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Greek firm gets FG backing to train youths on fishing 

Concept Amadeus has disclosed its intention to set up an industrial fishing project for the purpose of engaging youths in the Niger Delta.

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Greek firm gets FG backing to train youths on fishing 

In line with the Federal Government’s plan to lift several people out of poverty, a Greek firm, Concept Amadeus, has disclosed its intention to set up an industrial fishing project for the purpose of engaging youths in the Niger Delta region.

The Details: The firm would construct fishing vessels that would ensure fish is processed according to European Union Standards. At the end of the process, 3500 people are to be engaged and 110 fishermen catered for.

The plans were unveiled when representatives of Concept Amadeus met with the Minister of State for Budget and National Planning, Clem Agba in Abuja. The representatives were led by Alabo Wokoma.

Nigeria is losing billions of naira to lack of fish farming – NFAN 

The Minister responded that the Government was aware of the project and would give adequate support for the growth of the project. Agba noted that the projects would boost fish production for the region.

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Agba noted that the project would keep youths engaged through job creation and enhancement of economic activities in the region.

“I am particularly impressed by this initiative, which shows that a lot can happen when there is partnership between the government and the private sector.

“The Concept Amadeus/Greek Partnership was one of the good things that came out of the Economic Recovery and Growth Plan Focus Labs, which was organised by the Federal Government from January to May 2018,” he said.

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[READ MORE: Japanese group trains farmers on modern technology]

On the other hand, Wokoma told the minister that the training had been remodelled based on the recommendations from the contributions from the Economic Recovery and Growth Plan (ERGP)’s team.

He disclosed that the project would not only build fishing vessels but also train young Nigerians in the art of fishing. The training is scheduled for Greece.

What you should know: Fish farming, if given utmost priority, can be valuable to the economy. Apart from producing enough fish to meet the nation’s demand, it can also be exported to other countries to be used as raw materials in manufacturing industries for productions of glues, paints, medications and so on.

Fish farming can also be a viable sector for foreign investments because when it attracts the attention of foreign investors, it will, in turn, be of advantage as it will boost the country’s economy.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Economy & Politics

Breaking: Senatorial, State House of Assembly bye-elections postponed – INEC

Senatorial and State House of Assembly bye-elections slated to hold on October 31 in 11 states have been postponed by INEC.

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Nigeria's election delay

The 6 Senatorial and 9 State House of Assembly bye-elections slated to hold on October 31 in 11 states of the Federation has been postponed by the Independent National Electoral Commission (INEC). The vacancies were as a result of death and resignation of previous members.

According to the statement issued by its National Commissioner & Chairman, Information and Voter Education, Festus Okoye Esq., INEC said the decision was taken after meeting with the 37 Resident Electoral Commissioners (RECs) on Thursday.

Though the commission did not categorically state the reason for the postponement, feelers are that it may not be unconnected with the raging #EndSARS protests across the nation.

 

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Details shortly…

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Economy & Politics

Breaking: Some Nigerians mistook promptness of FG response as sign of weakness – Buhari

President Buhari has said that FG’s promptness to consent to the demands of the protesters was taken as a sign of weakness.

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Buhari says large proportions of new COVID-19 infections now occur in communities

President Muhammadu Buhari has pointed out that the promptness with which the Federal Government acted in meeting the demands of the #EndSARS protesters seemed to have been misconstrued as a sign of weakness and twisted by some for their selfish unpatriotic interests.

This was disclosed by the president in his national broadcast on Thursday, October 22, 2020, on the current widespread violence which has engulfed the country following the protest against police brutality and extrajudicial killings.

The president said that the government listened to the protesters and after evaluating their five-point demands, they were accepted and some of them implemented, which includes the disbandment of SARS.

In his address to Nigerians, President Buhari said, “As a democratic government, we listened to, and carefully evaluated the five-point demands of the protesters. And, having accepted them, we immediately scrapped SARS and put measures in place to address the other demands of our youth.

“On approving the termination of SARS, I already made it clear that it was in line with our commitment to the implementation of extensive Police reforms.

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“Sadly, the promptness with which we have acted seemed to have been misconstrued as a sign of weakness and twisted by some for their selfish unpatriotic interests.

The president said the actions of these elements has caused serious violence which has led to the loss of human lives, attack on correctional facilities, destruction and vandalization of public and private properties, attack on the palace of Oba of Lagos, invasion of International Airport and so on.

While acknowledging that the choice to demonstrate peacefully is a fundamental right of every citizen as enshrined in the constitution, the president pointed out that this right to protest also imposes on the demonstrators the responsibility to respect the rights of other citizens and the necessity to operate within the law.

