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Nigeria can become an exporting nation through indigenous entrepreneurship – Pantami

Pantami stated that Nigeria can become an exporting nation if it leverage on indigenous entrepreneurship.

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How the NCC’s Strategic Management Plan Will Drive The Digital Economy

The Minister of Communications and Digital Economy, Dr. Isa Pantami stated that Nigeria can become an exporting nation if the country can leverage on the innovations of her youths and indigenous entrepreneurship.

The Minister made this statement at the stakeholders’ Review Workshop on National Digital Innovation and Entrepreneurship Policy, tagged “Developing an Enabling Digital Innovation and Entrepreneurship” in Abuja today.

Dr. Pantami maintained that the responsibility of the ministry is to work on policies that will remove the obstacles and the barriers to the development of the country, adding that the National Digital Innovation and Entrepreneurship Policy is aimed at providing an enabling environment for indigenous innovations to thrive.

The Minister noted that from his engagement at Massachusetts Institute of Technology (MIT), Boston, he realized that a nation’s digital economy success relies on two elements – indigenous digital innovation and indigenous entrepreneurship.

What they are saying

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Dr. Pantami, speaking about the National Digital Innovation and Entrepreneurship Policy said:

We want to engage our start-ups, ICT hubs all over the country, identify their major challenges and see how government can provide an enabling environment for them to be very successful and that is the idea behind this policy.

“These are the two elements that will make the country a producing nation instead of a consuming nation. It is because of this, I feel this is the right time to work on the National Digital Innovation and Entrepreneurship policy.”

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Director-General of National Information Technology Development Agency, (NITDA) Mallam Kashifu Inuwa Abdullahi, said :

We have seen an IDE (Jumia) that created more than 5,000 direct jobs and grew to more than 1B USD valuation within three years. Boston Consulting Group projected that by 2025, Jumia and other potential unicorn companies could create more than three million jobs in Africa.

“In line with this, the objective of the policy produced is to help institutionalized digital entrepreneurship in our country in line with President Muhammadu Buhari’s economic diversification agenda.”

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More Nigerians should be involved in cargo freight – NIMASA

NIMASA DG has advised for more Nigerians to be involved in cargo freight to promote indigenous participation in the maritime space.

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Nigeria to ban foreign vessels operating without valid license by December - NIMASA

The Nigerian Maritime Administration and Safety Agency (NIMASA) has emphasized the need for full implementation of the relevant local content strategy by ensuring that Nigerian cargoes are freighted by the nationals to promote indigenous participation in maritime space, diversification and increase in international shipping trade.

This disclosure was made by Dr. Bashir Jamoh, NIMASA Director-General, on Thursday in Abuja at the NIMASA special day at the 15th Abuja International Trade Fair which had its theme as, “Trade and Commerce Beyond Borders”.

Dr. Jimoh was ably represented by Mr Momoh Alhassan, Head, Shipping Promotions Unit, who spoke on “Investment Opportunities for Micro Small and Medium Enterprises (MSMEs) in the Nigerian Blue Economy”.

According to Mr. Alhassan, “Nigeria has cargoes and these cargoes should be carried by Nigerians to promote indigenous participation in the maritime space”

“It will further promote diversification and increase in international shipping trade, such as exportation of available produce which when we utilise the capability in the country, will reduce importation of goods and services, conserve foreign exchange and curtail capital flight which will contribute to GDP growth and economic stability.”

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(READ MORE: Union Systems wins Trade Finance Software Solution Provider of the Year Award)

The DG went further to explain that the National Shipping Policy, established under decree 10, 1987 stipulated that Nigerians should have a right of freight, which must be up to 50 per cent of all dry cargo originating from international commercial ventures of local, state and the Federal Governments.

What you should know

  • Section 37, sub-section six, of National Shipping Policy stipulates that NIMASA would determine an efficient strategy for the participation of national carriers in the carriage of crude and petroleum products to and fro Nigeria.
  • If the maritime sector is appropriately harnessed, income would accrue to small businesses in local and foreign currency, thereby collectively boosting Gross Domestic Product (GDP).
  • Some of the opportunities for Nigerians in the marine sector include vessel building, maintenance, manning, support services like insurance, legal, and catering among others.

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Seplat Petroleum set to sue Access Bank over sealing of its headquarters

Seplat Petroleum Development Company Plc is set to seek legal action against Access Bank over the sealing of its corporate headquarters.

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There is a brewing legal battle between the management of Seplat Petroleum Development Company (SPDC) and Access Bank of Nigeria Plc, over the indebtedness of a third party.

This has led to the sealing off of the SPDC’s corporate headquarters at 16A Temple Road, Ikoyi, Lagos.

However, the management of SPDC has maintained that it is not a shareholder in Cardinal Drilling, neither has it any outstanding loan obligations to Access Bank. SPDC further stated that it did not at any time make any commitment or guarantee in respect of Cardinal Drilling’s loan obligations to Access Bank.

