The Nation Newspaper

Author: The Nation

  • UNCTAD seeks support for 46 Least Developed Countries

    UNCTAD seeks support for 46 Least Developed Countries

    The United Nations Conference on Trade and Development (UNCTA) has called for urgent global action to support the world’s most vulnerable economies.

    In a statement, it stated that there was an urgent need to ask for global action as crises threatened to reverse decades of development gains.

    It went further to state that  the world’s 46 least developed countries (LDCs) were hit the hardest by multiple crises including the COVID-19 pandemic, climate crisis, growing inequalities, rising debt burdens and economic shocks.

    The LDCs, the statement said, were facing the challenge of high debt costs while having inadequate liquidity to provide essential services. It noted that in the last decade, debt service costs in LDCs have jumped from around five per cent in 2011 to over 20 per cent today.

    On how to address it, UNCTAD said it is rallying global action to help these countries build resilience to economic shocks and safeguard their hard-won development gains.

    UNCTAD’s Secretary-General Rebeca Grynspan and Deputy Secretary-General Pedro Manuel Moreno, who lead the organisation’s delegation to the fifth UN conference on LDCs (LDC5) in Doha, made a strong call to accelerate economic development in LDCs in the next decade.

    They called for effective debt relief and international support to build stronger productive capacities as the basis for economic and export diversification.  A case was also made on the need to have a just, balanced and sustainable low-carbon transition in those countries.

    They lamented that despite growth in sustainable finance, investment flows are concentrated in developed and emerging economies, bypassing LDCs.  According to them LDCs need more investment, but their share of global foreign direct investment flows has mostly remained below two per cent.

    Grynspan said UNCTAD supports these countries to improve their capacity to attract investment in sustainable development-related sectors such as agribusiness, tourism, manufacturing, energy, infrastructure, ICT and technology-enabled services.

    He said: “LDCs are the most vulnerable economies in the world, accounting for only 1.3 per cent of global gross domestic product and trading under one per cent of world merchandise exports, even though they represent 14 per cent  of the world population. Foreign direct investment (FDI) flows to LDCs have only grown modestly in recent years. Their share of global FDI between 2011 and 2019 mostly remained below two per cent. Global crises slashed FDI flows in 2022, with further declines expected in 2023, according to our data.”

    He added that developing countries received $372 billion in Sustainable Development Goals (SDGs) investment in 2021, with LDCs receiving only 15 per cent, a decline from 19 per cent in 2020.

  • NCC directs harmonized short codes implementation

    NCC directs harmonized short codes implementation

    The Nigerian Communications Commission (NCC) has directed mobile network operators (MNOs) to commence implementation of approved harmonised short codes (HSC) for providing certain services to telecom consumers in Nigeria.

    The Commission has already set a deadline of May 17, 2023, for all mobile networks to fully migrate from hitherto diverse short codes to the harmonised codes.

    The use of harmonised short codes is aimed at achieving uniformity in common short codes across networks. This means that the code for checking airtime balance is the same across all mobile networks for the same function, irrespective of the network a consumer uses.

    With the new codes, the telecom consumers using the over 226 million active mobile lines in the country can now use the same codes to access services across the networks.

    Director, Public Affairs at NCC, Reuben Muoka, explained that consequently, under the new harmonised short codes regime, 13 common short codes have been approved by the Commission.

    They include 300 to be used as the harmonised code for Call Centre/Help Desk on all mobile networks; 301 for voice Mail Deposit; 302 for Voice Mail Retrieval; 303 for Borrow Services; 305 for STOP Service; 310 for Check Balance, and 311 for Credit Recharge.

    Also, the common code for Data Plan across networks is now 312. In line with the new direction, 321 is for Share Services, while 323 is for Data Plan Balance. The code, 996, is now for Verification of Subscriber Identity Module (SIM) Registration/NIN-SIM Linkage. The code, 2442, is retained for Do-Not-Disturb (DND) unsolicited messaging complaint management, while the common code, 3232, is also retained for Porting Services, otherwise called Mobile Number Portability.

