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Author: Alpha Maidawa

Afreximbank annual meeting 2020 opens for registration
The African Export-Import Bank (Afreximbank) says registration for the 2020 Afreximbank Annual Meeting (AAM) is open to stakeholders.
Banking industry professionals, trade and trade finance practitioners, and other parties involved in economic development from across Africa and beyond are expected to register their participation.
This is contained in a statement issued on Wednesday by the spokesman of Afreximbank, Mr Amadou Sall, and made available to the News Agency of Nigeria (NAN) in Abuja.
It said the conference would hold in Sharm El Sheikh, Egypt.
Sall said the forum themed “Youth, Trade and Development”, would feature a host of high-level speakers in plenaries and side events from June 10 to 13 at the Sharm El Sheikh International Congress Center.
“Business, political leaders and have been ranked among the most important gatherings of economic decision-makers in Africa.”
Prof. Benedict Oramah, the President of Afreximbank, said recognition of critical role that Africa’s evolving demographics would play in the coming decades, AAM2020 would also focus on the theme.
“We will assess the challenges and opportunities presented by Africa as the world’s youngest continent and home to 90 per cent of the global youth market, with 19 of the world’s 20 youngest countries.
“We will explore how Africa can create dividends from this potential huge advantage, how we should educate our young, develop the most relevant training programmes for them, and what Africa should be doing right now,” he said.
The Afreximbank’s last Annual Meeting took place in Moscow in June 2019. (NAN)
March 19, 2020
Oil price gains as investors wait to see if coronavirus stimulus works
Oil prices rose on Thursday but pared early gains as investors tried to assess how effective massive stimulus by central banks will be in shoring up the global economy as the shock from the coronavirus pandemic deepens.
Bucking panic selling in other financial markets, Brent crude was up 37 cents, or 1.1 per cent at $25.25 a barrel by 0355 GMT, having earlier risen to $27.19.
The global benchmark slumped 13 per cent on Wednesday on the third day of relentless selling.
U.S. oil gained $1.44, or 7.1 per cent, to $21.81 after surging nearly 20 per cent earlier.
The U.S. benchmark dropped nearly 25 per cent in the previous session.
“After a 24 per cent crash, oil prices are firming up on some selling exhaustion and as U.S. and European leaders unleash … aid and stimulus,’’ said Edward Moya, Senior Market Analyst at OANDA in New York.
Among the latest moves by a major central bank to try to mitigate the spiralling economic and financial fallout from the epidemic, the European Central Bank kicked off a 750 billion euro ($820 billion) emergency bond purchase scheme after an unscheduled meeting on Wednesday.
Japan is considering handing out cash to households as it faces the likelihood of recession after a sharp contraction of growth even before the outbreak, while South Korea and Australia also took action.
“Monetary and fiscal stimulus will do little in returning energy demand back to normal but it will build confidence that global economy will be in a better position once it is behind the virus,’’ Moya said.
Analysts are also slashing estimates for China, where the coronavirus outbreak originated, to the lowest since the Cultural Revolution came to an end in 1976, in a further grim outlook for the world’s second-largest economy and oil demand.
The spread of coronavirus is showing no sign of abating internationally.
Countries on every continent have resorted to drastic lockdowns to try to contain the virus that has now infected more than 200,000 people worldwide, killing more than 8,000.
Many analysts say a major global recession is in prospect.
OANDA’s Moya cautioned that the selling could start again in oil markets.
“A bottom for oil is not in place, but we could finally see some stabilisation if financial markets can maintain a somewhat constructive tone with all the stimulus that is about to hit,’’ he said.
While oil investors try to get a grip on the demand shock from the pandemic, supply keeps flowing into the market as major producers fight for market share.
Saudi Arabia’s Energy Ministry has directed national oil company, Saudi Aramco, to keep supplying crude oil at a record rate of 12.3 million barrels per day in the coming months. (Reuters/NAN)
March 19, 2020
Nigerians say reduction of petrol price timely
Some Nigerians on Thursday in Lagos commended the Federal Government for reducing the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, from N145 to N125 per litre.
The price reduction followed the drop in crude oil prices which had lowered the expected open market price of imported petrol below the official pump price of N145 per litre.
