The Nation Newspaper

Tag: support

  • Odunmbaku seeks support for Buhari

    Odunmbaku seeks support for Buhari

    Lagos State Deputy Chairman of the All Progressives Congress (APC), James Odunmbaku, has urged Nigerians to be patient with President Muhammadu Buhari on his mission to salvage the country.  He said this is the time to pray for the country.

    Speaking to The Nation during his 70th birthday anniversary in Lagos, he said reforms world over come with pains, but assured the people that there is light at the end of the tunnel.

    He noted that the country would be better if everybody support government to overcome the challenges.

    The APC chieftain explained that Buhari was God sent stressing that it would have been worse if the previous administration had remained in office.

    He said: “The APC is fighting everyday to put Nigeria back on its feet in global affairs. How can you expect what has been bastardised in 16 years to suddenly take shape.

    “It is not possible but, gradually, Nigeria will be better again. The APC leadership is not sleeping; its economic think tanks are at work, but we have to be patient with the government in its drive to ensure the economy bounces back.

    “What we have is just like a dilapidated building; to correct it needs some measures of expertise to make it firm and beautiful again. In doing this, you have to pull it down, inconveniences must occur, but after that the building will be better again.”

    He lauded Governor Akinwunmi Ambode for his efforts, boasting that Lagos towers head and shoulders above other states.

    “That is my governor; I will always support him, work for him and pray for him. If the constitution had permitted three terms I will vote for him, even with my age I will campaign for him.

    “To the best of my knowledge, he has not disappointed Lagosians within the period he has been in the saddle. That is a very sound technocrat, an accountant of note; you can never fault the man because he knows what he is doing. Under him Lagos is working and it will continue to work under the APC,” Odunmbaku added.

     

  • ‘Govt’s support to agric industrialisation vital’

    The Director-General, African Centre for Supply Chain (ACSC), Dr. Obiora Madu, has said the government is taking steps to improve trade finance avalability to address the gaps in  agro industrialisation, growth and job creation.

    Speaking with The Nation, Madu said the pool of funds established by the government was to serve players in the sector, hitherto underserved by financial institutions.

    The situation, according to him,  requires the government to promote and support bank-intermediated trade finance activities, vital for Small and Medium Scale Enterprises (SMEs) access to capital and credit insurance against global trade risks.

    The absence of export credit guarantees, he noted, was hindering  the  involvement of banks and agri entrepreneurs in export business.

    He said the economy needed trade and credit risk insurance products that encouraged foreign direct investment and trade.

    Madu noted that agribusiness held the key to meeting the demand for food, particularly processed food. The availability of credit for producers, he said, would smoothen the shift from primary production to modern integrated agribusiness, and provide opportunities to many farmers.

    According to him,  funds provided by the Bank of Industry (BoI)  and other  financial service players, can boost agro production and exports, help entrepreneurs hire more hands, and highlight the critical importance of trade credit to economic growth.

    Such facilities would  help to support the expansion of agro business operations as well as provide for critical inputs, such as chemicals, pesticides, farm machinery, spares and equipment, which the country is in dire need of to revive its agricultural sector, he said.

    He said the demand for trade finance could help Nigerians  explore new opportunities.

    Madu expressed satisfaction that the government had introduced reforms to develop the economic and financial system, including trade finance for SMEs.

    Meanwhile, President, African Development Bank (AfDB), Dr Akinwumi Adesina, has urged countries to institutionalise systems to support agric trade.

    Adesina, who spoke at the Sasakawa Symposium on “Contributing to social security and jobs through agriculture: 30 years of Sasakawa in Africa”, at the Sixth Tokyo International Conference on African Development (TICAD VI) in Nairobi, Kenya, maintained that creating markets, developing infrastructure and providing finance for farmers were key to transforming agriculture in Africa.

    Adesina noted that these factors were necessary to transform agriculture into a wealth-creating sector which generates income for farmers.

    “Governments can do this by developing agro-allied industrial zones and staple crop processing zones in rural areas. The zones, supported with consolidated infrastructure – roads, water, electricity – would drive down the cost of doing business for private food and agribusiness firms,” he said.

    Such zones will create markets for farmers, boost economic opportunities in rural areas, stimulate jobs and attract more domestic and foreign investments into rural areas, Adesina said.

