The Nation Newspaper

Tag: Stakeholders

  • Why govt, stakeholders should assist FUPRE, by VC

    During a visit to The Nation, the Vice Chancellor of the Federal University of Petroleum Resources, Effurun (FUPRE), Delta State, Prof. Akaehomen Akii Ibhadode, spoke with AKINOLA AJIBADE and AMBROSE NNAJI, on  the university’s achievements and funding challenges. He urged stakeholders to assist the institution.

    What makes the Federal University of Petroleum Resources, Effurun (FUPRE), Delta State, different from others?

    Let me start by saying that there are two reasons we are paying this visit to the management of The Nation. Firstly, we are here to appreciate The Nation for the visibility the school has been enjoying from it, especially during its convocation last year. Secondly, we are here to present to the newspaper the possibilities of the university, its potential and challenges.

    FUPRE was set up in 2007 as a specialised petroleum university.  Up till today, it is the only petroleum university in Africa and the sixth in the world. The school has the special mandate to train high-level manpower for the oil and gas industry. As we all know, crude oil remains the mainstay of the country and as a result, the Federal Government felt the need to establish a specialised university to develop the petroleum industry.

    The insitution has had some challenges.  Through the mandate of the university, the school has a crop of highly committed and talented members of staff who are delivering the mandate based on available  resources to take care of the school.

    The school has 13 courses which are fully accredited by the National Universities Commission (NUC). We have full accreditation from the Council for the Regulation of Engineering in Nigeria (COREN). It is a specialised university and it’s different from others because it tries to put industry skills into its curriculum from its inception.

    What is the relationship between the university and oil and gas industry operators and stakeholders. What has the school done to prove its mettle?

    The school interacts with stakeholders in the oil and gas industry to enable students after graduation, walk into the oil companies and secure jobs. It has done a lot of collaborations with the industry in this regard. In terms of the things the school has done, it has come up with quite a number of innovations. Some of them have been patented while others are still in the process of being patented.

    Last year, some students and lecturers of marine engineering department came up with a design where they generated energy from ocean waves. That project had support from a Norwegian company to develop it further.

    Also, the school has developed a robot for surveillance of petroleum pipelines. In the event there is a leakage in the pipeline, this robot can detect the leakage by sending signal through which to locate the leakage(s).

    The school in 2015 entered the Shell Eco-Marathon competition, which holds yearly in South Africa. In the competition, students of each competing school designed a vehicle or car that can go a kilometre with one litre of fuel. Our university came first and overall best with its vehicle – Delta Cruz. In 2016, the school entered again and came second. In 2017, having seen the accomplishents of the university, Shell chose to sponsor our project in the competition and we came second again. For the first two years, the school ran the project by raising money within our means. Shell has challenged us to establish automobile engine that can run on electric fuel, or solar. We are working on that. We also plan to build a refinery. We have come out with a design and we are working on bringing it to fruition.

    That is one of the reasons we are urging the stakeholders, such as the government, and operators in the value chain to come and see what we are doing. On our own, we are trying to reach out to investors in the industry with a view to see how we can bring this to pass.

    The idea is to make this mini-refinery operational so that after this, we would build another modular refinery. These are the things we have done. It is our dream to find solution to the recurrent fuel scarcity.

    We want to build low-cost refineries in various states of the federation and we are appealing all stakeholders and funding agencies to support this objective. We are reaching out to operators, including those of marginal fields to see how they can tap into these inventions, produce and refine oil at reduced costs. Apart from solving the fuel issues, it will create unimaginable direct and indirect jobs for Nigerians.

    What do you want the government to do for the university?

    We are challenging the government and other stakeholders to come and assist us and bring this idea to fruition. We are partnering a United Kingdom-based company to achieve growth in the petroleum sector. We are also developing some computer industrial games for the students. As students, instead of wasting their time on other games and social media networks or dating platforms,they can have fun through these computer industrial games and while doing this,they can also learn from the process one or two things about their professions and disciplines in more practical-like ways. In our mid-year report, all the things we are doing are stated there. That is why we are looking at how our challenges would be solved by telling people to come and see what we are doing. As I said, our research would not be driven by the publications but by the need to create the right value for the society.

