COVID-19 Update in Nigeria
US Capitol complex temporarily shut down
Champion Breweries gains 32.35% in a week, following Heineken’s indirect acquisition of its shares
Kinyungu Ventures Research calls for changes to cut-and-paste VC strategy in Africa
Flour Mills shares lose N7.4 billion on NSE, as investors book profit
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦470/$1
4 cryptos gain over 400% in a month, far outperforming Bitcoin
Naira remains stable across forex markets as external reserve continues to rise
Oil prices tumble on fears of global economic recovery
Business
FG says Second Niger Bridge will be completed in 2022, project to cost N414 billion
The Minister of Works and Housing, Babatunde Fashola, has said the second Niger Bridge will be completed by 2022.
The Federal Government has assured that the Second Niger Bridge project is on course and would be completed by 2022.
In the breakdown of the project cost which will cost the Federal Government about N414 billion, it said that the bridge alone would cost N206 billion, while ancillary roads linking the bridge would cost about N208 billion.
READ: Senate summons Fashola, Ahmed over contract sum variation for Second Niger Bridge, others
READ: Mining to contribute 3.0% to GDP by 2025
This disclosure was made by the Minister for Works and Housing, Babatunde Raji Fashola, during a town hall meeting with stakeholders and host communities of Second Niger Bridge on Friday, November 20, 2020.
The minister also carried out a project update inspection of the main works and associated infrastructure of the Second Niger Bridge project in Anambra and Delta States.
He urged agitating persons in the area to think about the economic benefits of the project to them.
READ: FG to repatriate fresh $321million Abacha loot, to be spent on road construction
While pointing out that some grounds on the job had been lost owing to conflicts resulting from compensation, Fashola urged people who are agitating in the area, to think about the economic benefits of the project to them
He reminded the stakeholders and host communities that beyond the bridge and the roads, the materials needed for the construction were big economic empowerment for host communities and people of the two states of Anambra and Delta.
READ: Shutdown of OML 25 cost Nigeria over $1.7 billion – NNPC
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He said, “Let me speak to what this project will do, what it is doing and what it will be delivering. In order to complete this project, this company will be needing 644 aggregates. The contractors won’t import these; they will be buying them from here.
“They will need four million cubic tonnes of sand; 68,000 tonnes of cement and 21,000 tonnes of re-enforcement. The company will need 19m litres of diesel which will be supplied by contractors as it does not produce diesel while 1400 indigenous workers will be employed to work on the bridge.”
READ: Lekki Deep Sea Port must be operational by 2022 – Amaechi
He noted that from the start of the project the price of land in the area began to go up.
Fashola has for some days, been making official visits to the 3 flagship projects under the Presidential Infrastructure Development Fund and assured of President Muhammadu Buhari’s commitment to the completion of these 3 projects by 2023.
These projects include the Abuja-Kaduna-Kano Dual Carriageway, the main works and associated infrastructure of the Second Niger Bridge and the reconstruction, rehabilitation and expansion of the Lagos-Ibadan Dual Carriageway.
Minister of @FMWHNIG, @tundefashola, on the Second Niger Bridge, during his visit on November 20, 2020: “The President asked me to assure you that nothing would stop the completion of the project in 2022. The project is on course.” pic.twitter.com/PbwBo4U2op
— Government of Nigeria (@NigeriaGov) November 23, 2020
Business
FG outlines steps to be taken by businesses to export to AfCFTA countries
FG has outline steps to be taken by Nigerian businesses to export to other member-countries of the AfCFTA.
The Federal Government has outlined steps to be taken by Nigerian businesses to export to other African countries that are part of the African Continental Free Trade Agreement (AfCFTA).
This follows the take-off of the trade agreement, which is reputed to be one of the largest globally, on January 1, 2021, with 54 African countries signed on to it.
This disclosure is contained in a public statement issued by the Nigerian Office For Trade Negotiations (NOTN) and signed by its Acting Director-General/Chief Trade Negotiator, Victor Liman.
The guide by NOTN is to assist Nigerian exporters who want to take advantage of AfCFTA.
Steps to be taken by exporters
- Exporter or agent must secure all necessary licenses, permits, certificates and necessary documents from relevant agencies like Nigerian Export Promotion Council (NEPC), Standard Organization of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), Nigerian Agricultural Quarantine Service (NAQS) and others.
