Every day, we bring you the best stories that the media is reporting about the Government of Nigeria
“Nigerian listed insurers are paying more claims due to exposure to the oil and gas sector which should help bolster confidence in insurers by customers. Of the N77.16 billion claims expenses incurred by 20 insurers in the third quarter (Q3) of 2018, life business made up N33.23 billion (42.85 percent) while non-life segment was equivalent to N42.15 billion (61.26 percent).” Business Day (Wednesday 21 November 2018, page 2) reports that “the year on year percent increase in claims expenses for the firms is 18.15 percent.” According to the report, “a further breakdown of the figure shows combined Life business was up by 14.27 percent in September 2018 while non-life- which comprise of Marine, Motor, Accident, Bond and Oil and Gas- was up 23.05 period in the period under review.”
“Research institutes under the Federal Ministry of Science and Technology are now to collaborate with indigenous manufacturing industries in the country to ensure effective and practical application of their research findings. The Minister of Science and Technology, Dr. Onu disclosed this when he paid an inspection visit to Cutix Industry and Innoson Motors in Nnewi, Anambra State. In order to actualize this objective, Dr. Onu said he had directed some Chief Executives of research institutes to leave their cosy offices and spend time with Nigeria based industries and find out areas they can assist them in innovation.” Daily Trust writes that “according to the Minister, all the 17 research institutes have been directed to avail the results of their research effort to indigenous industries so as to lower their dependence on foreign importation. Dr. Onu said such collaboration would help in creating new jobs while affording the industries enough latitude for background integration. He also appealed to Nigerian industries to strive to remain competitive so as to produce good products for local production as well as for export.”
Guardian reports that “Minister of Budget and National Planning, Udoma Udo Udoma has said that the Federal Government is making good progress in its efforts to revive and resuscitate the economy. The minister, who admitted that the economy is not yet sufficiently diversified, called on all the stakeholders to work together to achieve a new Nigeria, stressing the need for Nigeria to reduce its dependence on crude oil for earnings. He said if the citizens consistently and faithfully continue with the implementation of the Economic Recovery and Growth Plan (ERGP), Nigeria would become an economic production powerhouse. He said: “We will be able to feed ourselves and have extra for export. We will be able to manufacture many of our basic requirements. We will be able to grow our non-oil exports to overtake our oil exports in value. We have been implementing the ERGP for only 18 months. “If we stay the course and continue implementing the programme in a focused and consistent manner, we will surely have the Nigeria of our dreams where we grow what we eat, consume what we make and produce what we use”, he said.
“Former executive secretary of Tertiary Education Trust Fund (TETFUND), Suleiman Bogoro, says the education intervention agency is responsible for over 95 percent of capital infrastructure provision in the nation’s universities. Bogoro made the remark while delivering the University of Benin’s 44th convocation lecture titled, “Ivory Towers and the challenge of Nigeria’s innovative and creative renaissance,” in Benin City on Monday. He also said the agency expanded its interventions to support academic staff development, support for book development and professional/institution-based journal production, library development and National Research Fund (NRF), and institution-based research funds with ceiling levels of N50 million and N2 million, respectively. The former TETFUND scribe, who commended the Academic Staff Union of Universities (ASUU) for being instrumental to the establishment of the agency, however, tasked the union on new innovations to help rescue universities and indeed the entire education sector from non-performance.” Business Day
Daily Trust reports that “The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to ensure the protection of depositors in the country. Alhaji Umaru Ibrahim, NDIC’s Managing Director/Chief Executive Officer, said this in the Corporation’s 2017 Annual Report, a copy of which was made available to the News Agency of Nigeria (NAN) in Abuja. Ibrahim said: “The NDIC would remain focused and committed to the protection of depositors and promotion of safe, sound and stable banking system in Nigeria. It will also continue to strive for excellence in the discharge of its mandate.’’ However, the NDIC boss said that depositors in the country would be effectively served with the speedy passage of the corporation’s amendment Act 2006 that was currently before the National Assembly. According to Ibrahim, the delay in the passage of the Act posed a great challenge for the corporation as it impairs NDIC’s ability to effectively perform some of its mandate.
“The Nigerian presidency has condemned an opinion article published by former secretary of state for International Development in the United Kingdom (UK), Priti Patel, calling on investors to be wary about investing in Nigeria. Ms Patel, a British parliamentarian, wrote in City A. M., a free daily Business newspaper in London warning investors to steer clear of Nigeria. She advised that “investors should know of the corrosive effect of corruption, as well as the lack of transparency and associated difficulties of doing business in certain countries.” In response to this false statements by MsPatel, “the presidency on Tuesday, responded, saying Ms Patel’s “wicked proposition is lacking in substance and devoid of merit in empirical evidence established by facts”. The response issued by presidential spokesperson, Garba Shehu, said her claim that despite Mr Buhari’s public anti-corruption platform, Nigeria has not seen any reduction in corruption since he took office, “trumpeting a so-called Transparency International report is a false fabrication that cannot be supported by the facts on the ground”. Mr Shehu said by the time Mr Buhari was sworn in and took office, the only amount in the anti-corruption recovery account over 16 years of the People’s Democratic Party (PDP) was only two billion Naira (N2 billion). This account has succeeded in netting over four hundred billion Naira (N400 bn) as of today, translating to 1,360 per cent increase. This cannot amount to nothing, in terms of progress,” he said. He also said when it comes to policy decisions, the Buhari administration has put in place instruments that have “extraordinarily and unprecedentedly reduced corruption and corrupt practices.” Read more of the statement here: PREMIUMTIMES
According to Business Day (Wednesday 21 November 2018, page 8), “as part of Federal Government deliberate policy to boost food sufficiency and reduce cost of food importation, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) plc has launched a 140-hectare maize farm in Edo State. The 140-hectare maize farm located at Ossiomo Industrial Park, Ologbo in Ikpoba Okha Local Government Area of the state was launched under the NIRSAL Farm Aggregation Model for Smallholder Agriculture Based on Technology (FAM-SMART). The Edo State Governor, Godwin Obaseki launched the project.”