President Muhammadu Buhari gave the approval for the reduction in the price of PMS which was said to be a direct effect of the crash in global crude oil prices.
In an interview with News Agency of Nigeria (NAN), the Executive Secretary of Anti-Corruption and Research Based Data Initiative, Chief Dennis Aghanya, described the decision as “”very timely’’.
“The decision is very timely for the masses to be able to cope with the impact of the global economic devastation arising from COVID-19.
“It is also a sincere reaction to market forces and a part of steps of an administration determined to rewrite the grievous and foundational mistakes which are hurting us as a country now.
“Ordinarily, one would have wondered the source of courage for the government to implement this policy at a time our revenue has dropped even far below expectation because of the fall in price of crude oil.
“This is even when it is still battling on how to meet up with the benchmark to be able to finance the 2020 budget,” he said.
Also speaking, Prof. Wellington Oyibo, Head, African Networks for Drug and Diagnostic Innovation (ANDI), an NGO, described government’s response as “very commendable”.
“The response from government is very commendable. Economy drives the life of people and how they respond to situations.
“The action will reduce prices of transportation of goods and services and still leave people with money for some other things.
“But, the over all of this is for governments to see how it can reduce out of pocket expenses for health, this is very essential,” Oyibo said.
The Managing Director, BIC Consultancy services, Dr Boniface Chizea, however, said the pump price reduction ought to have come before now.
“That is what should be expected when we say that we are going to deregulate the price of petroleum.
“We did so in the expectations that when the price goes up, we are going to pay more and when the price falls like it has fallen now, a pump price reduction should be reflected.
“So, that has been part of the expectations.
“But quite some time now, that has not happened, we never had any reduction. I think that this is a welcome development that should be commended,” he said.
Meanwhile,the compliance level of some petrol stations around Ikotun and Ejigbo Local Council Development Area is poor.
At the NNPC filling station in Ejigbo, fuel is now sold at N125 per litre, the change has also been effected on its signboard, same at PetroCam, Ilepo, Ejigbo.
The Mobil Filling station, Hostel Bus Stop and First Royal petrol station, Ikotun Egbe, had yet to start selling at the approved price as at the time of filing this report.(NAN)
March 19, 2020
Coronavirus: TUC advocates tax holidays to boost economy
The Trade Union Congress (TUC), has called on the Federal Government to grant tax holidays to business owners in the country to enable them cushion the adverse economic effects associated with the outbreak of coronavirus.
Mr Quadri Olaleye, the TUC President, made the call on Wednesday in Abuja during an interactive parley with journalist.
Olaleye said that it is a global practice to grant tax holidays during economic crisis, adding that the coronavirus outbreak has impacted negatively on the Nigerian economy.
He said: “The expectations of workers from government is that the Nigerian government should assist the people.
“The government should also look at how it can cushion the effects for business owners, especially providing adequate financing, to enable them continue to run their businesses.
“Budget some amount of money to rescue businesses, especially people in entertainment and transport sectors.
“Everything is not about taking away from businesses, in situation like this, one of the ways you can encourage people is to give them tax holidays.
“So we (TUC) are going to take a step towards that, to see how we can discuss with government to give tax holidays to encourage businessmen, so that more people are not pushed into the labour market.”
On the new minimum wage, the TUC president commended the Federal Government for implementing the pay rise.
He also commended the states that have implemented the new minimum wage, and urged others yet to do so to commence implementation.
“About 80 per cent of the states have implemented the minimum wage and I want to salute their courage.
“We have few states that have not implemented. For those ones, we have issued out letters of ultimatum to them and we are going to take action.
“When TUC issues ultimatum, we follow it up and for the few states that have not implemented, I am sure they are ready for us.
“We are going to shut down the states and let us see how they are going to perform if they are not ready to pay the minimum wage’” Olaleye added.
The TUC president called for more collaboration with the media to enable the Congress serve the people better.
According to him, the media is key to ensuring that the TUC lived up to its responsibility and accountable to the people. (NAN)
March 19, 2020
COVID-19: FG reduces 2020 budget by N1.5trn, suspends recruitment, reviews Social Investment Programmes
The Federal Executive Council (FEC) on Wednesday approved reduction in the size of the 2020 budget by about N1.5 trillion, as part of measures to address the impacts of Coronavirus disease on Nigerian economy.
