Economy
Allow States Develop Their Minerals, pay Royalty-Wike
Governor Nyesom Wike of Rivers State, on Monday urged the Federal Government to allowed states to develop and operate their respective minerals and pay royalty to the central government.
Wike made the call when Mr Uchechukwu Ogah, the Minister of State for Mines and Steel Development, paid him a courtesy visit at the Government House in Port Harcourt.
He said the call became pertinent because the federal government which unilaterally controls the country’s rich mineral endowment has failed to translate the mineral wealth into overall economic development.
The Governor maintained that in order for the country to benefit from its vast mineral endowment, the federal government should concentrate on the formulation of policies that will facilitate an improvement in the governance of the mining sector to improve social welfare of the citizens.
“The federal government is carrying so much load that they are not supposed to carry, allow states to develop these minerals and pay royalty to the federal government, that is the way it’s supposed to be,” Wike said.
He urged the Minister to push for reforms that will enable States and Local governments take charge of the mining of solid minerals in their domains and then pay tax to the federal government.
“It is very important for people to know that part of the problem in this country is that everybody is depending on oil, when we are also supposed to look at other minerals.
“Minerals play a great role in terms of raising revenue for any country, so our overemphasis on oil has reduced our impact on other minerals.”
Wike noted “if the country fully harness the gold deposit in Zamfara as well as other minerals in other states of the federation, the country will make a lot of revenue from these minerals that can accelerate development.
Wike lamented that despite the possibility of the Ajaokuta Steel Company project generating huge revenues for the country and creating not less than 3,000 jobs, the federal government, for political reasons, have failed to actualise the country’s aspiration to become a major player in the global steel industry.
He declared that the Rivers State government is prepared to collaborate with the federal government to develop the mineral sector of the country.
Wike advised the federal government to shun “playing politics with issues of economic development” and strive to entrench the ideals of good governance in the country.
Responding, the Minister told the Governor that he is in the State to share with him the vision and policy focus of the Federal Government for the development of the nation’s solid mineral resources.
Ogah stated that his visit is to solicit for the support and partnership of the state government in ensuring the orderly and efficient exploitation of huge deposits of silica sand, glass sand and clay which are in the state for construction purposes and glass manufacture.
“In addition, permit me to also remind you of the abundant sea salt yet to be exploited in Rivers as a state bordering the Atlantic Ocean, which might also be an interesting area for collaborative development,” Ogah said.
He commended the governor for the peerless successes his administration has recorded in matching actions with mission statements of actualizing the aspirations of the good people of Rivers State for a balanced development and enhanced quality of life for the present and future generations through responsive governance guided by the fear of God.
“Your administration has accomplished its mission as seen in the massive infrastructures, cultural integration, provision of essential social amenities and many other legacy projects for the prosperity of Rivers State people and Nigerians living and doing businesses in the State,” he said. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)