NEWS AGENCY OF NIGERIA
Nigerian-Hungarian chamber to advance bilateral business relations, inducts new members
Economy/Business

Nigerian-Hungarian chamber to advance bilateral business relations, inducts new members

704 total views today

By Rukayat Moisemhe

Newly constituted Nigerian-Hungarian Chamber of Commerce has stated the need for both countries to advance their business relationships by tapping into the vast trade opportunities thereby building their trade volumes.

President of the Chamber, Mr Spencer Onosode, said this in Lagos on Saturday, via a communiqué from the event that constituted the chamber’s existence.

He said the event also served as an induction ceremony for 30 corporate establishments and individuals into the chamber.

Onosode noted that Hungary; a traditional country that had survived some conflicts, was also a global phenomena with many firsts in science and technology.

He charged the newly inducted members to tap into the country’s many essences in education, tourism, the arts and architecture.

He added that Nigeria as the giant of the African continent was a land flowing with vast mineral resources, a thriving entrepreneurial population and a business environment that was constantly being improved on.

Amb. Modupe Irele, former Nigerian Ambassador to Hungary and the Balkan Region: Bosnia, Serbia, Herzegovina, stressed the many benefits of Hungary doing business with a ‘virgin’ territory like Nigeria.

She noted that the sphere of business between both countries was untapped, particularly as Hungary was just slowly getting to know the vast opportunities.

“Members need to look critically at the sustainable businesses from Hungary in medicine, pharmacy, agriculture and innovative technology that can enhance the economic output of enterprise in Nigeria”, she said.

A Hungarian Business Development Director, Mrs Izabella Abia-Okon, extolled Hungarian innovations and business opportunities.

Also, a businessman and student in Hungary, Mr Banji Akinsola, painted a brilliant picture of both countries doing business together.

The News Agency of Nigeria (NAN) reports that Hungary is a high-income mixed economy with a very high human development index and skilled labour force with the 16th lowest income inequality in the world.

Its economy according to the International Monetary Fund (IMF) is the 57th largest in the world.

The country is the largest electronics producer in Central and Eastern Europe and has major industrial operations in food processing, pharmaceuticals, motor vehicles, information technology, chemicals, and others. (NAN)(www.nannews.ng)

 

Edited by Folasade Adeniran

Media critical stakeholder in data production- Statistician-General
Economy/Business

Media critical stakeholder in data production- Statistician-General

718 total views today

By Okeoghene Akubuike

The Statistician-General of the Federation, Adeyemi Adeniran, says the media plays a critical role in the production of data in Nigeria.

Adeniran said this at a Dialogue with Editors on the: “Rebasing of the Consumer Price Index (CPI), Gross Domestic Product (GDP) and the Nigeria Living Standards Survey (NLSS)” in Abuja on Thursday.

He said the media’s understanding of the data production process would ensure adequate and effective reportage of the statistics published by the National Bureau of Statistics (NBS).

Adeniran said the dialogue was organised to ensure that the routine yet important statistical exercises were fully understood and utilised to enhance public knowledge, inform policy, and improve overall economic governance in Nigeria.

“As critical partners in the data production process, we want the media to become a strong voice and advocate of the work you see going on in the Bureau and within the Statistical System in the country.

“We want your reportage to be accurate, objective, and sound, to help build the confidence and trust of the public in what we do.

“In so doing, the output of the process will reflect an accurate picture of living conditions and the state of the economy in Nigeria.

“It will also enhance the understanding of emerging sectors and economic activities, and satisfy the needs of all users of the data.

“For NBS, we see these engagements as a necessary aspect of the data production process.”

Adeniran said one of the United Nations fundamental principles of official statistics was accountability and transparency, and the dialogue was one way the NBS ensured that the processes were open and transparent.

He said this would help promote and enhance the credibility of the system and build confidence in what the NBS was doing.

“It is also another way of ensuring inclusivity, promoting collaboration, and engendering partnership throughout the process of these exercises, and the NBS’s wider data production.”

