Nigeria’s Infrastructure Credit Guarantee Company, InfraCredit, has revealed plans to raise funding through debt and equity capital to fund infrastructure projects in Nigeria in 2021. The company plans to increase its guarantee portfolio to N100 billion by 2021 and raise $40 million in funding.
“You need access to funding to kick-start the economy,” Azubike said. He revealed plans to increase its guarantee portfolio to N100billion naira in 2021 and also raise capital of $40 million, which would be used for infrastructure financing in Nigeria.
“In addition to our guarantee services, we work with our development partners to render technical assistance to companies to come up with bankable projects,” he said.
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.”
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.”
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.
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.
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.
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.
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.
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.’’
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
FG announces mandatory NIN enrolment for foreign diplomats
The Federal Government has directed foreign diplomats in the country to also partake in the mandatory NIN registration.
The Federal Government on Sunday announced the mandatory National Identity Number (NIN) enrolment for foreign diplomats in the country.
While making the announcement, the government said that approval has been gotten for the establishment of enrolment centre at the Federal Ministry of Foreign Affairs by January 19, 2021.
According to a press statement which was signed by the Technical Adviser (Information Technology) to the Minister for Communications and Digital Economy, Dr Femi Adeluyi, the special centre will be managed by his ministry.
Adeluyi, in the statement, disclosed that the Communications Minister, Isa Pantami, said the centre is being set up based on the request of the Minister of Foreign Affairs, Mr Geoffrey Onyeama.
He said that the enrolment centre will provide support for members of the diplomatic corps and will be managed by the Federal Ministry of Communications and Digital Economy through the National Identity Management Commission (NIMC).
What the statement from the Ministry of Communications and Digital Economy is saying
The statement reads, ” The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, has approved the setting up of a National Identity Number (NIN) enrolment centre at the Federal Ministry of Foreign Affairs. The desk will be set up by Tuesday, 19th of January, 2021.
“This enrolment centre will provide support for members of the Diplomatic Corps and will be managed by the Federal Ministry of Communications and Digital Economy, through the National Identity Management Commission.
” The centre is being set up based on the request of the Honourable Minister of Foreign Affairs, Geoffrey Onyeama, in order to simplify the process for diplomats.
“The National Identity Number is mandatory for diplomats who will reside in Nigeria for a continuous period of two years or more. It is also mandatory for all other lawful residents in the country as stated in Section 16 of the National Identity Management Commission Act 2007.’’
The statement also says that the compliance for NIN enrolment has been low until recently despite the Law making it mandatory for Nigerians and legal residents since 2007.
What you should know
- It can be recalled that on December 15, 2020, the Federal Government had declared that after December 30, 2020, all SIMs that were not registered with valid NIN on the network of telecommunications companies would be blocked.
- However, following public outcry against the short notice, it later extended December 30, 2020, giving 3 weeks’ extension for subscribers with NIN from December 30, 2020, to January 19, 2021, and a 6-week extension for subscribers without NIN from December 30, 2020, to February 9, 2021.
- However, it yet to be seen if the deadline will be met with the large crowd that turn out every day at NIMC offices without being attended to
— Fed Ministry of Communications & Digital Economy (@FMoCDENigeria) January 17, 2021