Economy & Politics
Buhari announces $200m intervention funds for local oil firms, disbursements for mortgages
The fund is to boost indigenous participation in the oil and gas sector in order to grow local content.
President Muhammadu Buhari has announced the disbursement of funds from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers in the oil and gas sector.
This was part of the President’s speech during his June 12, 2020, Democracy Day Speech on Friday.
This is part of the Federal Government’s effort to boost indigenous participation in the oil and gas sector in order to continue to grow local content and invariably increase investment in the sector.
According to the President, ‘’We continue to grow local content in other areas of the oil and gas sector with the disbursement of funds from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers.’’
As at July 2019, the Nigerian Content Development and Monitoring Board (NCDMB), which has the responsibility to manage this fund had disbursed about $160 million to local oil firms.
READ MORE: The dangling fate of indigenous oil upstream operators
In a related development, the president in his speech announced Federal Government’s plan to conduct bidding process for 57 Marginal Oil Fields in order to improve revenue especially in this period of a fiscal crisis caused by the coronavirus pandemic and further increase participation of Nigerian companies in oil exploration and production business.
On the sustenance of a peaceful and conducive business atmosphere for the oil and gas sector, President Buhari pointed out that with the sustained engagement of youths, opinion leaders, and other stakeholders, peace has been restored in the Niger Delta Region and oil production levels maintained.
Announcing his commitment to the development of the region and ensuring that development meant for the people of the Niger Delta to get to them, the president authorized a Forensic Audit of the Niger Delta Development Commission.
The president also announced the Federal Government’s disbursement of N7.7 billion for 868 mortgages and delivery of 1,200 housing units to low and middle-income earners.
READ MORE: Importing petroleum products must stop, NNPC has over $20bn assets – Kyari
In his statement, Buhari said, ‘’Our pursuit of affordable housing for the low and middle-income earners has received a boost with the delivery of 1,200 housing units, provision of 520 service plots with infrastructure through a Public-Private Sector partnership and the issuance of 868 mortgages totalling N7.7 Billion. Similarly, Home Renovation Loans totalling N16.2 Billion have been granted to 19,210 people.’’
Crude oil
He also reiterated the federal government’s commitment to continue with investments in the Aviation sector in order to position it as a travel and trade hub in West Africa and the African continent in general.
Airport Terminals in Abuja, Lagos, Kano, and Port Harcourt are being expanded, while the rehabilitation of the Enugu Airport is almost completed. All the airports are being raised to international standards with the provision of necessary equipment, especially navigational aids, to guarantee world-class safety standards.
Economy & Politics
WTO: US opposing consensus to declare Okonjo-Iweala as DG – Foreign Affairs Ministry
The Ministry announced Okonjo-Iweala has secured the support of the majority of the member nations but is being opposed by the US.
The Ministry of Foreign Affairs announced in a statement that Nigeria’s candidate for Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has secured the support of the majority of the member-nations – but is yet to be declared and returned as the winner, as the United States is opposing the consensus.
This was announced in a statement by the Ministry on Thursday evening to inform the nation that the third and final round of the selection process of the WTO DG position was formally announced on Wednesday 28th October 2020.
READ: This is what Ngozi Okonjo-Iweala is up against
Ministry of Foreign Affairs, Abuja __________________________________
PRESS RELEASE pic.twitter.com/K557KyJQzO— Ministry of Foreign Affairs, Nigeria 🇳🇬 (@NigeriaMFA) October 29, 2020
What you should know
Nairametrics reported this week that Dr. Ngozi Okonjo-Iweala is close to being appointed as the new Director-General of the World Trade Organisation (WTO).
A group of ambassadors also known as “troika” had proposed Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.
READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses
The U.S President, Donald Trump blocked the appointment of Ngozi Okonjo-Iweala as the WTO’s next DG on Wednesday, citing support for South Korea’s Yoo Myung-hee.
Dr. Okonjo-Iweala stated that she is positive despite hiccups in her bid to emerge as the next DG of the organization. She said, “Happy for the success & continued progress of our WTO DG bid. Very humbled to be declared the candidate with the largest, broadest support among members and most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We’re keeping the positivity going.”
READ: WTO: Nigeria’s Ngozi Okonjo-Iweala gets European Union support
The Ministry of Foreign Affairs said in its statement that, “Dr. Ngozi Okonjo-Iweala has secured the support of the majority of the member countries, but is yet to be declared and returned the winner. This is because apart from winning the election, all 164 Member States of WTO were expected to adopt the winner by consensus. In accordance with the rile of the procedure of the WTO.”
