COVER
Tinubu Suspends Tax, Import Duties on Produce
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By Tony Obiechina, Abuja
In a move to tackle high cost of foodstuffs, President Bola Tinubu has approved a 150-day duty-free import window for maize, husked brown rice, wheat, and cowpeas.
This initiative suspends duties, tariffs, and taxes on these imports through both land and sea borders.
Similarly, the Federal Government will import 250,000 metric tons of maize and 250 metric tons of wheat to satisfy the demand by small-scale processors and millers across the country.
This was made known by the Minister of Agriculture and Food Security, Senator Abubakar Kyari at a press briefing in Abuja yesterday.
This measure is part of the Presidential Accelerated Stabilisation and Advancement Plan.
Under the new arrangement, imported food commodities will be subject to a Recommended Retail Price (RRP).
In the words of the minister, “Over the past several months, we have all been witnesses to the escalating cost of food items in all parts of the country.
“There is virtually no food item that has not had its price raised to a level higher than what a good many Nigerians can afford.
“The affordability crisis in our food security system has been indexed by the data from the National Bureau of Statistics which by the last count, had put food inflation at 40.66%.
“We have heard the cries of Nigeria over the prices of food items and condiments, with some now describing tomato as gold and proposing a variety of recipes to prepare soups and dishes with some of the overly priced food items.
“What in the past were regarded as common items such as yam, plantain, potato now command excessively high figures and Nigerians are right to wonder how and why things are the way they are.”
The minister recalled that President Bola Tinubu in March 2024 constituted the Presidential Economic Coordination Council (PECC) under which, the Economic Management Team (EMT) who presented an Accelerated Stabilization and Advancement Plan to the President.
He said part of the decision of the EMT to ameliorate food inflation in the country is a 150-Day Duty Free Import Window for Food Commodities, suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders) which include Maize, Husked Brown Rice, Wheat and Cowpeas and under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).
“In addition to the importation by private sector, Federal Government will import 250,000MT of Wheat and 250,000MT of Maize.
“The imported food commodities in their semi processed state will target supplies to the small-scale processors and millers across the country.
“Engage relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve, continuous ramp-up production for the 2024/2025 farming cycle,” he noted.yari said there will be a sustained support to smallholder farmers in the ongoing wet season farming through existing government initiatives and the government will strengthen and accelerate Dry Season Farming across the country.
He said government will embark on aggressive agricultural mechanization and development to reduce drudgery, drive down the cost of production and boost productivity, collaborate with Sub-National to identify irrigable lands and increase land under cultivation and work closely with the Federal Ministry of Water Resources and Sanitation, to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.
He said there will be the development of a strategic engagement for the youth and women across the federation for immediate greenhouse cultivation of horticultural crops such as tomatoes and pepper to increase production volume, stabilize prices, and address food shortages and fast-tracking ongoing engagements with the Nigerian Military to rapidly cultivate arable lands under the Defence Farms Scheme, while encouraging other Para-Military establishments to put secured available arable lands to cultivation.
“As our nation confronts a critical food security challenge, let me reiterate Mr. President’s unwavering commitment to attaining food security and ensuring that no Nigerian goes to bed hungry.
“To this end, I can assure all Nigerians, that my team and I, will swiftly and diligently actualize these crucial policies to ensure food security for everyone in the country in the immediate term as we also continue our strategies for long term interventions to address the underlying causes and ensure sustainable and resilient food systems in the country”, the minister stated.
Concerning the quality and genetic composition of the imported food, the minister assured, “The government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.”
In his reaction to the development, a Professor of Capital Market at the Nasarawa State University, Keffi, Uche Uwalaka described it as a welcome development.
He told our reporter, “I think it is a welcome stop-gap measure aimed at moderating food inflation, which is largely caused by supply constraints occasioned by insecurity in the food belt regions of the country.
“The reality is that the government needs to buy time to deal with the legacy supply-side factors fueling inflation in Nigeria.
