Economic Crisis Could Be An Opportunity For New Investments – Minister Enelamah

August 10, 2016

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah has said that the Nigeria’s ongoing economic challenges could offer an unprecedented opportunity for new investments and to restructure and diversify the economy.
Speaking on Channels Television’s Sunrise Programme, the Minister said: “I believe that depending on what we do with this crisis we’re facing, it could actually be the impetus for this diversification. It’s extremely important that we make the most of what we’re going through.”
The Minister highlighted the Ministry’s commitment to implementing the Nigeria Industrial Revolution Plan (NIRP), as a tool for diversifying the Nigerian economy.
“That Plan identifies sectors where Nigeria should be doing more, but for reasons that are well understood, we haven’t. Our responsibility as a Ministry is to make sure that Plan is implemented; from Agro-processing to the automotive industry; Cotton, Textile and Garments; and Petrochemicals – the sectors around which we have a comparative advantage.”
On some other reform efforts, Dr. Enelamah highlighted the Ministry’s Ease of Doing Business Initiative.
“The President has directed that we set up a Council, the Presidential Enabling Business Environment Council (PEBEC), chaired by the Vice President, and that is focused majorly on making Nigeria more attractive for investment. A lot of work has gone on behind closed doors. The Nigeria Investment Promotion Commission (NIPC) is going to be the Secretariat. We’ve said that in the first year we want to move at least 20 spots ahead on the World Bank’s Ease of Doing Business rankings. We have identified a private sector Lead, who will be announced soon, who is going to be the head of this Ease of Doing Business Forum. We’ve also identified private sector firms that are experts in it, and we’ve identified someone who led it in another country – Georgia – he’s a former Prime Minister, who’s come to help us. I’m confident we’ll get results.”
Dr. Enelamah also touched on the Ministry’s commitment to SMEs, highlighting the new microcredit scheme in the 2016 budget, which will see the Bank of Industry, one of the Ministry’s parastatals, overseeing the disbursement of loans to 1.6 million traders, artisans, farmers and young entrepreneurs over the next twelve months.
He stressed that the current government takes policy stability and consistency very seriously.
“We haven’t done the classic policy flip-flops. The things that are [already existing] we have said we will implement them better. For instance the Nigeria Industrial Revolution Plan (NIRP), which is something that we inherited from the last government. Also what the NIPC is doing for investors.”
The ministry, he added, is also focused on ensuring “that only genuine manufacturers enjoy” already existing import and export concessions.
Dr. Enelamah called on Nigerians to demonstrate patience and understanding with the federal government.
“It takes time for these things to take root. There is a time for implementation and a time for results. My view is that Nigeria is definitely going to get better; in the area of diversification of the economy, and of investors coming in, it will happen.” [myad]

Islamic Dev. Bank Floats $450,000 Prizes On Science And Technology, Women Contribution To Development

Greenbarge Reporters

August 10, 2016

The Islamic Development Bank (IsDB) has announced nominations for various prizes in Science and Technology and Women Contribution to Development with winners expected to go home with a total amount of $450,000
Winners of the prizes for 2017 will be announced at the Annual Meeting of the IsDB Board of Governors to be held in Jeddah, Saudi Arabia, in May 2017.
In a statement, the bank’s spokesman and Senior Communication Specialist, Muhammad Jameel Yusha’u, said that the prizes in Science & Technology and Women Contribution to Development would be in different categories.
“The categories under the Science & Technology Prize, are:
(a) Outstanding scientific or technological contribution to the socio-economic development of a member country, (b) Outstanding contribution to any of the following scientific disciplines: Engineering; Agriculture; Medicine; Biotechnology; Information Technology; Optronics; Material Sciences; Pharmaceutical; Industrial Microelectronics; Nanotechnology and alternative Energy Sources, and (c) Scientific research institutions in IDB least developed member countries (LDMCs).
“Winners of the three categories under the Science & Technology Prize will each receive US$100,000.
“For its part, the prize for Women Contribution to Development consists of two cash awards of (a) US $50,000 for a woman or a group of women, and (b) US $ 100,000 for an organization.”
He quoted the President of IsDB, Dr. Ahmad Mohamed Ali, as saying: “supporting high quality research in Science & Technology will go a long way in positioning our member countries to compete in the global economy. IsDB will continue to support universities, research institutes and individual researchers in their effort to make the world a better place.
“IsDB recognizes the contribution of women in development. Our role is to support and inspire them in their effort to reduce poverty, inequality, promote education and give hope to the hopeless,” Dr. Ali added.
Jameel said that the deadline for the submission of applications is 1 Rabi Awwal 1438H (30 November 2016) and that application forms and details about each prize are available on the IsDB website: www.isdb.org [myad]

Oil Crisis: Kuwait Removes Fuel Subsidy, Raises Pump Price By 83 Percent

Greenbarge Reporters

August 10, 2016

Kuwait, one of the largest oil producers in the world, with a daily production of 2.85 million barrels per day, says it is raising pump price of petrol by 83 percent.

