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  • Poor, vulnerable Nigerians benefit from $500m World Bank aid – FG

    The Federal Government’s Special Intervention programmes under the Social Safety Nets coordinating office has received a boost of $500 million credit from the World Bank.

    The National Coordinator, National Social Safety Nets Coordinating Office (NASSCO), Iorwa Apera, who stated this in Abuja on Monday said that the Federal Government is utilizing a three year World Bank grant to the tune of $500 million to energize its special intervention programmes which include conditional cash transfers and youth development initiatives.

    While speaking on activities of the NASSCO and the Social Safety nets programmes of the current administration, Apera said that the programmes, including the Conditional Cash Transfer, the Youth Empowerment and Social Support Operations (YESSO) and the Community and Social Development Project (CSDP) were also being funded with the $322 million Abacha loot received from the government of Switzerland.

    “The World Bank credit will run for three years, adding that the coordinating office has a responsibility to every two years review the social register to identify families that might have exited the poverty line and those who might have fallen in due to circumstances,” he said.

    “NASSCO has so far developed a social register for poor and vulnerable Nigerians in 20 states of the federation affecting 578,645 Poor and Vulnerable Households (PVHHs), 2, 276, 996 individuals with 1, 128,390 males and 1,148,576 females.”

    He added that the data of the poor and vulnerable being captured in the states by NASSCO is difficult to hijack by politicians adding that the register is compiled with direct inputs from affected communities.

    While defending the decision to divert funds like the Abacha loot toward social safety nets, Apera said that studies have found that 68 percent of cash transferred to pregnant women at the rate of N5,000 goes into consumables.

    “The affected women are found to easily patronize local shops and groceries, a development he said have immediate impact on purchasing power, turnovers and capacity to pay tax at the local levels.

    “Investments in human capital is not only impactful but a stimulant to support development objectives.”

  • World Bank, Fed Govt spend $9m on community development in Ekiti

    The World Bank, in collaboration with the Federal Government and the Ekiti State government, has spent $9 million on poverty eradication and rural development in the last nine years.

    The General Manager of Ekiti State Community and Social Development Agency (EKSCDA), Mr. Stephen Bamisaye, stated this yesterday at a workshop on partnership building for the maintenance of communities’ micro projects.

    Bamisaye said the huge fund was facilitated into the 133 communities in the state to provide facilities that would be beneficial to the masses at the grassroots.

    The agency chief noted that the prudent management of funds provided by the World Bank, the Federal and state governments earned it accolades from within and outside the state.

    He said: “The Federal Government sourced for $5 million from the World Bank as grants to communities to carry electrification, civic centre, construct bridges and other communal facilities.

    “But because of the way we managed the money, the Federal Government decided to facilitate another $4 million additional financing loan from World Bank for Ekiti to begin another phase.

    “These projects began in 2009 in Ekiti. This workshop is targeted at making the community leaders and associations take ownership of these projects that have been abandoned, they must not be allowed to decay.”

    Ekiti State Governor Kayode Fayemi urged the towns not only to take ownership of the projects but to also key into the developmental strides of his administration to banish poverty.

    The governor, who was represented by the Secretary to the State Government (SSG), Mr. Biodun Oyebanji, regretted that the projects executed through such partnership were abandoned by immediate past government.

    He said: “The World Bank has spent a lot on these projects; we must protect them and make them sustainable. So, EKCSDA must organise the community associations into groups for them to be responsive to the task of making these facilities functional.

    “The four pillars of our government, which border on knowledge economy, human and infrastructural development, rural and agricultural development and health, are designed to make poverty history in our dear state.”

    The lead consultant handling the project, Prof. Olaniyi Okunlola, said the World Bank will continue to support the implementation of community and social development projects at the grassroots for better sustainability.

     

  • World Bank scores Nigeria’s energy sector low 

    Nigeria does not have the energy to implement its industrialisation goals, a development which has slowed down its economic growth, the World Bank has said

    The bank, in its report titled: Inadequate energy supplies and its implications on African economy, said  electricity shortage has hindered Nigeria from meeting many of the goals outlined in its economic recovery plans.

    The report, dated 2017, listed the goals to include creation  of employment opportunities for the skilled and unskilled workforce, increasing manpower among industrial workers, provision of healthcare facilities, building of schools, among others.

    It added that the Federal Government has not been able to meet these goals due to irregular supply of electricity in Nigeria.