“I also think the CBN is in a position to intervene in the Fx market to stabilize the exchange rate following any associated pressure in the Fx market given the recent accretion to external reserves to over USD 34billion.
“Indeed, any fiscal measure at this time to reduce the high rate of hunger in the land is welcome.”
COVER
BOI Restates Commitment to Local Manufacturing, Job Creation
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Managing Director of the Bank of Industry (BOI), Mr Olasupo Olusi has reaffirmed the bank’s commitment to supporting local manufacturing in Nigeria.Olusi said this when he visited the GU Ebeco facility and inspected ongoing projects at the Nisa Medical and Zeberced Group at the Idu Industrial Layout, Abuja yesterday.
He expressed delight at the progress made so far at the various facilities while commending the chief executives of the organisations, urging them to do more. During the visit to the GU Ebeco, the BOI boss emphasised the importance of job creation and the need for their products to proudly bear the “Made in Nigeria” label.Olusi praised GU Ebeco’s progress over the past seven years, applauding its expansion into a national enterprise with over 1,500 employees and several facilities across the country.“I am very happy with the fact that BOI has supported this enterprise for the last seven years. It is wonderful to see that it has grown.“It employs 1,500 staff, and operates a national distribution system. We are proud of the significant role GU Ebeco is playing in the Nigerian manufacturing landscape,” he said.The BOI boss also commended the loan repayment performance of the company saying it had taken multiple facilities from the BOI. He encouraged other young entrepreneurs to stay focused, while assuring them of BOI’s commitment to supporting them and Nigeria’s industrialisation efforts.Responding Mr Ebere Uzozie, Managing Director of GU Ebeco, expressed his appreciation for the continued support from the BOI.“We are grateful for the Bank of Industry’s backing. Their loans have helped us expand and create lasting change. We now have 34 facilities, and we are debt-free.” We are optimistic the visit will mark a new chapter for the company, and will ensure further growth and partnerships that will contribute to Nigeria’s industrial future,” Uzozie said.at the Zeberced Group, its Managing Director, Mr Aydin Kurt, said that Nigeria had lots of potential and could be the future of the world.While acknowledging the country’s potential in industrialisation, he emphasised the importance of producing locally in Nigeria rather than relying on imports.Kurt also appealed for more collaboration with the BOI to promote industrialisation, create jobs and help grow the economy.“I cannot do it alone. we have to come together and create a synergy to attract different investors to come and also invest in this country.“This is our vision we have a lot to share with you, and thank you once again for visiting our corporations,” he said.Responding, the BOI managing director said that the bank was keen on infrastructure and committed to supporting industrious infrastructure.“This project is very important to us and a critical objective for the county and, in that spirit, we have decided that we will continue to support the proliferation of industrial parts across the nation.Why yours is so unique is because it has a plan for Micro Small and Medium Enterprises (MSMEs) which is very important.“We have a mandate to support that particular segment of our economy because they are the ones that champion job creation and most of the growth of the economy is attributed to them,” Olusi said.The BOI boss thanked Zeberced Group for the opportunity while commending the groups’ vision, energy and optimism to carry the project forward.“We look forward to our partnership. Like I said, we all want to be parts and parcel of this project, we have already given you some money to implement it, and we will see how we can do more.“As you expand we will support, but you have to also show us the job creation numbers, and make sure your goods are branded made in Nigeria,” he said.The News Agency of Nigeria reports that GU Ebeco is a furniture company while Zeberced is a construction company. NANCOVER
FRSC Unveils App to Mitigate Road Crashes Impact
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By Tony Obiechina, Abuja
Federal Road Safety Corps (FRSC) has unveiled an app to boost efficiency and mitigate the impact of road accidents in the country.Speaking at the event yesterday in Abuja, the Secretary to the Government of the Federation (SGF), George Akume explained that the app was designed to digitalize FRSC operations for effective traffic management.