- Ensure that the product qualifies for export under AfCFTA.
- Next, create a bill of entry, attach all relevant permits from government agencies and secure reservation with shipping or airline company. Apply for Nigeria Customs Service AfCFTA Certificate of Origin after paying a fee.
- The Nigerian Customs Service is the issuer of the certificate, however, NACCIMA must vet the application.
- Also, other accompanying documents required for shipment under AfCFTA should be included like Certificate of origin, Nigerian Customs Bill of Entry, Bill of Lading, Packing list, and Certificate of Analysis.
Finally, compulsory AfCFTA trading documents are
- Supplier/Producer’s declaration form.
- Origin of declaration form.
- AfCFTA Certificate of origin.
What you should know
- The African Continental Free Trade Area (AfCFTA) agreement which took off in January 1, 2021, is expected to create the world’s largest free trade area measured by the number of countries participating.
- The pact which connects about 1.3 billion people across 54 countries with a gross domestic product (GDP) valued at $3.4 trillion, has the potential to lift 30 million people out of extreme poverty. However, achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures.
- The scope of AfCFTA is large as the agreement will reduce tariffs among member countries and cover policy areas such as trade facilitation and services, as well as regulatory measures such as sanitary standards and technical barriers to trade. Full implementation of AfCFTA would reshape markets and economies across the region and boost output in the services, manufacturing and natural resources sectors.
Business
AfCFTA: Nigerian Commodities Exchange prepared for agreement – MD
The Managing Director of the Nigerian Commodities Exchange has stated that the agency is fully prepared to take advantage of the AfCFTA.
The Nigeria Commodity Exchange (NCX) is well-positioned to take advantage of the African Continental Free Trade Agreement (AfCFTA), through the implementations of several measures to ensure smooth export operations of Nigerian Commodities.
This was disclosed by the Managing Director of the Commodities Exchange, Mrs. Zaheera Baba-Ari, in an interview on Sunday in Abuja.
- “The establishment of the continental trade bloc will be beneficial to African countries if properly managed.”
READ: AfCFTA to boost Africa’s economy to $29 trillion by 2050 – FDC Report
She added that the NCX had an established network of 20 warehouses across major production areas in the six geo-political zones of the country for efficient receipt and storage of agro-commodities to be traded on the exchange.
The warehouses, located in Zamfara, Kano, Kaduna, Nasarawa, Benue, Bauchi, Sokoto, Plateau, Ebonyi, Ekiti and Kogi, have a combined capacity to store 50 trillion tonnes of goods. She added that warehouses in Adamawa, Gombe, Taraba, Jigawa, Edo, Cross River and Ondo States would be ready within the year.
The NCX boss said that AfCFTA would help Africa fight challenges that were caused by the pandemic in the continent’s economies through trade.
- “The NCX has acquired robust Trading Application System for seamless buying and selling of commodity to ensure market integrity, price transparency and the facilitation of cross border trades.
- “It has also acquired a Warehouse Management System that assures an efficient management of warehouse inventories. We have perfected Memorandum of Understanding with relevant foreign and Nigerian Commodity Associations like the Ethiopia Commodity Exchange and the Export Merchants Association of Sudan to trade in selected agro-commodities.”
She added that the NCX has also launched Quality Assurance Laboratories in each of the delivery warehouses, stating that the labs would be used for testing the quality of commodities such as paddy rice, cocoa, sesame seed, soya beans, maize, sorghum and cashew nuts that would be traded on the exchange.
The NCX Chief said the labs were certified to ISO22000 certification which combines ISO 9001 with Food Safety Management and Hazard Analysis, including Critical Control Point System (HACCP).
- “The HACCP identifies specific hazards and proffers measures for the control of identified impurities in the food processing sector. The issue of tariff on agro-commodity exports from Nigeria should be addressed to increase efficiency of trade flows.
- “There is also the need for Nigeria to improve its position on the World Bank’s Ease of Doing Business Ranking from its current 131st rung of the ladder.”
READ: AfCFTA: Trade Ministry should develop a synthesis to summarise all items negotiated – NANTS
What you should know
- Nigeria was the 34th African country to fully ratify and submit its Instrument of Ratification of the African Continental Free Trade Area (AfCFTA).
- Mr. Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company Limited said that the African Continental Free Trade Area would create the desired impetus to stimulate the economic growth of Nigeria in 2021.
