NEWS
FG Begins Audit of MDAs – Osinbajo
Vice-President Yemi Osinbajo has disclosed the readiness of the Federal Government to carry out aggressive audit of all ministries, departments and agencies (MDAs).
This move, according to him, is aimed at identifying bureaucratic bottlenecks and removing them in a renewed effort to further improve the country’s business environment and economy.
Osinbajo, who made this known at the Fifth Anniversary of the Presidential Enabling Business Environment Council (PEBEC) held at the State House Banquet Hall, Abuja added that this step will in turn encourage more local and foreign investments, create more jobs and opportunities for Nigerians.
While noting that in some of the government agencies, the heads “commit to change, but down the line the system either resists or is simply not well designed to function properly”, he said.
The vice-president served notice that what must be done in the coming months is for the federal government to work with the agencies to implement a more aggressive audit.He said, “Where we identify the specific bottlenecks in systems possibly down to the particular desks where these problems arise; we may then come for agencies and officials who have failed or resisted change.”
Osinbajo stressed that to improve the country’s business climate and making it more attractive for foreign and local investors, creating jobs was government’s priority, while the biggest job creator is the private sector, particularly small and medium enterprises.
“We must ensure that they are not hindered from doing business easily, so they can produce the opportunities our nation needs,” he stated.
Despite the challenges in some areas, the vice-president detailed how PEBEC’s reforms and efforts have been instrumental in improving Nigeria’s business environment in the last few years under the Muhammad u Buhari administration.
For instance, Osinbajo stated that since its inception, PEBEC has achieved the delivery of over 150 reforms and completed six National Action Plan (NAP).
His words: “As a result, Nigeria has moved an aggregate of 39 places on the World Bank Doing Business index since 2016, and was twice named as one of the top 10 most improved economies in the world in the last three cycles. Nigeria was also named one of only two African countries to make this highly prestigious list in 2019.
“Similarly, the 2018 Subnational Doing Business report on Nigeria recorded unprecedented improvement, with 100% participation of states in the Right-of-Reply exercise. The World Economic Forum (WEF), in its 2018 Global Competitive Report, also recognized Nigeria’s business environment as one of the most entrepreneurial in the world, and highlighted Nigeria’s improved competitiveness in the enabling business environment.”
He affirmed that PEBEC’s reforms have “proved what is possible if we are hands-on and intentional in making it easy to do business in Nigeria”.
“We were fortunate to have a smart and visionary team led by Dr. Jumoke Oduwole (Special Adviser to the President on Ease of Doing Business), who, with her team of public and private sector members, designed the series of reform initiatives and internationally recognized homegrown National Action Plans (NAPs) – 60-day accelerators designed to coordinate the effective delivery of priority reforms of select Ministries, Departments and Agencies (MDAs)
annually.
“At the federal level, the PEBEC secretariat also actively supports 15
priority public facing agencies and tracks 55 MDAs on the
implementation of Executive Order 001 on Transparency and Efficiency
of Pubic Service Delivery and the Council’s feedback mechanism –
ReportGov.NG,” he said.
According to the vice-president, with the implementation of more of
such reforms, most of the systemic problems can be solved, because
“these systems work elsewhere and can work in Nigeria.”
PEBEC, which is chaired by the vice-president with the membership of
several ministers and collaboration with the Legislative and Judicial
arms of government, was established by President Buhari in 2016 to
improve Nigeria’s business environment by removing the bottlenecks and
obstacles.Meanwhile, the Commission has informed all Capital Market Operators (CMOs) and the general public that the annual renewal of Registration of CMOs for the year 2022 will commence from 1st January, 2022.
The SEC stated that in line with the Commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2022 on or before 31st January, 2022 via the renewal of registration portal – www. eportal.sec.gov.ng.
NEWS
AfDB Signs $75m Loan Agreement to Boost Indorama’s Fertilizer Production, Export Capacity
The African Development Bank (AfDB), has signed a 75 million dollar loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited.
The bank announced this in a statement issued on its website late Thursday.
According to the statement, the loan will enable Indorama to increase its fertilizer production and develop a port terminal for exports.
The statement also said that the loan would help in supporting food production and food security across regional and international markets while fostering job creation in Nigeria.
It said that the expansion would include the development of a third urea fertilizer production line and a new shipping terminal at Indorama’s facilities in Port Harcourt.
“The new production line is expected to have an annual capacity of 1.4 million metric tons of urea, one of the most widely used fertilizer worldwide.
“Indorama’s two operational urea fertilizer lines serve Nigeria’s domestic market.
“It supports the country’s agricultural sector, which accounts for a quarter of its Gross Domestic Product (GDP) and employs about a third of its labour force.
“The new production line and terminal, which will help meet growing global demand for fertilizer, is expected to create up to 8,000 direct and indirect jobs in Nigeria”, the statement said.
The statement also quoted the Acting Director of Industrial and Trade Development Department, AfDB, Ousmane Fall, as commending the partnership.
Fall said the bank was proud of its continued partnership with Indorama, the IFC, and other lenders on this critical project.
He said the partnership aligned with the bank’s strategic priorities to Feed and industrialise Africa, while generating significant development outcomes in Nigeria.
Meanwhile, Manish Mundra, Group Director for Africa, Indorama Corporation said the establishment of the fertilizer plant underscored Indorama’s unwavering commitment to Nigeria’s industrial growth, economic diversification, and leveraging its strategic geographic location.