    The old and new harmonised short codes will run concurrently up until May 17, 2023, when all networks are expected to have fully migrated to full implementation of the new codes.  The period between now and May 17, 2023 is provided by the NCC to enable telecom consumers to familiarise themselves with the new codes for various services.

    The initiative, which is in line with NCC’s regulatory modernisation programme, is essentially to make life much easier for telecom consumers, as it is now easier for Nigerians to memorise single codes for various services across all mobile networks they may be using, thereby improving consumer quality of experience (QoE).

    In addition, the new policy will provide opportunity for licensees in the Value-Added Services (VAS) segment of the telecoms sector to be able to use freed-up/old codes for other services, as well as enhance cohesive regulatory framework in keeping with world-class practices.

  • FAAN shuts Lagos Airport runway

    FAAN shuts Lagos Airport runway

    • International flights not affected

    The Federal Airports Authority of Nigeria (FAAN) yesterday said the temporary closure of Lagos Airport Runway 18 R/36L for maintenance would not affect flights at the aerodrome.

    Spokesperson of the authority and Acting General Manager, Public Affairs, Mrs Faithful Hope Ivbaze, told The Nation in a telephone interview that while the repairs are ongoing in the next eight weeks, the alternate runway – 18L /36R will remains open for full flight operation.

    She said: “We request the kind understanding and cooperation of all stakeholders towards achieving this very important safety/security objective.”

    She said the runway has been closed since March 11, 2023.

    Mrs Ivbaze further said: “It is only an aspect of the runway that is closed for repairs and flight operations are not disrupted.  Flight disruptions are not part of this closure at all; flights are still going on internationally.”

    Earlier this year, the Nigerian Airspace Management Agency (NAMA) shut the same international runway for a few hours for maintenance.

    Late last year, night operations returned to the second runway of the Murtala Muhammed Airport, Lagos, otherwise known as runway 18/L, 18 years after night operations were last carried out on the facility.

    In August last year,  FAAN shut the facility to flights for the installation of the category three Airfield Ground Lighting system on the runway, allowing flights to use runway 18/Right usually used by international airlines.

    According to FAAN, this was part of the efforts aimed at improving the safety and efficiency of flight operations at the Murtala Muhammed Airport.

    The Lagos airport domestic runway, which was re-commissioned in 2006 after refurbishment and rehabilitation, has been without runway lights.

    This made it difficult for flights to take off or land on the runway at night, forcing domestic airlines to land at the international wing at night and then taxi to the domestic side.

  • FAO generates $34m investment in agribusinesses

    FAO generates $34m investment in agribusinesses

    The Food and Agriculture Organisation (FAO) said its RuralInvest technology has catalysed an estimated $34 million in investment in agribusinesses  and supported a new generation of rural enterprises worldwide.

    According to the organisation, the technology has supported the growth of more than 1,000 agribusinesses in more than 15 countries.

    FAO said it has finalised the latest update of a toolkit that aims to revolutionise small and middle-sized rural entrepreneurship.

    RuralInvest, the methodology developed by the FAO Investment Centre, offers its users a path from theory to practice, to assist entrepreneurs in creating sustainable and bankable business plans.

    In the absence of clear and effective business models, farmers and rural entrepreneurs find it challenging to convince financial institutions and banks to invest, also given that agriculture is often considered a risky investment and its profitability difficult to gauge.

    Over 80 per cent of the world’s food is produced by family farming, yet less than 10 percent of smallholders have access to finance.

    The idea at the heart of RuralInvest is to make small and medium sized entrepreneurs thrive by empowering them, through specially trained intermediaries – that is, platform users – to translate their business ideas and vision into concrete plans that can attract investors.

    The free toolkit is supported by new software called RIV20, accessed via the RuralInvest website recently updated through close collaboration with the FAO Digitisation and Information Technology Division, which enables users to develop professional and quality business plans.

    The field technician understands what the farmer’s vision is, learn how and which data need to be collected and input it into the software, which automatically systematises the information and brings to life clear and visually effective business plans.