The statistician-general said the NBS on its path, would continue to remain objective, open, transparent, professional and not emotional in carrying out its mandate.

“The work we do in the NBS is very sensitive, it goes beyond producing data to show the feelings of the people because that is the only way the government can plan and come up with effective policies.”

He said it would be wrong for the bureau to give the government false data because it would be of no help to both the government and the citizens.

“Therefore, the notion that we produce data to favour the government in power should not arise because it would be counterproductive.

“Our results do not favour any government because they are routine surveys carried out before any particular government comes into power.

“We publish only whatever the data says. So it is important to explain and dialogue so you can understand the process to report accurately and objectively.”

The News Agency of Nigeria (NAN) reports that the dialogue was attended by chief executives and editors of various media organisations. (NAN)(www.nannews.ng )

Edited by Ese E. Eniola Williams

Stakeholders harp on harnessing Nigerian’s non-oil export for economic dev’t
Economy/Business

Stakeholders harp on harnessing Nigerian’s non-oil export for economic dev’t

614 total views today

By Lucy Ogalue

Some stakeholders have urged Nigerians to leverage available opportunities to increase non-oil exports for economic growth and development.

The Stakeholders spoke at the Nigerian Exporters Hub (NEXHUB) Abuja Export Conference 2024 in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the conference was “Navigating the Future of Non-oil exports”.

The event was organised to mark the NEXHUB Abuja Subscribers’ inaugural shipment of 10 containers to China.

The products to be shipped include Cassia tora, sesame seeds, ginger and mica (solid mineral).

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, emphasised the need for the country to leverage on its numerous resources to grow its economy.

Uzoka-Anite, represented by Mr Dafang sule, Director, Federal Produce Inspection Service at the ministry, said that there was the need to develop and export all resources in the country.

She commended Zeenab Foods Limited,  a food processing and agro-commodity trading company, for  its efforts in promoting exports.

“This is the time to export, we need to take advantage of the moment. And the Federal Government has continued to ensure ease of doing business in Nigeria.

“We are urging Nigerians to play their part, give this administration a helping hand , just as Zeenab is doing today so we can make Nigeria better for us all,”she said.

Mr Dele Oye, President Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said that  there was the urgent need for an organised solid mineral market system.

“The lack of a structured market has been identified as a significant barrier to the sector’s growth.

“Unlike Ghana, where a government office efficiently processes mineral sales, Nigeria’s informal market leaves many miners without immediate access to cash.

“This system leads to long delays, with miners sometimes waiting decades to monetise their resources,” he said.

Oye said that NACCIMA was collaborating with NEXHUB to establish a more robust framework for mineral trading, thus processing basic minerals like mica locally before exporting.

“This initiative not only ensures compliance with government regulations,  it also aims to stimulate local economies by providing miners with quick access to cash.

“The commitment to creating a transparent market is essential for reducing criminal activities associated with unregulated sales.

“By offering direct access to international markets, NACCIMA aims to eliminate third-party intermediaries and significantly diminish the risks and uncertainties that have long plagued the sector,” he said.

Oye said that NACCIMA had established 73 locations across Nigeria, employing aggregators to connect local producers with markets.

According to him, this strategy allows even those in remote areas to engage in international trade, fostering economic independence.

He called on stakeholders from various sectors, including the media, to spread awareness about these opportunities, and a new era of prosperity and equity in the solid minerals sector.

Earlier, the Group Managing Director, Zeenab Group , Dr Victor Ayemere, said that the conference was organised to sensitise exporters to bring their commodities for easy export to the trade house in China.

According to Ayemere,  who doubles as Chairman of NEXHUB, the Federal Government, through the Export Promotion Council, has set up export trade houses across the globe.

“We were the ones assigned to handle the export trade houses in China and other Far East countries.

“So, Zeenab Foods set up the Nigerian Exporters Hub to enable the exporting public to export their commodities easily to the trade house in China.

“Zeenab has chosen the part of agro export. This is a laudable project,which tells us that we can survive as a nation.

