By Desmond Ejibas

The World Bank has announced a 500-million-dollar grant to support Nigeria’s recovery efforts from the impacts of the COVID-19 pandemic.

The fund will be utilised through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme.

The News Agency of Nigeria (NAN) reports that the programme was launched in 2021 to aid poor and vulnerable households and micro-small enterprises affected by the pandemic.

Dr Lire Ersado, the World Bank Task Team Leader for NG-CARES, revealed these at the end of a two-day Peer Learning and Experience Sharing meeting in Port Harcourt on Tuesday.

The meeting was organised by the Federal Cares Support Unit, under the Federal Ministry of Budget and Economic Planning.

Ersado, represented by Prof. Foluso Okumadewa, an official with NG-CARES, said that the grant would also assist Nigeria’s broader economic recovery initiatives.

He added that “the World Bank will continue to support NG-CARES for the next three years, and this support may extend further with backing from the government.”

He reiterated the bank’s commitment toward institutionalising the programme to ensure its sustainability beyond external funding.

He said “the NG-CARES programme aims to promote economic resilience and provide stimulus to communities impacted by the COVID-19 pandemic.”

Dr Abdulkareem Obaje, the National Coordinator of NG-CARES, highlighted the programme’s successes in offering essential support to vulnerable populations.

He said the programme spent about 750 million dollars to aid those affected by the pandemic.

He explained that “the shock response mechanism of the programme has been highly effective, with 625 million dollars already disbursed to states, representing an impressive 88 per cent.

“These reimbursements for work completed by various states is a remarkable achievement, considering the programme’s scope and timeline.”

The national coordinator further stated that an additional 50 million dollars was expected  to be disbursed before Dec. 31, with the possibility of extending the programme.

Obaje pointed out that NG-CARES has overachieved its goals by 30 per cent, with 345 million dollars reimbursed to states, resulting in 834 million dollars in verified outcomes.

“The programme could reach one billion dollars by the end of the fourth Independent Verification Agent assessments, restructured to support victims of shocks in several states across the country.”

Alhaji Abdulateef Shittu, the Director-General of the Nigerian Governors Forum (NGF), emphasised the NGF’s mandate to assist states in adopting best practices for developmental programmes like NG-CARES.

He highlighted the forum’s role in managing peer learning and experience-sharing, ensuring that all states benefit from the programme.

“The forum commends the states for their active participation and collaboration in overcoming common challenges to achieve success,” Shittu concluded. (NAN) (www.nannews.ng)

Edited by Hadiza Mohammed-Aliyu

By Okeoghene Akubuike

The Infrastructure Concession Regulatory Commission (ICRC) has announced plans to finalise all Public-Private Partnership (PPP) projects that have not progressed for over a year following approval by the Federal Executive Council (FEC).

This was disclosed in a statement signed by Ifeanyi Nwoko, the Acting Head of Media and Publicity for the ICRC, in Abuja on Thursday.

According to the statement, Dr Jobson Ewalefoh, the Director-General of ICRC, made the announcement during a courtesy visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola.

Ewalefoh noted that some of the pioneer PPP projects approved in 2006 fall under the ministry’s jurisdiction.

The Director-General explained that the commission is reviewing PPP projects to prevent delays caused by unqualified contractors, especially when serious investors are willing to collaborate with the government.

He stated that the commission seeks to identify challenges affecting PPP projects within the ministry and address issues delaying already approved projects as well as those in development.

Given the maritime sector’s critical role in national development, Ewalefoh stated that the ICRC has streamlined its processes to speed up project delivery in line with current demands.

This, he added, was in response to President Bola Tinubu’s call for the proactive use of PPPs in infrastructure development.

Ewalefoh stressed the importance of faster project execution without compromising standards or bypassing legal requirements.

He also noted the commission’s efforts to optimise existing PPP projects while launching new ones.

He said the commission has introduced Conditions Precedent with strict timelines for private partners to secure financing, ensuring that contracts are terminated if these deadlines are not met.

“This is in a bid to ensure that projects were not stalled due to the inability of proponents to raise the required financing required to execute projects.

“This ensures that contracts are automatically terminated when the timeline agreed expires without the private partner achieving financial close.

“This approach is intended to protect the country and ensure that the mistakes of the past are not repeated and the government is never held to ransom.

“This will ensure that only credible investors are encouraged to participate while discouraging portfolio investors or expert bidders without the actual intention of executing projects”.

He urged the minister to collaborate with the commission in reassessing PPP projects that have been approved for over a year without significant progress.

In response, Oyetola congratulated the Director-General on his appointment and noted that many stalled projects were due to the private parties’ inability to secure financing.

He expressed his commitment to ensuring that future investors have proven financial capacity, rather than relying solely on impressive business proposals.