    “They will turn the rural areas into zones of economic prosperity,” Adesina said.

    Minister of Agriculture and Rural Development Chief Audu Ogbeh reiterated the significance of extension services, regretting the low number of extension workers in the country, which stand at a ratio of one extension worker to 8,000 farmers.

    “Farmers need support and education on new technology that will help them to reap maximum benefits from their farms,” Ogbeh said.

  • EFInA gives $1.5m to support mobile banking

    Enhancing Financial Innovation & Access (EFInA) has awarded $1.5 million or about N421.5 million from its Innovation Grant to support Diamond Bank’s Diamond Y’ello Account (DYA), a mobile banking platform, which was built on MTN Xaas platform.

    The DYA was built on a platform powered by CWG Plc. It was designed to enable MTN subscribers, which include the largely unbanked and under-banked populace in Nigeria, enjoy banking services from Diamond Bank, using their mobile phones within the convenience of their varying locations. It provides easy access to a broad range of financial products tailored to meet consumers’ needs, at an affordable cost. These include bills payment, savings, retail collections, microcredit and insurance transactions

    On the development, Mr James Agada, Chief Executive Officer, CWG Plc observed that the DYA has demonstrated significant prospects, hence no surprise on the investment by EFInA.

    According to him, within a period of a little over 12 months, the Diamond Yello Account has enabled over 6 million subscriber’s access banking services with ease. The EFInA grant shows that these giant strides are being recognised and this will challenge us at CWG to do more in deploying technology solutions that enable growth.

    The Innovation Grant, as released by EFInA to support the DYA; ‘Winning the North’ project, is intended to enhance financial inclusion to the unbanked in the Northeast and Northwest geopolitical zones, who have more financially excluded citizens than other parts of the nation, as referenced in the EFInA Access Financial services in Nigeria 2014 survey. Furthermore, it is anticipated that this project will aid in tilting the variances in the financial sector; enabling the operators an opportunity to upgrade the features of the DYA in order to allow customers do more and cover a broader geographical base.

    It should be noted that CWG has worked in partnerships with other banks in the past, deploying innovative technology based products that enable customers’ access financial and other value added services through their mobile phones.

    CWG  has also deployed the Finacle Banking Application to 60 per cent of the financial institutions, enhancing their operations and currently deploys about a third of the aggregate ATMs presently in the country.

  • NDPHC chief seeks support for indigenous gas firms

    To get the required volume of gas   for  thermal power stations, the Federal Government should support indigenous oil and gas firms to increase their output, Niger Delta Power Holding Company (NDPHC) Acting Managing Director Mr. Chiedu Ugbo has said.

    According to him, some of the indigenous oil and gas firms that are in the forefront of domestic gas supply include Accugas, GigaGas, Seplat Plc, and Shoreline.

    Ugbo, who spoke to The Nation on the importance of supporting the indigenous firms, said lack of robust mechanism for gas payment has made international oil firms (IOCs) that are major oil producers to shun local supply.

    He said: “Enormous resources are often expended in developing gas fields and the associated transportation infrastructure to deliver gas molecules for power generation. There is need for guaranteed payment for gas to ensure recovery of capital invested and return on investment.

    ‘’Also, given the poor payment history of the power industry, securitisation of the Gas Sales Agreement (GSA) payments has been a huge challenge for the consummating commercial transactions and achieving financial closure for the projects that requires drilling, gas processing and construction of pipelines.’’

    Ugbo added: “A lot of associated gas is being flared because the IOCs, who are the owners of these fields, are not interested in developing them under the gas aggregation framework of the government. There is thus the need for a well publicised framework to be put in place for an interested investor or developer to have access to this gas in an existing production sharing contract (PSC), oil mining lease (OML) or oil prospecting lease (OPL) as well as a ‘willing seller willing buyer’ arrangement encouraged. In essence, there must be a flexible application of the aggregation framework. This policy was put in place to jumpstart gas availability and has a regulated price regime,” he said.

    The NDPHC chief said under the policy, all IOCs/gas producers must allocate a portion of their gas production to the domestic supply obligation (DSO0 mainly for power generation before they can allocate any gas for other commercial commitments or obligations. Recently, there has been growing call for a ‘willing buyer/willing seller’ arrangement rather than the regulated price regime which now seems like a straight jacket for the industry, he added.