The middle-eastern country is also introducing major economic reform, in the face of dwindling oil prices, and a 10 percent tax on company tax was also introduced.

Kuwait, with a population of 4.2 million people, had always given fuel subsidies to the tune of 5.7 percent of its gross domestic product (GDP).

According to Moody’s, regular gas will cost 28 cents (N88) per litre, while Kerosene will go for N113.4 per litre – or about $1.06 per gallon – after the subsidies are removed.

The move will test the government’s determination to reshape the economy. Analysts at Moody’s say price hikes for diesel and kerosene in 2015 were partially rolled back in the face of protest.

“The government’s ability to successfully implement the price hikes this time around will be indicative of its institutional capacity to move its economy beyond oil,” the analysts wrote in a research note.

Prices for mid-grade and regular gas will rise by 62% and 42%, respectively, with its most expensive petrol to sell at 55 cents or N173 per litre.

Firas Raad, the World Bank’s country manager for Kuwait, has said the move, by the government, is a politically and economically bold move.

Kuwait was said to have been forced to act after the slump in crude prices slashed government revenues across the oil-rich Gulf.

The United Arab Emirates was the first Gulf state to target fuel when it introduced market prices for gas last year.

The fuel price rise was approved by the government in August, but will take effect from September 1, 2016.

That is still way below prices in other Gulf nations such as the UAE, Oman, Bahrain and Qatar, and it’s less than half what you’d pay for comparable gas in the US. [myad]

Budget Padding: Speaker Dogara Laughs Last?

Greenbarge Reporters

August 10, 2016

Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang and the Senior Special Assistant to the President on National Assembly Matters, Mr. Ismail Kawu, have appeared before the leadership of the ruling All Progressives Congress (APC) at the party’s headquarters to say that the controversial 2016 budget, which President Muhammadu Buhari signed into law, was not padded.

This came against the background of the lingering crisis in the House of Representatives over the budget with reference to the alleged padding.

Former Chairman, House Committee on Appropriation, Abdulmumin Jibrin, who floated the idea of padding, faulted the Presidency1, insisting that the allegation of padding should be investigated. Jibrin had accused the Speaker, Yakubu Dogara, and some officers of the House of padding the 2016 budget.

The APC had intervened in the matter last week, as its leadership separately met with Dogara and Jibrin. The efforts, however, failed.

Enang, while addressing journalists after the meeting with the party’s leadership, said: “I am here on the invitation of the APC leadership with my colleague (Kawu) to answer questions on the 2016 Appropriation Act. We have given explanation on every issue. There is nothing, to our knowledge, like padding of the budget. The budget, as assented to by the President, is the budget passed by the National Assembly and it is being executed.

“For now, the party is handling it as a domestic issue; a party issue. All of us have been told not to make public comments because the matter is still under consideration.

“We will not want to go into the details so that we will not breach the party’s directive or pre-empt the outcome of the party’s probe.’’

When asked if the Presidency had cleared Dogara of padding the budget, Enang said the Presidency would not “draw conclusions.”

He said: “I will say we came here as persons who work as liaison officers on the budget. The party wanted us to make clarifications and we have made those clarifications.

“We will not draw any conclusion. Please, let us not go too far by mentioning any office. Let it be that two of us have appeared before the party.”

When asked again if the Presidency’s denial of the padding of the budget had dismissed Jibrin’s allegation, Enang stated that there was nothing like padding in the legislature.

He said the legislature had the constitutional duty to amend the Appropriation Bill sent to it by the President.

“In all our years of legislative engagement, we have yet to find in the legislative lexicon the word, ‘padding.’ When the budget is presented before the legislature, the legislature is to consider the budget and pass as it deems fit.

“So, what the legislature passes becomes the Appropriation Act upon assent. Therefore, any word which has yet to crystallise in legislative lexicon, you cannot hear us mention it.”

Meanwhile, Jibrin has insisted that he stood by his demand for the probe of Speaker Dogara and others over the alleged padding.

The statement which he issued on the issue read in part: “now that I have exposed the fact that Speaker Dogara and the three others have padded the budget, padding is no longer an offence. Shame!

“There is massive individual and institutional corruption in the House of Representatives. All Nigerians have a responsibility to avail themselves of this rare opportunity to flush out corruption in the House.’’ [myad]

No Concessionary Rate, Waiver For 2016 Intending Pilgrims – Hajj Commission Boss

Greenbarge Reporters

August 9, 2016

Chairman of the National Hajj Commission of Nigeria (NAHCON), Alhaji Abdullahi Mukhtar Mohammed has said that the Federal Government has not provided concessionary exchange rate or waiver for the 2016 Hajj pilgrims.

