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Business News

Conditional cash transfer: FG gives reason for disengagement of 2 service providers

FG has directed the termination of contracts with 2 PSP over delays in the implementation of the conditional cash transfer policy. 

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The Federal Government has directed the termination of contracts with two Payment Service Providers (PSP) over delays in its implementation of the conditional cash transfer policy.

This directive, which was shared via a tweet post, was given by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, on Tuesday, April 14, 2020.

The two PSPs were accused of their inability to meet up with their contractual agreements, thereby causing cash transfer delays to 4 states namely Bayelsa, Akwa Ibom, Abia, and Zamfara.

The tweet post from the Ministry states:

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, has directed the immediate termination of the contract for two Payment Service Providers.

“The failure of any payment service providers to meet their contractual agreement is unacceptable. The Federal Government through the Ministry cannot allow contractors to derail the immediate conditional cash transfer to the poor and the vulnerable.”

The Ministry said that the immediate termination of the contract would be with the guidance of the World Bank, and a new procurement process would be launched using World Bank procurement guidelines to ensure that payments commence in the affected states before April 28, 2020.

(READ MORE: FG discloses impact of OPEC+ oil cut, how to manage post subsidy era)

The Minister frowned at the delays in the current payment of N20,000 stipends to the beneficiaries under any excuse.

This happens to be a form of response by the Ministry to numerous criticisms which the Federal Government has been getting on the structure, transparency, efficiency and mode of operation of the Government’s social investment programme of which the conditional cash transfer is a critical component.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Economy & Politics

Nigeria needs urgent economic diversification – AfDB

The AfDB said that the diversification of the Nigerian economy had become important for it to respond favourably to the emerging challenges of the 21st century.

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The African Development Bank has stated that Nigeria, Africa’s largest economy, needs urgent economic diversification to move the country from a single income source (oil and minerals) towards multiple income sources.

This was disclosed by Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB), at the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Edo state, on Monday.

What the AfDB said about diversification

“In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19.

Economic diversification entails a shift away from a single income source (oil and minerals) toward multiple income sources from an increasing spectrum of sectors, products and markets,” he said.

In case you missed it

The International Monetary Fund (IMF) stated earlier this year that economic diversification was important to Nigeria and critical for her economic recovery.

They said the limited gains from inward-oriented policies in terms of creating jobs and improving living standards suggested that Nigeria needed to have a change of strategy. It was pointed out that in order to accommodate a growing number of young people entering the labour market, Nigeria would need to create at least 5 million new jobs each year over the next decade.

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Business News

Ghana-Nigerian traders dispute: FG to send delegation to Ghana

The delegation will be led by the Minister of Trade, Niyi Adebayo, and comprised of other private stakeholders.

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AfCFTA: Trade Minister advises Nigerian businesses to take opportunity of agreement

The Nigerian Government will send a delegation led by the Minister of Trade, Niyi Adebayo, to Ghana to end the crisis between Nigerian traders in Ghana and local authorities—an issue that started last year before the Ghanaian Presidential elections.

The delegation was ordered by the Presidency as disclosed in a statement by the trade ministry on Monday evening.

The statement revealed that the delegation would be comprised of private stakeholders also who would be sent to dialogue with Ghanaian trade authorities to find a solution to the crisis.

The meeting between both parties will be held between May 31 and June 1, 2021.

What you should know

Recall Nairametrics reported last year that Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, said that Nigeria’s border closure in 2019 hurt Ghanaians and nearly bankrupted many Ghanaian export businesses after their goods were stuck at the Seme Border for months, reacting to the shutdown of Nigerian-owned shops by Ghanaian authorities last year.

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