” This is the time to export; we need to take advantage of the moment. And the Federal Government has continued to ensure ease of doing business in Nigeria.

” We are urging Nigerians to play their part, give this administration a helping hand, just as Zeenab is doing today so that  we can make Nigeria better for us all,” he said.

Also, the Managing Director of NEXHUB, Mr Babatunde Faleke, urged producers to look beyond insecurity challenges to tap the  benefits of exports and increase their production.

“What we need is even more engagement, let us scale up production so that we can have more to export,” he said.

Faleke,  who said that  infrastructure and logistics remained a challenge to movement of goods, however said that  the challenge was being addressed by the government.

NAN reports that the conference was attended by government officials, heads of agencies, various stakeholders and partners.(NAN)

Edited by Kadiri Abdulrahman

Dangote Cement supports communities, orphanage in Kogi
Economy/Business

Dangote Cement supports communities, orphanage in Kogi

660 total views today

 

By Olawunmi Ashafa

Dangote Cement Plc, Obajana Plant, on Thursday, marked its 2024 Sustainability Week with outreach programmes in Kogi, as part of its commitment to community development and environmental responsibility.

 

The company, in a statement issued by its Corporate Communications Department, also engaged in community service initiatives, including donations to local organisations.

 

It also carried out public awareness campaigns, aimed at sustainability and supporting vulnerable groups.

 

The company added that it used the Sustainability Week to educate young people on climate change and health-related issues.

 

“Through various programmes, Dangote Cement sought to raise awareness about environmental stewardship and public health in its host communities,” it said.

 

Dr Eseosa Ighile, Head of the Sustainability Department at Dangote Cement Plc, Obajana, said that this year’s Sustainability Week was focused on giving back to local communities, particularly through donations and engagement activities.

 

“Obajana Sustainability Champions visited the Ministry of Mercy orphanage in Lokoja, providing essential supplies, food items and spending time with the children and residents.

 

“The day was filled with fun activities, including games, and the orphanage management expressed deep gratitude for our contributions,” Ighile said.

 

She also noted that the initiative not only enhanced the company’s relationship with the orphanage but also uplifted employee morale by encouraging them to participate in meaningful community service.

 

Also, Mr Azad Nawabuddin, Plant Director of Dangote Cement Plc, Obajana Plant, described the 2024 Sustainability Week as a success, aligning with this year’s theme: SDG 11 – “Sustainable Cities and Communities”.

 

He added, “This year’s celebration was packed with activities involving employee and stakeholder engagement, as well as charity outreach programmes.

 

“Each day focused on a unique theme, engaging various stakeholders and delivering positive outcomes.”

 

Dr Igazeuma Okoroba, Head of Sustainability at Dangote Cement Plc, reaffirmed the company’s dedication to sustainability, emphasising that this year’s events were a testament to their ongoing commitment to supporting communities.

 

“Sustainability Week allowed us to express our dedication to humanity by sharing our sustainability message and supporting the residents of our host communities,” she said.

 

Edited by Folasade Adeniran

NBS unveils Nigeria residential energy demand-side survey
Economy/Business

NBS unveils Nigeria residential energy demand-side survey

680 total views today

By Okeoghene Akubuike

The National Bureau of Statistics (NBS) has unveiled the Nigeria Residential Energy Demand-Side Survey (NREDSS) 2024 to support the Federal Government’s efforts in addressing the nation’s energy needs.

Adeyemi Adeniran, Statistician-General of the Federation and Chief Executive Officer of NBS, announced this at a media briefing in Abuja on Wednesday.

Adeniran explained that the NREDSS 2024 was initiated to assess and estimate energy demand in the residential sector for the 2024 reference period.

He added that the survey also gathered key information on household energy usage patterns for cooking, lighting, and cooling.

“The primary goal of this survey, which was piloted in nine states, is to gain a comprehensive understanding of energy consumption patterns among Nigerian households.

“Through this survey, we have collected valuable data on a range of factors, including energy consumption patterns, access to electricity, energy affordability, and energy efficiency,” Adeniran said.