    The approach is bottom-up, with ongoing communication between the RuralInvest user and the farmer, who interact and exchange ideas in group sessions using the RuralInvest business plan, with the objective of adding value and substance to the entrepreneur’s vision.

  • NEPC reaffirms commitment to women-led businesses

    NEPC reaffirms commitment to women-led businesses

    The Nigerian Export Promotion Council (NEPC) has reaffirmed its commitment to supporting women-led businesses by building sustainable export businesses, with products and services that can compete globally.

    Its Executive Director/CEO,  Ezra Yakusak said the quest to increase the participation of women in non-oil exports led to the launch of the Women in Export Development Programme in 2017.

    Yakusak stated this during the NEPC International Women’s Day exhibition and symposium, with the theme, ‘Breaking Barriers: Enhancing inclusiveness and creating opportunities for women in non-oil export’, adding that through this programme, NEPC created a women in Export unit.

    He also said women desk officers were assigned to provide support for the 3,610 female exporters who were registered with NEPC as well as other women entrepreneurs who were interested in non-oil export.

    Yakusak said: “In the last two years, NEPC has fully sponsored 154 SMEs to acquire international voluntary certification such as Hazard analysis and critical control point, food and drug administration, HALAL and ISO 22000, under the go global go certification project which was launched in 2021.

    “It will interest all to know that 125 of those SMEs are women owned businesses which is about 81per cent of the beneficiaries of this project. The council recently initiated an exporters mentorship programme which pairs prospective exporters with experience performing exporters that can guide and handhold them on how to successfully navigate the export terrain.”

    NEPC has partnered with various private and public sector organizations over the years to provide better trade opportunities for women. One of such successful partnerships is the International trade centre ITC on the implementation of the SheTrade initiative in Nigeria.

  • High energy cost affecting manufacturing, says MAN

    High energy cost affecting manufacturing, says MAN

    Energy challenges manifesting in inadequate and high cost of  diesel, gas and Premium Motor Spirit (PMS), otherwise known as petrol, are responsible for the poor competitiveness of the manufacturing sector and by extension, the economy, the Manufacturers Association of Nigeria (MAN) has said.

    MAN said for instance, that despite Nigeria’s huge productive sector and over 200 million people that are energy-dependent, electricity distribution stood at a mere 4,000megawatts.

    The association said this explains why poor supply of electricity has been continuously ranked among the top challenges of the sector in various Manufacturers CEO Confidence Index (MCCI) reports.

    This was contained in the MCCI for the Fourth Quarter 2022 released by MAN yesterday and made available to The Nation.

    The MCCI is an index created by MAN to measure changes in quarterly pulsation of manufacturing in relation to movement in the macro-economy and government policies.

    The Index is, therefore, a barometer used by MAN to aggregate the views of CEOs of manufacturing companies on changes in the economy.

    The MCCI has a baseline index of 50 points, which suggests a stationary point in the economy.Therefore, any index point above 50 points indicates that manufacturers have confidence in the economy and improvement in manufacturing performance, while any index point below 50 points indicates otherwise.

    The more the index point tends to 100 points, the higher the level of confidence in the economy and improvement in manufacturing activity.

    However, the Aggregate Index Score (AIS) of MCCI declined to 55.0 points in the fourth quarter of last year from 55.4 points obtained in the third quarter of the year.

    MAN, however, noted that the index score of the current quarter, though below that of the previous quarter, indicated that manufacturers generally still have confidence in the economy.

    But the report, in a special focus titled ‘High Energy Cost and the Need for Domestic Refining of Crude Oil in Nigeria’ said high cost of energy was one of the issues principally responsible for the difficult operating environment that led to the manufacturing sector’s declining performance in the quarter under review.

    MAN, however, said other issues that contributed to the decline included the continuous erosion in naira value and difficulty in accessing forex, persisting insecurity and the consequences of lingering Russia-Ukraine war.

    MAN lamented that the energy challenges, which have variously been represented as the cause for the poor competitiveness of the economy and manufacturing sector, remained despite Nigeria’s natural endowments.