The minister also assured the D-G of his ministry’s full support in advancing PPP initiatives in the blue economy sector, adding that several new projects will soon be submitted to the ICRC to begin the PPP process.  (NAN)(www.nannews.ng)

Edited by Sadiya Hamza

By Okeoghene Akubuike

The Federal Government has created task forces in the Infrastructure Concession Regulatory Commission (ICRC) and the Ministry of Aviation to unlock the economic potential of the aviation sector.

A statement issued by Ifeanyi Nwoko, ICRC’s Acting Head of Media and Publicity on Tuesday in Abuja, said the Federal Government would achieve this through investment in Public Private Partnerships (PPPs).

Nwoko said the decision was the outcome of a courtesy visit by the Director-General of ICRC, Dr Jobson Ewalefoh, to the Minister of Aviation and Aerospace Development, Mr Festus Keyamo.

He said Ewalefoh while highlighting the importance of aviation in galvanising other sectors to foster the economic potential of the country, said the ICRC had set up its task force to fast-track investment in PPPs.

Nwoko said that the minister also set up a similar task force in the ministry to work with the ICRC team for efficient delivery of infrastructure projects through PPP.

He said Nigeria, like many others worldwide, still faced the challenges of funding infrastructure projects, adding that President Bola Tinubu’s Renewed Hope Agenda emphasised PPPs to enhance infrastructure.

While exemplifying the huge investment possibility in the aviation sector, Ewalefo said that between 2003 and 2019, the Heathrow Airport in the UK got an investment of 16 billion pounds in private sector funds.

According to him, the Nigerian aviation sector holds a lot of investment possibilities without burdening public resources.

Ewalefo also cited the example of Dakar Airport, which had attracted an investment of 575 million dollars, 30 per cent of which was from the Bin Laden Group of Saudi Arabia.

He said that Kenya also had a PPP arrangement that had driven passenger traffic from seven million to 12 million.

Ewalefo stated that Nigeria, with more than 200 million people, should be able to attract the right investments and become the destination hub of the world and a connecting point for Africa.

“We have what it takes, but we need to have the right infrastructure in place.

“That is why we are here to collaborate with you and ensure that all the projects you have conceptualised will come to fruition within the lifetime of this administration.

“The aviation sector is an enabler for the economic development of any nation; it is a means for you to connect all the various infrastructures.

“It is a means to unlock the potential of this country and if we get it right, Nigeria’s story will change,” he said.

The director-general commended the minister for getting the Federal Government to sign the Cape Town Convention Practice Direction after more than10 years of attempts.

He also commended him for resolving the problem with the UAE and having Emirate Airlines fly to Nigeria again.

“We have a lot of projects on your table, and we want to implore you if possible, to set up a task force for us to do this.

“This is because the infrastructure gap in Nigeria is so huge that the normal protocol cannot give us the needed time and speed.

“We need to work day and night and have the right commitment,” he said.

In his response, Keyamo, while corroborating Ewelafo’s position on the need to accelerate PPP projects in the industry, immediately set up a task force to collaborate with the ICRC team.

He said the ministry had achieved some milestones in aviation policy and will focus more on accelerating received PPP proposals.

“So we will bring them to you, we will set timelines for ourselves. For each of these projects we are going to set a timeline,” he said.

Keyamo said that aviation was a sector that had a lot of PPP potential, pointing out that certain projects like the cargo terminals and others that had been marked out would be pursued vigorously.

The minister commended the director-general for being proactive and assured the ICRC of his unfettered collaboration to drive PPP infrastructure in the ministry. (NAN) (www.nannews.ng)

Edited by Ese E, Eniola Williams

By Rukayat Moisemhe

Stakeholders have called for promotion of non-oil exports to engender a favourable balance of trade and drive Nigeria’s diversification agenda.

They made the call at the Manufacturers Association of Nigeria Export Promotion Group (MANEG) Seventh Annual General Meeting, on Wednesday in Lagos.

Prof. Segun Ajibola, a past President of the Chartered Institute of Bankers of Nigeria, said that the balance of trade position of a country was a powerful instrument for measuring the state of health of its economy.

Ajibola said that about 90 per cent of Federal Government’s foreign exchange earnings and 70 per cent of the government’s total revenue were from oil proceeds and petroleum income tax/royalties.

Ajibola said that the government, in attempts to the re-configure the country’s trade balance, continued to introduce incentives into the business clime since the 1970s.

He said the incentives were to target favourable balance of trade through improved performance of the non-oil sector of the economy, with manufacturing as the cornerstone.

He, however, noted that the export segment of Nigeria’s balance of trade remained heavily reliant on oil and gas as the main source of earnings.

“The current scenario, therefore, calls for a total re-evaluation of the country’s architecture for promoting non-oil exports, if indeed, manufacturing activities are to have meaningful impact on Nigeria’s trade balance,” he said.

Ajibola also called for a new trade and industrial policy in Nigeria.

He said the trade policy should articulate new incentives and drive the implementation.