He noted that insights from the survey would guide policymaking and planning efforts, noting that the data would help improve energy distribution and promote energy efficiency.

The information, he said would also be used to expand renewable energy sources and address energy poverty.

Adeniran stressed the importance of applying the survey findings judiciously to close the gap in energy supply within the residential sector.

Inga Stefanowicz, Head of Section for Green and Digital Economy, Delegation of the European Union to Nigeria and ECOWAS, highlighted the importance of the survey for increasing energy access in Nigeria.

She noted that the lack of reliable data has been a barrier to improving energy access in the country.

“Without accurate data on supply and demand, assessing energy security and access will always be incomplete.

“Nigeria’s energy balance is crucial for tracking progress toward Sustainable Development Goal (SDG) 4 and advancing energy policy, which has often relied on traditional or secondary data.

“This survey marks a significant step forward,” Stefanowicz said.

She revealed that the survey found 60 per cent of households are connected to the national grid, with most located in urban areas.

However, she noted that due to the grid’s unreliability, many households rely on petrol and diesel, with an estimated annual expenditure of nearly N330 billion.

Stefanowicz also mentioned that the next phase of the survey would focus on energy use in the industrial sector.

Mr Mustapha Abdullahi, Director-General of the Energy Commission of Nigeria (ECN), noted that the survey would help guide the Federal Government’s energy transition programme.

Represented by Mohammed Modu, Director of Energy Information Systems at the commission, Abdullahi said the survey would provide vital inputs for policy formulation.

The News Agency of Nigeria (NAN) reports that the survey was conducted in nine states: Akwa Ibom, Bauchi, Ekiti, Oyo, Enugu, Kwara, Plateau, Kano, and Sokoto.

A total of 8,100 households participated, with 900 households surveyed in each state.

The survey was a collaborative effort between NBS, the Federal Ministry of Power, ECN, the International Energy Agency, and the European Union. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Stakeholders advocate enhanced public procurement policies for industrial devt
Economy/Business

Stakeholders advocate enhanced public procurement policies for industrial devt

452 total views today

By Rukayat Moisemhe
Real sector stakeholders on Tuesday called for enhanced public procurement policies aimed at influencing the direction of the country’s manufacturing sector and enhancing its industrial development.

They made the call at the three-day Made in Nigeria Exhibition and the 52nd Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN).

The News Agency of Nigeria (NAN) reports that the event’s theme is: “The Imperative of Intentional Development of the Nigerian Manufacturing Sector in an Era of Economic Downturn.”

The acting Director-General, Bureau of Public Procurement (BPP), Mr Olusegun Omotola, said that sound public procurement policies was useful in improving Nigeria’s manufacturing sector.

Omotola said while the manufacturing sector was not insulated from certain economic challenges, it was important to keep sight of its immense potential of positioning Nigeria as a competitive player in the global market.

“The time for half-measures and piecemeal solutions has passed and so we need a comprehensive, intentional approach to developing our manufacturing sector.

“This approach must be rooted in sound policies, strategic investments and unwavering commitment from both the public and private sectors.

“We must double down our efforts to promote local content and patronage of Made-in-Nigeria goods.

“Government at all levels must lead by example through effective enforcement and implementation of existing local content policies across all ministries, departments and agencies,” he said.

Omotola added that the power of public procurement; the process by which government entities acquire goods, works and services, was a powerful tool that could shape our economy.

He said that BPP, in line with the renewed hope agenda, was already taking measures to protect and support the manufacturing sector through its proposal for the amendment of the current Public Procurement Act 2007.

He stated the willingness to collaborate with key stakeholders, ministries, industrial associations and others to develop intentional policies, roadmaps and implementation frameworks to deliver sustainable economic growth.

He proposed reform enhancements to further strengthen the country’s public procurement policies and their impact on local manufacturing.

He called for an expanded preferential treatment for local content purchase from 40 per cent to 70 per cent for key sectors and stricter enforcement mechanisms of the policies.