  • Reps seek support for indigenous oil firms

    The House of Representatives’Committee on Local Content has called on the international oil companies (IOCs) to support indigenous oil service firms.

    The committee made the call during inspection of the shipyard and fabrication complex operated by West African Ventures (WAV) at Onne in Rivers State.

    Its Chairman,  Emmanuel Ekon, said patronage of WAV and other indigenous firms would help reduce capital flight and promote local content.

    Experts say about $8 billion is lost yearly to capital flight as a result of  jobs done by foreign firms. Based on this, the committee said it would push for a law to cancel contracts awarded by IOCs to foreign firms, which their indigenous counterparts can execute in-country.

    Ekon said the poor patronage of WAV shipyard, fabrication complex and marine facilities, as well as those of the other indigenous companies, has worsened capital flight in the oil and gas industry.

    He said the committee decided to  visit to assess its facilities  to avoid supporting indigenous contractors who are mere agents of foreign firms.

    “We believe that companies, such as WAV with huge investment in the country, and employer of over 5,000 Nigerians, should be encouraged so that the investors can do more. That way, we will reduce capital flight. WAV ought to be patronised first by the IOCs when they need marine services,” he noted.

    Ekon said indigenous firms if supported could boost revenue and enhance economic growth.

    He said: “What we have seen here is 100 per cent Nigerian company and by the Content law, WAV is supposed to be patronised first by the IOCs, where they need marine services. That’s what the law says and the law is not ambiguous but explicit, especially where there is Nigerian competence and in-country capacity. The law states that the IOCs or whoever is giving out contract, should give a Nigerian company the right of refusal.

    “The best the IOCs can do for Nigeria is to patronise indigenous companies such as WAV so they can in turn engage Nigerians teeming unemployed youths.”

    The committee chairman also admitted that issues relating to inadequate patronage were fallout of the global crisis in the oil and gas industry, but urged the IOCs to promote local content.

    “I think the primary thing is to make sure that the government wades in to restore peace particularly in the Niger Delta area where the oil and gas business is carried out. For now, we still have one major source of revenue in this country, which is the oil and gas business.

    ‘’Hence, the House of Representatives will oppose and cancel contracts awarded to foreign companies where there is in-country capacity, and where huge investments have been made local firms.

    “Basically, I think if there is peace and militant activities brought down to the barest minimum, opportunities will come in for WAV and other local firms. WAV has demonstrated capacity and needs to be patronised.

    A member of the Committee, Kehinde Agboola, said: “Drop in patronage is a global crisis; it’s not restricted to the oil and gas sector or WAV. The IOCs in Nigeria should patronise WAV because it is a good example of indigenous company with capacity. That is the whole essence of local content.”

    The committee members admitted that the Niger Delta issues contribute to the challenges of the indigenous companies, and stressed the need for the government ensures there is peace in the region as the oil and gas business remains the mainstay of the economy.

  • ‘Why China should support Nigeria financially’

    Budget and National Planning Minister Udoma Udo Udoma has made a strong case why the Chinese government should offer financial assistance to the Federal Government in the funding of some critical infrastructure projects.

    Senator Udoma spoke at the weekend from China at the coordinator’s meeting on the implementation of the follow-up actions of the Johannesburg Summit of the Forum on China-Africa Cooperation (FOCAC).

    He also used held talks discussions on issues of economic interests with that country’s Vice Minister for Commerce, Mr. Qian Keming and officials of the China EXIM Bank, where he stressed the mutually beneficial relationship the two countries will eventually enjoy by assisting Nigeria to grow its economy.

    At the Johannesburg Summit in South Africa in December, last year, China had agreed to assist African countries in ten strategic areas to boost their economy. It pledged $60 billion in aid, grants and concessional loans.

    The Federal Government has been trying to get as much of the Chinese funding for projects in the form of grants, aids, investments and loans.

    The loan component will however be within the Nigeria’s debt sustainability limits.

    Already, the government has proposed projects for the facility in the region of about $20 billion and the minister said a helping hand from the Chinese government will lift Nigeria.