    In a speech delivered at the 15th edition of Future Energy  Nigeria Conference in Eko Le’ Meriden Hotel, Victoria Island, Lagos, Rosatom Corporation’s Southern and Central Africa CEO, Mr Dmitry Shornikov, said bank has given a firm verdict on the Nigerian power situation, urging Nigerian and Russian government to speed up the process of generating nuclear energy for growth.

    He regretted  that Russia and Nigeria have not been able to reach a consensus on the number of electricity megawatts(Mw) that would be generated for the over 170million Nigerian population, despite holding several discussions on how to provide nuclear for growth in Nigeria.

    Citing the report, Shornikov said absence of sustainable and affordable energy has made it difficult for Nigeria and other African countries to implement their  strategic industrialisation goals.

    He said the issue contradicts the beliefs held by policy makers in Africa, that Nigeria is witnessing growth in the rates of unemployment and infrastructurce activities in urban centres, among others, in Nigeria.

    He said irregular supply of electricity remains the major obstacle to businesses in Nigeria, adding that the issue is inhibiting the growth of more than half of the big  firms in the country.

    He said 70 per cent of the bigger firms operating in Nigeria, on the average experience 44 electrical outages in a month, coupled with the fact that the issue has resulted in loss of annual revenue,  and reduction in direct exports of many firms in Africa.

    He said the development informed the decision by Rosatom  to partner Nigeria on the issue of producing nuclear energy  in the country.

    He said inability of Russia and Nigeria to reach a consensus on the volume of electricity that would be generated through nuclear technology, hinders the implementation of the deal struck between the two nations on the use of nuclear energy.

    He noted that Rosatom signed the deal on behalf of the Russian government, while the Federal Minstry of Power stood in for Nigerian government. He said Russia and Nigeria have been holding discussions on the need to generate nuclear energy for Nigerians for sometime, adding that the two countries were expecting the discussion to be fruitful.

    Shornikov said: “Negotiations for the establishment  of nuclear technology centre and nuclear energy plants are on-going. Though the negotiations on the issue have reached an advanced stage. However, there are inherent problems in the frameworks guiding the establishment of the nuclear power plants and the technology center. Until these problems are resolved, it is not certain that Rosatom can decide on the power megawatts that would be produced for Nigerian populace.”

    Still on nuclear power,  Shornikov said nuclear energy is the most regulated and safest sub-sector in the electricity industry globally, stressing that misconceptions on what nuclear energy and how to put it to better usage have held many people down, as well making it difficult for them to embrace the idea of nuclear energy for economic growth.

  • Low, middle income nations’ debts hit $7.1tr, says World Bank

    The total external debts of low- and middle-income countries rose 10 per cent in 2017 to $7.1 trillion. The rise represents about four per cent increase over the 2016 debt stock, the World Bank Group (WGB) said at the weekend.

    The WBG in its just published International Debt Statistics, IDA, 2019 report,  presented stats and analysis on the external debt and financial flows (debt and equity) for the world’s economies, including a comprehensive stock and flow data for individual countries and for regional and analytical groupings.

    The report indicated that net financial inflows (borrowing and equity) to low and middle-income countries rose 61 per cent in 2017 to the highest level in three years, driven by a rebound in net debt inflows.

    According to the report, net financial flows climbed to $1.1 trillion in 2017, a level last seen in 2013. The bank attributed the development to the rebound in aggregate net financial flows, driven by net borrowing which rose to $607 billion in 2017 from $181 billion in 2016, surpassing net equity inflows for the first time since 2013,   adding that a sharp rise in both long-term and short-term debt inflows contributed to the increase.

    It said foreign direct equity investment (FDI) inflows, long considered the most stable and resilient component of otherwise volatile financial flows, contracted for the second consecutive year, falling a further three per cent in 2017.

    However, the report indicated that in contrast, portfolio equity inflows rose to $57 billion, showing an increase of 29 per cent over 2016.

    In addition to the data published in multiple formats online, IDS includes a concise analysis of the global debt landscape, which will be expanded on in a series of Debt Bulletin over the next year.

    These data are produced as part of the World Bank’s own work to monitor the creditworthiness of its clients and are widely used by others for analytical and operational purposes.

    Recurrent debt crises, including the global financial crisis of 2008, highlight the importance of measuring and monitoring external debt stocks and flows, and managing them sustainably.

    The regional level trends in external debt in 2017 accumulation varied. Countries in sub-Saharan Africa accumulated external debt at a faster pace than low- and middle-income countries in other regions in 2017: the combined external debt stock rose 15.5 per cent from the previous year to $535 billion.

