Every day, we bring you the best stories the media is reporting about the Government of Nigeria.
Business Day (Monday, 21st May 2018, page 6) reported that “the Federal Government is set to float the Niger Delta Development Bank (NDDB) to ease project funding in the oil rich region. The bank is expected to come on stream before the end of December 2018. Chairman of NDDC, Victor Ndoma-Egba, disclosed this to State House Correspondents at the Presidential Villa, after leading the NDDC board to meet with Vice President Yemi Osinbajo at the weekend. He stated that the bank became necessary following funding challenges for infrastructure development in the oil rich Niger Delta.”
“The National Economic Council (NEC) has authorised the initial transfer of $650 million to the Nigeria Sovereign Investment Authority (NSIA) as seed funding for Presidential Infrastructure Development Fund (PIDF). The money is to be transferred from the Nigeria Liquefied Natural Gas (NLNG) Dividend Account and managed by the NSIA on behalf of the federal government.” Business Day reported that “this initiative aims to eliminate the risks of project funding and cost variation that have plagued the development of the nation’s critical infrastructure assets, such as the 2nd Niger Bridge, Lagos to Ibadan Expressway, East-West Road, Abuja to Kano Road and Mambilla Hydroelectric Power over the last few decades, as this commitment by the President and NEC allows all State Governments to own an economic interest in the project companies that will be professionally developed and managed by the NSIA.”
According to Business Day Newspaper (Monday, 21st May 2018, page 18), “the Securities and Exchange Commission (SEC) has reiterated the determination of the current management of the Commission to improve investors’ confidence through various initiatives currently being implemented as part of the ten-year Capital Market Master Plan. Ag. Director General of (SEC), Ms. Mary Uduk who stated this in Abuja disclosed that as the head of the apex regulatory body of the Nigerian Capital Market, she would along with her team continue with implementation of policies that will deepen the market and boost the Nigerian economy. She enjoined investors who are yet to register for e-dividend and those that have not yet regularized their multiple accounts to do so as the forbearance window for shareholders with multiple accounts has now been extended to September 2018.”
“The Federal Government has given approval to six additional blending plants for the production of fertilizer in the country under the Presidential Fertilizer Initiative (PFI). While three of the plants have received full approval and are already receiving raw materials for blending of the multi-nutrient NPK fertilizer, the other three are awaiting final approval, having already been given provisional approvals by the Office of the National Security Adviser, according to a statement on Sunday by the Fertilizer Producers and Suppliers Association of Nigeria. The plants that have been given final approval to join the existing 11 plants are Waccot Fertilizer and Chemicals Limited in Auchi, Edo State; Sora Limited in Makurdi, Benue State; and Citizen Fertilizer and Chemicals Limited in Kano State. Those given provisional approval are Green Technologies, Abak, Akwa Ibom State, and two others whose names were not provided in Zamfara and Gombe states.” Punch reported.
“The Federal Government on Thursday unveiled an online portal to facilitate fresh investments into the country. The portal, to be known as ‘iGuide’, will contain necessary information and relevant data for willing investors in key sectors of the economy. The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah who was represented by the Permanent Secretary in the ministry, Mr. Edet Akpan, during the unveiling of the portal said it would greatly improve the ease of doing business in the country. He added that the unveiling of the portal was imperative to boost the country’s ranking in the World Bank Ease of Doing Business Index.” According to Punch, “the Executive Secretary, Nigerian Investment Promotion Commission, Ms Yewande Sadiku, said at the event that the portal would help investors to get access to the basic information they needed in order to make better informed decisions on Nigeria as a preferred investment destination.”
Vanguard reports that “the Federal Government has strengthened the capacity of the Nigeria Centre to Disease Control, NCDC, to prevent a possible outbreak of the Ebola Viral Disease, EVD, in the country. Chief Executive Officer of the NCDC, Dr. Chikwe Ihekweazu, made this known over the weekend while addressing newsmen in Abuja. Ihekweazu, who noted that vaccines had been made available to the DR Congo to contain the disease within the affected areas, said passenger screenings for Ebola at the airports, with special focus on flights inbound from East and Central Africa, have been stepped up. He stressed that what is being done is to increase the screening at ports of entry, increase education for people coming into the country, focusing specifically on flights coming in from the other parts of Africa, especially east and central Africa.”
“The oil sector’s contribution to Nigeria’s Gross Domestic Product, GDP remains below 10 per cent in Q1 figures of the nation’s GDP released by the National Bureau of Statistics in Abuja. According to the NBS, the nation’s GDP grew by 1.95 per cent year-on-year- in real terms in the first quarter of 2018. The report stated that real growth of the oil sector was 14.77 per cent (year-on-year) in first quarter of 2018. This represented an increase of 30.37 per cent points relative to rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector also grew by 13.24 per cent in first quarter, 2018. This was up from 8.53 per cent in the first quarter and 7.35 per cent in the fourth quarter recorded in 2017. In comparison, non-oil sector grew by 0.76 per cent in real terms during the quarter under review.” News Agency of Nigeria reported this.