    According to the Association, Nigeria is endowed with hydro-carbon with oil reserves of about 37 billion barrels in 2021, and gas reserves of about 5.8 trillion cubic meters. “Unfortunately, Nigeria has failed to exploit these resources to the benefit of the economy,” MAN said.

    Consequently, MAN harped on the need to resuscitate domestic refining and improve the energy situation in Nigeria, noting that there was a need to review the current status of the four national refineries to determine their current true state.

    It also recommended commissioning of the CHIYODA Group, the Japanese company that built the national refineries, to rehabilitate them to resume domestic refining.

    MAN further called for a review of the Nigerian energy policy and also ensured that available energy sources, particularly natural gas, is optimally explored and exploited.

    The Association also advocated the creation of a functional incentive to attract private sector investment in gas aggregation to end the current gas flaring and also create incentive to resuscitate private sector investment in the petrochemical industry.

    MAN also canvassed improving the capital expenditure on the energy sector for greater public investment in energy development.

  • $53.1m deal: Rivers initiates criminal trial of Amaechi, Cole

    $53.1m deal: Rivers initiates criminal trial of Amaechi, Cole

    Rivers State Government has initiated the process of prosecuting   former Governor Rotimi Amaechi and All Progressives Congress (APC) candidate for the state, Tonye Cole, over the alleged theft of $53.1 million belonging to the government

    The money was allegedly stolen through a reported deal between the then  Amaechi-led government and   Sahara Energy Resources Limited, a company in which Cole had an interest.

    The deal had to do with the sale of a gas turbine by the state to  Sahara Energy.

    The state filed all processes such as application for substituted service, list of authorities relied upon by the state and counter-affidavits to void  Amaechi’s and Cole’s motions seeking to stall their trials.

     Amaechi is the first defendant and Cole, is third in the process filed on March 9 at the Rivers State High Court. 

    Augustine Wokocha, the second defendant and   Sahara Energy as the fourth defendant.

    Sahara Energy, fourth and NG Power – HP Limited in the case bordering on conspiracy and stealing of the state  assets

    In count,  one Amaechi and Wokocha were said to have on or about October 21, 2013, conspired to defraud the government through account number 0064889439 domiciled with Access Bank Plc addressed a letter of mandate to pay without any recourse to the government by virtue of which said letter the bank on or about December 3, 2014, paid   $53.1million to Sahara Energy Resources Limited purporting the payment as a refund of loans granted by Sahara Energy Resources to the government.

    In count two, Amaechi, Cole, Wokocha, Sahara Energy and NG Power – HP Limited was said to have on or about December 1, 2014, conspired among themselves to commit a felony to steal    $53.1 million, being the property of  the state government.

    In count three, all the defendants were said to have on or about December 3, 2014, stolen  $53.1million property of the government through its account number 0064889492 with Access Bank Plc purporting same to be a refund of loans granted by Sahara Energy Resources Limited to the government.

    In count four, all the defendants were accused of conspiring among themselves to commit a felony to obtain money by false pretence.

    In another charge, the defendants were said to have received  N53.1 million property of the government knowing same to have been stolen or obtained by false pretence.

    The offences were said to be contrary to Sections 516, 419, and 422 of the Criminal Code Laws of Rivers State of Nigeria, 1999.

    The Rivers State Governor, Nyesom Wike, had at many fora insisted that Cole lacked the moral grounds to be the governor of the state.

    Wike explained that Cole was not electable because he was facing prosecution for allegedly defrauding the state.

  • Lagos okays budget for PSPs’ recapitalisation

    Lagos okays budget for PSPs’ recapitalisation

    • AWAMN seeks support for governor’s re-election

    LAGOS State Governor Babajide Sanwo-Olu has approved a budget  for Private Sector Participation (PSP) operators to recapitalise, the Managing Director/CEO of the Lagos Waste Management Authority (LAWMA), Ibrahim Odumboni, has said.

    He said recyclers would also be empowered to buy trucks and tools.

    Odumboni said the recapitalisation was aimed at improving waste management in the state, make the environment cleaner and livable for residents by clearing about 13,000 metric tonnes of waste generated daily.