    These are materials for wealth creation. We need at least N5 billion yearly. We need to build laboratories, get a drilling rig for practical and a couple of simulators for engineering activities. If we have the funds, we would procure a drilling platformwhere students can train using training simulators, among other equipment. Because the university does not have one, our students have to travel all the way to the Nigerian Naval College in Sapele to use theirs for training.We want to see how we can use the waste materials around us to provide energy, so that we can discharge less fumes into the environment.

    With this we will be able to create values for the society. We would not remain like this. We aim at making our discoveries very standard an also commercialise them such that the society will derive value from what we are doing.

    There are so many problems facing us as a country ranging from turning our raw materials into valuable finished products, among others and those are the areas we are focusing on.

    How can we extend the life of an engine?

    That is why we are calling on companies to come and partner us since we have funding challenges. If we able to create value for the system, we would better the lots of the society.

    Why is the government not showing interest in the university?

    It is not that the government is not showing interest, but FUPRE is not getting what it requires as a specialised university. You know the government has a lot on its hands. Sometimes, the presentations made to government officials are applauded, but after that everybody goes to sleep.

    We have made noise to let the stakeholders know what we are doing and we can do as an institution, and we are now throwing the challenge to the government and to whoever cares. If we get the needed attention, we are sure we can deliver on our mandate.

    The fact is that FUPRE got the first take-off grant of N500 million released by Tertiary Education Trust Fund (TETFUND). The Petroleum Technology Development Fund (PTDF) was supposed to release another N500 million to the university, but that has not happened. But last year, the PTDF said they were working on it and we are still waiting for them to do so.

    Also, the Ministry of Petroleum Resources, PTDF and the Nigerian Content Development and Monitoring Board (NCDMB) were expected to contribute two per cent of their yearly budgets for development of research programmes in petroleum technology and facilities acquisition in the university but the contributions are not being made. PTF was also given the mandate to do the same thing. And also it sounds ironical that the Niger Delta Development Commission (NDDC) does not have a single project in FUPRE. We find that very strange. We have gone to them that they said they are going to do something, we are still waiting for them to do that. I must tell you that since this management came on board, it started creating a vision of making the university one of the best specialized universities in the world and it has been working towards achieving that. One of your correspondents came during our convocation he saw a lot of things we exhibited. We also provide trainings, research and development (R&D) services for oil and gas sector.

    We are facing serious funding challenges. We are calling on stakeholders to come to our aid, we are not begging, we are saying come and see what we are doing and add value. We want to be industry relevant by solving industry problems and for oil fields owners. We want the university to be a training hub for Africa especially the countries that have oil. Nigeria has over 50 years’ experience in the oil and gas industry, then Ghana, Tanzania and all other countries that are coming up, we will be able to assist them. Let the resources come so that we would be able to do that which we are supposed to do.

    What we are saying is that the University after 11years of establishment is suffering from serious neglect. What is important in this matter is that the petroleum industry will remain the mainstay of our economy even in the foreseeable future. Yes the government is making efforts to diversify the economy, but as it is today, the main driver of our economy is the petroleum resources, and it is established that we are created to train high level manpower that will drive the industry, so the university needs all the support now.

    From what you have said, doesn’t the Federal Government give adequate allocation to a federal university like yours?

    They do, but you know there are over 40federal universities so the resources are shared in the formula based on students –that is why we are saying they should capture us in the 2018 budget and if they do let the budget be fully implemented.

  • Govt, stakeholders to deliberate on banking reform

    Top government officials and stakeholders in the economy will, tomorrow March 12, converge on the International Conference Centre, Abuja, to unveil a book-Banking Reform in Nigeria: The law, The Prospects and The Challenges.

    Expected guests include Vice President Yemi Osinbajo. The book is written by scholar, lawyer, chartered banker and member of the House of Representatives, Dr. Bode Ayorinde.

    The book traces the historical development of banking business in Nigeria and critically examines all the laws relating to banking since inception.

     

  • Govt, stakeholders to deliberate on banking reform

    Top government officials and stakeholders in the economy will on Monday, March 12, converge at the International Conference Centre, Abuja, to unveil a book meant to chart the way forward to revamp the banking sector.

    The Vice President, Prof Yemi Osinbajo, will lead the guests that will brainstorm at the gathering, which will take place at the public presentation and launch of the book, “Banking Reform in Nigeria: The law, The Prospects and The Challenges,” written by eminent scholar, lawyer, chartered banker and influential member of the House of Representatives,  ‘Bode Ayorinde.