Mukhtar who spoke to news men n Abuja on Tuesday, also denied the involvement of government in sourcing for foreign exchange for the pilgrims.

He said that the Federal Government is not sponsoring any pilgrim to Saudi Arabia this year, adding that the commission met with State Pilgrims Agencies in January and agreed that with the prevailing economic challenges, the burden of state sponsorship or concessionary rate should be taken off the government.

“It was at that meeting that we agreed to approach the Central Bank of Nigeria to allow us use the prevailing rate then which was N197 to the dollar.

“It was on that basis that we signed a Memorandum of Understanding with the CBN in March this year. “ So, it was on that basis that intending pilgrims were charged.

“When the payments were remitted to the commission, we deposited the money in our account, domiciled at the CBN since then,’’ he said. According to Mukhtar, it will be unfair to the pilgrims if they are now asked to access their money on the basis of the current exchange rate.

“People should not forget that ‎when this deal was struck, the current dual exchange rate policy of the CBN was not operational. “

He said that the ongoing issue of the exchange rate of N197 to a dollar was unnecessary as it is neither a concessionary rate nor a waiver, adding that the pilgrims are getting a fair deal. [myad]

Federal Govt Spends N165 Billion On Workers’ Salaries Monthly – Finance Minister

Greenbarge Reporters

August 9, 2016

The Minister of Finance, Mrs. Kemi Adeosun has said that the Federal Government spends N165 billion monthly on salaries.

Adeosun, who spoke on Tuesday, at a Town Hall/Policy Dialogue for Good Governance, organized by the Alumni Association of the National Institute of Policy and Strategic Studies (NIPSS), said that there were 1.2 million public servants in the civil service when President Muhammadu Buhari government came into power.

She said that the government has been able to save N8 billion from the monthly pay roll of public servants due to various strategies introduced to block loopholes.

The minister said that the country’s present economic challenges were not peculiar to Nigeria and that the economies of most western countries were built out of their diversity.

“Change can be extremely painful, but we must change.’’

She said that to come out of the present economic challenges, there is the need for financial discipline as well as investing in capital to attract private capital investors.

Adeosun said that the Federal Government has no choice than to borrow to invest in the country’s infrastructure, adding that this is the only way to create jobs.

“We have a very conservative borrowing programme; we will borrow conservatively so we don’t burden the future generation. We must borrow, not like in the past when loans were taken to pay salaries; we will this time, borrow to invest and build our infrastructures.’’

The meeting, which was attended by the Ministers of Agriculture and Rural Development, Power, Works and Housing, Finance, Information and Culture, Budget and National Planning and Foreign Affairs, was the sixth in the series of town hall meetings.

The ministers took time to brief the audience on what the Federal Government was doing in their various ministries to address the country`s challenges and improve the economy.

Also, traditional rulers, members of the Diplomatic Corps and Civil Society Organisations, among others, attended the meeting. [myad]

Ebonyi Governor Embarrassed By The Stripping And Battering Of 14-Year Girl

Greenbarge Reporters

August 9, 2016

The Ebonyi State Governor, David Umahi, has said that he was embarrassed by the stripping and battering of a 14-year-old girl, Miss Uzoamaka Chukwu, by some people in Ohaozara Local Government Area.

A five-paragraph statement by Emma Anya, the Chief Press Secretary to Governor, quoted the governor as having directed the police command to ensure that all the perpetrators are properly investigated with a view to bringing those guilty to justice.

The statement reads: Ebonyi State Government condemns in totality, the inhuman treatment meted out to a minor, Miss Uzoamaka, Chukwu, by some people in Ohoazara LGA.

Government encourages the state police command to ensure a thorough investigation of the incident and bring to book, the suspects, some of whom are already in detention.

Governor David Umahi will not in any way condone the violation of the rights of any Ebonyian, especially minors, by anyone be he in government or private sector.

The pollicisation of this pitiful situation cannot benefit the little girl concerned nor the politicians parading her on national media. The naked images of the child splashed on newspaper pages are utterly condemnable.

Government has already taken action to locate the minor in order to ensure that she is properly rehabilitated and made to overcome the trauma she has passed through. [myad]

Boko Haram Threat On Abuja: Minister Put Council Chairmen, Traditional Rulers On Red Alert

