By Ginika Okoye

Fidelity Bank Plc in partnership with Abbasid Charity Foundation and Sen. Wadada Ahmed have distributed food palliatives to no fewer than 1,000 families in Keffi, Nasarawa state.

Distributing the food items on Wednesday, Ms Victoria Abuka, the Team Lead, Corporate Social  Responsibility, Fidelity Bank said the gesture was to cushion the effects of the high cost of food items.

She added that the gesture was part of the bank’s initiative known as, “‘Fidelity Food Bank’.

Abuka said the initiative which commenced in April, 2003, was aimed at contributing to food security in the country.

She said that since the inauguration of the initiative, over 100,000 food packs had been distributed across the country.

“One of the major problem in the country now is food. People are hungry and it is difficult to pursue dreams and aspirations.

”That is why Fidelity Bank, as a socially responsible organisation, started the initiative for food distribution to families in dare need of food.

”We have visited over 100 communities across the country,” she said.

Abuka said the bank was working with 19 partners who identified communities to benefit from the initiative.

Hajia Hauwa Abbas, the Founder of Abbasid Foundation, said the food drive started when she was chosen as the bank’s food bank ambassador in the North.

She listed some of the beneficiary states to include Jigawa, Zamfara, Zaria, Kebbi, Bauchi, Kano and the Federal Capital Territory (FCT).

”I am very pleased with Fidelity Bank because as much as they are collecting money from us, they are giving us back, especially women.

Sen. Ahmed Wadada, representing Nasarawa West Senatorial District, said he partnered with the Fidelity Bank’s drive to provide food for his people.

Wadada, represented by his wife Zainab, said the move was in continuation of his philanthropic gesture to his constituents especially orphans and widows.

”We are here today to give back to our people and considering the hardship in the country, this is the little that we can do.

”I appeal to well-meaning Nigerians to try and collaborate to see how we can help the people that do not have some of the opportunities that we have,” he said.

Mrs Susan Nyikwagh, a recipient of the food pack, commended the bank and other partners for the gesture.

”I am so happy for receiving this gift in a time like this when things are not easy.

”The bank and their partners are wonderful,” she said.

The News Agency of Nigeria (NAN) reports that the food pack contained one kilogramme of rice, garri and packs of indomie. (NAN)(www.nannews.ng)

Edited by Greg Mmadakolam/ Ese E. Eniola Williams

By Yusuf Yunus

Mr Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), says the quickest way toward economic recovery for Nigeria is through oil and gas investment.

Lokpobiri disclosed this in an interview with  newsmen on the sideline of the ongoing 2024 Offshore Technology Conference (OTC) in Houston, Texas, on Monday.

The minister said the country’s huge oil and gas deposit would mean nothing if they remained on the ground and were not explored.

He assured investors that oil would remain relevant for a long time and that the Federal Government was creating an enabling environment that will attract the best of investment in the country.

He reiterated that when the government of President Bola Tinubu came on board, he took some strategic initiative in the sector, which is today changing the narrative, and disagreed that oil could remain irrelevant.

He urged investors to take the opportunity of the oil bid round to make investment.

“Historically, no source of energy goes away. So, do not be deceived that fossil fuel will go away.

“Talks at the recent global conferences have further proved that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country,” Lokpobiri said.

‘’We are here at OTC to show the rest of the world that Nigeria is different and our government is different, in creating the best regulatory framework, allowing competitiveness, and removing all the investment barriers.

‘’Today, we are restoring investment confidence in the sector.

“Investors can bring in their funds without worries. We are showing the world that Nigeria is ready for business,” he added.

Lokpobiri, however, announced the abolition of signature bonus payment to the government by new investors in the oil and gas sector.

Signature bonus is a single, non-recoverable lump sum payment by the license holder to the government upon the granting of a petroleum exploration licence.

According to the minister, over the years, the payment of signature bonuses remains a huge bottleneck for investors.

“Stakeholders had explained that globally, payable signature bonus by awardees of an oil bloc or marginal field rank highest in Nigeria.”

He added that on many occasions, the huge amount involved in payment of signature bonus was a setback for investors.

He said that to ensure investors had a soft landing, such payments would now be tied to immediate exploration and production activities by the new entrants.

‘’Rather than pay such monies into the coffers of the federal government, the investor must now be able to prove to us that they have the funds required to move into exploration.

“What we have resolved going forward and with 2024 oil bid round is to see that fields won in a bid round must be put into immediate use as against what obtained in past where fields are left idle after assets are won.”

He said the new strategy would ensure the creation of jobs and boost activities in the upstream oil sector.

The News Agency of Nigeria (NAN) reports that Mr Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission ( NUPRC); Dr Uchechukwu Sampson Ogah, former Minister of State for Solid Mineral and Dr Gabriel Ogbechie, Group Managing Director, Rainoil Ltd. are among attendees at the conference. (NAN)

Edited by Folasade Adeniran

By Adebola Adegoke/Mariam Akande

Gov. Babajide Sanwo-Olu of Lagos State has emphasised the role of public-private sector partnerships in driving accelerated and sustainable economic growth in Nigeria.