In response to the action taken by Access Bank, the management of SPDC has stated that the court order lacked any merit or justification. SPDC also plans to take legal actions in order to counter the order.

What they are saying

A part of the press statement issued by SPDC, signed by its company’s Secretary and General Counsel, Mrs Edith Onwuchekwa, and seen by Nairametrics reads thus:

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“We understand that Cardinal Drilling has outstanding loan obligations to Access Bank. However, SEPLAT is neither a shareholder in Cardinal Drilling, nor has outstanding loan obligations or guarantees to Access Bank and did not at any time make any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank. SEPLAT strongly believes that there is no merit or justification for this action against it and has taken prompt legal action to vacate the court order pursuant to which the building was sealed.

“This action was taken by Access Bank without any prior notice to SEPLAT, as required under Nigerian law. SEPLAT will vigorously defend against this improper action to the full extent of the law and will seek all appropriate legal remedies.”

What you should know

According to findings by Nairametrics, the third party – Cardinal Drilling Service Limited, which provides drilling services to SPDC, has outstanding loan obligations to Access Bank, prompting the legal action.

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Germany agrees to deepen sustainable economic development with Nigeria

The Federal Goverment of Nigeria and Germany have agree to deepen sustainable economic development.

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Germany agrees to deepen sustainable economic development with Nigeria

The Nigerian and German governments have agreed to deepen ties on sustainable economic development, climate change, and agriculture.

This was disclosed at the just concluded Nigeria-German Bilateral government consultations and sectoral dialogue held in Abuja, reported in a statement by the Ministry of Information.

READ: Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA

The Minister of State, Budget and National Planning, Prince Clem Ikanade Agba, commended the German government for its commitment and undying interest in the affairs of Nigeria since independence.

He stated that the cooperation between both nations was based on mutual trust, respect, and understanding. He added that since the last consultative meeting between both sides was held in 2017, progress had been made on programmes and projects as contained in the resolutions.

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The meeting was also to discuss the new German Reform Strategy, which is a plan to improve Germany’s development policy with its partner countries. 

READ: German bank to support 10,000 Nigerian SMEs with $33 million credit facility 

(READ MORE: Analysis: Nigeria needs an austerity diet)

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The Minister disclosed that the reforms would focus on areas of cooperation between Nigeria and Germany, including, climate, health, and family policy, sustainable supply chains, harnessing digital technology, technology transfer, and strengthening private investment, with a view to overcoming hunger and poverty. 

He pointed out that the reform strategies were in line with the economic sustainability and inclusive growth espoused by the Government of Nigeria in the Economic Recovery and Growth Plan (ERGP 2017-2020).

Claudia Wolk, Country Manager Nigeria, representing the German Government, said the bilateral development co-operation, was to reform processes and reposition German development co-operation, in order to improve the capacity to tackle new challenges and demands in international co-operation.

The areas outlined by both countries include;

  • Sustainable economic development: Germany said it would continue to support Nigeria through measures focused on promotion of needs-based technical and vocational education and employment possibilities for the youth with 7.5 million EUR (Bilateral Technical Cooperation Grant).

READ: E-Citizenship automation has generated N2 billion for FG – Interior Ministry

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(READ MORE: FG tasks experts, host institutions to join sub-technical committees on Police reform)

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  • Responsibility for our planet-climate energy: The German government explained that a feasibility study had been commissioned, recommending a financial contribution in the form of a subordinated loan of 25 million Euro (Bilateral Financial Cooperation) and accompanying measures of 0.5 million Financial Cooperation Grant from the German Government to start the MSME credit line with the focus on RE/EE (Green Credit Line).
  • Agricultural sector: The German government pledged to commit 4.3 million Euros (Regional Technical Cooperation Grant) to the Green Innovation Center for the Agriculture and Food Sector to increase employment, income generation, and productivity improvement along various agricultural chains.
  • COVID-19 responses: The German government intends to further commit 5 million Euros (Bilateral Financial Grant) to the ongoing eradication programme. That would allow support for the implementation of the National COVID-19 Response Plan.

READ: N117 billion approved by FG for road rehabilitation

What you should know 

  • Nairametrics reported in October that the Federal Government of Nigeria had opened the portal for the registration of the 2021/2022 Bilateral Educational Agreement (BEA) scholarship for deserving Nigerians.
  • The BEA scholarship is awarded to both undergraduate and postgraduate students and tenable in some selected countries in Africa, Europe, and Asia.
  • Nigeria also agreed to deepen bilateral relationships with other nations as Minister of Aviation, Sen. Hadi Sirika, disclosed last month that the Federal Government of Nigeria would sign more Bilateral and Multilateral Air Services Agreements in the year 2021, for the benefit of air travellers and the nation at large.
  • The Federal Government signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) this month, which provides a platform for the nations to engage each other bilaterally.

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