Otunba Francis Meshioye, President, MAN, noted that manufacturing in Nigeria had continued to innovate and improve in quality and product diversification, even in the face of daunting challenges.

Meshioye said in Nigeria’s journey to deepen industrialisation and contribute to economic development, it was important to draw meaningful inspiration from countries that have deliberately prompted their manufacturing sector.

He said that a good example was the Made-in-China (MIC 2025) government initiative.

The Made-in-China initiative is a 10-year comprehensive strategic plan by the Chinese government focusing on intelligent manufacturing in 10 strategic sectors.

The aim is to cut down China’s reliance on foreign technology imports, boost domestic manufacturing and enhance local product production for local and international market.

Meshioye stressed that Nigeria had the potential to reenact this feat with intentionality in approach to accelerate the development of domestic production.

“The promulgation of Executive Orders 003 and 005 affirms the government’s commitment to facilitating domestic production, as well as patronage of local products.

“However, the absence of effective implementation remains a major and unfortunate concern, so we call on all government ministries, departments, and agencies to fully comply with the orders.

“Fellow manufacturers, as we strive for improved patronage of Made-in-Nigeria products, we must not let the quality and standards of what we produce slip to enable us consistently win consumer trust,” he said. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

N20 bn annual IGR excites Gov. Sule of Nasarawa
Economy/Business

N20 bn annual IGR excites Gov. Sule of Nasarawa

761 total views today

By Lucy Ogalue

The Governor of Nasarawa, Abdullahi Sule, says the state is one of the richest states in the federation if its potential are effectively harnessed.

Sule told newsmen in Lafiya that the state’s annual Internally Generated Revenue (IGR) has recorded significant increase from N7.7 billion in 2019 to more than N20 billion currently.

” We are also generating between N1.3 billion and N1.7 billion monthly,” he said.

He said that Nasarawa was blessed with hydrocarbons, solid minerals, precious metals, which are yet to be fully tapped; and a huge comparative advantage in agriculture.

He said that there was a marble site in Gudi, where a Chinese company produces tiles and other ceramic products.

“You will even be more excited if you had gone to the site of our lithium processing plant.

“There are also tin operations. These solid mineral factories are being duplicated across the state, and more companies are coming in to invest in the solid minerals sector right now.

“We pride ourselves on being the state housing the biggest lithium processing plant in the country.. These are the kinds of developments happening,” he said.

The governor said that his administration had also invested heavily in agriculture.

“Abdullahi Adamu, our first executive governor, has a farm of about 3,000 hectares.

“We have our own 10,000 hectares belonging to the state government. We have already started harvesting rice.

” We have not even signed any MoU with any buyer; instead, we are focused on harvesting the rice. We are keeping it in the warehouse, forming a pyramid of rice,” he said.

He said that the Nasarawa State Vocational and Technology Center in Lafia was one of the developmental initiatives of the state.

According to him, the idea informed by the need to produce needed artisans for Nigeria’s industrial development.

“When Dangote decided to construct the refinery at Epe, Lagos, the whole program started with the silos, the distillation unit, and some of the most sophisticated and expensive equipment.

“The manufacturers insisted that they needed skilled and certified technicians.
We needed to go to India because we couldn not find enough in Nigeria.

“Dangote imported 4,000 technicians from India. They were the only ones qualified and deployed because nobody would have that kind of installation unit and allow an unqualified mechanic to work on it.

“This is why I said that if I become the governor of Nasarawa, we will produce skilled technicians who will be ready for employment when another Dangote is looking for 4,000 skilled artisans.

“At least we can say we in Nasarawa have 500 technicians; go and find the other 3,500 elsewhere. This is my motivation and my dream,” he said.

Sule said that the state was committed to uplifting the standard of women and other vulnerable groups.

According to him , the government recently inaugurated a gender document, the first in the country.

He said that It was all about women, and is part of the Human Capital Development Agency, chaired by the Deputy Governor.

“All these initiatives are geared towards helping women.

“Nasarawa is a pacesetter when it comes to women taking the lead in leadership and careers.