He urged Nigeria to capitalise on the African Continental Free Trade Agreement as a tool for deepening trade within the African continent.

Comptroller Ajibola Odusanya, Customs Area Controller, Lilypond Export Command, Nigeria Customs Service (NCS), noted that over the years, oil had been the mainstay of Nigeria’s export sector and the country’s major source of revenue.

He noted that due to global fall in oil prices, the Federal Government saw the need to diversify into the non-oil export sector to sustain the economy.

Odusanya said that export growth, along with other factors, led to economic growth by stimulating production, investment, consumption and job creation.

He added that the manufacturing sector played a critical role in growing the Nigerian economy, as manufactured goods held potential to improve Nigeria’s balance of trade when exported.

He said that while the NCS played a crucial role in facilitating trade, manufacturers must begin to leverage NCS reforms to expand exports.

“The service, in its effort to enhance ease of doing business for compliant stakeholders, commenced implementation of the Authorized Economic Operator programme on Sept. 2.

“Certified manufacturers that consistently complied with regulations are subjected to fewer physical inspections and simplified customs procedures, allowing for faster exports.

“Focusing on trade facilitation measures, the Nigeria Customs Service is positioned to continue to create a more enabling environment for manufacturers to export,” he said.

The President of Manufacturers Association of Nigeria, Chief Francis Meshioye, said that the government was desirous of achieving favourable balance of trade in the economy.

He said that the goal would be better accomplished with consistent and concerted efforts to incentivise the non-oil export sector.

He said that while there were several export incentives introduced by the Federal Government, only few of them were being effectively pursued.

He added that manufacturers often experienced counter-policy regulations and actions from some ministries, department and agencies that were inimical to export business growth.

“We need to take immediate actions to ameliorate the prevailing initial negative impact of government reform measures on the manufacturing sector.

“The escalating exchange rate, high cost of logistics, insecurity, high energy cost, increasing cost of borrowing, etc., have combined to further weaken the performance of the manufacturing export sector.

“We need to address these issues as signposted in the government stabilisation plan, and its speedy and diligent implementation is of essence,” he said.

Mrs Odiri Erewa-Meggison, Chairman of MANEG, lauded the Federal Government for ongoing reforms, particularly review of policies on taxes.

She also commended the Federal Government for calling for submission of Export Expansion Grant baseline data from non-oil exporters.

According to her, it is a good step in the right direction as it will go a long way to motivate manufacturers.

Erewa-Meggison, however, noted that since the removal of fuel subsidy and increment in energy tariff, exporters had been struggling. (NAN)

Edited by Ijeoma Popoola

By Angela Atabo

A faith-based group, Amani Muslim Women Empowerment Initiative, has awarded grants to some women entrepreneurs to boost small-scale businesses.

The Coordinator of the initiative, Hajiya Hadrat Omipidan, in her remarks at the Grant Award Ceremony on Saturday in Abuja, said that the support was part of the group’s major project for the year.

Omipidan disclosed that N250, 000 was given to each of the beneficiaries to upscale their businesses and help them stabilise against current economic challenges.

She explained that the women were carefully selected for the grant based on their dedication and hard work in the group.

According to her, the goal of the initiative is to promote self and collective developments and improve the well-being of women through empowering engagements, schemes and programmes that are in tandem with the tenets of Islam.

She said the gesture would enable more women to build momentum and connections that would foster sustainable social and economic developments.

“We started the Armani Muslim Women Empowerment Initiative, five years ago; it is about giving back to society.

“We have done a lot of projects in the past; we have gone to correctional centres; we have gone to hospitals; in fact,  last month, we did another hospital charity.

“So, that is part of our own way of giving to the society; today, we are giving grants to some of our members, because we believe charity begins at home.

“We get these moneys from our sponsors and from our members; there is nothing we get from government; it is by our personal savings, and from our sponsors.’’

Omipidan commended the sponsors for their support over the years.

“May God continue to bless them and grant them their wishes.’’

She implored governments at all tiers to help women stabilise economically.

“I am sure if our First Lady can help us with grants like this, we will be able to do more for our society.

“We have been doing so many charity outreaches; during Ramadan, we fed  no fewer than 300 widows; we gave out cash and food stuff; however, this is the first time we are giving our members grants to empower them,” she said.

Some of the beneficiaries expressed their gratitude to the group and to God for the privilege to be picked.

A caterer and a beneficiary, Sherifat Akanmbi, who is into cooking, baking and rentals of cooking utensils, thanked the group for its foresight and generosity.

“I call on every well-meaning Nigerian who can afford to do something similar to what AMANI did today to please try and give back to the society because the economy is not really smiling for everyone,” she said.

Kafayat Hassan, also a beneficiary, expressed her happiness.

“This money will go a long way in my business; so, I feel happy and I advised other women to join AMANI,” she said. (NAN)

Edited by Yinusa Ishola and Chijioke Okoronkwo