Economy
I’m Determined to Reduce Poverty in Nigeria – Buhari
By Mathew Dadiya, Abuja
Nigerian President Muhammadu Buhari, Wednesday, in Riyadh reiterated the determination of his administration to alleviate poverty in the country and improve the living standards of the citizenry.
The President said that new investments and reforms in the agriculture sector in Nigeria hold the key to the target of his government to take 100 million Nigerians out of poverty in the next ten years.
Special Assistant to the President on Media and Publicity, Garba Shehu said that Buhari spoke at a panel discussion on the second day of the Future Investment Initiative (FII) conference in Riyadh, Saudi Arabia.
He underlined his government’s resolve to actualise his promise to reduce poverty in Nigeria.
The President joined President Mahamadou Issoufou of Niger and President Uhuru Kenyatta of Kenya in a plenary session to discuss ‘‘What’s next for Africa? How will investment and trade transform the continent into the next great economic success story?’’
On poverty reduction in Nigeria, President Buhari pointed to the vigorous implementation of key reforms of his administration in the farming and agricultural sector including soft loans to farmers, availability and affordability of farming inputs and restrictions on food imports grown locally, as some measures that have encouraged agriculture revolution in Nigeria.
‘‘We have vast arable land in Nigeria. We have encouraged, the young men and able-bodied persons, especially the uneducated ones to go back to the land.
‘‘We have encouraged them by giving soft loans to farmers through the Federal Ministry of Agriculture and Rural Development and by making fertilizer available and selling at half the prize that it used to be.
‘‘We have also ensured a stop on the importation of food because we are capable of achieving food security ourselves,’’ he said.
Responding to a question posed to the discussants if Russia is now the new best friend of Africa, President Buhari said Russia is ‘‘visibly helping’’ Nigeria in all the priority areas of his government – security, economy and the fight against corruption-, for which he is grateful.
The President added that Russia had remained a committed development partner to Nigeria, recounting its support during the country’s civil war.
‘‘Those who focus on the progress of developing countries would see what Russia right from its days as the Soviet Union had done for us. We will never forget that we went over our civil war with the help of Russia and since then politically and economically, the Russians are helping Nigeria in so many ways,’’ he said.
On anti-corruption, the Nigerian leader described corruption as an ‘‘embarrassing topic’’ for developing countries, highlighting measures by the Nigerian government to eliminate corruption through lawful enforcement and preventive measures.
‘‘Those who are following our administration’s efforts on accountability at all levels will notice that we have made some progress.
‘‘We have recovered hundred millions of dollars from people who took them out of the country and the economy.
‘‘We have recovered assets and given directive that they should be sold and the money returned to government coffers.
‘‘We have also created a Treasury Single Account (TSA) where all government monies and revenues go into a single account so that we can trace how they go out,’’ he said.
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)