“Premium contributions by insured financial institutions in the country, under the supervision of the Nigeria Deposit Insurance Corporation (NDIC) have risen to N1.07 trillion, according to the compilation of separate figures obtained by The Guardian . Premium contribution forms a major component of the resources available to a deposit insurer (NDIC), which strengthens its capacity to meet obligations, particularly timely reimbursement of depositors, when adequate and well-maintained.” According to the report, “the nation’s deposit insurer maintains three of such insurance funds — the Deposit Insurance Fund (DIF) for the Deposit Money Banks (DMBs); the Special Insured Institutions Fund (SIIF) for Microfinance Banks (MFBs); and Primary Mortgage Banks (PMBs); and the Non-Interest Deposit Insurance Fund (NIDIF) for Non-Interest Banks (NIBs). Analysis of the figures showed that DIF pool rose to N959.55 billion as at December 31, 2017, against N849 billion in the same period of 2016, representing an increase of 13.02 per cent, but lower than the 14.10 per cent increase recorded between 2015 and 2016. The SIIF also rose by 22.6 per cent, from N93.3 billion in 2016, to N114.39 billion in 2017, while the NIDIF grew by 61.8 per cent, from N428 million in 2016, to N693 million in 2017. The Managing Director and Chief Executive Officer, NDIC, Umar Ibrahim, said one of the key challenges was the delay in the passage of the proposed amendment to the NDIC Act 2006, which impaired the ability of the corporation to effectively perform some of its mandate”.
Premium Times reports that “Nigeria’s inflation rate, which climbed marginally to about 11.28 percent in September, dropped slightly to 11.26 percent in October, the latest National Bureau of Statistics (NBS) Consumer Price Index (CPI) report said on Wednesday. The CPI, which measures inflation rate for goods and services in the Nigerian economy, decreased by 11.26 percent (year-on-year) in October 2018, about 0.02 percent points lower than the rate recorded in September 2018. On a month-on-month basis, the report said deadline inflation index increased by 0.74 percent in October 2018, down by 0.09 percent points from the rate recorded in September 2018 (0.83) percent. The report said increases were recorded in all 12 classifications of individual consumption by purpose (COICOP) divisions that yielded the headline index. The percentage change in the average composite CPI for the 12 months period ending October 2018 over the average of the CPI for the previous 12 months period, the report said, was 12.78 percent, from 13.16 percent recorded in September 2018.”
“Chinese machine maker Zhengzhou QI’E Grain and Oil Machinery Co Limited is planning to pump $10 million into small-scale palm oil mills in five states in Nigeria.” Business Day (Wednesday 21 November 2018, page 13) reports that “Zhengzhou has already approached the Oil Palm Growers Association of Nigeria (OPGAN) for partnership that will see the former provide funds and machines to the later. Igwe Hilary- Uche, president of OPGAN, told Business Day exclusively that the company wants to provide hi-tech machineries to small- scale millers; provide funds and enter an off-taker agreement with them.”
“The Courier Regulatory Department (CRD) of the Nigerian Postal Service (NIPOST), has revoked licences of 30 illegal operators in the industry, most of whom had not renewed their licences. The General Manager, CRD, Dr. Ishaya Musa Diwa, made the disclosure at a news conference in Lagos, adding that the licences were revoked because the operators did not comply with the rules and regulations governing courier services.” Guardian reported that “companies affected include; Abex Express; Benop Courier Limited; Best Courier Limited; Betkey International Venture Limited; B-Flex Express Service Limited; Blue Star Courier and Logistics Services Limited; Business Messenger Nigeria Limited; Dealdey Swift Limited; and Fair Plus. Others are: Fleet Courier Limited; Gbuzzorr Delivery Service; Greater Washington Capital Limited; Green White Express Logistics; IMO Transport; Kaoline Ventures Limited; Macdon Express Courier Limited; Migfo Express Courier Freight; Okoli Express; and Vee Express Delivery Services.” The report revealed that other companies that were sanctioned “were One-on-One Parcels Limited, Pele Express, Quick Link Express, Quo Courier and Logistics, Skyhigh Express Nigeria Limited, Speed Express Courier Limited, Speed Mails Express Limited, Speedmark Courier, Thanet Deliveries, Total Quality Express Services, and Universe Courier. Defending the Department’s action, Diwa said: “For the past two years, the CRD of NIPOST has consistently been trying to sanitise the courier industry with its programmes such as clamping down of companies. “We need courier operators in the country to work with the best standard as courier business is a worldwide business, and any form of infringement tells badly for the country. This revocation is also a means of making the environment conducive and worthwhile for operators to thrive” he said.
“President Muhammadu Buhari has promised massive infrastructure expansion in his second tenure, including expanding broadband network to 120,000km of fibre network across Nigeria. Buhari said this while unveiling his second term agenda at the Presidential Villa on Sunday. He promised action packed second term, saying that the first tenure was used to lay solid foundation.”According to BUSINESSDAY (Wednesday 21 November 2018, page 34) reported that “the president, who identified broadband as Critical Infrastructure, said his administration had addressed the challenges of uniform Right of Way charges, adding “Next Level is to move broadband coverage to 120,000 km of fibre network across Nigeria. After partnering with Google for free internet access in key locations, next level will prioritize access to Internet for education, primary healthcare, markets, business clusters.”