    Much of this increase was driven by a sharp rise in borrowing by two of the region’s largest economies, Nigeria and South Africa, where the external debt stock rose 29 per cent and 21 percent respectively.

  • Ekiti to renew partnership with World Bank

    The Ekiti State government has expressed its readiness to renew its partnership with the World Bank to accelerate its socio-economic development.

    The Commissioner for Finance and Economic Development, Mr. Dapo Kolawole, spoke yesterday at a meeting with a delegation from the global financial institution.

    Kolawole said the government would work with foreign donors, corporate organisations and individuals to work out practicable strategies for the state’s economic development.

    The commissioner recalled that the World Bank ceased having serious relationship with the state after the first tenure of Governor Kayode Fayemi.

     

  • World Bank downgrades Sub Sahara Africa growth forecast to 2.7 per cent 

    The World Bank has cut its forecast for growth of sub-Saharan Africa in 2018 to 2.7 per cent, down from 3.1 per cent.

    This is partly due to less favourable external environment for the region.

    The lender said in its October 2018 issue of “Africa’s Pulse”, the bi-annual analysis of the state of African economies, that its 2018 projection represents a slight increase from 2.3 per cent in 2017.

    “The slower pace of the recovery in sub-Saharan Africa (0.4 percentage points lower than the April forecast) is explained by the sluggish expansion in the region’s three largest economies—Nigeria, Angola, and South Africa,” said the World Bank.

    Albert Zeufack, World Bank Chief Economist for Africa, said the region’s economic recovery was in progress but at a slower pace than expected.

    Zeufack said policymakers must continue to focus on investments that foster human capital, reduce resource misallocation and boost productivity to accelerate and sustain an inclusive growth momentum.

    “Policymakers in the region must equip themselves to manage new risks arising from changes in the composition of capital flows and debt,” he said.

    According to the report, global trade and industrial activity lost momentum, as metals and agricultural prices fell due to concerns about trade tariffs and weakening demand prospects.

    “While oil prices are likely to be on an upward trend into 2019, metals prices may remain subdued amid muted demand, particularly in China.

    “Financial market pressures intensified in some emerging markets and concern about their dollar-denominated debt has risen amid a stronger U.S. dollar,” says the Pulse.

    The World Bank said lower oil production in Angola and Nigeria offset higher oil prices, and in South Africa, weak household consumption growth was compounded by a contraction in agriculture.

    The lender said growth in the region — excluding Angola, Nigeria and South Africa — was steady, noting that several oil exporters in central Africa were helped by higher oil prices and an increase in oil production.

    According to the World Bank, economic activity remained solid in fast-growing non-resource-rich countries, such as Cote d’Ivoire, Kenya, and Rwanda.

    These were supported by agricultural production and services on the production side, and household consumption and public investment on the demand side.

    The lender warned that public debt remained high and continues to rise in some countries.

    The lender noted that vulnerability to weaker currencies and rising interest rates associated with the changing composition of debt may put the region’s public debt sustainability further at risk.

  • ‘Non-passage of money laundering bill won’t affect fight against financial crimes’

