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1,818 MSMEs Benefit from COVID-19 Recovery Package in Delta

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No fewer than 1,818 Micro, Small and Medium Enterprises (MSMEs) have benefited from Federal Government and the World Bank COVID-19 Action Recovery Economic Stimulus (NG-CARES) in Delta.

Gov. Ifeanyi Okowa addressed the beneficiaries at the launch of funds disbursement in Asaba on Wednesday.

He commended the federal government and the World Bank for the partnership to provide succour for those affected by the pandemic in the country.

He said that now that the scheme had been domesticated in the state, the beneficiaries were in the first phase of the programme.

Okowa also lauded the Nigeria Governor’s Forum (NGF) for supporting the federal government to ensure that the programme was approved by the World Bank for implementation in Nigeria.

He also thanked the World Bank for the intervention and for working with state governments in the country towards cushioning the socio-economic effects of COVID-19 pandemic on the people, particularly the poor and vulnerable.

According to Okowa, today’s ceremony is a major step at putting MSMEs that are badly hurt by the pandemic on the path of recovery and growth.

He said this was “more so, with the disbursement of funds to the first set of 1,818 beneficiaries who have met the World Bank stipulated eligibility criteria within the initial six months.

“A total of 2,529 MSMEs are expected to receive grants to support post-COVID-19 loans, operational costs and to enhance their IT capabilities.

“Indeed, we are glad to be part of the CARES programme of the Federal Government.

“The focus of intervention clearly aligns with the priority of the state government to give relief to those whose lives, businesses, jobs and means of livelihood have been distorted by the pandemic.

“The programme, which we have domesticated as the DELTA CARES, is a two-year emergency recovery programme.

“It is aimed at supporting state governments’ budgeted programme of expenditures and interventions.

“It is to enable them to expand access to livelihood support, food security services, and grants for poor and vulnerable households and firms,” he said.

He said that the programme would also directly support 25,269 poor and vulnerable households with social transfers, basic services and livelihood grants.

The governor said it would as well support 13,976 farmers to boost food production and ensure smooth functioning of the food supply chain.

“The outlined figures are the targets stipulated by the World Bank, but do not preclude the State Government from scaling up if the need arises.

“It is my expectation that those charged with the implementation of DELTA-CARES will be faithful in executing the mandate so that the desired results are achieved, bearing in mind that it is a Programme for Result (PforR),” Okowa said.

On his part, Dr Barry Pere-Gbe, Chairman, Steering Committee for Delta-CARES and State Commissioner for Economic Planning, commended Okowa for providing the funds for the programme.

Pere-Gbe was represented by the Commissioner for Youths Development, Mr Ifeanyi Egwunyenga.

He said that the main focus of the programme was to bring succour to residents whose means of livelihood had been disrupted by the impacts of COVID-19.

He said that the programme was hinged on three thematic area:

“Support for poor and vulnerable households with grants and basic services.

“To farmers with farm inputs to increase food production and facilitate smooth functioning of the food supply chain.

“Also grants to MSMEs to support post COVID-19 loans, operational costs and to enhance their IT capabilities.”

Also, the Managing Director, Bank of Industry (BOI), Mr Olukayode Pitan, expressed delight at Delta State’s continued passion to grow and develop industries and MSMEs in the state.

He said that the NG-CARES was a partnership with the World Bank targeted at impacting vulnerable individuals and provide food security after the devastation of COVID-19.

Pitan particularly commended Delta for being the first state to launch the NG-CARES programme in the country and urged other states to emulate the example.

He said that BOI remained committed to empowering and supporting the growth of MSMEs with single digit interest loans and moratorium where necessary.

He disclosed that the bank had disbursed 772 million dollars to 3.8 million persons in the country in the last five years.

“Thirty out of the 36 states have agreed to work with BOI to implement the programme.

“We hope that other states will learn from Delta by fast-tracking NG-CARES in the country,” he added.

Mrs Orezi Esievo, the Executive Secretary, Delta State Micro, Small and Medium Enterprises Development Agency, said that domesticated Delta-CARES programme was a business grant given as working capital to existing MSMEs.

She sait it was meant to keep them afloat and boost their businesses. (NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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