By Salisu Sani-idris

Vice President Kashim Shettima and members of the National Economic Council are meeting at the presidential villa, Abuja for their monthly programme.

The meeting is chaired by Shettima and attended by state governors, ministers in charge of the finance budget, governor of the Central Bank of Nigeria and other co-opted government officials.

The NEC was established by the provisions of the Constitution of the Federal Republic of Nigeria, 1999, as amended; Section 153(1) and Paragraphs 18 & 19 of Part I of the Third Schedule.

The council has the mandate to “advise the President concerning the economic affairs of the Federation.

” And in particular on measures necessary for the coordination of the economic planning efforts or economic programmes of the various Governments of the Federation.”

Top on the agenda is the issue of ecological and security challenges in some parts of the country as well as taking of resolutions on economic matters.

The Council achieves its objectives working through ad hoc committees set up to perform specific tasks, after which they are dissolved.

While inaugurating the body in June, President Bola Tinubu charged the council to support his administration in transforming the economic fortunes of the country.

He stated that the task of growing the nation’s economy is quite enormous adding that there must be “no excuse for failure.”

Tinubu restated his administration’s commitment to delivering on its promises to Nigerians.

Governors in attendance include that of Kaduna, Bauchi, Ogun, Bayelsa, Kwara, Kogi, Jigawa and some deputy governors.(NAN)

Edited by Ismail Abdulaziz.

By Constance Athekame

The Rural Electrification Agency (REA) on Wednesday inaugurated an Energy Management System (EMS) Control Centre to host all mini-grids in the country to boost electricity access to Nigerians.

The project which reaffirms the Federal Government’s commitment towards increasing energy access to un-served and underserved areas nationwide was executed by REA and with support from Korean government through an In-Kind-Grant.

Speaking while inaugurating the project in Abuja, the Minister of Power, Mr Adebayo Adelabu, said that collaborations such as these would help bridge the gap between the served and the un-served.

Adebayo, represented by Mr Abubakar Ali-Dapshima, Director, Renewable Energy and Rural Power Access, Ministry of Power said the EMS was a testament to collective dedication to progress, efficiency, and empowerment of Nigerians.

According to him, the system will revolutionise the way the country manage and utilise energy data across its electrification programmes.

“For us, the EMS is not just a tool; it is a mechanism we plan to optimise to alleviate the existential problem of poor energy data in the nation’s energy space.

“It is a gateway to a future where data becomes a strategic asset in our pursuit of reliable, accessible, and sustainable energy.

“Most importantly, I must commend REA for deliberately drawing in partnerships, while forming alliances as an institution that serves as a solid entry point into the nation’s renewable energy space,” he said..

The minister said the partnership reaffirmed the need for all stakeholders in the power sector to stay on course in the optimisation of strategic collaboration for a common goal.

“I extend my deepest gratitude to the Korean Government for their invaluable support, a testament to the enduring partnership between our nations.

“This collaborative effort stands as a beacon of solidarity, showcasing how nations can come together to address shared challenges and create meaningful change,” he said.

It is the belief of the Federal Ministry of Power that these projects will be delivered on time and with the best standard for our people,’’ he said.

The Managing Director, REA, Ahmad Salihijo said: ’’the milestone achieved under the Korean Energy Project is a testament of the agency’s resolve to collaborate with development partners in delivering its mandate.

He said that the Memorandum of Understanding (MoU) between REA and Korean Government for the project was signed in 2023.

According to him, the actualisation of the project was made possible through the support of the Korean Government under the Official Development Assistance (ODA).

“The completion of this EMS coincides with the Electricity Act 2023 under section 154 (Monitoring of Rural Electrification Projects).

“It mandates the agency to put in place appropriate machinery for the monitoring of rural electrification implementation projects nationwide.

“This system represents a significant leap forward in our ability to capture and manage energy data across diverse electrification programmes within our nation and through the guidance of the Federal Ministry of Power.

“In a landscape where data is paramount, the EMS stands as a beacon of efficiency and transparency.

“It is a tool that will empower us to make informed decisions, optimize our energy resources, and enhance the impact of our electrification initiatives across Nigeria,” he said.

Salihijo said the system would seamlessly integrate with the agency’s existing programmes by providing real-time insights, and enabling us to navigate the dynamic energy landscape with precision

He said that .the system would further strengthen the agency’s collaboration with the Electricity Distribution Companies (DisCos) on the development, integration, monitoring and management of interconnected mini grids.

“I must emphasise the timeliness of this innovative intervention, coming at a time where the energy sector in Nigeria is once again going through a data-driven, transformative change through the visionary leadership of President Bola Tinubu.

“The Korean Ambassador to Nigeria, Mr Kim Young-Chae said that the Republic of South Korea made a commitment through the Official Development Assistance fund to support the Nigerian power sector particularly on the development of solar mini-grids,” he said.