    He explained that the cash would help to address most of the challenges facing PSP operators, including the acquisition of new waste evacuation trucks, which many of the PSP operators could not afford.

    He said: “The Lagos State Government’s plan is to provide the PSP operators with low-interest loans to purchase new trucks.The government will also provide technical assistance to the PSP operators to help them manage their fleet more efficiently.

    “It will also stimulate economic growth by providing opportunities for small businesses to thrive. By providing the PSP operators with low-interest loans, we are giving them the opportunity to expand their businesses and create more jobs.”

    Odumboni said further: “In addition to the recapitalisation, the Lagos State Government also plans to empower recyclers in the state. The government will provide recyclers with the relevant tools and equipment needed to carry out their work effectively.This will include providing them with necessary equipment that will help them to sort, process, and recycle waste.

    “The aim of this initiative is to reduce the amount of waste that ends up in landfills. By empowering recyclers, the government hopes to create a more sustainable waste management system in the state. We want to create a situation where waste is seen as a resource, not as a problem.’’

    He added: “The recycling that was launched by the administration has come to stay as we have over 100 recyclers, who are into the business of recycling.

    “Also with the support of the governor, we engage community stakeholders of the 20 local government and 37 local council development areas to discuss sustainable waste management with them. We are in collaboration with our sister agencies, like LNSC, KAI, LASTMA and others to track, arrest and prosecute waste defaulters.”

    The state government’s plan for the PSP operators and recyclers was welcomed by the stakeholders, who expressed their gratitude to the current administration for recognising their role in waste management and for providing them with the much needed support to do their job effectively.

    Meanwhile, members of the Association of Waste Managers of Nigeria (AWAM) in Lagos State have launched a campaign in support of the re-election of Governor Sanwo-Olu.

    The campaign, which kicked off in Ikeja, and would be held across the state to sensitise residents on the need to support Sanwo-Olu.

    The President of AWAM, Mr. David Oriyomi, thanked the governor for his support, stressing that the Sanwo-Olu administration had enhanced the waste management system, with the incorporation of over 400 PSP operators who provide effective waste service delivery to Lagosians, adding that the campaign by AWAMN members for the re-election of the Lagos State governor, was being replicated across zones in the state.

    “We, in AWAMN, have 100 per cent support for the Sanwo-Olu administration. He stood by us and we will always stand by him,” he added.

    LAWMA’s Executive Director of Finance Mr. Kunle Adebiyi said the  administration had done well in waste management, being one of the largest employers in the state, urging Lagosians to support it.

    At the event were the Chief Technical Officer, LAWMA, Dr. Olorunwa Tijani, and other AWAMN executives.

  • N5b Polaris Bank’s mortgage deal for traders in Rivers

    N5b Polaris Bank’s mortgage deal for traders in Rivers

    An estate surveying and valuing firm, M.I. Okoro & Associates, is partnering the Rivers State Government and Polaris Bank to develop an electrical and building materials market. It will also offer N5 billion mortgage to traders. OKWY IROEGBU-CHIKEZIE reports

    Port Harcourt, known as the Garden City, has lost some of its aesthetics because of the congestion. As a result, the government has relocated markets to a new business zone for the convenience of the public and traders.

    To actualise this, a firm of estate surveyors and valuers, M. I. Okoro and Associates, has partnered the state government and Polaris Bank to relocate 2,000 electrical and building materials dealers to the ‘Fit for Purpose’ market.

    Its principal partner, Meckson Okoro said the shops were 14.3 square metres with shops on  the ground floor costing N4.5 million while those on the first floor would sell for N4 million.

    In a chat with select reporters, Okoro said the old market was at Okija area of the state capital with the new purpose-built modern market, at Iriebe, Kilometre 17, Aba-Port Harcourt Road.

    He said: “The Materials Dealers Association is set for the relocation to the new electrical and building market with the N5 billion mortgage funding from Polaris Bank. Six hundred of the shops would be inaugurated immediately after the 2023 governorship election precisely in the first week of April for the traders to settle down while the developer, Revelation Paints Limited continues the phased construction. This new site is an industrial area with well serviced facilities and other public infrastructure. The total number of shops is 1,720 with more shops planned to be developed on phased location model,’’ its President, Elvis Asamoye said.