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Economy & Politics

WTO DG: US, EU divided over Nigeria’s Okonjo-Iweala and South Korea’s Yoo

The US and EU are divided over the choice between Nigeria’s Okonjo-Iweala and South Korea’s Yoo for the WTO DG.

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WTO DG: US, EU divided over Nigeria’s Okonjo-Iweala and South Korea’s Yoo

The United States and Europe are heading for a dispute over which of the candidates to support for the top position in World Trade Organization (WTO), as the selection of the first woman to head the global trade organization enters a pivotal phase.

According to a report from Bloomberg, the EU is inclined to support Nigeria’s Ngozi Okonjo-Iweala and may sign off on that position Wednesday, whereas the Trump administration is leaning towards South Korea’s Yoo Myung-hee. However, China’s preference and those of other major economies like Brazil and India remain unclear.

READ: WTO: Selection of new DG might be tied to the upcoming US presidential election

The new DG, WTO is expected to be announced in November to replace Brazilian Roberto Azevedo, who stepped down from the job at the end of August – a year before his term ended. He was the sixth consecutive man to lead the 25-year-old organization.

Rufus Yerxa, former deputy DG of the WTO from 2002 to 2013 and now heads the National Foreign Trade Council, a Washington-based business group representing US companies said, “We shouldn’t dismiss the possibility that this could end in a deadlock and that an outcome will have to wait for the U.S. election and what the next administration decides to do.’

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READ: How the United States plans to control the African Development Bank

While few countries are publicly saying which of the two women they support, the process requires a consensus of the WTO’s 164 members; meaning a single nation could block either Yoo or Okonjo-Iweala. Muddling the picture even further are trading alliances from Africa to Asia strained by three years of tariff wars and protectionist sentiment, only heightened by the COVID-19 pandemic.

For instance, South Korea’s Yoo has struggled to secure support from Japan, a trading partner and rival of South Korea. Deteriorating trade relations between the two export powerhouses has negatively impacted on Yoo’s campaign initially and remain an important consideration in the last phase of the race.

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READ: Standard Chartered partners IFC to offer $1 billion credit facility

In an interview on Friday, Yoo acknowledged that she might have an uphill battle. She said, “Everybody loves an underdog story. I believe I have earned members’ trust through my hard work, sweat and perseverance, and sincerity. I will continue to do that.”

The EU played a critical role in the selection process for the previous round when the 27-nation bloc selected both Yoo and Okonjo-Iweala to be its preferred candidates for the final stage. That effectively sank the candidacy of Kenya’s Amina Mohamed, who had been viewed as an early front-runner in the race.

Since the shortlist was trimmed to two earlier this month, both Yoo and Okonjo-Iweala have been working behind the scenes to shore up support. Among the bargaining chip they can offer to nations that endorse them is a job for their citizens as one of the four WTO deputy DG.

READ: This is what Ngozi Okonjo-Iweala is up against

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Nairametrics had earlier reported that Nigeria’s Ngozi Okonjp-Iweala had secured the support of the 55-member African Union to lead the global trade organization. This is in addition to the endorsement from the Economic Community of West African States (ECOWAS), Caribbean and the Pacific States, bringing the total to about 79 countries that are currently supporting her candidacy.

Nigeria’s former finance minister has positioned herself as an outsider – one who has never worked at the WTO or led a trade deal negotiation. Last week she called for a return to a multilateral system. In a virtual panel discussion on Thursday, she said, “Let’s strengthen that – that is what will serve the world, and let’s do less of the bilateral spats that we see.”

READ: COVID-19: IMF Chief predicts $345 billion financing gap in African countries 

But Okonjo-Iweala is viewed by people familiar with U.S. Trade Representative Robert Lighthizer’s thinking, as being too close to pro-trade internationalists in Washington like Robert Zoellick, the former USTR and World BankPresident. Okonjo-Iweala, who served as a Senior Executive under Zoellick at the World Bank from 2007 to 2011, was a candidate to replace him when he stepped down in 2012.

Lighthizer is a longtime WTO skeptic, and people close to him say he would prefer to see a more technocratic candidate like Yoo, South Korea’s Trade Minister and a 25-year veteran who has helped expand her country’s commercial network through bilateral accords with China, the EU, the U.K., and the U.S. He knows the Korean from having worked with her on the renegotiation of a trade agreement early in the Trump administration.

What this means

It appears that there might be a stalemate in the selection of the new head of the WTO as the 2 parties are very critical and important stakeholders in the global trade organization. The US has always played a key role in deciding who leads the WTO; although, in collaboration with most of its European allies.

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