    The delay by the National Assembly to pass the proposed amendment to Money Laundering (Prohibition) Act will not affect ongoing efforts by the Federal Government against money laundering and related crimes in the country.
    The Director, Nigerian Financial Intelligence Unit (NFIU), Francis Usani gave this assurance in Abuja on Tuesday while speaking at the the ongoing pre-assessment training workshop for Nigeria, organised by the Inter-Government Action Group against Money Laundering in West Africa (GIABA).
    Usani, who said he could not say the current stage the National Assembly has got in its works on the amendment Bill, disclosed that the Executive has made its necessary contributions.
    He said: “I wouldn’t know the stage the Bill is now. But it is a matter pending before the National Assembly. I don’t really know how far they have gone, though I understand certain observations that did not conform well the entire Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) architecture.
    “We have had meetings and workshops to address those issues and we made our own position known. As it stands now I can’t possibly say where the National Assembly has reached.
    “Not at all. The non-passage of the Bill will not affect the implementation of the strategy. What I want you to understand is that it was on the strength of the Money Laundering (Prohibition) Act, which was passed in 2011 and amended in 2013 that Nigeria was removed from the Grey List.
    If you ask me, I will tell you that I do not see anything wrong with that law. I will say that law, to a greater extent, satisfy our currents needs as a country
    “I know that the fight against the AML/CFT  is a dynamic thing, because criminals are always changing tactics and there are changes in trends and patterns,  so it is also good to look at the laws, amend and put in some new provisions to make quite effective.
    “I think that is what the current amendment law is intended to do – to fill some of the gaps that have been seen as the new trend in the fight against money laundering.
    “So, I would not say the Bill is not necessary, since its proposal is to enhance  the Money Laundering Prohibition Act. It is necessary,.but then, it is not something that we should look as very fundamental. It is not as fundamental as people think it is,” he said.
    He noted that there was nothing to worry about because the relevant international agencies like the Financial Action Task Force (FATF), Egmond Group and the World Bank are not raising any issue about the existing law.
    Usani said the Federal Government has commenced the implementation The recently unveiled Strategy and Action Plan for Fight against Money Laundering.
    “We have started the implementation of the AML/CFT architecture action plan for Nigeria. It’s an action plan that is supposed to last for two years, 2018 to 2020.
    “So implementation has commenced by putting structures on ground. The Federal Executive Council has adopted the action plan and strategy.
    “We are going to have a sort of sensitization workshop where we will expose the responsibilities and obligations to the stakeholders, so that NFIU will monitor the implementation.
    “I think this is one of the very key things this administration has done to show the commitment to the fight against money laundering,” he said.
    The Director General of GIABA, Kimelabalou Aba praised Nigeria for all its efforts at combating money laundering and terrorism financing in the country.
    The GIABA DG, who was represented by a director of the agency, Buno Nduka commended the country for accepting to undergo mutual evaluation in September/October 2019 to ascertain it’s level of compliance with the revised Financial Action Task Force (FATF) standards.
    He said the workshop is intended to prepare participants for the task of reviewing of  Nigeria.

  • Buhari seeks World Bank, IMF, support on repatriation of stolen assets

    President Muhammadu Buhari has disclosed that he has enlisted the support of the World Bank, the International Monetary Fund (IMF), world security agencies and friendly nations to locate, recover and assist in repatriating stolen assets.

    He made the revelation on Wednesday in New York as he called on Africans in the Diaspora to come up with suggestions on how to curtail the menace of corruption on the continent.

    Buhari was addressing participants at the High Level Media Launch on “Illicit Financial Flows and the Fight against Corruption: Curbing the Existence of Safe Havens, the Role of Africans in the Fight against Corruption,” organised by the NEPAD/APRM Nigeria on the sideline of the 73rd Session of the United Nations General Assembly (UNGA).

    The President, in a statement by the Special Adviser on Media and publicity, Femi Adesina, also enjoined them to support measures against “Safe Havens” for illicit financial outflows from Africa.

    He told the audience that he had “enlisted the support of multi-lateral institutions like the World Bank, IMF, Security Agencies, and friendly nations to locate and recover and help repatriate stolen assets.”

    Describing corruption as a “cancer” which required global efforts to contain, President Buhari recalled that the negative impact of corruption on the continent informed the “resolve of African Heads of State and Government to remain committed to the fight against corruption,” and the declaration of 2018, as the African year of combating corruption with the overriding theme: Winning the Fight Against Corruption: A Sustainable Path to Africa’s Transformation.

    Expressing appreciation to his fellow African leaders for the honour bestowed on him as the African Union Anti–Corruption Champion to lead the continental War Against Corruption in 2018 and beyond, the President noted that the change agenda of his administration “has overhauled, revitalized as well as institutionalized the machinery for an out and out fight against corruption and its agents, with a particular focus on illicit financial flows.”

    Read Also: FG will win war against corruption – Buhari

    While acknowledging that the social and economic costs of corruption and illicit financial flows are massive, and have continued to stunt the development of Africa, he cited a 2015 study by an African Union Panel led by Thabo Mbeki which estimated US$50 Billion illicit financial flows out of the continent every year.

    He said, “According to the report, about US$2.5billion of the US$50billion of Illicit Financial Flows was in respect of commercial activities. It is obvious that the continent still battles with grand corruption at the highest level, with Safe Havens, opaque systems in many recipient countries and the outright willingness of some advanced countries to harbour stolen funds from Africa.”

    Listing some of the negative impact of illicit financial flows out of the continent to include draining of foreign exchange reserves, reduction of tax/revenue collection, poor investment inflows and escalation of poverty, the President noted that these “nefarious practices are being perpetrated by some of the 60 international tax havens and secret jurisdictions with thousands of disguised corporations, shell companies, anonymous trust accounts, fake charitable foundations, money laundering and transfer pricing mechanisms.”