    Other top government officials expected at the occasion include Senate President Bukola Saraki, Speaker Yakubu Dogara, and the National Leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu.

    The Central Bank of Nigeria (CBN) Governor Godwin Emefiele, Ondo State Governor Rotimi Akeredolu, who is  Special Guest of Honour; Chief Justice of Nigeria Hon. Justice Walter Samuel Nkanu Onnoghen, Minister of Finance, among others, will also grace the event.

    The book traces the historical development of banking business in Nigeria and critically examines all the laws relating to banking since inception.

  • Embrace revenue harmonisation policy, Ogun tells stakeholders

    Embrace revenue harmonisation policy, Ogun tells stakeholders

    Stakeholders in the forestry sub-sector of Ogun State have been admonished to embrace and key into the revenue harmonization policy recently introduced by the state government in order to forestall multiple taxation.

    The state Commissioner for Forestry, Chief Kolawole Lawal, stated this during a chat with newsmen in Abeokuta, noting that the system would be mutually beneficial to the government as well as the stakeholders.

    ‘’It will be a win-win situation for the two parties, while the policy will enhance revenue generation drive and make more resources available to government to continue implementing its lofty programmes of Mission to Rebuild Ogun State for the benefit of our people,” he stated.

    The commissioner also indicated that the new policy would equally help to identify illegal toll points and block revenue leakages.

    Speaking on efforts at ensuring smooth operations of the new policy, Chief Lawal said the government had put in place measures to identify miscreants impersonating as government appointed toll collectors, warning that anyone caught would face the full wrath of the law.

    In a similar development, the Chairman, Technical Committee on Toll Collection, Ministry of Forestry, who is also the Special Adviser to the Governor of Forestry, Barrister Odufuwa Olayinka, enjoined toll agents in the ministry to always endeavour to make upfront payment into the government purse to complement government’s efforts at curbing unnecessary tax burden on the people.

    He concluded that failure to comply with the directive means forfeiture of their contract with government.

  • Ibom Power to host stakeholders

    The 25th power sector stakeholders’ meeting, comprising operators in the Nigeria Electricity Supply Industry (NESI), will hold on March 12 in Uyo, it ws learnt.

    The meeting, to hold every second Monday, was initiated by Minster of works, power and housing Babatunde Fashola as an avenue for the leadership of the power industry to speak on constraints in the sector.

    The minister said “the idea behind this meeting is to listen to as many operators in the power industry as possible, to understand what the unique problems are, understand what the general problems are and proffer solution to them in line with the Federal Ministry of Power and Housing or in line with the agencies of the government for comprehension and application of relevant solution.”

    He said the meeting would be rotated among generation companies (GENCOs), distribution companies (DISCOs), Transmission Company of Nigeria (TCN) and other stakeholders.

    Fashola said companies could pull together resources to hold meetings, to minimise cost.

    This is the first time Ibom Power Company Ltd will host the meeting since inception. It is one of the 22 gas-fired power plants, with three installed units – units 1 & 2 38mw each and unit 115mw for a capacity of 191mw, with a licence to expand to 685mw.

  • Stakeholders hail underwriting standards for informal sector

    Stakeholders hail underwriting standards for informal sector

    •Document targets 58% of sector

    Stakeholders have hailed the new underwriting standards for mortgage in the informal sector.

    The standards, launched in Lagos, is a key component of the National Housing Finance Programme (NHFP) of the Federal Government aimed at empowering Nigerians in the sector to own a house. It comes under the My Own Home scheme.

    The scheme, stakeholders agreed, would create a uniform standard for disbursement of mortgage loans to intending house owners in the informal sector.

    With this programme, the mortgage market would be positioned to capture 58 per cent of those in the informal sector.

    After the launch at the Central Bank of Nigeria (CBN) Lagos office, the Executive Director, Business Development and Portfolio Management of the Federal Mortgage Bank of Nigeria (FMBN), Umar Abdulahi, said the initiative was timely and has the capacity of bringing in the largely-uncaptured population in the informal sector of the housing market. He praised the document for being “all encompassing”.

    “The informal sector constitutes a large market that had not been explored. We have a large market in the sector but we need social inclusiveness in the area of housing. The law is that anyone who earns up to N3,000 and above is entitled to mortgage loan but a lot of people, especially outside the formal sector, are not benefiting. Now this underwriting standard will ensure they benefit,” he said.