The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, made this known when she addressed State House correspondents on the outcome of the Council meeting, presided over by President Muhammadu Buhari, in Abuja.
She said the proposed budget cut of N1.5trillion, which must be approved by the National Assembly would include N457 billion from Premium Motor Spirit (PMS) under-recovery.
The minister said: “From the expenditure side, the President has approved that we should cut down the capital expenditure budgeted by 20 per cent across Ministries, Departments and Agencies.
“Also, a 25 per cent cut of all government owned enterprises and these include the ones that are in the national budget, the 10 top ones we included in the 2020 budget but also those we did not include in the 2020 budget.
“So, all of these would have their recurrent expenditure and capital expenditure cut down by 25 per cent.
“By these measures we expect that the operating surpluses that would accrue to the federation will increase because when their operational expenditure reduces the operating surpluses that they remit to the treasury will also increase significantly.
“What we have done is that we have written every ministry and given them guidelines on how these adjustments will be made to enable us have detailed inputs from the ministries.
“But I can just say that the bulk cut is about N1.5 trillion, the reduction in the size of the budget. And this includes N457 billion from PMS under-recovery.’’
According to the minister, other policy matter that had been discussed for implementation is for the administration to stop recruitment except for essential services such as security and health services.
She said the Council also agreed to restore and compliant by the civil service retirement regulations, while the modalities for the implementation of the Social Investment Programme would also be reviewed.
Ahmed also disclosed that the Council agreed to review the non-essential tax rebate currently being implemented to cut down on tax expenditure so as to generate more revenue.
She, however, revealed that the Council approved that recruitment into the civil service should be suspended but the current federal government workforce would be maintained.
“On recruitment, there is already an instruction to stop recruitment. What the agencies have been doing is replacement but even that is being suspended.
“When things improve we will go back to the issue of recruitment but for now, our wage bill is already very high.
“The president has directed that salaries and pensions must be paid unfailingly, so we are not looking at downsizing in anyway.
“We are maintaining our workforce as it is but we are just stopping the increase in the size of the nominal roll.
On benchmark, the minister said: “We are working on the worst case scenario of 30 dollars per barrel and also we are holding to the production numbers of 2.18 million barrels per day.
“This you will remember is approved by the National Assembly. This is our own analysis and we will start engaging the National Assembly.’’
The Minister of State for Transportation, Mrs Gbemisola Saraki, also told the correspondents that the Council approved N2billion revised cost for the completion of an inland river port in Lokoja, Kogi .
She said: “The Ministry of Transportation presented a memo to council for approval of revised estimate total cost for the completion of the construction of an inland river port in Jemata-Akpanya, Lokoja, Kogi State.
“This project actually started eight years ago, and was supposed to have been completed within a year and half, but unfortunately due to some complications, and owing to the fact that the location had been encumbered, the project stalled and is now been revived.”
According to her, the total sum for the project now stands at N6.4 billion.(NAN)
March 19, 2020
North West Govs meet in Kaduna over security challenges
Governors from the North West states and Niger met in Kaduna on Wednesday to review the security situation in the zone.
Speaking at the opening, Gov. Aminu Masari of Katsina State, Chairman of the North West Governors Forum, said the meeting was a continuation of efforts to address banditry and cattle rustling in the zone.
Masari said, “We were able to achieve certain level of success with regards to cattle rustling
“But over time the criminality has degenerated to kidnapping, banditry and other criminal activities within our states.’’
He said the meeting was to plan measures to arrest the situation, adding that they thought it wise to come to Kaduna to review what had been done.
“We are here to address the situation in the North West and Niger state.
“We are also here to review what had happened and the next steps to be taken as governors and security chiefs who are saddled with the responsibility of protecting the lives and properties of our people.”
The governors of Katsina, Kaduna, Jigawa, Niger, Kebbi, Sokoto and Zamfara states as well as Kano state Deputy Governor attended the meeting. (NAN)
March 19, 2020
Nigerian Army showcases innovations at Science, Technology EXPO
The Nigerian Army on Wednesday showcased its innovations in defence equipment at the ongoing Science and Technology EXPO 2020.
The expo is being organised by the Federal Ministry of Science and Technology in Abuja.