” For the first time, a woman is the Chief Justice of Nasarawa, and for the first time, we have a woman as Vice Chancellor of the state university.

“This is part of my administration’s vision to empower women, and the reason is that I have had some very important women who played key roles in my life, and I have seen their impact,” he said.

The governor expressed commitment to providing quality infrastructure in the rural areas.

According to him, the wealth of Nasarawa is in the villages.

“The farming areas and the minerals we are discussing are located in the villages.

“The activities that will truly bring wealth to Nasarawa are in the villages. One of the things we must do is empower the villages to foster a sense of belonging.

” Our administration is committed to inclusivity. We do not want anyone to be left out.

“Youth, women, or the elderly; everyone is included. That is why we are providing training and skill acquisition for young people who have just graduated from school.

“We are also doing it for those who are retiring. We want the entire value chain to be incorporated,” he said.

He said that, though Nasarawa was among the states receiving the least allocation from the federal government, it remained one of the states with the greatest potential in human and capital resources.

“We have mineral resources, oil and gas. Oil drilling is taking place in Obi Local Government Area,

“Our state is one of only three states in the North where oil exploration is happening. For this reason, Nasarawa can not be poor,” he said.

He said that the state government was not borrowing money to execute any of its projects.

“Since I came in, we have not gone to the bank to borrow money. This is a mentality I brought from the private sector; we should not rely on borrowing.

“I decided to close all loopholes. There is a lot of money in Nasarawa, especially in internally generated revenue, but there are also many leakages.

“Our aim is to block these leakages, but we still have a long way to go in terms of revenue generation for the state,” he said.

Sule said that the government was also exploring other sources of revenue.

He said that proximity to the Federal Capital Territory (FCT) was also a major advantage for Nasarawa.

“You will see many projects motivated by our closeness to the FCT, especially in relation to housing.

“These projects are targeted at wealthy individuals living in the FCT, encouraging them to come to Nasarawa. That is one of our strategies,” he said.(NAN)

Edited by Kadiri Abdulrahman

Nigeria-India Business Council pledges to boost trade relations
Economy/Business , Foreign , General News

Nigeria-India Business Council pledges to boost trade relations

784 total views today

Dr Emeka Offor, Chairman, NIBC Board of Trustees

 

By Sarafina Christopher

 

The Nigeria-India Business Council (NIBC) says it is committed to boosting trade relations between the two countries.

 

Dr Emeka Offor, Chairman of NIBC’s Board of Trustees, made the pledge during an inaugural meeting of NIBC’s Board of Trustees on Wednesday in Abuja.

 

He emphasised the council’s role in nurturing business and investment connections between the two countries, aimed at advancing the growth of Nigerian enterprises in both countries.

 

Offor also highlighted the current state of bilateral trade between India and Nigeria, which he noted had fluctuated in recent years.

 

The board chairman said that the figure was 14.95 billion dollars in 2022, but dipped to 11.8 billion dollars in 2023, which underlined the significance of robust trade relations between them.

 

“The council aims to enhance existing business relationships and elevate them to a higher level; the council’s efforts are expected to be boosted by the recent presidential visit to India,” Offor said.

 

Mr Dere Otubu, the Vice Chairman of NIBC, emphasised its commitment to bolstering exports, enhancing foreign exchange revenues and addressing the underrepresentation of Nigerian businesses in India.

 

He urged both established and emerging Nigerian enterprises to engage with the council in its efforts to boost trade relations better Nigeria and India.

 

“Nigeria’s comparative advantage in natural resources and with the vast Indian market, with over 1.4 billion people, presents significant opportunities for Nigerian businesses to expand and improve product presentation,” Otubu said.

 

Also speaking, NIBC Director-General, Chijioke James, expressed optimism about Nigeria’s favorable investment climate, stressing that NIBC had resolved to sustain the momentum and introduce initiatives that promote stronger trade relations.

 

He also disclosed plans to form a dedicated working group to enhance Nigeria-India bilateral trade relations by exploring various sectors.