    During the various meetings, Udoma stressed the need for special consideration for Nigeria, given its strategic relationship with China, its economic potentials, and its capacity to redeem its part of the transaction obligations.

    The minister said that following the meetings, both countries expressed satisfaction with the proposals and very anxious to proceed to the next level.

    During the Cooperation meeting attended by ministers from various countries in Africa, China’s President Xi Jinping, described the parley as an important step taken by China and Africa to implement the consensus of Chinese and Africa leaders and the outcomes of the FOCAC.

    “It is a significant measure to boost China-African cooperative development. The meeting demonstrates to the world once again that no matter how the international landscape may change, the resolve of China and Africa to pursue unity and win-win cooperation will never change”, Jinping said.

  • Lagos reaffirms support for investors

    Lagos reaffirms support for investors

    •Mall injects $95m into state’s economy

    Lagos State Governor, Mr. Akinwunmi Ambode, has restated his administration’s commitment to increasing the inflow of investment and foreign capital through investment-friendly reforms and provision of enabling environment for commerce.

    He spoke at the inauguration of the N31.5 billion Novare Lekki Mall, Lagos.

    Ambode, who was represented by his Special Adviser on Commerce, Mr. Benjamin Olabinjo, assured that the state government would continue to provide an enabling environment that would attract  foreign  investments  into the state, urging investors to emulate Novare Real Estate Africa, and  key-into his administration’s  economic drive.

    The Novare Lekki Mall, developed by Urshday Limited,  said to be the largest mall in the state, sits on a 28,000 square metres of space and boasts of an impressive 22,000 square metres of gross lettable area, is home to many blue chip Nigerian, African and international tenants. These include retail giants ‘Shoprite’ and ‘Game’ leading the pack of over 100 line shops; a cinema equipped with five screening rooms and 1,000 parking bays.

    Other tenants include Addidas, HealthPlus, MTN, Tantalizers, Swatch, Levi’s Spur, Nike and Stanbic IBTC.

    The mall is accessible from the Lekki-Epe Expressway for residents from the Lekki Peninsula area. It is the primary retail node for the area and is situated close to the Pan Atlantic University, Lagos Business School and Lakowe Lakes Golf and Country Estate.

    Novare Equity Partners Group Chief Executive Officer (CEO), Mr. Derrick Roper, said Novare Real Estate Africa has a  track record of successful retail and commercial property development across Africa.

    “Our newest project, Novare Lekki Mall incorporates the latest elements in modern shopping centre design to provide visitors with state-of-the-art facilities in a user-friendly, safe and pleasant environment,” he said.

    Urshday Limited Chairman, Prof Fabian Ajogwu (SAN), noted that the development of the Novare Lekki Mall was driven by foreign direct investment and adopts a hybrid financing-a mixture of debt and equity financing.

    He said the successful completion of the mall in record time was, indeed, a testament of the enabling environment created by the state government to encourage foreign direct investment and the continued visible rapid urban regeneration all over the state.

    Ajogwu added that the mall has brough into Lagos over $95 million investment, and has empowered over 5,000 Nigerians through direct and in-direct employment.

    He extolled the commitment of members of the Board of Urshday  for their unwavering commitment which impacted on the realisation of the mall built with state of the art facilities and exquisite architecture built to the highest international standards.

    Ajogwu said the importance of FDIs to job creation and national development could not be over emphasised.

    He said the firm’s confidence derives from its belief that Nigeria will get better by creating a minimum adequate economic environment for economic recovery.

    “This entails investment-friendly reforms, scale economies in trade and investments, minimising policy changes and shocks, and building strong institutions. Foreign investment only sees profits, and real and sustainable profits can only be made in a place with the minimum adequate economic environment,” he said.

  • Maritime security: NIMASA chief seeks agencies’ support

    Maritime security: NIMASA chief seeks agencies’ support

    The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has called stakeholders to redouble their efforts in ensuring adequate security for the maritime sector..

    Peterside, who made the call when he hosted the Flag Officer Commanding, Western Naval Command, Rear Admiral Ferguson Bobai, at the agency’s head office in Lagos, decried the rise in piracy and called for strategic initiatives and synergy among stakeholders to arrest the trend.