“This landmark financing represents a pivotal moment in Nigeria’s journey towards becoming a major player in the global fertilizer market.
“With this third line, Nigeria is prepared to significantly ramp up its export capacity, thereby, enhancing its position as a key exporter of fertilizer to Africa and the world.
“Furthermore, the establishment of this fertilizer plant will not only address critical issues such as broader food security but will also stimulate agricultural growth and create employment opportunities in Nigeria,” he said.
Reports says that the AfDB’s loan follows a strategy to support investment in private sector development to promote the growth of the real sector.
The 75 million dolllars loan is part of a 1.25 billion dollars facility arranged by IFC.
The financing package includes a 215.5 million dollars loan from IFC’s own account, a 94.5 million dollars loan through the Managed Co-Lending Portfolio Programme (MCPP), and 940 million dollars in parallel loans mobilised from other development finance institutions and commercial banks.
Some of the banks include the AfDB, Bangkok Bank, British International Investment, Citibank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), DZ Bank, Emerging Africa Infrastructure Fund (EAIF) and Rand Merchant Bank.
Others are Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Export-Import Bank of India (India Exim Bank) and Export-Import Bank of Korea (KEXIM).
The Standard Bank Group, Standard Chartered Bank, and the United States International Development Finance Corporation (DFC) are also part of the banks.(NAN)
NEWS
NSCDC Arrests 3 Suspects with 1,625 Litres of Adulterated Diesel
The Anambra Command of the Nigeria Security and Civil Defence Corps (NSCDC) has arrested three suspects with 1,625 litres of adulterated diesel.
The NSCDC Commandant in Anambra, Olatunde Maku, told newsmen on Friday in Awka, that the suspects were arrested on March 23 along Atani Road, in Odekpe, Ogbaru Local Government Area of the state.
He said that his team arrested Oluchukwu Okeke, 28, from Ogbaru in Anambra; Emeka Chukwuma, 34, also from Ogbaru in Anambra; and Ifunanya Ike, 29, from Mbano in Imo state.
According to Maku, they were conveying 65 kegs of 25 litres each of suspected adulterated diesel, estimated to be 1,625 litres in four different vehicles.
He said that the vehicles were two shuttle buses, a white-colored bus with registration number AWK429XY and another ash-coloured bus with registration number GDD277XB.
“This arrest was made possible in collaboration with the Nigerian Navy, and preliminary investigation revealed that the illegally refined products were loaded at Ogbakuma and headed to Okoti community, both in Ogbaru area.
“I want to commend the Nigerian Navy for their support in the fight against criminality in the state.
“This type of synergy is what is needed to wage a full-scale war against perpetrators of this heinous crime.
“NSCDC, as the lead agency in the protection of critical national, state, and local government assets and infrastructure, is known for its zero tolerance in crude oil theft and illegal bunkering activities.
“We remain focused on freeing Anambra state of illegal petroleum products racketeering and other related criminalities,” he said.
Maku added that the suspects would be arraigned in court as soon as investigations were completed.
He called on members of the public to assist the command in its renewed vigour to stamp out illegal oil refining activities in the state through the provision of intelligence on illegal oil bunkering activities within their domains. (NAN)
NEWS
Good Friday: Catholic Bishop urges Leaders, Nigerians to Emulate Christ’s Sacrifice
As Christians celebrate the crucifixion of Jesus Christ (Good Friday), the Bishop, Catholic Diocese of Oyo, Most Rev. Emmanuel Badejo, has urged leaders and Nigerians to emulate Christ’s sacrifice.
Badejo made the remark in his Good Friday message made available to Newsmen on Friday in Ibadan.
Badejo enjoined all leaders, people in authority and Nigerians to emulate Jesus in order to improve society and institutions.
The catholic bishop emphasised that Good Friday teaches us the best qualities of leadership in service, humility and love.
He noted that Good Friday represents all the challenges and problems in life, at work, in family and country at large.
According to him, those problems will be solved not just by praying, but by serious, honest and selfless efforts by everyone to do good and oppose sin and evil.
“Nigeria is not beyond repair, but it is righteousness that exalts a nation.
“Good Friday is the day on which Jesus made the ultimate sacrifice, giving His life on the cross for the salvation of the world.
“That is exactly what is good about it, even though his suffering and death are painful and unjust.
“Jesus Christ, the son of God, gave his life in love and humility, leaving His glory aside. By His death on Good Friday, Jesus taught us that there are benefits in making sacrifice for the good of others.
“Such suffering or sacrifice, like that which a mother makes for her children, or a friend for another, is pleasing to God.
“Good Friday invites us to repent, do away with sin, but do something for the good of others and thus, enjoy God’s favour,” he said.
Badejo remarked that Easter Sunday is the celebration of the victory of Jesus Christ, which reminds all that the victory of good over evil is inevitable.
He said that, just as all conspiracies against Christ’s resurrection could not stand, similarly, all the evil happening in the world cannot stop the celebration of Easter as planned by God.
“That is why Christians rejoice at Easter. Alleluia! Easter Sunday answers all the questions of Good Friday. Why should good people suffer sometimes?
“Well, because God always has a superior reason and for allowing such to happen.
“If Jesus had not died, salvation would never have come. To all who suffer, I say: “Be comforted: with Jesus, Good Friday is not the last word, Easter Sunday victory is.
“I urge all Nigerians to emulate Jesus’ way of love and sacrifice for others,” Badejo said. (NAN)