Young-Chae represented by Mr Choi Won, First Secretary, Economic, Embassy of Korea said that Korea understands the role of solar power generation on energy access and climate resilience.

“Rural electrification requires unique granular data which is why the Government of Korea undertook the Integrated Energy Management System to enable efficient planning and design concepts.

“The EMS can host all mini-grids data hence will strengthen the position of REA on central coordination role.

“The Korean Government is also seeking to strengthen and promote its cooperation with the Nigerian Government for the prosperity of both nations,” he said. (NAN)(www.nannews.ng)

==========
Edited by Uche Anunne

By Okeoghene Akubuike

The Statistician-General of the Federation, Prince Adeyemi Adeniran, says Africa must harness the benefits of big data to achieve sustainable development.

Adeniran said this at a Public Lecture to mark the 2023 African Statistics Day celebration in Abuja on Wednesday.

The News Agency of Nigeria (NAN) reports that the theme of the 2023 African Statistics Day is; “Modernising Data Ecosystems to Accelerate the Implementation of the AfCFTA: The Role of Official Statistics and Big Data in the Economic Transformation and Sustainable Development of Africa”.

He said the theme underscored the importance of embracing new thinking, innovation, and leveraging the power of both traditional official statistics and emerging big data sources.

Adeniran said the term “big data” refers not only to the sheer volume of information generated daily but also to the diversity and speed at which this data is produced.

“From social media interactions and online transactions to sensor readings and satellite imagery, the sources of big data are vast and varied, creating a variety of information that when properly harnessed, provides unprecedented insights.’’

Adeniran said the strength of big data was in its ability to uncover patterns and trends that may remain hidden in traditional datasets.

“The sheer volume and diversity of these data sources allows us to paint a more detailed and nuanced picture of economic dynamics.’’

The statistician-general said in the context of the AfCFTA, big data could play a pivotal role in understanding and optimising trade patterns.

“Big data analytics can provide real-time insights into the movement of goods, changes in consumer behaviour, and emerging market trends, empowering policymakers, and businesses to make agile and well-informed decisions.’’

Furthermore, he said the integration of big data with official statistics enhanced the ability to assess the impact of policies on sustainable development.

“By analysing a broad spectrum of data, we can measure not only economic indicators but also the social and environmental dimensions of development.

“This holistic approach enables us to craft policies that not only stimulate economic growth but also address societal challenges and promote environmental sustainability.

Adeniran said in essence, the synergy between big data and official statistics opened new frontiers of knowledge and understanding.

“As we navigate the intricacies of the AfCFTA and work towards sustainable development, the judicious use of big data alongside traditional statistical methods empowers us to make informed, anticipatory, adaptive, and impactful decisions.

Mr Obiara Obiabumo, the Statistician-General of Anambra state, pledged to continue to support the NBS and the statistical family to meet the nation’s statistical needs.

Prof. Sarah Anyanwu, the Professor of Economics, University of Abuja, said data was vital in achieving national development objectives in Nigeria such as poverty and unemployment reduction.

“We need data to address inflation, and bridge the infrastructural deficit, we need data in the health, agric, and education sectors.’’

Anyanwu called on the government at all levels to adequately budget for data collation, and analysis to achieve sustainable development in Nigeria.

Dr Godday Ebuh, the National President, Chartered Institute of Statisticians of Nigeria, called on the national assembly to increase its budgetary allocation to NBS, saying conducting surveys was an expensive venture.

Ebuh said one of the objectives of AfCTA was to progressively eliminate tariffs and non-tariff barriers to trade in goods.

“Therefore, if statistics is modernised, documentation of trade could be carried out faster.’’

He commended the National Bureau of Statistics (NBS) for using big data and empowering its field officers with the needed technology to perform their functions.

NAN reports that the African Statistics Day is an annual event celebrated on Nov. 18 to raise public awareness of the importance of statistics in all aspects of social and economic life. (NAN) www.nannews.ng

Edited by Ese E. Eniola Williams

By Kadiri Abdulrahman

In spite of expectations by stakeholders, the Central Bank of Nigeria (CBN) have shelved its bi-monthly Monetary Policy Committee (MPC) meeting for the second time.

The meeting, expected to hold on Nov.
20 and Nov. 21, would have been the first to be presided over by Mr Yemi Cardoso as CBN governor.

This second postponement had kept stakeholders in suspense as to what Cardoso’s approach to bridging the exchange rates and addressing rising inflation would be.

The News Agency of Nigeria (NAN) reports that the MPC meeting, which is the 293rd in the series was earlier scheduled for September but postponed indefinitely.

At the 292nd meeting on July 24 and July 25, presided over by erstwhile acting CBN governor, Folashodun Shonubi, the committee decided to raise the Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent.

