Aso Villa Reads for 20/08/18
Every day, we bring you the best stories the media is reporting about the Government of Nigeria.
“Civil and engineering works may soon commence in earnest on the second phase of the $20 billion Ogidigben Gas Revolution Industrial Park in Delta State”. The Sun reports that Minister of State, Petroleum Resources, Ibe Kachikwu,has inaugurated the Technical Working Committee (TWC) for the project. “The TWC comprises representatives from the developer, Alpha Grip Management Company (AGMC), led by Alpha Group from the United Arab Emirates (UAE) and its consortium partners like Power China. Kachikwu tasked the committee to fast-track the project by identifying the major issues surrounding the development process and proffering suitable solutions to ensure smooth and timely execution of the gigantic project,” the paper reported.
“About 4.2million jobs will be created in Nigeria within five years if the Raw Materials Development Plan is properly implemented.” According to Minister of Science and Technology Ogbonnaya Onu “the National Strategy for Raw Materials and Products Development (NSRMPD) would reduce by 10.8 percent importation, thereby saving the country over N3trillion in foreign exchange for short time of five years”. Leadership, reported that “the NSRMPD plan was approved by the Federal Executive Council (FEC) in May last year with the main objective of drastically reducing raw materials imports and developing local industries, officials said.”
“The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending has developed a new insurance cover for farmers under the 2018 farming season. The insurance cover would improve on its pioneering Area Yield Index Insurance mechanism introduced last year. The product is said to target smallholder farmers who are the most vulnerable segment in the agricultural sector and the Nigerian population as a whole. The new insurance cover is designed to mitigate the impact and losses of both yield risk and market price risk associated with possible production shortfalls and the uncertainties of the marketplace.” Punch reports that “the deployment of the product begins immediately with a pilot phase as part of NIRSAL’s operations in the Central Bank of Nigeria Anchor Borrowers Programme. A statement on Sunday by NIRSAL said that beyond the benefits to farmers, the comprehensive cover would also encourage financial institutions to lend more to primary production and ensure reduced premiums.”
“Despite a sustained foreign sell-off that has dealt a blow to emerging market currencies, it will take something special for the Nigeria naira to weaken materially like in 2016 as emerging market currencies from the Russian Rubble to the South African Rand have taken a beating this year alongside other emerging market currencies.” According to Business Day (Monday, 20th August 2018, Front Page), “Nigeria’s current account surplus rose 21 basis points quarter on quarter to 4.8 percent of GDP in the first quarter according to the most recent CBN data. Oil prices have held above $70 per barrel for the most part of the year and the Naira has shown resilience despite the sell-off in the equities market which has plunged more than 20 percent since its January 19 peak and settled at a year to date loss of 7.78 percent.”
“Barely eight months since it started operations in November, the Development Bank of Nigeria (DBN), is in many significant ways helping to redefine the shape, size and depth of small business financing in the country. The bank’s operational roll-out strategy that puts financial institutions at the centre, innovative ideas designed to plug systematic gaps and mitigate lending risk to the sector along with the unmatched longer loan repayment durations is inspiring new levels of confidence and spurring increased enthusiasm within lending circles.” Business Day (Monday, 20th August 2018, Page 47) reported.
Business Day (Monday, 20th August 2018, Page 47) reports that “following the conclusion of verification of 14,573 NITEL/MTEL pensioners, authorities of Pension Transitional Arrangement Directorate (PTAD) including their next of Kins (NoKs) recently assured on timely payment of the accrued benefits. According to the agency, the monthly pension payments will commence once Federal Government releases funds. The backlog of pension arrears would be cleared when funds are allocated to PTAD. In a related development, total sum of N8.31 million was paid to 284 Nigeria Reinsurance pensioners.” Executive Secretary of PTAD Sharon Ikeazor “confirmed the development, and explained that the directorate is committed to ensuring that no pensioner or retiree, after serving their fatherland should ever be forced into the indignity and painful uncertainty of delayed pensions.”
Business Day (Monday, 20th August 2018, Page 47) reported that “the Federal Government has commissioned and handed over three flood erosion control projects in Adamawa state. The projects were commissioned by Isaac Adewole, the Honourable Minister of Health on behalf of President Muhammadu Buhari as part of the Q1 2017 Ecological Intervention Programme approved and awarded by the Federal Executive Council in the months of March and April 2017. Adewole said the timely completion and commissioning of the projects were in keeping faith with President Muhammadu Buhari’s administration promise that no part of the country would suffer any neglect owing to its geographical location or political affiliation. He therefore called on the people to cherish the projects, protect them and prevent indiscriminate dumping of refuse in constructed drainage channels.”
“The Chinese government has assured Nigerians of its commitment to expand its investments in critical areas of Nigeria’s economy, to boost the growing bilateral ties between both countries according to the Chinese Ambassador to Nigeria, Dr Zhou Pingjian. He said China would step up its cooperation with Nigeria in agriculture, manufacturing, industrial capacity and investment, including infrastructure, energy, culture, people-to-people exchanges and other areas. The Chinese envoy also urged Nigerians to take advantage of the forthcoming Forum on China-Africa Cooperation (FOCAC) holding in Beijing, China, in September 2018 to improve their relations. The FOCAC summit, would yield almost $100 billion for African countries, an amount to be made available by the host country which Nigeria and other African countries will draw resources to improve infrastructure and enhance trade.” Business Day (Monday, 20th August 2018, Page 45) reported this.