    Nigeria Mortgage Refinance Company (NMRC) Managing Director Prof. Charles Inyangete, represented by NMRC’s Head of Business Development Mrs Dorothy Obata, said about 70 per cent of home seekers in the informal sector are not captured in the mortgage market. She described them as “middle income earners who did not have structures”.

    “This is a welcomed development in comparison to what we had before which was the formal sector uniform underwriting standard. The uniform writing standard for the informal sector will be a big catalyst for intending house owners,” she said.

    Similarly, Mortgage Banking Association of Nigeria (MBAN) President Mr. Niyi Akinlusi sees the initiative as a game-changer in housing.

    He regretted that the informal sector, which was contributing  about 60 per cent to the national gross domestic product (GDP), has been neglected for long, especially in housing.

    “It is time for us to start working and bring into the housing market, the mortgage market, to serve as a bridge for many people to  own their  house.

    According to him, Nigerians desirous of owning homes can now be assured of having a shoulder to lean on to make their dreams come true. MBAN, he emphasised, has put in place strategies for the 34 mortgage institutions across the country to capture a larger percentage of the informal sector in the home ownership net. This, ultimately, would reduce the housing deficit in the nation.

    Akinlusi said the launch represented a new dawn for players in the informal sector who hitherto had no access to mortgage. Besides, he is particularly pleased that stringent collateral like certificate of occupancy has been removed from the conditions of getting a mortgage.

    Nigeria Deposit Insurance Corporation (NDIC) Special Insured Institutions Director Mr. Joshua Etupidiok said the corporation, ahead of the initiative, developed an insurance product for the non-interest primary mortgage institutions (PMIs). This is, because, the informal sector has a huge market for mortgage, he said.

    NHFP Head of the CBN Mr. Adedeji Adesemoye said the  document would give those without  salaries access to mortgage loan for their housing needs. He said this would nip in the bud problems affecting access to mortgage by the informal sector.

    He assured that in the next six months, the CBN would evaluate the number of mortgages in the sector.

    Adesemoye said stakeholders were also developing underwriting standards for the non-interest primary mortgage banks and groups, adding that this would be launched between next month and April.

    Stakeholders were convinced that the mortgage law would capture the self-employed and business owners in the Micro, Small and Medium Enterprises (MSME).

    Some of the issues in the standards are property and borrower eligibility, credit worthiness, loan tenor, repayment structure, property title, required security, insurance, and mortgage counseling, among others.

    The underwriting standard is an initiative of the CBN, MBAN, the Nigeria Mortgage Refinance Company, FMBN, and the NDIC.

    NHFP Consultant on Housing and Mortgage, Mrs Adenike Fasanya-Osilaja, said the event was important because there was the need for a policy to drive the initiative.

    She said the underwriters had been trained to use “common sense” to determine good borrowers.

    “We are also going to be telling the populace that you must not work in an office to have access to home ownership,” she said.

    She said measures were in place to ensure borrowers in the informal sector met their loan obligations.

  • NPA’s trade facilitation excites operators, stakeholders, importers

    The Nigerian Ports Authority  (NPA) has embarked on trade facilitation programmes to boost trade at the ports, and the importers and clearing agents are happy for it, The Nation has learnt.

    Its Managing Director (MD) Ms Hadiza Bala Usman, it was gathered, has directed the agency’s officials to attend to every document on their table within 24 hours or be sanctioned.

    Some senior officers of the authority, it was gathered, had been queried for delaying customers’ papers.

    Sources at NPA said she had instructed every staff member to adopt the trade facilitation programme of the Federal Government by fast-tracking cargo clearance papers and implementing  government policies on quick cargo clearance to  to generate more revenue and boost the  economy.

    No paper, it was learnt, stays on her table for more than 24 hours without receiving attention.

    Sources said she had to go to some departments last week to ensure that customers’ papers were not delayed.

    This new approach, it was learnt, was responsible for the success the authority recorded at the ports and  in terms of the modernisation and transformation of NPA’s operations, a development, which importers and other operators said, contributed to the quick clearance of cargoes from the  ports

    The MD, stakeholders said, had no option than to embark on trade facilitation because she had received the support of President Muhammadu Buhari to re-organise and manage one of the highest revenue-yielding government agencies.

    Her zeal and patriotism for the development of  the economy, findings revealed, was responsible for why she was appointed to carry out the onerous task which, stakehold-ers said, she had  done diligently.