 

Former Minister of Defence Adetokunbo Kayode said Nigeria was in a vantage position to flourish in business, adding that the inauguration had opened a new vista of Nigeria-India business operations.

 

He highlighted the potential for growth in Nigeria’s creative industry and manufacturing sectors.

 

Kayode also harped on the need for expertise and infrastructure, such as cinema villages, to harness the value chain and employ the youth.

 

He emphasised India’s advancements in military technology as a potential area for collaboration and growth.

 

Kayode stressed the importance of moving from import-dependence to local manufacturing or assembly, supported by a law signed by the current government.(NAN)(www.nannews.com.ng)

Edited by Mark Longyen

ICRC to develop PPP investment catalogue for MDAs
Economy/Business

ICRC to develop PPP investment catalogue for MDAs

599 total views today

By Okeoghene Akubuike

The Infrastructure Concession Regulatory Commission (ICRC) says it is developing a Public Private Partnership (PPP) investment catalogue for Ministries Departments and Agencies (MDAs).

A statement issued by Mr Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC, said the catalogue would help advise the MDAs on opportunities in the various sectors.

The statement said Dr Jobson Ewalefoh, Director-General of ICRC, disclosed this during a courtesy and monitoring visit to Dr Dayo Mobereola, Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA) in Lagos.

Ewalefoh said that the commission would no longer wait for the MDAs or private investors to come up with PPP proposals.

He noted that there were so many opportunities for investment in infrastructure development using PPP that were yet to be tapped across various sectors.

Ewalefoh, said that the commission was already identifying such opportunities, which it would catalogue and issue as PPP investment advice to all relevant MDAs.

“We are coming up with a catalogue of potential PPP projects that we are going to be presenting to agencies as PPP advice.

“It would say: look, this opportunity exists here, why don’t you tap in, it has been done in this and that country.

“Part of our mandate is to build the PPP market, it is not just to regulate and give certification but to ensure that MDAs know the opportunities.

“There are many areas that you can tap into”.

He noted that NIMASA had a huge untapped potential, adding that it was necessary to collaborate on those potential projects.

“This is part of the charge to me by Mr President that I should harness private sector funds to build infrastructure.

“The only way we can achieve that is to go out and identify areas where private sector funding will be needed to build infrastructure for Nigerians to enjoy the promise of renewed hope.

“We have identified some of these areas in NIMASA and the entire maritime space and that is why we are here today,” he said.

The ICRC D-G noted that the safety agency was already embarking on key PPP arrangements to build, operate and/or maintain some of its infrastructure

He, however, urged the NIMASA D-G to work towards expanding the scope of the agency’s PPP engagements.

Ewalefoh also informed the NIMASA team that the commission also visited to ascertain the level of performance of the PPP projects under the agency.

He also informed them that the visit was also to evaluate NIMASA’s level of compliance with the PPP contract as well as those of the concessionaires.
.
In his remarks, the D-G of NIMASA commended the D-G of ICRC for his new policy direction aimed at accelerating the process of PPP procurements.

Mobereola expressed concern about the length of time it took to complete the certification and approval of PPPs, noting that streamlining the ICRC processes was a welcome development.

 

He assured the ICRC D-G of the cooperation of NIMASA to boost PPP infrastructure development in the maritime safety sector.

The duo of ICRC and NIMASA D-Gs also discussed certain areas that hampered the ongoing PPP engagements, for which Ewalefoh promised to intervene and liaise with the relevant government stakeholders.

The ICRC team, accompanied by the NIMASA team thereafter conducted a joint monitoring visit to the concessionaires of the Offshore Waste Reception Facilities which are the African Circle and OXP Marine.

The ICRC team sought to know the level of compliance with the terms of the PPP contract agreement and possible challenges.

The team consequently resolved to hold a stakeholder engagement to address the identified challenges(NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Governors Forum advocates PPP expansion to close infrastructure gap
Economy/Business

Governors Forum advocates PPP expansion to close infrastructure gap

633 total views today

By Okeoghene Akubuike

The Nigeria Governors Forum (NGF) has called for collaborative efforts to enhance Public-Private Partnerships (PPPs) to address Nigeria’s infrastructure gap.

