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Ministry Completes Inspection of NEPZA Projects

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The Joint Projects Monitoring Committee of the Federal Ministry of Industry, Trade and Investment (FMITI) and the Nigeria Export Processing Zones Authority (NEPZA) have concluded the inspection of 112 approved projects for the Authority.
Mr Martins Odey, Head, Corporate Communications, NEPZA, said this in a statement on Wednesday in Lagos.


According to the statement, the projects captured under the NEPZA Tenders Board of 2017-2021, are located at Calabar Free Trade Zone (CFTZ), Kano Free Trade Zones (KFTZ) and the newly approved Lagos and Kwara Special Economic Zones respectively.

It said out of the 112 ongoing projects, a total of 76 had been completed with the CFTZ accounting for 28; KFTZ 38; Lekki SEZ 5; and Ilorin SEZ 5, while others were at different levels of completion.

Some of the projects, the statement said included: erosion control works and rehabilitation of collapsed perimeter fence, construction of emergency exit gates and access road to the jetties and re-asphalting of the exiting dual carriageway road network at CTFZ.
Others are: consulting services for master plan and architectural design; consulting services for engineering and infrastructure design; quantity surveying for feasibility studies at Kwara SEZ; and the development of initial 5MW power plant and electrical reticulation within the Ilorin SEZ.
“They also include: construction of roads with associated drainage work at KFTZ; construction of four standard size factory building and associated external works at KFTZ.
“Also is the purchase of property at No.38 Kofo Abayomi Street, Victoria Island, Lagos; and the re-furbishing and furnishing of the newly acquired NEPZA new Lagos zonal office among others,” it said.
The statement quoted Hajia Zainab Aliyu, Director of Monitoring and Compliance, NEPZA, expressing satisfaction with the level of projects execution across the four zones during the tour in Calabar,
Aliyu added that the Federal Government had always ensured value-for-money in the execution of its contracts.
She said the approval for the inspection of the projects indicated government’s priority toward adequate provision of infrastructure in the free trade zones.
She added that the development showed the commitment of the Prof. Adesoji Adesugba led-management to the interpretation of President Muhammadu Buhari’s policy for a profitable and competitive zone scheme.
“As part of the statutory responsibility of NEPZA as provided in Section 4 of the Authority’s Act 63 of 1992 is the provision that ensures that all zones provide some of the basic infrastructure.
“We are also obliged to constantly monitor and evaluate both new and old infrastructure.
“The reasons for these monitoring and evaluation exercises were to ensure the right quality of materials were used and the right quality of jobs are done, just as we also checked the percentage of work done in line with the amount assigned for the project.
“The Authority has, however, decided to carry out the task jointly with our supervising Ministry, which is the Ministry of Industry, Trade and Investment and so far, we were encouraged by the progress of executions,” she said.
Mr Martins Odeomenem, Director of Procurement, FMITI, explained that the projects approved through the Ministerial Tenders Board had been completed.
“It is not all about awarding contracts and executing contracts; there is also the need for every office that has the duty of awarding contracts to know that government is seriously after value-for-money.
“NEPZA abhors shoddy execution of its projects because of the strategic nature of the free zones in attracting foreign investment.
“We have gone around and I can say with all sense of responsibility that we are satisfied with what we have met on ground,” he said.
Hon. Richard Gbande, Deputy Chairman, House Committee on Commerce, at the Kano tour, expressed satisfaction with how the authority had managed the special economic ecosystem, describing it as a vital economic gateway that should fast track the industrialisation of the Northern region.
Gbande explained that the zone was lucrative going by the presence of 75 enterprises functioning night and day to increase production for the country’s highly competitive markets.
“We are sure production and competition among the enterprises in the zone would increase significantly if the Federal Government finally divests its equity to the private sector as planned,” he said. (NAN)

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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