adding that the instrument of accession would be finalised and deposited at the United Nations Headquarters. He added that Tobacco farming leads to deforestation due to land clearing and curing of Tobacco leaves, which also increases land and water contamination due to extensive pesticide use, among other factors.”
“Nigeria Communication Commission (NCC) disclosed that Nigeria’s telecommunication industry attracts about $5 billion investment per quarter. Felicia Onwuegbuchulam, NCC’s Director, Consumer Affairs Bureau who disclosed this at the ongoing Abuja International Trade Fair, noted that the investment into the telecoms sector stood at $70 billion as at end of year 2017. She stressed that the telecoms and by extension ICT industry, has become an enabler of economic growth and its applications with over 140 million of these numbers is being used to access internet services. She stated that the sector’s contribution to Nigeria’s GDP rose to 10.5 percent as at the end of June 2018, up from the initial 9.1 percent in 2016.” So writes Business Day (Monday 8th October 2018, Page 47).
According to a report by Business Day (Monday 8th October 2018, Page 45), “Attorney General of the Federation and Minister of Justice, Abubakar Malami has called on the international community to help fight against illicit financial flow from African continent through visa restriction of identified looters, tracing and repatriation of stolen money to countries of origin. The minister said when looters were denied visa; they would have been blocked from enjoying their stolen wealth outside their countries, which will discourage the elite from stealing the people’s wealth to be enjoyed outside their countries of origin. He stressed the need for African countries to collaborate with other nations of the world to block those who have stolen from the African countries from enjoying the loot. He reiterated that Nigeria was determined to fight corruption to logical end, adding that through legislation and commitment of the President Muhammadu Buhari-led administration, corruption was being fought to a stand-still.”