It also adjusted the asymmetric corridor to +100/-300 basis points around the MPR; retained the Cash Reserve Ratio (CRR) at 32.5 per cent; and retained the Liquidity Ratio at 30 per cent

According to Uche Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, the postponement of the MPC for the second consecutive time could be a blessing in disguise.

Uwaleke, also the President of the Capital Market Academics of Nigeria, said that if the MPC had held in September, it was most likely the MPR would have been jerked up thereby, further increasing the cost of doing business and reducing access to credit.

“This would have been the outcome of the meeting against the backdrop of the pressure by the IMF for an MPR hike to reduce money supply.

“It would not have had any significant impact on the rising inflation,” he said.

A past president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, said that MPC meeting was an ongoing process.

“Maybe the committee has not exhausted the outcome of the last meeting in July.

“Cardoso is a technocrat; he knows what to do. I believe he is settling down and trying to understand where he is. He needs to study the environment properly before getting down to business.

“I think that is what Cardoso is doing. We should give him some time, but the politicians should allow him to do his job without interference, ” Unegbu said.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprises, Muda Yusuf, said that the meeting must urgently be reconvened to give information about the economy and guide the public on the government policy direction.

According to Yusuf, because the leadership of the bank is new, I imagine that they are trying to put their acts together at least to familiarise themselves with the issues.

“The most challenging issue is the foreign exchange and they have been taking some steps even without meeting, trying to clear the backlog, which is commendable.

“The MPC gives information about the economy and the direction they are going, so the fact they have not met means there is a lack of communication.

“Monetary policy communication is important to guide investors and to that extent, it is important to have those meetings,” he said. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

By Kadiri Abdulrahman

The Minister of Solid Minerals Development, Dr Dele Alake, on Tuesday announced revocation of 1,633 mining titles for defaulting in payment of annual service fees.

Alake made this known at  a news  conference in Abuja on Tuesday.

According to him, in compliance with the law, the Mining Cadastral Office (MCO) on Oct.  4, began the process of revoking 2,213 titles.

“These included 795 exploration titles, 956 small scale mining licences, 364 quarry licences and 98 mining leases.

“These were published in the Federal Government Gazette Number 178, Volume 110 of Oct. 10 with the notice of revocation for defaulting in the payment of annual service fee.

“The mandatory 30 days expired on Nov. 10. Only 580 title holders responded by settling their indebtedness.

“With this development, the MCO recommended the revocation of 1, 633 mineral titles as follows: Exploration Licence, 536; Quarry Licence, 279; Small Scale Mining Licence, 787 and Mining Lease, 31.

“In line with the powers conferred on me by the NMMA 2007, Section 5 (a), I have approved the revocation of the 1,633 titles,” the minister said.

He said that the titles would be reallocated to more serious investors.

He warned the previous holders of the titles to leave the relevant cadaster with immediate effect.

He said that security agencies would work with the mines inspectorate of the ministry to apprehend any defaulter found on any of the areas where titles had been revoked.

“We have no doubt in our mind that the noble goals of President Bola Tinubu  to sanitise the solid minerals sector and position the industry for international competitiveness are  alive and active.

“We appeal to all stakeholders for their co-operation in achieving these patriotic objectives and encourage those who have done business in this sector the wrong way to turn a new leaf.

“Ultimately, the Nigerian people shall be the winners,” he said.

According to Alake, It is indeed very unconscionable for corporate bodies making huge profits from mining to refuse to give the government its due by failing to pay their annual service fee.

“It is indeed a reasonable conjecture that such a company will even be more unwilling to pay royalties and honour its tax obligations to the government.

“The amount the companies are being asked to pay is peanut compared to their own revenue projections.

” For example, the holder of an exploration title pays only N1,500 per cadastral unit not exceeding 200 units. Those holding titles covering more than 200 units pay N2,000 per unit, In short, the larger the area your title covers, the more you pay.

“This principle was applied to ensure that applicants do not hold more than they require to explore.

“With a cadastral unit captured as a square of 500 metres by 500 metres, any law-abiding title holder should not hesitate to perform its obligations,” he said.

The minister said that every sector required a governance system that regulated the conduct of its participants, the procedures for entry and exit, the obligations of the government to participants and the penalties for non-compliance.

He said that the philosophy of the Nigerian Minerals and Mining Act 2007 was to establish a rational system of administering titles transparently and comprehensively to ensure a seamless transition from reconnaissance to exploration and from exploration to mineral extraction.

“The principal agency for the administration of titles is the MCO, which receives applications, evaluates them, and issues titles with the approval of the office of minister of solid minerals development.

“Although the MCO has tried to improve its efficiency by adopting new application administration technology, it continues to face challenges in monitoring the compliance of title holders,” he said.

He warned illegal miners to desist from their illegal activities as their “days were numbered ”. (NAN)(www.nannews.ng)

Edited by Chioma Ugboma