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Economy

3,348 Households in Kogi Benefit From FG Cash Transfer

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Kogi Governor Yahaya Bello
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From Joseph Amedu, Lokoja

No fewer than 33,348 households in Kogi state  are now benefiting from the federal government cash transfer scheme.

Mrs Falilat Abdulrazaq, the Head of Conditional Cash Transfer (CCT) Unit in Kogi, who gave the hint said the scheme is geared towards boosting the indigent households under the Federal Government’s CCT  Programme.

Abdulrazaq disclosed this at a three-day ”Savings and Group Mobilisation(SGM) Step-down Training”, organised for 76 newly selected Cash Transfer Facilitators(CTFs) from seven out of the 21 LGAs of Kogi State.

She said that additional data of 21, 892 new CT beneficiaries had been added to the existing 11, 456 to make a total of 33, 348 beneficiaries across the 21 LGAs of Kogi.

”As you are all aware that the CCT program is already covering all the 21 LGAs of Kogi, in which 11, 456 beneficiaries received N10, 000 from federal government every two-months.

”But due to the additional data, a total of 33, 348 CT beneficiaries

across the 21 LGAs of Kogi, will now be paid N10, 000 this month for both

September and October bimonthly payment. The essence of bimonthly payment

is to make the money to be substantial for the beneficiaries.

”This implies that we would need more hands at the LGA level, so this

training that is being conducted today is for the newly selected CTFs from

seven LGAs that will be added to the existing CTFs”, she said.

According to her, the seven LGAs are: Okene, Adavi, Kabba/Bunu, Lokoja,

Dekina, Ofu and Ibaji LGAs.

She noted that the Community Based Targeting System being used to harvest

the beneficiaries from communities and LGAs, were carried out in phases by

the state office coordinating unit, saying ”this are the first set of LGAs

coming on board in the second round”.

She said the training, tagged: ”SGM” training, was designed to improve CT

beneficiaries’ knowledge and skills in saving and group mobilisation, as

well as group formation and management.

Abdulrazaq  stressed that the objectives was for the beneficiaries to

understand the importance and processes of savings; adopt positive attitude

for saving culture; and mobilise their economic assets to improve their

economic status.

”We also expect the beneficiaries to form themselves into a saving group

inform of cooperatives or association where they could decide whatever mode

of savings that is convenient for them.

”The CTFs are being trained to go back to their communities and cascade

the acquired knowledge and skills to the beneficiaries at their various

wards,” she said.

She commended the support the unit had been receiving from the State and

Local governments, while appealing for more support especially from the

local governments.

The Cash transfer coordinator enjoined the CTFs to go back to their various

communities and play their roles, while warning them against extorting

money from the beneficiaries.

She, however, advised the beneficiaries to make judicious use of the money,

saying it was not meant for frivolities but for them and their households

so as to improve their consumption.

One of the Master Trainers, Mr Peter Popoola, said the aim of the training

was to help the beneficiaries to developing their enterprises and expanding

their existing businesses for the benefits of themselves and their

households so as to sustain their existing livelihood.

”We are impressed by the responses we are getting from the trainees for

the three-day training,” he said.

Some of the CTFs, Mr Mohammed Abdullahi, Mr Ojo Sunday and Mrs Salamat

Yahaya, from Dekina, Kabba/Bunu and Okene LGAs respectively,  said that

they had acquired knowledge and skills in course of the training to be able

to cascade same to the beneficiaries at the grassroots.

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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