He made the remark at the Nigerian Economic Summit Group (NESG) Public Lecture and Founders’ Forum held at the Lagos Business School on Thursday.

The event, which marked the official launch of the 30th anniversary of the Nigerian Economic Summit (NES) has the theme: ‘In the National Interest: Reflecting on the Past, Reimagining the Future”.

Sanwo-Olu said it was imperative that the public sector improved on its synergy with various actors pursuing a collective agenda of service for the citizens.

The governor highlighted the significant role the NESG plays in bringing together public and private sector leaders in the country in an ongoing dialogue to shape, influence and create a thriving competitive and successful economy.

“We’re not where we should be and we must continue to set goals to inspire ourselves to do better as a nation

“We may not always achieve our targets for our vision timelines, but that should not be an excuse for not trying,” he said.

He commended the NESG for its various interventions such as the flagship annual summit, roundtable and sectorial policy commissions, technical support work and policy innovation centre.

He, however, urged NESG to explore ways of deepening linkage between policy work and public consciousness that allows engagement with the citizenry.

Delivering the lecture, Mrs Ifueko Omoigui-Okauru, Managing Partner, Compliance Professionals PLC, said that while there had been significant economic changes, more needed to be done to ensure accelerated economic growth.

Omoigui-Okauru said that there was need to build inclusive policies that reflect the realities of the nation rather than imposing replicas of other countries.

“In 30 years, we may have made some progress, but we can’t say we have radically transformed Nigeria.

“As we reflect on the NESG, there’s still a lot to be done in bridging the rural-urban divide and have an inclusive agenda.

“We see our journey as work in progress. We need to determine the parameters that would drive our success and put policies in place  to move us in the direction where we need to be.

“It is important for us to move away from self interest, think of ways to use technology and other frameworks to collectively achieve the Nigeria of our dreams,” she said.

Earlier in his opening remarks, Mr Niyi Yusuf, Chairman, NESG, said the 30th Summit reaffirmed  the essentiality of public-private partnerships in tackling complex economic realities.

Yusuf, however, said that the journey to embracing market mechanisms has not been without its challenges.

He reiterated unwavering commitment in driving reforms through rigorous research, economic and social programmes, and inclusive summits, all aimed at shaping the socio-economic development of our nation.

“Thirty years ago, at a critical juncture in our nation’s history, the NES was born out of a necessity when the winds of economic challenges blew fiercely, necessitating a platform for robust public-private dialogue.

“Since our inaugural summit in 1993, the NES has been a progressive economic discourse rooted deeply in collaborative efforts between government leaders and private sector visionaries.

“Each Summit has crafted policies and strategies essential for removing barriers to competitiveness, growth, and inclusive development.

“Therefore, in commemorating this 30th anniversary, it is essential to assess and discuss the role of this public-private dialogue platform in Nigeria’s socio-economic landscape to provide us insights for future engagements,” he said.

The chairman assured collaborative efforts with the three arms of federal and subnational governments and private sector communities to propel Nigeria towards a more resilient, inclusive and prosperous future.

Dr Pascal Dozie, Chairman, NESG Advisory Board, listed political, economic, education and environment sectors as pathways to reimagining Nigeria’s future

Dozie, also pioneer Chairman of NESG Board of Directors, was represented by Mr Frank Aigbogun, Chief Executive Officer of BusinessDay.

He charged NESG to adopt new strategies in providing collaborative leadership in seeking answers to the following crucial questions.

“How do we strengthen democratic institutions and rule of law, foster culture of inclusiveness and representation?

“How do we promote transparency and accountability in governance and inculcate the culture of consequences for bad behaviour in every sphere of life?

“In economic reimagining, how do we diversify Nigeria’s economy, reduce dependence on oil, foster a business friendly environment and develop the much needed infrastructure base in a coordinated nationwide approach?

“How do we repurpose the educational system to focus on science, technology, engineering and mathematics, encourage technology entrepreneurship and innovation and address unemployment?

“For the environment, how can we develop sustainable agriculture and food security, promote sustainable practices, renewable energy and eco tourism?

“It is imperative that the NESG community leads from the front in not only providing actionable answers to these questions but also making sacrifices to ensure they are implemented,” he said.

Similarly, Chief Executive Officer of NESG, Dr Tayo Aduloju, said that strong institutions, political will, accountability by all stakeholders and the willingness for the government to allow private sector to drive growth were factors needed for a successful economic development.

“The challenge for us today is how to drive the country forward over the next 30 years in a way that is not just growth but growth that creates jobs and opportunities for everyone and no one is left behind.

“We are dealing with a country that is going through macro-economic volatility and instability.

“So, the lessons here at the forum are deep reflections of what should change in our approach, a stronger priority on execution, a deeper commitment on accountability of government systems to deliver and how economic barometers impact the ordinary man on the street.

