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Business

NEPC and Akwa Ibom government to partner on palm oil exports

The NEPC has announced a partnership with the Akwa Ibom State Government to develop and promote palm oil products for exports.

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Palm oil, NEPC, Nigeria to lose over $160 million to cocoa, cashew exports over COVID-19

The Nigerian Export Promotion Council (NEPC) has announced that it will partner with the Akwa Ibom State Government to develop and promote palm oil products for exports.

This was disclosed by the Executive Director and Chief Executive Officer, NEPC, Mr Olusegun Awolowo, in a meeting with stakeholders on building a palm oil value chain in Akwa Ibom, on Thursday.

READ: NEPC may move into processing soon

The NEPC boss disclosed that agriculture’s contribution to GDP fell by as much as 25% in the Q1 GDP report of 2020, and urged for states to adopt the One-State One-Product programme.

The NEPC said that Akwa Ibom’s palm oil industry had a higher comparative advantage compared to any other state in the Niger Delta, and urged for collaboration with stakeholders to kick-start a proper value chain maximization for export.

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READ: Lagos multi-billion naira 32MT per hour rice mill to be completed by Q1 2021

“Without gainsaying, there has been a tremendous increase in the global demands for oil palm from 1.2 million metric tonnes in 1964 to over 73.3 million metric tonnes in 2018,” he said.

“Regrettably, Nigeria that used to be a leading producing country in the 1960s is presently ranking fifth in production due to protracted neglect by the government.

READ: NEPC’s partnership with Shoprite could mean well for Nigerian manufacturers

“It is important, therefore, to engage the value chain players from time to time to address these challenges so that we can grow the export of this product in Nigeria.

“In this regard and as one of the leading producers, we expect Akwa Ibom State to play a leading role in the coming years,” he added.

READ: Cocoa prices record gains amid pending holiday season

READ: Court threatens to sell Ecobank and Union Bank branches

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What you should know

  • Nairametrics reported that Non-oil exports, which are considered a priority for the Buhari-led government, jumped over 100% from $4.6 billion to $10.4 billion in 2019.
  • The Nigeria Export Promotion Council (NEPC) disclosed that the FG had identified about 22 non-oil strategic products that would be exported to diversify the nation’s foreign exchange earnings away from oil.
  • Some of the targeted products include palm oil, cashew, cocoa, soya beans, rubber, rice, petrochemical, leather, ginger, cotton and Shea butter, tomato, banana, and plantain.
  • Meanwhile, the president of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, estimated that the size of the food and agriculture market in Africa would rise to over $1 trillion by 2030.

READ: Maize Scarcity: Premier Feeds, Crown Flour, 2 others import 262,000MT of Maize

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Business

NIMC says it has licensed telecommunication companies to provide NIN

The NIMC has said the agency has licensed telecommunications companies to register applicants who do not have NIN.

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FG invalidates SIM integration using BVN generated NIN, applicants must visit NIMC offices

The Nigerian Identity Management Commission (NIMC) has said the agency has licensed telecommunications companies to register applicants who do not have National Identity Numbers (NIN).

This measure is to help reduce the large crowd that besieges NIMC offices across the country for registration with the risk of contracting the Covid-19 disease.

According to a report from Punch, this disclosure was made by the Director-General, NIMC, Aliyu Aziz, while responding to an inquiry with respect to measures taken by NIMC to address the complaints made by citizens and the crowds at the commission’s offices.

Aziz pointed out that mobile network operators had been empowered to also give identity numbers. This is in addition to the licensing of the private and public organization by the commission to provide NIN.

The NIMC boss said, “We have licensed private and public sector organisations including telcos (telecommunications companies) so as to create more centres.’’

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What you should know

  • It can be recalled that the Federal Government had directed that telecommunication companies should block from their network, any SIM that is not registered with valid NINs with effect from December 30, 2020.
  • However, following public outcry, the government gave 6 weeks extension to subscribers without NIN from December 30, 2020, to February 9, 2021, and 3 weeks extension for subscribers with NIN from December 30, 2020, to January 19, 2020.
  • However, many Nigerians and organisations had called for a further deadline extension or outright suspension of the NIN registration process due to the large crowds who had yet to have their NINs.

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Business

CBN disburses N106.96 billion to 27,956 AGSMEIS beneficiaries

The CBN has disbursed a total of N106.96 billion to 27,956 beneficiaries of AGSMEIS.

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CBN releases new guidelines for OFIs, orders inclusion of NUBAN code or face sanctions

The Central Bank of Nigeria has revealed that it disbursed a total of N106.96 billion to 27,956 beneficiaries of Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS).

This information is contained in a recent communique from the last MPC report of the CBN.

