Aso Villa Reads for 30/06/2020
Every day, we bring you the best stories that the Media is reporting about the Government of Nigeria
President Muhammadu Buhari on Tuesday affirmed the Nigerian government’s commitment to ensure timely delivery of the landmark Ajaokuta-Kaduna-Kano Gas (AKK) pipeline project within budgetary allocation and specifications. Speaking at the virtual flag-off ceremony of the project at the Ajaokuta, Kogi State and Rigachikun, Kaduna State camp sites simultaneously, President Buhari said the project was very dear to the people of Nigeria and must succeed. The President, therefore, directed the NNPC and partners to remain focused, noting that the AKK project is part of the delivery of the present administration’s Next Level Agenda for sustainable development, enhancement of economic prosperity and increase of the country’s infrastructure assets. Governors Yahaya Bello of Kogi State and Nasir El-Rufai of Kaduna physically flagged off the commencement of works at Ajaokuta and Rigachikun sites, while the President watched remotely via video-conference from the Council Chamber in Abuja. President Buhari said: ‘‘we promised the Nation that we will expand the critical gas infrastructure in the country to promote the use of gas in the domestic market. ‘‘These include the Escravos to Lagos Pipeline System — 2 (ELPS-2), Obiafu to Obrikom (OB3) pipeline and AKK. ‘‘These projects are fundamental to our desire to industrialize and energize the entrepreneurial spirit that is ever present in our population.’’ Enumerating the benefits of the project, billed to be completed in two years, the President said it will provide gas for generation of power and for gas-based industries which would facilitate the development of new industries. It will also ensure the revival of moribund industries along transit towns in Kogi State, Abuja (FCT), Niger State, Kaduna State and Kano State, he said, adding that the cascading effect and impact of the AKK, when operational, will be immeasurable. His words: ‘‘It has significant job creation potential both direct and indirect, while fostering the development and utilization of local skills and manpower, technology transfer and promotion of local manufacturing.’’ Vanguard reported.
The Central Bank of Nigeria has said it is stimulating local production in the agriculture business to enhance growth and boost employment in the country. Some of the apex bank’s agribusiness initiatives are the Agricultural Credit Guarantee Scheme Fund, Agricultural Credit Support Scheme, the Commercial Agriculture Credit Scheme, and the Real Sector Support Facility, according to a statement. The Director, Development Finance Department, CBN, Yila Yusuf, said the bank’s funding of the Anchor Borrowers Programme for the 2020 season was the highest since the inception of the programme in 2015. “Over 1.1 million farmers cultivating over one million farmlands were expected to benefit from the loans that will help to produce a collective output of 8.3 million metric tons,” he said. A global culinary product manufacturing firm, GBFoods, said in a statement that it partnered with the CBN and some others recently to complete a N20bn tomato processing factory in Kebbi State. According to the statement, the factory is the second largest in Nigeria, West Africa’s only fully backward integrated plant and has the largest single tomatoes farm in Nigeria. It said so far, it had created 1,000 jobs, including 500 farming jobs, 150 factory jobs and 150 construction jobs, with hundreds more to be created in the near future. The statement noted that the plan for GBFoods to build the tomato factory was announced in 2019. Punch reported.
The Federal Government has lifted the ban placed on interstate travels with effect from July 1, provided such journeys are made outside curfew hours. The Chairman of the Presidential Task Force on COVID-19, Boss Mustapha, disclosed this at the daily briefing of the task force in Abuja on Monday. Mustapha, who is also the Secretary to the Government of the Federation, also said the government has approved the safe resumption of domestic flights in the country. As reported by Punch, he disclosed that the latest developments were contained in the task force’s fifth interim report which was submitted to the President, Major General Muhammadu Buhari (retd.), earlier in the day. Mustapha said, “I am pleased to inform you that Mr President has carefully considered the 5th Interim Report of the PTF and has accordingly approved that, with the exception of some modifications to be expatiated upon later, the Phase Two of the eased lockdown be extended by another four weeks with effect from Tuesday, June 30, 2020 through Midnight of Monday, 27 July, 2020.
For Nigeria to successfully build its way out of economic downturn through mass housing and road construction using funds from the pension industry, it would have to set up a private sector-driven structure that would guarantee a return on investment for pension contributors, players in the pension industry have said. For the pension industry to channel its funds to government projects like roads and mass housing, the The players expect that planned project should be the type that meets some of their investment standards and would have a structure that makes the funds safe. As a way to avert the post-COVID-19 recession awaiting Nigeria’s oil-dependent economy, the Economic Sustainability Committee (ESC), chaired by Vice President Yemi Osinbajo, recommended a mass housing programme expected to deliver up to 300,000 homes annually. The housing project alongside an extensive public works and road construction programme that will be focusing on both major and rural roads are expected to shield the already troubled Africa’s largest economy from taking more hit from the pandemic. To fund the project that will close 1.5 percent of Nigeria’s housing deficit of more than 20 million units, the Federal Government plans to raise about N2 trillion long term capital from the pension industry. Explaining how pension fund can be accessed, Peter Aghahowa, Head of Corporate Communications Department at National Pension Commission (PenCom) said “if government is coming out with an instrument and the PFAs sees it as a good investment, then they should be able to put in their funds as long as “it meets the investment guidelines set up by the regulator.” According to Aghahowa, the pension industry is one that is highly regulated and, as such, “the investment has to be allowable and should be able to offer good returns.” Business Day reports.