The expo with the theme “Enhancing the growth of Diversified Economy through Science and Technology”, is aimed at highlighting the role of innovation in economic diversification.
The Chief of Army Staff (COAS), Lt.-Gen. Tukur Buratai, led other senior army officers to visit the various stands where military wares were on display on Wednesday in Abuja.
Buratai was conducted round to inspect some of the indigenous fighting equipment manufactured by Defence Industries Corporation of Nigeria (DICON) in collaboration with Command Engineering Depot (CED) in Kaduna.
Some of the locally made Combat and Support equipment displayed by the army include military kits, EZUGWU Mine Resistant Ambush Protected (MRAP) amoured vehicles and Special Purpose Vehicle (SPV).
The SPVs come in multiple configurations with specific built to meet client’s need and mission purpose.
Other equipment on display were fabricated Mobil Drilling Machine, Infantry Patrol Vehicle normally used for quick personnel insertion patrol and Special Forces related operations, among others.
Other exhibition stands inspected by Buratai include the Nigerian Army Farms and Ranches Limited (NAFRA), which showcased mobile bakery, fish feed, Bio Tea and Cassava flour, among others.
The COAS also visited the Nigerian Army Schools of Medical Sciences (NASMS), where Surgical/Orthopaedic processing, fabrication of Dental appliances, brewery and food Industries, including POP ceiling products were unveiled.
He also inspected the Nigerian Army Systems Development Centre where the COAS was shown some other products including Under Vehicle Inspection Robot, Under Vehicle Inspection System, Mobile Combat Surveillance with Ballistic Helmet and Fuelless Power Generator.
Buratai also visited some stands meant for the Nigerian Navy and Nigerian Air Force, including other government agencies and private sectors where very strategic equipments were introduced.
The expo, which started on Monday, is expected to end on Friday. (NAN)
March 19, 2020
Air chief assures of NAF’s commitment to security of Nigerians
The Chief of the Air Staff (CAS), Air Marshal Sadique Abubakar, has reiterated the unwavering commitment of the Nigerian Air Force (NAF) to the safety and security of Nigeria and Nigerians.
Air Commodore Ibikunle Daramola, NAF Director of Public Relations and Information, made this known in a statement on Wednesday in Abuja.
Daramola said Abubakar made the commitment on Wednesday when he visited Gov. Kayode Fayemi, of Ekiti at the Government House Ado-Ekiti.
He said his visit to Ekiti was to assess the site for the proposed International Agro-Allied Cargo Airport being developed by the Ekiti Government.
”The NAF, working in synergy with other security agencies, will continue to do everything humanly possible to ensure that Nigerians remain secured, wherever they live in the country”.
The CAS said that NAF, in furtherance of President Muhammadu Buhari’s policy thrust of ensuring the security of all Nigerians, had established 13 new units across the country in the past four and a half years or there about.
He said these included Quick Response Groups (QRGs) and Wings (QRWs) as well as Detachments at Ipetu Ijesha in Osun , Gusau in Zamfara State and Owerri in Imo.
Other units, he said, were Daura and Katsina in Katsina State, Gembu in Taraba and Agatu in Benue as well as a Combat Search and Rescue Group (CSARG) at Kerang in Plateau.
” Additionally, the Federal Government’s commitment to the security of the Nation was also reflected in the fact that it had acquired 22 brand new aircrafts for the NAF in the last four and half years, with another 16 due for delivery soon.
He said these included an additional Mi-17 helicopter, which is expected to arrive in April, as well as three JF-17 Thunder multi-role fighter aircraft and 12 Super Tucano attack aircraft, which would be delivered to the NAF in November and early 2022 respectively.
Abubakar said that he was excited about the Ado-Ekiti Airport project because it would further boost the ability of the NAF to project air power in the South West Zone, since the Service would be able to conduct operations from the Airport.
He equally noted that the socio-economic benefits of such a project would also have a positive impact on security as many youths would be employed and economic activities would undoubtedly receive a boost.
The CAS, therefore, assured the governor as well as the Government and good people of Ekiti of the NAF’s support towards the realisation of the project
Earlier, Fayemi, expressed delight to have the the CAS to visit Ekiti in what he termed a historic visit.