It is important to highlight that Dr. Okonjo-Iweala has secured cross-regional backing with only the United States opposing the consensus.
READ: Transport Ministry to share N10 billion palliative scheme
The Ministry added that a meeting would be held by the General Council of the WTO on the 9th of November 2020 to declare a final decision on the election process.
Economy & Politics
WTO: Okonjo-Iweala says she is positive despite hiccups
Okonjo-Iweala has announced her excitement about being declared candidate with the largest and broadest support among members.
In an optimistic outlook, Dr. Ngozi Okonjo-Iweala has declared that she is positive despite hiccups in her bid to emerge the next Director-General, World Trade Organisation (WTO).
As the candidate with the largest, and broadest support among members of WTO and most likely to attract consensus, she is optimistic that success is hers.
This was revealed by the former coordinating minister of the Economy herself, through her verified Twitter page.
READ: Trans-Nationwide Express Plc suffers N79 million loss in Q3 2020
Happy for the success & continued progress of our @wto DG bid. Very humbled to be declared the candidate with the largest, broadest support among members & most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We're keeping the positivity going!
— Ngozi Okonjo-Iweala (@NOIweala) October 29, 2020
Backstory: Recall that Nairametrics had earlier reported that Okonjo Iweala is close to being appointed as the new Director-General of the World Trade Organization.
This is after a rigorous selection process that has seen the former minister of Finance scale through a lot of hurdles, making it to the top two.
READ: Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu
What you should know: According to a press release by the Ministry of Foreign Affairs, the third and final round of the selection process of the Director-General of the World Trade Organization (WTO) was concluded on Tuesday, 27 October 2020 and the result was announced on Wednesday, 28th October 2020.
Dr. Okonjo-Iweala secured the support of the majority of the member-countries but is yet to be declared and returned the winner.
This is because apart from winning the election, all 164 member-states of WTO were expected to adopt the winner by consensus, in accordance with the rule of procedure of the WTO.
It is important to highlight that Dr. Okonjo-Iweala has secured cross-regional backing with only the United States opposing the consensus.
(READ MORE: WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt)
A meeting of the General Council of the WTO has been scheduled for 9th November, 2020 for the final decision on the election process.
What they are saying: Expressing her optimism in winning the race, Dr. Okono-Iweala said: “Happy for the success & continued progress of our @wto DG bid. Very humbled to be declared the candidate with the largest, broadest support among members & most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We’re keeping the positivity going.”
Explore some Advanced Financial Calculators on Nairametrics
Economy & Politics
Nigeria’s Ngozi Okonjo-Iweala close to being announced as new DG of WTO
Ngozi Okonjo-Iweala is expected to be announced as the new DG of the World Trade Organisation.
Nigeria’s former Finance Minister, Dr Ngozi Okonji-Iweala, is close to being appointed as the new Director-General of the World Trade Organisation (WTO).
READ: Okonjo-Iweala gets Organised private sector’s endorsement for WTO job
According to Reuters, a group of ambassadors also known as “troika” has proposed Ngozi Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.
READ: Buhari assures Okonjo-Iweala that the country will push until she emerges WTO DG
Most Nigerian Media houses have already announced NOI as the winner of the process even though this is yet to be made official by the WTO.
The winner for the role of DG of WTO is expected to be announced formally by the WTO later today.
However, there appears to be a new twist, in the expected announcement of her emergence as the new Director-General of the WTO.
The United States through its representative at the WTO has insisted that the South Korean candidate is still in contention and that Washington will not recognize Okonjo-Iweala as the consensus candidate for appointment as Director-General.
As a result, the General Counsel of WTO, postponed the announcement of a new Director-General until November 9, after the US presidential election, after further consultations would have been made.
The announcement of Okonjo-Iweala, who is reported to have gotten the support of a vast majority of members states, including the EU, Japan and China, as the new boss of the World Trade Organization, would have been a huge boost for Africa
Rich investors are moving cryptos at an alarming rate
IGP says protesters attacked 205 public, private facilities
Protecting your money from fraudsters
Canada to receive over 1.2 million immigrants in next 3 years
COVID-19 Update in Nigeria
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦460/$1
LivingTrust Mortgage Bank posts N192 million in Q3 2020
CBN grants Mortgage Refinancing Companies approval to refinance Non-member banks
UACN Property Development Company Plc: Decrease in sale of property stock, others depletes revenue
