Economy
NEPZA, IFC seek FEC’s Buy-in on Medical Economic Zones Establishment
The Nigeria Export Processing Zones Authority (NEPZA) and the International Finance Corporation (IFC), in efforts to establish Medical Special Economic Zones in Nigeria, have urged the Federal Executive Council to adopt the concept as a national project.
Prof.
Adesoji Adesugba, the Managing Director of NEPZA made the remark while formally presenting the concept to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, in Abuja.In a statement on Friday, by Mr Martins Odeh, Head, Corporate Communications, NEPZA, Adesugba said the medical zones are to be established across the six geo-political zones in conjunction with the IFC, its foreign collaborator.
According to him, in the authority’s attempt to use the zone scheme, to fast track the country’s industrialisation process found it expedient to extend such a mandate to scale-up the country’s healthcare system.
The NEPZA chief executive explained that it was vital for the concept to be adopted, adding that such show of political-will was needed to mitigate the fears and reservations of prospective investors.
The presentation provided a basis and justification for a notation to be made by the minister to Federal Executive Council for its buy-in and support to commence the project.
Adesugba, who also provided introduction and rationale for the project based on the COVID-19 effect.
He added that the prevalence of communicable and non-communicable diseases in a more threatening manner unequivocally necessitated the urgent need to improve and invest in the country’s healthcare.
He stated that the over two billion dollars capital flight on medical tourism annually was a needless astronomical cost of medical services abroad which had a serious negative effect on the economy.
Adesugba, therefore, explained that the project when brought to limelight would invariably showcase Nigeria’s potential as a medical tourism destination.
“The medical special economic zone remains a tool to reduce medical tourism and to reinstate buoyancy in our economy’’, he said.
The NEPZA boss also outlined the Authority’s vision for the project with details on the pilot project, benefits to Nigeria, components of the medical zones, criteria for site selection and success.
He also highlighted the steps taken to date which included stakeholder engagement, gazetting of medical special economic zones in third schedule of activities, state engagement and budget allocation and the proposed implementation strategy.
“The statistics of this morning indicate that we have lost 2,057 people to COVID-19 but we have lost more to malaria this year as we speak.
“We have lost more to TB, HIV so our intention is to put together the kind of scheme that would wholistically address the country’s healthcare challenges.
“We have been able to pick some locations and we discovered that it’s even easier for us because there are some states that have already indicated interest to host the project.
“Lagos, Kwara and Katsina States are waiting for the commencement of this great initiative.
“While Katsina is on the verge of allotting us 400 hectares of land near the Airport for this scheme, we have taken delivery of large sites in Lekki, Lagos and Kwara respectively’’, Adesugba said.
Meanwhile, Dr Olumide Okunola, Senior Health Specialist, IFC, said the country should speedily leverage on this project to speed up its structural transformation.
On his part, Adebayo expressed delight on this initiative and promised to take it to federal executive council for consideration.
The event was also attended by Amb. Mariam Katagum, the Minister of State for Industry, Trade and Investment and other senior officials of the ministry and NEPZA. (NAN)
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)
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)
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)
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