    He said: “The operations report available to us is nothing to cheer about. While there is a drop in the number of vessels calling on our ports, there seem to be a comparative increase in piracy activities. This means that operationally, both NIMASA and the Nigerian Navy must step up our game in order to guarantee continuous prosperity of Nigeria’s economy.”

    While commending the Nigerian Navy for the considerable reduction of criminal activities in Nigeria’s territorial waters in the last three months, Peterside  challenged stakeholders to do more to eliminate the scourge.

    He acknowledged the existing partnership with the Nigerian Navy, which he said has been mutually beneficial, saying that the Memorandum of Understanding (MoU) between the two agencies is being reviewed to make it more effective and beneficial to the entire maritime industry.

    “I am confident that the strategies being put in place by the Nigerian Navy, including the launch of the FALCON EYE and partnerships with relevant stakeholders will go a long way in addressing the security challenges in our waterways” he said, and pledged the Agency’s continuous collaboration with the Nigerian Navy in the task of promoting a friendly environment for maritime activities in Nigeria.

    Responding, Rear Admiral  Bobai said he was in NIMASA on a familiarisation visit after taking over the Western Naval Command. He called for greater cooperation between the two agencies for the interest of Nigeria.

    He assured of the Nany’s readiness to partner with NIMASA, saying: “Our doors are open for a sustained partnership with your agency. There should be no obstacles to our collaboration which should guarantee the unhindered movement of vessels doing legitimate business in Nigerian waters.”

  • Nigeria to get technical support from ILO

    The International Labour Organisation (ILO) is to provide Nigeria with technical support in training factory inspectors and other professionals in the Ministry of Labour and Employment to ensure the attainment of decent work and sustainable development.

    The Minister of Labour and Employment, Senator Chris Ngige, made this known during a meeting with the Director-General, ILO, Moussaka Oumarou.

    Ngige also told Oumarou that Nigeria was planning to revive the Labour Advisory, which has been dormant for over five years, to ensure industrial harmony.

    He pointed out that the government would also strengthen the child labour law and carry out sensitisation

    The country, he said, would need lots of technical assistance available at the ILO to do that.

    Other areas where the country needs technical assistance from the ILO, Ngige said, include capacity building to strengthen the National Industrial Court (NIC) and strengthen labour laws in the country.

    Ngige said of the five labour bills before the National Assembly, only one had been passed into law, while the other four were obsolete and required re-working to make them in tune with modern realities.

    He said the bills before the National Assembly were drafted with the assistance of the ILO with only the Employees Compensation Scheme sailing through legislation successfully.

    In response, Oumarou stressed the need to lay more emphasis on “train the trainers”.

    He assured that the ILO will do its best to assist Nigeria get back factory inspectors and assist in other areas of need put forward by the Nigerian delegation.

    He said ILO will also assist the country with experts in labour laws to help in the review and easy passage of labour laws.

  • Fed Govt pledges support for local content developers

    The Federal Government has said it is ready to support to information technology (IT) local content developers that have solutions to some of the problems in besetting the country. It added that eight new technology innovation hubs would be set up across the six geopolitical zones in the country with one each in Lagos and Abuja.

    Speaking yesterday at the maiden edition of Aso Villa Demo Day organised by the Federal Government through the Office of the Vice President, an official form the Office, the programme is in line with President Muhammadu Buhari’s economic diversification agenda. He added that the ICT sector is one of the key areas the government is exploring to develop so as to shore up dwindling oil revenue.

    The event was tagged: If You Could Pitch an Idea to the President, What Would it Be? Over 100 prospective and already established technology startups were on hand to pitch their ideas to investors and entrepreneurs. He said the Federal Government is moving away from oil dependence to a knowledge-driven economy, adding that the government will support and celebrate the best in the fields of creativity, innovation and entrepreneurship with a focus on economic diversification and inclusive enterprise.

    “This is a chance for us to drive Africa’s technology growth into the mainstream, by providing young entrepreneurs and start-ups in creative ventures, the required support to thrive,” he said.

    Quoting Buhari, he said: “We must redouble our efforts to sustain the economic development of our country, ensure empowerment of our youths, create more jobs, improve and upgrade our infrastructure and promote good governance.”