    TheAssociation of Nigerian Licensed Customs Agents (ANLCA) President, Prince Olayiwola Shittu, said Ms Usman does not joke with trade facilitation.

    “No paper stays on Ms Usman’s table for more than 12 hours before she releases them for quick cargo clearance.This is also because she has made the principle her watch word since her assumption of office as the Managing Director and in all the ports.

    “She believes that when any document experiences delay, the implications can be more. Thus, as far as she is concerned, prompt treatment of documents is a must in port operations.

    ‘’According to her, the documents represent money and the government needs the money to develop tpeople,“ he said.

    Shittu also described Ms Usman as a humble and listening leader who attend to every issue brought to her attention to attract business to the port.

    Besides, a senior officer of the authority, Mr Ibrahim Nosiru and others who do not want their names in print, said Ms Usman had inculcated her trade facilitation message in her officers and taught them why they must not delay documents.

    “The Managing Director has tutored us that when you delay import documents, you increase the cost of clearing such goods, because you make the importers to accumulate demurrage and you delay the purpose for which such goods would have been put to used for the proper development of  the economy, ” he said.

     

     

  • Stakeholders meet on Cleaner Lagos Initiative

    INDISCRIMINATE dumping of refuse is inimical to the Cleaner Lagos Initiative, Igando- Local Council Development Area (LCDA) Chairman Mrs Morenike Adesina-Williams has said.

    Mrs Adesina-Williams, who spoke to stakeholders on the new environmental sanitation policy, said the enlightenment this became because many people were caught dumping refuse indiscriminately. She advised them to stop and support the LCDA in its bid to make the area refuse free. ‘’Don’t put refuse on the roadside or on the median. Rather, put them in front of your house where they would be picked by officials of the refuse disposal firm,’’ she said.

    She later unveiled and distributed refuse bags.

    The LCDA Head of Environment Mrs Temitayo Salami harped on proper refuse disposal and environmental cleanliness, noting that a dirty environment scares away investors and tourists.

    Aravindu Valmeikal, Operation Manager Visionscape International Utility Group, handlers of Cleaner Lagos Initiative project, said it was the plan of his firm to make Lagos as clean as Singapore. He asked for the support of the people for his work.

    Meanwhile, the LCDA has flagged off the construction of Anthony Ababe/Ashimi Street in Ijegun Mrs Adesina-Williams urged the firm handling the project to expedite action on the work to meet the six-month deadline. She appealed to the people to cooperate with the contractors to see the work through.

  • Our fears over Budget 2108 delay, by LCCI, MAN, others

    Our fears over Budget 2108 delay, by LCCI, MAN, others

    Stakeholders are worried that the National Assembly is not in a hurry to pass this year’s Appropriation Bill – three months after it was presented to it by President Muhammadu Buhari. OKWY IROEGBU-CHIKEZIE and CHARLES OKONJI capture the concerns of manufacturers on the budget passage delay.

    WHEN President Muhammadu Buhari presented a budget proposal of N8.612 trillion to the joint session of the National Assembly for the 2018 fiscal year on November 7, last year, hopes for an early passage were high.

    But, three clear months after the presentation of the N8.612 trillion Budget 2018 proposals, Nigerians are still awaiting the nod from the Red and Green chambers for the President to sign it into law.

    The Senate had raised the hope of an early passage when it disclosed that it would pass the Appropriation Bill on December 19. It went ahead to direct its Committee on Appropriation to ensure that the report on the budget was ready on the date.

    It consequently adjourned plenary session to December 19, to enable other standing committees have enough time to engage the various ministries, departments, and agencies (MDAs) on budget defence having passed it for second reading.

    Speaking on the passage of the second reading of the budget, Senate President Bukola Saraki, said: “We know that the timetable is very tight. We will be suspending plenary for us to be able to start the defense of this budget. Committee chairmen and members should please ensure that we keep to this timetable.”

    Saraki warned ministers and heads of agencies and parastatals of government to cooperate with the National Assembly during the budget defence to enable the apex parliament pass the bill on target.

    He said: “Let me respond with a general note of warning to all heads of MDAs to ensure that they strictly respect the letters of invitation and the timetable. This is not time for excuses for ministers or heads of parastatals to be travelling and not be able to attend their budget defense.

    “We do not have the time. This is a very short timeframe, therefore, I expect all MDAs to be able to respect our invitation and be there on time so that the committees can wrap up and be able to present their reports by the time we come back on Tuesday, December 19.”