    He said that efforts were now being made by African leaders to checkmate these ills and ensure greater transparency and accountability in government business.

    He said, “One of the measures necessary if we are to make any headway is to bring in laws, regulations and policies that encourage transparent financial transactions, as well as implementing measures that would mitigate the incentives that facilitate illegal outflows from the continent.”

    He recalled that during the January 2018 AU Summit, he pledged to “organise African Youth Congresses against Corruption, in order to sensitise and engage our youth in the fight against corruption; mobilise African Union Member States to implement African Union Convention on Preventing and Combating Corruption; and advocate for the strengthening of the criminal justice system across Africa through exchange of information and sharing best practices in the enforcement of anti-corruption laws.”

    On the measures taken at the domestic level to curb corruption in Nigeria, President Buhari said, a mechanism had been put in place “for budget implementation and monitoring as well as assessing the impact on the lives of the citizens.”

    Other measures he said include: “The Federal Government had successfully commenced implementation of a whistle blowing programme and so far tens of millions of Dollars have been recovered; as part of the global initiative, Nigeria has joined the open Government Partnership (OGP) having been committed in 14 areas which are categorized into four thematic areas as follows; Promoting fiscal transparency; Access to information under FOI Acts; Anti-Corruption and Asset disclosure and Citizens’ Engagement and Empowerment.

    “The above measures have not only assisted in alleviating fears of foreign investors, but have also attracted billions of Dollars in Portfolio investments since April, 2017.”

    President Buhari also noted that the “enforcement of the Bank Verification Number (BVN) has helped in no small measure to identify and curb the deep-rooted corrupt practices by looters of government revenue with multiple accounts.

    “In the first quarter of 2016, I embarked on trips to the Middle East to sensitize their governments on the need to return stolen assets and hand over the looters for trial in Nigeria. In January 2017, Nigeria and UAE signed judicial agreements on extradition, transfer of sentenced persons, and mutual legal assistance on criminal matters.

    “In March 2016, the Federal Government and the Swiss Government signed a letter of intent on the restitution of illegally acquired assets forfeited in Switzerland,” adding that under the agreement, the “Swiss government would repatriate $321 million USD illicitly acquired.”

    President Buhari affirmed that “machinery has also been set in motion for monitoring, assessing and reporting on the UN 2030 Goals on Sustainable Development.”

  • Africa-China’s debt diplomacy

    Loans have been used as weapon of underdevelopment of Africa by the International Monetary Fund (IMF) and World Bank. Loans from China are irresistible because they come with less strings attached on matters such as governance, democracy or human rights. Bureaucrats too can easily get a cut without much accountability. Yet, the loans are like a Trojan horse. Its consequences will be far-reaching.

    While the British expanded the empire through conquest, China understands a subtle approach, which is sovereign debt. It is now the ammunition of choice for China to penetrate developing countries and get them to suit its expanding economic and military interests.

    China hosted leaders from across Africa for a summit in Beijing. The last summit was held in December 2015 in Johannesburg, South Africa, where Chinese President Xi Jinping announced $60 billion in funding support for infrastructure development in Africa. The Forum on China-Africa Cooperation included an eye-popping announcement of billions of dollars more in Chinese financing to build infrastructure across the continent. But these massive loans can come with steep and opaque conditions.

    China’s billion dollar loans to Africa will not transform the manufacturing sector on the continent. It is not a new argument that these Chinese loans will not bring good institutions, infrastructure, human capital and technology. The loans will not drive manufacturing-led growth in Africa. This is debt diplomacy between China and Africa.

    So far, the structural transformation that shifts productive resources from agriculture and mining to manufacturing – which has helped many countries achieve greater prosperity – has bypassed most African countries. The limited structural transformation in Africa has not translated into more jobs, because the manufacturing sector itself requires extensive reform.

    Therefore, what Africa needs is a manufacturing renaissance, with more local value-addition that would create more and better-paid jobs, and contribute to fulfilling the aspirations of the Agenda 2063. Chinese loans for Africa could not make African countries become more resilient to economic shocks and less dependent on natural resource exports. Africa can achieve ambitious goal if it taps into available opportunities, while mitigating the challenges it faces.

    It’s tempting for European countries and Americans to think this is not our problem. But as African countries sink deeper and deeper into Beijing’s carefully laid debt trap, the United States could pay a steep cost in reduced cooperation on counterterrorism and job creation.

