Every day, we bring you the best stories the media is reporting about the Government of Nigeria
Minister of Agriculture and Rural Development, Chief Audu Ogbeh hinted on plans to slash the price of local rice in the market to court patronage. He said talks were currently ongoing with major stakeholders including rice processors and distributors “To put in place modalities to make sure that local rice sells much cheaper and that the prices can fall to the levels of foreign rice and eventually, below the levels of foreign rice.” He said special funds had been earmarked to subsidise farmers, millers and marketers to bring down the price of the staple to be almost at par with the foreign counterpart. This Day reported this.
There might be an upsurge in the Nigerian domestic gas market soon as the Nigerian National Petroleum Corporation (NNPC) says it is concluding funding arrangements on the Ajaokuta-Kaduna-Kano (AKK) gas project. The Group Managing Director, NNPC, Maikanti Baru, said that funding was largely secured during the last visit to China by President Muhammadu Buhari. He explained that the pipeline is to enhance gas connectivity between the East, West and North as it is currently inadequate. He added that the long-run target is to cause industrial growth across the country as a result of the creation of gas grids and other gas infrastructure. Business Day Friday 21 September, 2018, page 6 reported this.
Daily Trust reports that the Nigerian National Petroleum Corporation (NNPC) has consolidated on its operational performance with a trading surplus of ₦17.16 billion in April, 2018 indicating a 46 per cent increase. NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu in a statement said this was part of the highlight of the corporation’s Monthly Financial and Operations Report for April, 2018. The report indicated a ₦5.43bn improvement representing 46.29 per cent on the trading surplus recorded in the previous month of March, 2018. NNPC said the trading surplus was achieved due to higher performance by the upstream, midstream (refineries) and downstream sectors, and a reduction in Corporate Headquarters’ operational expenditure.
The Debt Management Office (DMO) clarifies to the general public that investors bid for Nigerian Treasury Bills (NTB) at their own interest rates and not at any rates pre-determined by the Central Bank or the DMO itself. This was issued amidst media reports on the recent auction of Nigerian TBs which, according to DMO, included “erroneous and misleading assertions.” Business Day Friday 21 September, 2018, page 7 reported that the DMO further added that the rates the investor choose are at their own discretion and will only depend on secondary market rates, their portfolio needs and investment preferences.
The Nigeria Deposit Insurance Corporation says it will evolve strategies for addressing the potential risks of financial crisis in the global financial system. To achieve this, the NDIC said it would provide a forum for information and experience sharing among deposit insurance practitioners from multiple jurisdictions. Punch reported that the NDIC said it planned to address this issue during the next edition of the International Association of Deposit Insurers, Africa Regional Committee’s annual general meeting and technical assistance workshop holding next week with the theme ‘Financial stability and system-wide crisis preparedness’.
Business Day Friday 21 September, 2018, page 14 writes that the Ariaria 9.5MW off-grid power project will soon be completed to solve the issue of unstable electricity in Ariaria market, a major trading hub in West and Central Africa. This assurance was given by President Muhammadu Buhari who added that he also met with one of the largest cotton and garment firms globally and encouraged them to establish operations in Abia state. He added that with regards the power project, the Nigerian Electricity Regulatory Commission (NERC) granted an electricity generation and distribution licence for the market and the project is moving smoothly.
The Federal Government will by January 2019 unveil a harmonized manual and codes document to guide the implementation of projects and electrical constructions in the distribution section of the power sector value chain. The Chief Electrical Inspector of the Federation (CEIF)/Managing Director of the Nigerian Electricity Management Services Agency (NEMSA), Engr. Peter Ewesor said NEMSA will consult electricity consumers and that, “We are hoping by January 1, 2019, this document should be in use.” According to Daily Trust the NEMSA MD said the manual became imperative because, “our field men discovered several construction variances. As soon as some are finishing the construction, they are falling off, and most of the installations go into a state misuse after they are commissioned.”
According to Business Day Friday 21 September, 2018, page 32, the Nigerian Export Bank (NEXIM) has started receiving and processing applications under the N500 billion Non-Oil Export Stimulation Facility (NESF) as well as the N50 billion Export Development Fund (EDF) just approved by the CBN. NEXIM Managing Director, Abba Bello explained that the funding schemes have been designed to drive the bank’s new philosophy to produce, add value and export. He urged enterprises willing to expand into exportation, to leverage the benefits of these new schemes.