Economy
Gbajabiamila Gets IPU Support on Debt Cancellation
By Orkula Shaagee, Abuja
The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has received the support of the President of the Inter-Parliamentary Union (IPU) on the drive for debt cancellation for African countries as advocated for by the new body, the Conference of Speakers and Heads of African Parliaments (CoSAP).
Gbajabiamila, who has been at the forefront of the formation of CoSAP, told the President of IPU, Ms Gabriela Cuevas Barron, during a zoom meeting in Abuja on Friday that the conference was formed to enhance parliamentary collaboration in advancing the growth, stability and development of the continent.
He sought the support of the IPU for CoSAP’s quest for debt cancellation for African countries, saying that the devastating impact of the Covid-19 pandemic on African economies, demands debt cancellation.
According to him, It is inhumane to be forced to pick between servicing foreign debt and saving lives locally.He said the debt burden on African countries would not allow most of the affected nations to thrive in the aftermath of the pandemic.
“Our main focus in the meantime is calling for debt cancellation,” Gbajabiamila told the IPU President.
“We decided to introduce this group to you so that you would join forces with us for the call for debt cancellation for African countries.
“We cannot do this alone. We need your voice, we need your experience, we need your advice,” Gbajabiamila said
In her response, Ms Gabriella congratulated the Speaker for championing the formation of CoSAP, saying it is a welcome development.
“I love this idea for many reasons. Believe me, I share this concern, please count on me, find in me, an ally, a friend, and someone who truly understands this important challenge for developing countries,” Ms Gabriella stated.
She said as the President of IPU, she would get in touch with relevant experts to get their advice on the issue, noting that a similar initiative is being done in Latin America.
She used the opportunity to call for the strengthening of the African Continental Free Trade Area (AfCFTA), which she said would go a long way in creating a conducive environment for African countries.
She also said the idea of regional workshops on issues such as climate change and gender should be given priority, to which Gbajabiamila agreed.
While responding, he said he was glad that both CoSAP and IPU were on the same page.
He said the issues of AfCFTA and the regional training have been on the front burner in most African countries, including Nigeria, saying they would continue to push for both. The first CoSAP will take place in Abuja next year, in the aftermath of the Covid-19 pandemic, bringing together all Speakers and Heads of Parliaments in Africa as well as strategic partners which include the IPU.
Economy
Value Addition is new Standard in Mining Operations – Alake
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)
Economy
Life Insurance Records 95% Net Claims in Q4 2023-NAICOM
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)
Economy
No Mining License without Mineral Value Addition Plans-Alake Warns
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)