    Chinese debt has become the methamphetamines of infrastructure finance: highly addictive, readily available, and with long-term negative effects that far outweigh any temporary high. This is particularly true in sub-Saharan Africa, where China has become the largest provider of bilateral loans. Forty percent of sub-Saharan African countries are already at high risk of debt distress; by having so much debt concentrated in the hands of a single lender, they are dangerously beholden to their supplier.

    Why does this matter? Because in Africa and elsewhere, governments have secured massive loans from Beijing using strategic assets—such as oil, minerals, and land rights— as collateral. If borrower nations find themselves unable to repay the loan, China can claim the strategic asset. Sri Lanka recently learned this the hard way and handed over control of the port of Hambantota, giving China a strategic foothold along a busy trade waterway.

    While Chinese debt diplomacy may not seem relevant to most Americans, it is a serious threat to US national security. Most directly, China’s crafty negotiations and seizure of strategic assets can limit US influence and access overseas.

    For instance, the tiny country of Djibouti is home to the most significant American military base in Africa. Thanks to Chinese loans, Djibouti’s debt-to-GDP ratio surged from 50 to 85 percent between 2014 and 2016. If Djibouti were to default and relinquish the port that resupplies the US base, American military capability in Africa and the Middle East could be seriously threatened.

    More broadly, unsustainable levels of debt can destabilize African states, which also compromises American security interests. Over-leveraged governments can get caught in a downward spiral of credit downgrades, reckless economic policies, and reduced spending on social services. With economic stagnation comes fewer opportunities for Africa’s fast-growing and young population. And the toxic brew of economic hopelessness and political disillusionment can drive disaffected youth toward violent extremism. That can threaten Americans abroad and, potentially, even at home.

    Finally, China’s debt diplomacy shuts out opportunities for US businesses. Not only do Beijing’s cheap infrastructure loans come with conditions to employ Chinese companies, they also set out technical specifications for projects like high-speed railways and wireless networks in a manner that favours Chinese firms. The combined effect of these efforts “would push the United States away from its current position in the global economy and move China toward the centre,” according to Jonathan Hillman, a fellow at the Center for International and Strategic Studies. China already earns $180 billion annually from its investments in Africa; if its debt diplomacy remains uncontested, it’s likely that even more revenues and jobs will flow to China, instead of the US.

    But this outcome is far from inevitable. The US has plenty of good options, but it needs to dramatically step up its game and support alternatives to Beijing’s aggressive finance initiatives. Perhaps most fundamentally, the US needs to focus on boosting African economic growth. Helping African states to strengthen investment climates and economic governance will help them attract more private sector capital and provide more entry points for US companies. A key component is assisting African efforts to increase transparency, so that all the costs and benefits of project finance options are openly known. Fully staffing US embassies and offering more technical assistance to evaluate loan agreements and investment contracts would be a good start.

    To date, the Trump Administration’s Africa policy has been adrift, defined more by racial epithets than any cohesive strategy or results. By comparison, China has a clear vision that will yield long-term benefits. In Africa and around the world, much more needs to be done to confront Chinese debt diplomacy. If not, the US will pay a heavy price in its commercial and national security interests.

    If not tamed, the loans from China will continue to subject poor nations into new rounds of dependency, and therefore, will lead them down a path to more underdevelopment.

    • By Inwalomhe Donald

    Benin City.

     

     

  • I’ve no hand in World Bank’s GEP appointment, says Enalema

    The Minister of  Industry,  Trade and  Investment,  Okechukwu Enalema yesterday said he played no part  in the appointment of Ugo Ikembam as the Graduate Employment  Project (GEP) Consultant, a  Word Bank  programwe.

    He said there was an open bidding,  where  Ugo  Ikemba who is the present consultant came second. He said:  “The person that came first on the bidding list gave the  World Bank conditions,  that he has to be paid in foreign currency,  and they refused, that was how Ugo Ikemba got the job.

    “I need to put this  controversy to rest.  I did not appoint the Consultant,  he went through the process like all others.  He got the offer after the man that came first refused to accept the job.

    Enelama said the government is working on functional free trade zones. “We are working on three economic zones,  the Eyimba City Park,  Kano  City Park and Calabar Free Trade Zone, saying this will promote employment and  give youths the opportunity to acquire skills.  We are also working on consistent policy and initiative and transparency.

    He said trade, market access and trade facilitation have positioned  the industry to be competitive. “I want to state here that trade facilitation efforts are all connected.

    “Trade remedies,  protecting the economy from dumping so that  ECOWAS  rules are not abused. The government is also using the social intervention fund that relates to  Small and Medium  Enterprise and  SMSEs.”