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Business

FG suspends issuance of Free Trade Zone licenses

The FG has announced the suspension of the issuance of licences for the operations of Free Trade Zones across the country.

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MSME, world bank, FG seeking FDI to develop Special Economic Zones - Trade Minister, FG clamps down on filling stations, others for faulty measuring and weighing equipment, AfCFTA: Nigeria securing approval to ratify agreement- Trade Minister, FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG

The Federal Government has announced the suspension of the issuance of licences for the operations of Free Trade Zones (FTZs) across the country.

This disclosure was made by the Minister of Industry, Trade and Investment, Chief Adeniyi Adebayo, at the inauguration of the panel set for the evaluation of the performance of FTZs, on Monday, December 14, 2020, in Abuja.

READ: FG commissions Made-in-Nigeria vehicles worth N364 billion

According to a report from News Agency of Nigeria (NAN), a statement by the Special Assistant on Media to the Minister, Ifedayo Sayo, quoted Adebayo as stating that all applications for FTZs licences would not be processed pending the completion of the panel’s assignment.

READ: FG to launch National Investment Policy to entrench investment friendly environment

What the Minister is saying

Adebayo pointed out that the key objective of the panel, headed by him, was to provide a set of recommendations that would improve government’s strategy on FTZs, based on thorough evaluation of their current operations.

READ: FG meets group to access AfCFTA’s $650 billion market

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While noting that the panel would also look at its other terms of reference to provide a clear and detailed report within 9 weeks of inauguration, Adebayo also pointed out that the Minister of State in the ministry, Mariam Katagum, as a member, will come up with clear cut strategies to evaluate the operations of the recipients of FTZs licences.

This, he said, would help in delivering world-class FTZs, as expected under the Presidential Priority Projects (PPP).

  • It is important to note that FTZs in most developed countries have contributed successfully to their industrialization process. The model was adopted by the Asian Tigers and today, most countries, including African countries, are beginning to key into the idea. Nigeria, through the Federal Ministry of Industry, Trade and Investment (FMITI), has begun delivery of world-class FTZs across the country. However, due to poor implementation, we have yet to take delivery of the dynamic potentials of FTZs as an instrument for economic growth.”

READ: Econet founder Strive Masiyiwa secures $100m investment in Nigeria data center

What you should know

Adebayo disclosed that despite licensing 33 FTZ operators in the country, only 12 are operational due to poor implementation. He said the current performance of FTZ licensees had been below expectation and as such, has negatively impacted on the ability of government to deliver on crucial priority areas.

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READ: Aviation reform will position Nigeria as a hub within sub-region – Minister

  • The free-trade zone is referred to as an area within which goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of the customs authorities. It is only when the goods are moved to consumers within the country in which the zone is located do they become subject to the prevailing customs duties.
  • The FTZs are very critical for the country’s industrialization and account for 68 million jobs with $500 billion revenue generated annually.

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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Business

Lagos State seeks investors in aquatic and livestock agriculture value chain

The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap.

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Lagos State begins recruitment for Agripreneurship programme, Sanwo-Olu confirms Abisola Olusanya as new Agriculture commissioner

The Lagos State Government announced it is seeking private sector collaboration for Agriculture sector value chain development in livestock feed mills, fisheries and red meat.

This was disclosed by the State Commissioner for Agriculture, Ms Abisola Olusanya, in a statement on Sunday in Lagos.

The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap, as the State identified the 3 main sectors for value chain disruption.

She also added that investment in the sectors would also develop jobs for the industry and boost the State’s GDP growth, through Private Sector collaboration as Lagos residents consume over N5 trillion worth of food annually.

“The objective is to stimulate and encourage more public-private partnerships in the three value chains,” she said.

“When you consider this pool of transactions happening in Lagos, it shows that we are the market. For instance, we demand over 400,000 metric tons of fish on an annual basis.

“But our fishermen and our aquaculture farmers are only able to produce just about 174,000 metric tons with deficit of 200,000 metric tons,” she added.

She also disclosed that the state has 9,000 artisanal fishermen, and bringing more youths into the space will increase the level of fish and seafood being harnessed from our water bodies. Looking at the transactional value on an annual basis, the fisheries sector is worth well over N120billion according to her.

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In case you missed it: Nigeria exported agricultural products worth N321.5 billion in 2020, representing a 19.16% increase when compared to N269.8 billion recorded in 2019 and a 6.27% increase compared to N302.28 billion recorded in 2018.

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Business

#DigitalSkillsTraining: FG announces conclusion of selection process

Only successful applicants that are contacted by the Ministry are to report at the training venue.

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President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.

This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.

“The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.

The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.

Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.

What you should know 

Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.

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