“Our resilience to hold government accountable, to keep insisting that there must be an economy that works for all Nigerians, rule of law, an environment in which free enterprise is practiced, is what we must continue to fight for,” he added.  (NAN)

Edited by Olawunmi Ashafa

By Martha Agas

The Nigeria Customs Service (NCS) on Thursday inaugurated its Advance Ruling System to enhance trade facilitation in Abuja.

It has also organised stakeholders` engagement to foster mutual understanding of its programmes and to facilitate the rollout of the system.

Speaking at the event, the Comptroller General (C-G) of NCS, Adewale Adeniyi, said that the move was aimed at creating a more transparent and predictable business environment for its stakeholders.

Adeniyi described advanced ruling as a critical mechanism that allows traders obtain binding decisions from customs administrations on the classification, origin and valuation of goods before importation.

“This tool is essential for promoting trade facilitation, reducing compliance costs and fostering a conducive business environment, “he said.

The News Agency of Nigeria (NAN) reports the joint sponsorship by the Global Alliance for Trade Facilitation and the European Union-World Customs Organisations (EU-WCO) Rules of Origin (RoO) Africa Programme for NCS personnel training in January on advance ruling skills for rules of origin.

NAN also reports that both the World Customs Organisation and the World Trade Organisation have emphasised the significance of advance ruling in facilitating international trade and promoting customs compliance by aiding traders in making informed business decisions.

The C-G described the launch of the system as timely, aligning with the policy directive of President Bola Tinubu’s administration to facilitate ease of trade for legitimate traders.

“This is reflected in the Policy Advisory Document of the government, which highlights recent achievements, such as the approval to decongest the ports and make them free and accessible for importers and operators.

“Additionally, the recent inauguration of the Single Window steering committee by the President underscores high-level commitment to enhancing trade facilitation in Nigeria, “ he said.

He added that the implementation was also timely, particularly considering the significant number of disputes the service had to handle between 2020 and 2023.

According to him, out of the 34 disputes, 31 have been resolved, while three cases are still pending.

“Additionally, in spite of the absence of a structured mechanism, a total of 296 requests for Tariff opinions were received, with 266 processed and 30 pending.

“It is crucial to note that the absence of this mechanism has implications beyond Trade Facilitation, as it also impacts our revenue, “he said.

He said that the service would organise workshops and sensitisation sessions at its Area Commands to ensure the successful implementation and to ensure stakeholders` understanding for effective use.

The C-G said he had given approval for the development of a handbook to provide guidance to traders and customs officers, and also to ensure consistency and transparency in the service`s rulings.

He thanked the German International Cooperation Agency (GIZ) for supporting its commitment to facilitate ease of trade.

Earlier in his remarks, the Country Director of GIZ, Dr Markus Wagner, said that the advance ruling system was part of the Nigeria Energy Support Programme, funded by the German Federal Ministry for Economic Cooperation and Development.

Represented by Duke Benjamin, the Cluster Coordinator for GIZ Nigeria Programmes on Just Transition and Inclusion, he said the knowledge provided by the advance ruling would facilitate improvement in investments in Nigeria.

He added this was due to the clarity it brought on trade processes. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

By Joan Nwagwu

The National Union of Market Traders Employers of Nigeria (NUMTEN) has pledged  to end illegal price fixing and exploitation in Nigerian markets

Mr James Chukwuma, NUMTEN President made the pledge while receiving the union’s Certificate of Registration from the Nigeria Labour Congress (NLC), on Wednesday in Abuja.

The News Agency of Nigeria (NAN) reports that NUMTEN is the newest affiliate of the NLC.

Chukwuma said that the unstable market prices was worrisome to Nigerians and one of the objectives of the union is to ensure market reform.

“We are going to work with the market traders, distributors, manufacturers and even government to ensure that prices are regulated,” he said

He added that the union would protect traders from persistent exploitation and victimisation by unscrupulous elements hiding under the garb of the government.

According to Chukwuma,  NUMTEN has been registered to liberate helpless market traders from persistent intimidation and extortion in the hands of illegal market associations.

“This unlawful act perpetrated by these illegal impostors have caused grievous bodily harm to the market traders, with people losing their life on a daily basis on the account of the encounters.

“The idea is to tackle all the identified challenges, including, non-conducive trading environment, unrealistic business profit, unstable market prices, incessant lost of properties in the market from fire outbreak,” he said.

Chukwuma said that NUMTEN is a symbol of hope to salvage government revenue being siphoned by minority individual and illegitimate association.

He said the union would ensure that the right revenue goes into the government purse, and the labour of its members would not be in vain any longer.

NUMTEN president also promised to enter into collaboration with other sister unions and government agencies, to ensure Nigeria becomes a productive and not consuming nation.

“We will ensure that Nigeria becomes an industrialised nation producing finished goods for consumption by other nations in the world,” he said.

Mr Benson Upah, NLC Head of Information, urged the union to be up and doing and priotise workers’ welfare. (NAN)(www.nannews.ng)

Edited by Rotimi Ijikanmi