- Customs officials in the continent agreed to draft continental guidelines to enable the movement of goods, services and people for the agreement.
Business
Reps oppose school resumption date, ask for 3 months extension
The lower legislative chamber has flawed FG’s directive on public and private schools’ January 18, 2021 resumption date.
The House of Representatives has moved against the Federal Government’s directive that schools should resume on Monday, January 18, despite the rising cases of the coronavirus disease.
The lower house, while expressing its concern, wondered why schools were closed when the infection rates were around 500 and below, but now that it hovers well above 1000 infections daily, schools are being reopened.
READ: 45% of school-aged household members have not been to school since March
This disclosure is contained in a statement titled, “School Resumption: Are We Truly Prepared?” which was issued by the Chairman, House Committee on Basic Education and Services, Prof. Julius Ihonvbere, on Saturday, January 16, 2021.
Ihonvbere in his statement said that public enlightenment campaigns have more or less stopped, as merely saying that protocol would be adhered to is no guarantee with the situation even being worse in rural areas.
READ: FG will do everything to prevent a recurrence of school abductions – Lai Mohammed
The house, therefore, demanded for the postponement of resumption of schools by 3 months, if some critical steps are not taken, so as to enable the local and state governments put things in place adequately.
He said that apart from Lagos and a couple of other states, governments have been unable to enforce Covid-19 protocols with people no longer wearing facemasks or use sanitisers, especially in secondary schools. There are no facilities for effective social distancing in the classrooms.
READ: Lagos State confirms COVID-19 cases in secondary school
Ihonvbere said they have not heard how the schools would address the issues of introduction of morning and afternoon batches into the schools when they reopen to reduce overcrowding, special cleaning crews with sufficient sanitisers in classrooms, insisting on facemasks and sanitisers for the students and others.
READ: Covid-19: Restrictions cost Lagos MSMEs N2.7 billion – LCCI
What Prof. Ihonvbere is saying
The statement from the House partly reads,
- “The Committee on Basic Education and Services, House of Representatives, has received with concern the decision of the Federal Government to reopen schools on January 18, 2021.
- “We are particularly concerned that when the infection rates hovered around 500 and under, schools were closed; but now that it hovers well above 1,000 infections daily, schools are being reopened. Why are we rushing to reopen schools without adequate verifiable and sustainable arrangements to protect and secure our children?
- “Similarly, we acknowledge the argument that most young persons have not been as affected by Covid-19 and many are asymptomatic. Yet, it does not mean they have full immunity against the virus. We also know that they would be working and interacting with adult teachers, administrative workers and other persons that do not live within the institutions.
- ‘’People no longer wear facemasks or use sanitisers. Public enlightenment campaigns have more or less stopped. Merely saying they would adhere to the protocols is no guarantee. In rural areas, the situation is worse.
- “Our position is that in spite of the very comprehensive protocols established by the Federal Ministry of Education, not up to 10 per cent of our educational institutions have implemented five per cent of the protocols. In most of our primary and secondary schools nationwide, adequate furniture, water and other sanitation and hygiene facilities do not exist.
- “As a government that has committed to protecting the interests of the Nigerian people, it would be wrong to allow unprepared state governments, of which many did not take the pandemic too seriously anyway, to hoodwink or pressure it into this reopening game.
- “The Committee believes that if these and other critical steps are not taken, there should be a postponement by three months to enable the local and state governments put things in place adequately. A word, they say, is enough for the wise.’’
READ: Nigeria has a shortage of 277,537 teachers in basic education sector – UBEC
What you should know
- The Presidential Task Force (PTF) on Covid-19, a few days ago, insisted on the January 18 resumption date for schools until the Federal Ministry of Education advises otherwise.
- The clarification became necessary following the earlier comment by the Minister for Education, Adamu Adamu, that government may review the resumption date following the outbreak of the second wave of the coronavirus pandemic across the country.
HOUSE OF REPRESENTATIVES COMMITTEE ON BASIC EDUCATION AND SERVICES, ABUJA.
SCHOOL RESUMPTION: ARE WE TRULY PREPARED?The Committee on Basic Education and Services, House of Representatives has received with some concern the decision of the Federal Government to reopen schools pic.twitter.com/wehOd7QoXG
— Hon. Prof. Julius Ihonvbere,OON (@HonIhonvbere) January 16, 2021
