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Nigeria, ECOWAS Back WFP’s with $1m in 2021 

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Economic of West Africa States
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By Joseph Amah, Abuja

The United Nations World Food Programme (WFP) has announced that it received the sum of $1 million in 2021 from the Government of Nigeria as part of an ECOWAS humanitarian assistance to the Nigerian Government for victims of violent conflicts in North West and North East Nigeria.

The fund from ECOWAS was granted to the government of Nigeria from the ECOWAS Regional Stabilisation Fund.
The Government of Nigeria accordingly sought the collaboration of WFP in Nigeria to apply the fund for alleviating food and nutrition needs in Katsina, Zamfara and Borno states.

The programme targeted 840 food insecure households (some 4,196 persons) in Zamfara, Katsina and Borno states with food assistance.

The target beneficiaries receive an average cash transfer of NGN 27,000 in their prepaid bank cards or WFP SCOPE cards every month to buy their preferred food from local markets. Beneficiaries are encouraged to buy a wide range of local nutritious foods from their preferred shops. Cash transfers have an additional advantage of stimulating local markets and agricultural production. To prevent acute malnutrition in children in the first 1,000 days of their lives, the programme also provides nutrition assistance to children 6-23 months old and to pregnant and breastfeeding women from vulnerable and food insecure households. Some 14,070 children and 1,932 pregnant/breastfeeding women receive specialised nutritious food in the three (3) project states.

In addition to providing life-saving food and nutrition assistance to vulnerable families, WFP is also using the ECOWAS donation to build the resilience of the households in the conflict-affected states of Borno, Adamawa, Yobe and Katsina. The project will provide milling machines and training support to 603 returnees from Cameroon and displaced rural women to support them in generating some income to sustain their livelihoods.

Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq in a statement from WFP was quoted as saying, “This project has provided the FMHADMSD the unique opportunity of showcasing best practices of partnership and collaboration in delivering humanitarian intervention. It has equally advanced the efforts of the Nigerian Government in touching the lives of a critical mass of Nigerians in vulnerable situations.”

On his part, Commissioner for Social Affairs and Gender, ECOWAS Commission, Dr. Siga Fatima Jagne, said, “In line with the humanitarian mandate of the ECOWAS Commission and in response to the Decision of the Fiftieth Ordinary Session of the Authority of Heads of State and Government of December 17, 2016, to assist population in North East Nigeria affected by terrorism, the ECOWAS Commission in strong collaboration with the Government of Nigeria and the World Food Programme is providing humanitarian support to our populations in need in Nigeria and will continue to build the resilience of our people to bridge the humanitarian-development nexus across the West African region for a prosperous ECOWAS Community.”

Also speaking, WFP Representative and Country Director,  Ronald Sibanda, said, “The Government of Nigeria’s contribution, through ECOWAS, came at a very critical point as conflict and impact of climate change continue to drive hunger in the country. In these affected states, persistent conflict, climate shocks, high food prices and reduced household purchasing power undermine people’s ability to feed themselves. WFP welcomes this contribution which underpins efforts to continue providing life-saving food and nutrition support and livelihoods assistance to those most in need in the conflict-affected states.” 

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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BUSINESS

NASS Seeks Collaboration with WTO on Improving Digital, Marine Economies

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By Eze Okechukwu, Abuja

The Nigerian delegation at the on-going 148th Assembly of the Inter-Parliamentary Union (IPU) in Geneva, Switzerland has sought the collaboration of the World Trade Organisation (WTO) in the area of Digital and Marine economies.

Addressing the WTO media shortly after a courtesy visit to the Director General of the WTO, Dr Ngozi Okonjo Iweala in her office in Geneva on Monday, the leader of the Nigeria delegation, Senator Godswill Akpabio said the delegation were at the WTO to look for areas of collaboration with the organisation in the various sectors of the economy for the overall benefit of Nigerians.

According to him, “We used our attendance at the IPU to pay courtesy visit to one of Nigeria’s very costly export to the world, Dr Ngozi Okonjo Iweala; the Director General of the WTO.

We came to thank her for the job she is doing for the world and thank her staff for supporting and standing by her to succeed. We, in Nigeria are very proud of her.”

“We had discussions on the various developmental programmes of the WTO and we noticed that there were spaces where Nigerians can become major players. We discussed issues affecting trade back home in Nigeria and ways in which the National Assembly can assist in removing barriers, through legislation for the benefit of our people.

 “We also talked about issue of regulations concerning Digital economic contents, illegal finishing along the coastal states of Cross River, Rivers, Akwa Ibom and Bayelsa states. How Nigerian women could benefit from the recent program funded by the organization was also discussed. The establishment of a Digital trade portal, where-in, all trade information could be accessed by our people top our discussion with the WTO. “

Akpabio noted, “The deliberations were fruitful and we are confident that with our support in all of these, Nigerians would be the better for it.”

In his brief remarks, the Deputy Speaker of the House of Representatives, Benjamin Kalu said, ” our best export to the world took her time to bring us up to speed on the various innovations and initiatives of the WTO and what Africa and Nigeria stand to benefit from. We are going back more refreshed because we have seen a space here for Africa to thrive in business and in trade.”

Speaking in the same vein, the WTO chief described the visit of the Senate president and the Deputy Speaker, to her office as “a huge honour. We were able to talk on those things we are doing at the WTO that would help make a material difference for Nigerians.

“We spoke of recent program that we launched in some development program from the standards and trade facilities to help in improving sanitary and vital sanitary standards for some of the crops in Nigeria, so that it helps in diversifying the economy to even fisheries and illegal mining of the waters of Nigeria.”

According to her, “A lot of things on the table have already been discussed. I am honoured by this visit and I am home-sick.”

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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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