    Dr. Saraki said the upper chamber would hold a public hearing on the budget estimates during defence session.

    “There will be a public hearing on the budget. We are looking at Monday, the 11th of December; however, in the next few days, an announcement will be made,” the Senate President said.

    With that assurance, many had expected an early passage for the budget implementation to start in earnest.

    “I sincerely hope that the National Assembly will pass the 2018 appropriation in good time to allow for effective implementation”, Musiliu Obanikoro, a one-time senator and former Minister of Senate for Defence, told the News Agency of Nigeria (NAN), recently.

    He went on: “If the budget is not passed before the end of February, it will be a bit difficult to achieve much in terms of implementation before the year ends because of 2019 elections.

    “Presently, there is the need to sustain and consolidate on massive investments in infrastructure and to continuously grow the post-recession economy, and the appropriation bill is crucial to achieving all these.”

    However, spokesperson of the Senate, Aliyu Sabi Abdullahi (Niger State), explained the delay, saying that no date has been fixed for the passage of the budget.

    Sabi blamed the delay on what he called the ‘lackadaisical attitude’ of heads of the Ministries, Departments and Agencies (MDAs) toward the ongoing budget defence.

    He said: “The MDAs are still interacting with committees, many of them are not responding. They are not responding as it should be, thus they have slowed down the pace of work on the budget proposal.

    “We can’t give time because the heads of MDAs are not responding.”

    The delay has become worrisome not only to the Presidency, but to major stakeholders in the economy.

    Speaking the mind of the executive, Boss Mustapha, who is the Secretary to the Government of the Federation (SGF), warned of the consequences of a delayed passage of the Appropriation Bill.

    Raising the alarm, the SGF said the delay in the passage of the budget can affect its implementation, noting that it would also affect the delivery of the campaign promises of the President Muhammadu Buhari administration.

    The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, said the delay will further compound the uncertainties in the local economy.

    In a chat with The Nation in Lagos, Yusuf noted that the continued delay in the passage of this year’s budget have thrown investors into confusion in taking business decisions.

    He said: “When the budget is delayed, investors are not sure of the policies of the government, how it affects businesses, and its policy direction. Early passage of budget helps in guiding investors on some of the investment decisions made.

    The serious implication of delay in budgetary passage is that it will affect the implementation of capital projects and it is not good for an economy that is just recovering from recession.

    “Investment in infrastructure is a very big issue. Delay in passage of budget affects investment in infrastructure adversely, and this is not good for the growth of country’s economy.

    “When budget is delayed, development of infrastructure would be put to halt, this means that investors would be discouraged in investing. It also leads to a drop in Foreign Direct Investment (FDI).

    “The long delay in budgetary passage would further compound the problems of implementation. There is a need for all organs of government to put their heads together to ensure that the issues with the budget are resolved timely.”

    President, Manufacturer’s Association of Nigeria (MAN), Dr. Frank Jacob, described the delay as regrettable, given the expectations that it was designed to address the massive infrastructural deficiency and gap in the country.

    The MAN chief said: “We were optimistic that they were going to start off immediately with the implementation. Unfortunately, the politicians and their ways of handling issues are adding to the delay, and I don’t know what is going on.

    “The appropriation has been in favour of the manufacturing sector and the private sector, because we have been clamoring for the development of infrastructure. We are hopeful that that it would soon be approved and the implementation will follow, because any further delay will make a mess of the whole thing.

    “Railway and road construction can only be done during dry season, but the way it is now, it is not encouraging. Very soon the rainy season will set in and that will further hamper construction. All these will adversely affect the economy.

    “It is obvious that an improvement in road infrastructure would enhance movement of goods and services within the regions that the projects are located. No doubt, these projects would ensure seamless haulage with minimal damages on transit; improve economic activities, access to market; access to education and healthcare facilities, while at the same time narrow the infrastructure gap in the economy.

    “Based on the report of World Economic Forum (WEF) which affirmed that every dollar spent on any capital project such as road construction generates an economic return of 5-25 per cent; every Naira spent on provision of road infrastructure, may trigger at least five per cent economic growth.

    He observed that despite the claim in some quarters that the economy has sailed out of recession, going by the figures realised by relevant authorities, the manufacturing sector is not yet out of recession considering developments in the manufacturing sector in the last three months.