Recall that Nairametrics had earlier reported the expansion of AGSMEIS beneficiaries to 14,638. In lieu of this, the recent figures show a remarkable improvement of an additional 13,318 beneficiaries.

The apex also revealed that it has disbursed a total of N2.0 trillion as at January 2021. Other key disbursements are;

  • The disbursement of N192.64 billion to 426,016 households and small businesses under the COVID-19 Targeted Credit Facility (TCF).
  • The disbursement of N72.96 billion to the Health Care Support Intervention Facility, directly impacting about 73 projects which comprises of 26 pharmaceutical projects and 47 hospitals and health care services projects in the country.
  • In a bid to support the provision of employment opportunities, the apex bank provided financial support of N3.12 billion to 320 beneficiaries under the Creative Industry Financing Initiatives and N268 million to 395 beneficiaries under the Nigerian Youth Investment Fund.
  • The apex bank also provided N18.58 billion for the procurement of 347,853 electricity reading meters to Discos, in a bid to support the National Mass Metering Programme.

What you should know

  • The Agri-Business/Small and Medium Enterprise Investment Scheme is a Federal Government initiative aimed at supporting efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) in Nigeria, with the long-run goal of achieving sustainable economic development and employment generation.
  • With the CBN AGSMEIS Loan, one can access up to N10M at 5% per year without collateral.

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President Buhari approves local production of helicopters by NASENI

President Buhari has directed NASENI, to collaborate with Dynali Company for the local production of helicopters.

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Travel portal, FG to release 30,000 tons of maize to poultry farmers after import ban, President submits 2021-2023 MTEF to National Assembly, public holiday, inflation, President Buhari reappoints Ben Akabueze as DG Budget office,, #EndSARS Protest: FG denies plans of monitoring calls and social media

President Muhammadu Buhari has directed the National Agency for Science and Engineering Infrastructure (NASENI), to collaborate with Dynali Company, a Belgian Helicopter Manufacturing Company, for the local production of helicopters.

According to a report from the News Agency of Nigeria (NAN), this directive was given by the President at the maiden edition of the meeting of the Governing Board of NASENI at the State House, Abuja, on Tuesday, January 26, 2021.

While presiding over the meeting, President Buhari, who is also the Chairman of NASENI, directed the agency to work towards bridging the gaps in research and technology that keeps Nigeria waiting on other countries for supplies and solutions, especially in tackling challenges like the Covid-19 pandemic.

What President Buhari is saying

Buhari said the agency should play a more pivotal role in equipping the country during emergencies, while encouraging research, upgrading local skills, fabrication and international collaborations that would provoke growth in science and technology.

The President said, “The uniqueness of the mandate of NASENI as enshrined in its enabling law towards the actualisation and realisation of our development programmes such as the creation of Ten Million jobs; Economic Recovery and Growth Programme (ERGP) and Post COVID-19 sustainability Plan.

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“It is only deliberate deployment of Engineering, Science, Technology and Innovation (ESTI) using technology domestication and reverse engineering of capital goods.

“Making them available in Nigeria that can fast-track the realisation of our collective will to build capacity and reduce poverty among our teeming populace. The countries that are at the forefront of economic recovery have only one thing in common: investment and sustained research and development work in knowledge economy.

“Covid-19   pandemic   has exposed the Technology and innovation gap between us and the developed World, which NASENI is strategically positioned to fill.’’

Going further, the President said in order to achieve its full potential, NASENI must be empowered through the provision of adequate financial, human and material resources and be given the autonomy and independence to engage in international partnerships to acquire the relevant technologies for socio-economic and industrial advancement of the country.

He said, ‘’In this regard, I have directed the Honourable Minister of Finance, Budget and National Planning and Federal Inland Revenue Service to commence remittance of funds approved by Law of the Agency.’’

‘’It is important to for members of the NASENI Governing Board to note that Agencies of Governments with a similar mandate as NASENI in many countries are directly under the supervision of their respective Heads of State and Government.’’

While making his own remark, the Executive Vice Chairman of NASENI, Prof. Mohammed Haruna, revealed that the agency had constructed electronic voting systems and was already working on locally produced jet engines and assemblage of passenger and military helicopters.

What you should know

  • It can be recalled that President Buhari had earlier approved the reconstitution and inauguration of the Governing Board of NASENI on March 8, 2018, with a clear mandate to develop local capacity in machine building and fabrication, which would be critical to Nigeria’s industrial development.
  • NASENI was established in 1992 by the Federal Government following the recommendations of the White Paper Committee on the 1991 Report of a 150-member National Committee on Engineering Infrastructure comprising scientists, engineers, administrators, federal and state civil servants, economists, lawyers, bankers and industrialists.

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