AbdulRahman Abdulrazaq, Governor of Kwara and Chairman of the NGF, made this call at the 2nd Joint PPP Units Consultative Forum (3PUCF) and the Nigeria PPP Network (NPPPN) in Abuja on Wednesday.

The News Agency of Nigeria (NAN) reports that the two-day event was organised by the Infrastructure Concession Regulatory Commission (ICRC).

The theme of the meeting is “Using PPP to Actualise the Renewed Hope Agenda in Nigeria’s Infrastructure Delivery”.

Abdulrazaq, represented by Abdulateef Shittu, Director-General of the NGF, stated that there was a 100 billion dollar infrastructure deficit at the subnational level.

“Overall, at both federal and state levels, we face an infrastructure deficit of over $200 billion. Since the government alone cannot shoulder this cost, we need collaboration with the private sector,” he said.

According to Abdulrazaq, challenges such as financing gaps exist, but these must be addressed collectively to boost investor confidence and ensure the success of PPPs.

“The private and public sectors, together with development partners, must seize this opportunity to examine best practices, identify challenges, and develop concrete solutions for implementing PPP projects,” he added.

He noted that the theme of the meeting was timely and relevant, as citizens expect the government to provide the infrastructure necessary for economic growth, job creation, and improved quality of life.

“At the core of the Renewed Hope Agenda is the desire to improve the lives of Nigerians by creating jobs, enhancing access to quality services, and building an economy that benefits everyone.

“Infrastructure is the backbone of this vision, and PPPs provide a unique opportunity to mobilise resources and expertise to achieve it,” Abdulrazaq said.

Dr Jobson Ewalefoh, Director-General of the ICRC, also noted the importance of collaboration in closing the infrastructure gap in the country.

Ewalefoh explained that the forum was designed to review how agencies have been performing in terms of PPP implementation.

“At this forum, we exchange ideas and gather feedback from various agencies on strategies for advancing infrastructure development in the country.

“We aim to professionalise this platform and work more closely with the agencies and the Governors’ Forum to achieve this. Together, we are striving for a unified national approach, both at the federal and subnational levels,” he said.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, reaffirmed the federal government’s commitment to strengthening public-private partnerships.

Edun, represented by Mrs Lola Uket, Director of Technical Services at the ministry, emphasised the role of PPPs in achieving the federal government’s Renewed Hope Agenda.

According to him, Nigeria’s infrastructure deficit is estimated at $100 billion, and PPPs can help bridge this gap by attracting $20 billion in private investment annually.

“Through effective collaboration, we can accelerate the delivery of essential projects in sectors such as energy, transportation, healthcare, education, and others critical to our nation’s development.

“With PPPs, the government aims to increase agricultural productivity by 20 per cent over the next three years.

“Nigeria has a renewable energy potential of over 200,000 MW, and our target is to harness at least 20 per cent of this potential by 2030,” Edun said.

He added that Nigeria’s current literacy rate is 62 per cent, with the goal of increasing it to 75 per cent by 2028 through PPP initiatives.

According to him, the government aims to boost the contribution of the non-oil sector to the GDP from the current 90 per cent to 95 per cent by 2030.

Edun urged participants to commit to fostering a conducive environment for PPPs by ensuring transparent policies, a strong legal and regulatory framework, and synergy among stakeholders.

Mrs Dadi Walson-Jack, Head of the Civil Service of the Federation and Chairman of the Forum, reiterated the commitment to creating a platform where public and private stakeholders can align their interests.

Walson-Jack, represented by Mrs Fatima Mahmood, Permanent Secretary for Career Services, said the forum would address challenges and develop innovative solutions to accelerate the delivery of key infrastructure projects, improving the quality of life for citizens.

The 3PUCF is a forum for heads of PPP units in federal MDAs, while the NPPPN, under the aegis of the NGF, is a network of PPP agencies at the state level. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email