    This, he said, would help decongest the city centre, enhance commerce and guarantee quality assurance. 

    On quality and standardisation of building materials, he lamented that over 90 per cent of building materials  in the country was imported, with some not necessarily of good quality.

    He said the market was to encourage local production, and to achieve that they were in discussion with the Standards Organisation of Nigeria (SON) and other regulators, to ensure that only quality building and electrical materials were allowed into the market.

    “As a matter of fact, before any material can be displayed by any trader, it will have a certificate of quality and standard. Nobody will be allowed to sell any building or electrical material material except they were tested and confirmed fit,” he added.

    On checking fire outbreak, which is common in markets, he said the developer was building the shops with fire-resistant materials.

    He urged other state governments to partner the private sector to create jobs, adding that construction sector was the largest employer. He said the excited members of the Materials Dealers Association had named the new site “Promised Land” because of the benefits and mortgage offered by Polaris Bank.

    Okoro said the partnership with Polaris Bank was part of his firm’s policy of supporting small and medium scale businesses besides bringing his over 35 years’ experience in the sector into play.

    Furthermore, he said, there was a mechanism for insurance and facility management at the new market.  He said the new site was an industrial area with well-serviced facilities and other public infrastructure as an added advantage.

    On security, Okoro said the market was well-secured and that shop owners and visitors had nothing to fear.

    Director-General, Strategy and Operations, M. I. Okoro  & Associates, Chief  Chinedu Mbakwe, said each shop was wired such that the circuit breakers manage each of them, and the possibility of fire starting from one shop and destroying the market was almost nil. He said the market was located in the area for accessibility and comfort of users.

    Mbakwe said the beauty of the market was its location near other markets such as the timber market and the auto parts market. According to him, this makes its location more attractive as a buyer can shuttle from one market to the other.

    On the micro-macro economy, Okoro said the site would release the latent value of land and properties within and outside the immediate environ  of the market city, indirectly increasing rental and capital values because the presence of the   electrical dealers at site will act as a pull on other businesses and naturally, other business  relocating  with them.

    He said: “This will generate pressure on demand for complementary land uses which will make the land and property owners in the neigbourhood to experience high demand for their properties which will translate to more income. Small and medium scale businesses in the area will pick up making more income. By implication therefore, the Rivers state government will make more money by way of taxation and increased Internally-Generated Revenue (IGR).”

  • Dare mourns ex-Super Falcons Coach Mabo

    Dare mourns ex-Super Falcons Coach Mabo

    The Minister of  Youth Development and Sports, Sunday Dare, has described Ismaila Mabo, the late former coach of the Super Falcons, as a giant in the world of Nigerian football.

    A statement issued yesterday  by Toyin Ibitoye, Special Assistant, Media, to Dare, quoted him as saying this while mourning the death of the coach.

    Mabo died in the early hours of Monday in Jos, Plateau State, at the age of 80.

    He started as a schoolboy international with the Nigeria academicals team that broke the jinx of Ghana’s domination in academy football.

    The Nigerian team featuring Mabo, defeated Ghana’s academicals 1-0 in Accra on Feb. 13, 1966, making it the first time any Nigerian team would defeat a Ghanaian football team on Ghanaian soil.

    The Nigerian boys repeated the feat six days later to humble their Ghanaian counterparts 2-1 in Lagos in a return leg.

    According to the Sports Minister, Mabo’s contribution to the game is unquantifiable, as he stayed long even after retirement to give back to the round leather game.

    The Minister further said Pa Ismaila Mabo lived an impactful life and that a special space would be reserved for him when the history of Nigerian football development was written.

    “As a school boy, he represented Nigeria and after his active football career, he coached the Super Falcons to their most impressive spell both on the continent and globally.

    “We pray that God gives his family the fortitude to bear this loss,” Ibitoye quoted Dare as saying.