    Jacobs appealed to the National Assembly to pass the budget as soon as possible, noting that to do otherwise will spell doom for the economy.

    He, however, commended the sector’s budget. He said the interest of manufacturers has been taken care of with the N46 billion proposed for the development of industrial parks and industrial clusters.

    According to him, the development of these industrial parks as it is done in other climes will move the economy forward.

    “If Nigeria can develop these industrial clusters and parks with the N46 billion, I believe that it will help the manufacturing sector and it will help grow the economy”, he added.

    Besides, Jacobs said the dearth on infrastructure and lack of access to credit facilities were limiting the productivity of the Small Medium Enterprises (SMEs).

    He argued that when these industrial parks are developed, SME’s would grow into big enterprises, thereby creating rooms for more players in the economy.

    On power, Jacobs described as reasonable the appropriation in the budget for the sector, even as he noted that the allocation remained a far cry from what is required to take care of all the challenges in the power sector.

    Commending some of the policies from the Ministry of Power, he stressed that, if implemented, such policies would revolutionalise the sector and help the manufacturers, who devote over 30 per cent of their cost to energy provision.

    The electricity challenge, which he said, “is in dire strait”, cannot be solved overnight but with consistent budget provision and implementation.

    His words: “My thinking is that the power situation in this country is in a very bad shape, and cannot be solved over night, but I think this budget made provisions enough to tackle it.

    “We seem a bit confused because the appropriation has been in favour of development of infrastructure which we have been clamouring for. But, the way it is now with the budget delay, we are of the view that it will further compound the problems.

    “We are skeptical that we are going to have a repeat of budget of 2017, which was approved almost at mid-year, which implies that the implementation cannot be more than 50 per cent, and with only 50 per cent of budget implementation, the budget won’t really make any impact on the economy or on the manufacturing sector”.

    He added that MAN is still hoping that the previous year’s budget would be carried over into this year, and if that is done, it may translate to the full implementation of the budget.

    Jacobs lamented that last year’s budget did not make any significant impact on the economy as its implementation started very late and not much was achieved.

    He urged the lawmakers to go beyond passing Appropriation Bill, but keep a tab on its implementation to attain 100 per cent implementation without leaving out any fraction.

    A player in the processing and packaging industry, Mr. Duro Kuteyi, urged the Federal Government on the need to pass the budget without further delay.

    The Chief Executive Officer of Spectra Industries Limited warned that delaying the budget passage further will negatively rub off on manufacturers, and by extension, on the economy.

    A teacher at the Nassarawa University, Uche Uwaleke pleaded with the government not to tinker with the budget size as a result of the rise in oil price while asking for its immediate passage.

    The Assistant Professor of Finance argued: “What controls budget is conservatism and not otherwise, the economy is fragile and cannot sustain borrowing.

    “We should not increase the budget because of the increase in oil price as we depend almost solely on oil. Any increase will reduce our fiscal deficit gap.”

  • Ogoni clean-up: Board member pleads for stakeholders’ cooperation

    A member, Board of Trustees, Ogoni Clean-up Project, Mr. Nnimmo Bassey, has urged affected communities to support government’s efforts towards the project, by avoiding pollution.

    He spoke during an interview with News Agency of Nigeria (NAN) in Port Harcourt, after visiting polluted communities.

    The environmentalist represents non-government organisations in the 13-member board appointed by President Muhammadu Buhari.

    He said: “New pollution can occur where people tamper with oil installations and burn crude. It can also occur where companies burn gas.

    “We cannot be cleaning up and continue to pollute; it does not make sense. So, everybody should police the environment. Life is more valuable than oil.”

    Bassey hoped that the exercise was realisable and would come to fruition.

    “I am hopeful that the Ogoni clean-up is realisable because of the demonstration work done by companies on the possibility of the project and the technology to be used.

    “They showed it can be done.

    “I believe Hydrocarbon Pollution Remediation Project (HYPREP) and consultants will assess the suitability of the methods, especially when they are going to be applied on a large scale.

    “The aspect handled by Shell at Bodo city indicates that with care, we can handle the clean-up. The exercise will take about 25 years,” he said.

    Bassey noted that the affected communities were anxious about the project and felt the process was slow.

    He told them that it required time and patience.

    Bassey said: “I expect the project to start on a good footing. There should be a roadmap about what HYPREP is doing.

    “We just need to understand that there are processes involved in the clean-up.”