Greenbarge Reporters

August 9, 2016

Following the recent threat by members of Boko Haram that they would soon launch attack on the Nigeria Federal Capital Territory (FCT), Abuja, the FCT Minister, Malam Muhammad Musa Bello has placed chairmen of the six Area Councils and all the Seventeen graded traditional rulers on red alert. He asked them to stop any act that could lead to breakdown of law and order in their various domains.
The Minister who spoke at an emergency meeting with the Council Chairmen, FCT Graded Chiefs, FCT Police Commissioner, FCT Director of DSS, Ag. Secretaries, Area Council Councils Services and Agriculture & Rural Development Secretariats, in Gwarinpa I District
(Life-Camp), Abuja, said that the meeting was convened to specifically brainstorm
on security concerns to ensure that the FCT remain peaceful and
proactive.
The Minister asked the Council officials and the Traditional Rulers to also avoid anything that could lead to misunderstanding; adding that people should seek legitimate means to resolve their disputes amicably.
“We will follow the rule of law and all the appropriate regulations. But definitely, we will not allow any kind of criminality in any part of the Territory.”
The Minister frowned at security challenges caused by Chieftaincy tussles in so many locations; stressing that such actions are not acceptable and that is why we have the FCT Council of Chiefs.
Muhammad Bello warned that the Chairmen and the Traditional Rulers should be on the watch out and be extremely vigilant to stop any religious extremism, as it is also another serious security threat to any society.
“Any religious extremism must be disallowed in your respective places, because if you turn a blind eye and pretend you don’t know, then this could become a serious problem for the people later.
“Wherever you identify these issues, immediately find solution, before it even comes to our level and that is the ways you can continue to stamp your authority.
“We have to call for this meeting because in most of the States sharing boundary with the FCT, there are reports of security challenges and everybody is running towards Abuja. So, let us not
deceive ourselves, we must maintain vigilance at all times.”
He advised them to guard against crisis between the Fulani herdsmen and the farmers because that is also a very serious issue; adding, “meet regularly with all the Fulanis in your area, identify their leaders and communicate with them regularly.” [myad]

I Am Determined To Change The Culture Of Waste, Buhari Vows

Greenbarge Reporters

August 9, 2016

President Muhammadu Buhari has made it clear that he would stop at nothing to change the culture of waste foisted on the country, due to lack of means of preservation of agricultural products.

Receiving the Global Chief Executive Officer of Friesland Campina, The Netherlands, Mr Roelf Joosten, at State House, Abuja, Tuesday, President Buhari lamented the situation in which cattle farmers throw away milk from their animals, because there is no means of preserving and processing the product.

“We have failed to develop our assets on a permanent basis. This, we are determined to work on,” the President promised.

He urged Friesland Campina, in its collaboration with Nigeria, to educate cattle farmers that “quality matters more than quantity,” and help them organize into cooperatives for better business.

The Minister of Agriculture and Rural Development, Chief Audu Ogbe, who was also at the event, promised that herdsmen would soon be organized into ranches in the country, with special grasses and water, which will give better yield, and make the animals healthier. He also disclosed that special flasks, which can preserve raw milk for up to six hours, would soon be made available, enabling cattle farmers to get the product to dairies in good quality.

Mr Joosten disclosed that Friesland Campina is a cooperative owned by 19,000 farmers, and is 145 years old. It began business in Nigeria in 1973 as Friesland Campina WAMCO Nigeria.

The company wants to partner with the Federal Government to build a healthier populace through better nutrition, collaborate in the school feeding programme, and promote dairy development in the country. It has also been providing nutrition support for internally displaced persons in the North-East.

Also on the delegation of the Global CEO was the Managing Director of Friesland Campina WAMCO, Mr Rahul Colaco. [myad]

INEC Begins Preparations For 2019 Elections

Greenbarge Reporters

August 9, 2016

The Independent National Electoral Commission (INEC), has kick-started preparations for the 2019 general elections with an organized two-day workshop for the key top operatives of the commission.

The two-day workshop was organized to present Information and Communication Technology (ICT) Projects to Directors and Deputy Directors at the Commission’s Headquarters in Abuja.

National Commissioner, Dr. Mohammed Mustapha Lecky, said that the 2015 amendment to the Electoral Act had given the Commission significant room to introduce and deploy more Technology in the electoral process that would consolidate on the gains of introducing ICT in the 2015 general elections by enhancing the performance and efficiency of the process.

He charged the participants to learn, understand, contribute and own innovations being introduced to the electoral process even as the Commission geared for the 2019 general elections.

He said that adding credence to the important role of technology in the electoral process, Dr. Lecky said: “there is no gainsaying the fact that the 2015 elections had been adjudged the best in the history of our country and this can be credited to the introduction of technology in the conduct of elections particularly the Permanent Voter Cards and the Smart Card reader which transformed the election landscape in Nigeria for which a lot of accolades were received by Nigeria worldwide.”

He said that the 2019 general elections were not far away as so many thought, adding that the presentation of ICT Projects was “clearly an opportunity to see what is being done, discuss how it can be enhanced and to own the processes.”

Some of the Projects presented at the workshop include: Voter Registration Transfer Portal; Voter Verification Portal; Integrated Voter Register Portal; Integrated e-Collation and e-TRAC system; e-Based PVC Collection Directional Portal; PVC Distribution System and Intranet/Share Point. [myad]

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