He said that he was delighted by the promptness of Abubakar’s responses to the requests made concerning the actualisation of the Ekiti Airport Project.
The governor said a manifestation of this was the fact that the CAS was in Ekiti just over a month after the first meeting was held in Abuja for preliminary discussions to solicit the NAF’s support for the project.
He noted that the proposed Airport, apart from serving as a Base to enhance the NAF’s Air Defence capability in the South West and, would of course, boost the agriculture value chain in the state.
Fayemi said the proposed International Agro-Allied Cargo Airport would therefore, undoubtedly have positive effects on the development and security of Ekiti and indeed the entire South West Zone of the country.
The Coordinator of the Airport Project, AVM Adeniyi Ojuawo (Rtd), while giving a brief on the project, highlighted that most of the necessary approvals for the take-off of the project had been obtained.
He, therefore, expressed optimism that construction work on the 3.4Km, Category IV runway, which could support all levels of civilian and military air operations, would soon commence.(NAN)
March 19, 2020
Reps make case for victims of Lagos explosion
The House of Representatives has urged the Federal Government to work towards uncovering the cause of the gas explosion in Lagos, with a view to preventing a re-occurrence.
This was sequel to the unanimous adoption of a motion of Matters of Public Importance by the Leader of Lagos Caucus, Rep. Dolapo Enitan (APC), at plenary on Wednesday.
Moving the motion earlier, Enitan recalled that on Sunday, March 5, 2020, Ado Soba of Amuwo Odofin, Lagos, was rocked by a catastrophic gas explosion.
He said that the magnitude of the explosion made it a national disaster following the unprecedented destruction, orchestrated by the gas plant explosion, which killed more than 30 people.
The Rep further recalled that many people, including the Principal of Bethlehem College, Rev. Sister Henrietta Alokha; Mr Obi lyio, his wife and two children, Tochukwu and Kachi, all lost their lives in the unfortunate incident.
“The explosion was so horrific that the epicenter of the blast created a gory cave and sent tremor into its immediate and far surroundings, which resulted in a lot of destruction of lives and properties.
“About 500 buildings that housed more than five thousand people were destroyed in the blast and thousands of people have been rendered homeless.
“More than two hundred people are receiving treatment in different hospitals, while many people are still trapped underneath the wreckage of collapsed buildings,” he said.
The Lagos State Government, following the incident, set up a relief fund of N2 billion, and made an initial deposit of N250 million into the account.
Rep. James Faleke (APC-Lagos), said that no amount of compensation could replace the lives lost in the explosion.
He attributed such avoidable incidences to siting of gas plants and fuel stations in residential areas.
According to him, having gas stations in residential areas is like sitting on a gun powder; it will surely explode.
He said he expected gas pipelines to be buried 300 meters in the ground, noting that they were however, laid on ground surface.
The House urged the Federal Government to assist victims of the explosion by supporting the relief fund set up by the Lagos State Government.
The green chamber also urged the National Emergency Management Agency (NEMA), to give material assistance to all victims who suffered various degrees of injuries. (NAN)
March 19, 2020
APC crisis: Nwosu lauds Buhari’s intervention
Mr Uche Nwosu, the 2019 governorship candidate of the Action Alliance (AA) in Imo, has commended President Muhammadu Buhari for his intervention in the crisis rocking All Progressives Congress (APC).
Nwosu said this in a statement issued in Abuja on Wednesday.
He said that the President’s intervention had saved APC from collapse because the crisis would have escalated beyond management.
He urged APC National Chairman, Adams Oshiomhole, to use the opportunity given to him by President to make peace with party members.
According to him, if the President hasn’t intervene, the problem in APC would have escalated.
Nwosu, who described Buhari as the strongest weapon in the APC, said that his intervention in the party should be taken seriously.
He called on party stakeholders to accept the olive branch extended to them by Oshiomhole.
“There is need for every party member to sue for peace because the collapse of APC would not be good for anybody,” he said.
Nwosu urged party chieftains to concentrate on how to make APC stronger and enduring rather than engaging themselves on 2023.
“Let me say it, 2023 is still far and it is only God that can give anybody Presidency in 2023.
“Let nobody think that the earlier he start preparing for the presidential ticket, the better his chances of haven it,” he said. (NAN)
March 19, 2020