The SGF who described the current rate of accidents as a great concern to the present administration, urged the FRSC management to involve stakeholders in the implementation of the app to monitor motorists and curb the excesses of FRSC officers and personnel. The Chairman, House Committee on Road Safety, Abiodun Adeshida said the National Assembly was ready to review the 2007 Federal Road Safety Corps Act for more efficient service delivery.The Kenyan Ambassador to Nigeria, Isaac Parashina said African countries have a lot to learn from the FRSC’s experience in addressing the high rate of road crashes across the continent.According to the him, Africans must come together and provide homegrown solutions to address road safety challenges.In his welcome remarks, the Corps Marshal FRSC, Shehu Mohammed stated that the innovation was part of efforts to align with the Renewed Hope Agenda of President Bola Tinubu’s administration on the use of the new technology to strengthen the commitment of road users and enhancing road safety operations.Mohammed said the corps would embark on aggressive sensitization in all motor parks and town hall meetings for stakeholders to key into the new technology.The Director-General of the Federal Radio Corporation of Nigeria (FRCN), Dr. Mohammed Bulama expressed confidence that the new technology would bring sanity to Nigerian roads.Dr Bulama commended FRSC management for the new operational initiative and pledged FRCN’s continued support to every program to reduce death and enhance economic activities in the country.The Acting President, National Union of Road Transport Workers (NURTW), Isa Ore said leaders in the transport sector would contribute to the success of the application in saving lives on the highway.Other stakeholders in the transport sector promised to support FRSC in enforcing traffic laws and protect lives and property on Nigerian roads.COVER
Lokpobiri Meets Shettima, Denies Involvement in Petrol Price Hike
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By David Torough, Abuja
Minister of State (Oil) Petroleum Resources Heineken Lokpobiri yesterday denied that the Federal Government is responsible for the Tuesday increase in the price of petrol, saying it is a function of deregulation.The latest hike in the price of petrol has pushed up transport fares by over 50 percent in major cities across Nigeria.
The increase implemented by the Nigerian National Petroleum Company (NNPCL) Retail Management ranges from N855 to N897 per litre, depending on the location from the previous N568-N617. Independent marketers have adjusted their prices to between N930 and N1,200 per litre of petrol.The minister denied FG’s involvement while addressing State House correspondents after a meeting with Vice President Kashim Shettima in Abuja.Shettima had summoned Lokpobiri along with the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari and the National Security Adviser Malam Nuhu Ribadu over the recent hike in the price of petrol.Lokpobiri said, “This sector is deregulated. And we believe that with the availability of products, the price will find its level.“What is important is that the product is available in the country. Between now and weekend, there will be availability of the product across the length and breadth of the country.“We believe that by the time there is availability of the product across the country, the price itself will stabilise.”Mr Ogbugo Ukoha, Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said regulatory efforts were geared toward stabilising supply of petrol in the country, which he said would impact positively on stability of price.Okuoha said, “The objective of the regulator is to ensure that there’s increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.“More importantly also is the reinforcement of the support being given to local refinancing, because with increased production there will be higher supply, which will stabilise the price.”Despite making its product available, the Federal Government has not started lifting petrol from the Dangote Refinery.Yesterday, Dangote Group refuted the claim in the media that NNPCL is currently lifting petrol from its refinery and selling at N897 per litre.A statement signed by the Group Chief Branding and Communications Officer, Dangote Group, Anthony Chiejina said the company has not yet finalised any contract with NNPCL.The statement entitled, “NNPC yet to lift our petrol” reads, “Our attention has been drawn to a headline “NNPC lifts Dangote Petrol, sells at N897 per litre” published in the BusinessDay Newspapers of Wednesday, 4 September 2024.“We would like to state that NNPCL has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalize our contract with NNPCL.“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.“We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter.“We are guaranteeing Nigerians of exceptionally high quality petroleum products that will be readily available all over the country.”