Investment
Wheat farmers bemoan $6.1 billion annual import, laud CBN restriction on forex for importers
The Wheat Farmers Association of Nigeria (WFAN) says about $6.1 billion is spent yearly to import wheat into Nigeria. The President of the association, Alhaji Salim Muhammad, made this known at a news conference on Wheat Forex in Abuja on Thursday. Muhammad commended the Central Bank of Nigeria (CBN) over the policy that placed wheat on Forex restriction. He described it as an impressive policy and a welcome development. According to him, Nigeria consumes 5 million metric tons of wheat per annum, while a meagre 420,000 tons is produced locally. He said that in view of numerous challenges that plagued local production, the policy would enable the government to unlock the unrealised potentials in the wheat sub-sector. “The forex restriction policy will give relevant stakeholders the confiden...
Lagos: Police arrest protesting Uber, Bolt drivers
The police in Lagos have arrested some members of the Professional E-hailing Drivers and Private Owners Association (PEDPA), the umbrella body of e-hailing ride companies including Uber and Bolt, who had embarked on an industrial action over the services rendered by the platforms. Five drivers, including the president of PEDPA, Idris Shonuga, were arrested on Tuesday. Speaking on the arrest, Kolawole Aina, the Regional Vice President PEDPA, South-west, said the drivers were picked up by the police at the National Stadium in Surulere while they were gathering for a peaceful march to Alausa. Newsmen reported that Bolt and Uber drivers commenced strike on Monday to express their displeasure over the “unfavourable pricing” of the companies and its impact on their business. Shonuga, who listed ...
Lagos inaugurates six-man governing board for alternative high school for girls
Lagos State Government has inaugurated a six-member Governing Board for Alternative High School for Girls In Aboju area of the state. The moves aimed at promoting the growth of both formal and informal education in the state. The state government, therefore, in demonstration of its commitment to full implementation of its mass literacy policy, charged the board to ensure that the school continues to excel in all its activities while sustaining its current impressive standard. The Special Adviser to Governor Sanwo-Olu on Education, Barrister Tokunbo Wahab, inaugurated the board. Wahab, who was represented by the Permanent Secretary, Mr Adeniran Kasali, stated that the government carefully selected technocrats with diverse experience and achievements in education and public service to let th...
Minister: Rail transportation awakening giant to help run government
Nairaland Mr Rotimi Amaechi, Minister of Transportation, on Tuesday described the rail mode of transportation as the awakening giant that would run government. He made the disclosure at the virtual National African Continental Free Trade Agreement (AfCFTA) Implementation Engagement Series for the Rail sub-sector of Transportation. Amaechi, who was represented by Mr Ibrahim Mohammed, a Deputy Director at the Federal Ministry of Transportation (FMOT), noted that the Federal Government had invested heavily on the rail sub-sector of transportation to help facilitate trade. “The rail sub-sector needs consistent opening for the country to further tap into the agreement that AfCFTA creates. “This is why government has embarked on many projects, developing the narrow gauges and establishing standa...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
Kaduna governor: Bandits have lost rights to life, must be wiped out
Gov. Nasir El-rufai of Kaduna State says bandits terrorising Nigeria have lost their rights to life under the constitution and must be wiped out. El-rufai made this known during a town hall meeting on national security organised by the Ministry of Information and Culture held in Kaduna with theme:”Setting Benchmark for Enhanced and National Unity in Nigeria”. ”The bandits are at war with Nigeria and there is no other way to approach the current insurgency but for security forces to take the war to the bandits and recover forests where they are occupying. “The security agencies mostly react to cases of banditry and abduction, we are in a war with these terrorist challenging the sovereignty of the Nigerian state. “Our security forces must collaborate to take the war to the bandits and terror...
IMF, World Bank advocate flexible fiscal support, debt relief
Against the backdrop of a pandemic impacted global and national economies, the International Monetary Fund (IMF) and World Bank have urged fiscal authorities to execute flexible and supportive fiscal policies to support economic recovery and cushion the long-term impact of the pandemic. In a paper that was titled: ‘Tailoring Government Support’, IMF staff said until the pandemic is brought under control, fiscal policy will have to remain flexible and supportive. It advised governments to prioritize certain policy measures that include targeted support to vulnerable households, investment in health system and more focused support to viable firms, warning that if the pandemic persists, widespread corporate insolvencies could result, destroying millions of jobs, particularly in contact-intens...
Nasarawa committed to sports development – governor
Gov. Abdullahi Sule of Nasarawa has reiterated his administration’s commitment to sports development in order to positively engage youths in the state. Sule stated this when he hosted members of National Super Bike Clubs’ Association of Nigeria who paid him a courtesy call in his office, on Friday in Lafia. The governor, represented by the Commissioner for Youths and Sports Development, Alhaji Othman Bala-Adam, thanked members of the association for the visit, assuring them of a fruitful stay in the state. “My administration remains committed to harnessing youths’ sporting potentials and tackling restiveness in the state. “I appreciate your decision to choose Lafia for your maiden Super Bikes Clubs competition and assure you of my support. “This is a timely initiative and a call for invest...
CSOs: Bandit attacks a risk to food security in Nigeria
Bandit attacks heighten risks for acute food crisis in Nigeria, stakeholders from the civil society and the media have said. This is even as they vowed to unite against terror rather than do anything that could promote it. “In addition to displacement, insecurity has hampered agricultural activities and heightened the risk of acute food uncertainty in the country”, they said in a communique issued on Thursday after a meeting of civil society groups and media in the nation’s capital. But they insisted that the adoption of new approaches by the government will address the specific political, economic, and social challenges that encourage banditry and terrorism in the country. The communique co-signed by Gbenga Onayiga and Adamu Ladan, the Acting Chairman and the Executive Director of the Vis...
Minister: 60% of dairy products consumed in Nigeria imported
Nigeria imports at least 60 per cent of dairy products the country consumes, the Minister of Agriculture and Rural Development, Sabo Nanono, has said. Mr Nanono disclosed this when speaking at the National Dairy Policy Stakeholders Engagement in Abuja on Tuesday. He said, “Despite the potentials in the dairy industry, 60 per cent of dairy products consumed in the country is imported while the remaining 40 per cent is produced locally.” The minister said Nigeria’s per capita consumption of milk is 8 litres per year, representing very low consumption levels when compared with the global average of 44 litres of milk, according to the Food and Agriculture Organisation of the United Nations (FAO). According to him, presently, the Nigerian dairy industry is largely subsistence and consists of lo...
Minister tasks NSDC boss on ensuring self-sufficiency in sugar production
Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, has tasked the newly appointed Executive Secretary of the National sugar Development Council (NSDC), Zach Adedeji to work towards the realisation of the Federal Government’s goal in ensuring self-sufficiency in sugar production. Speaking at the inauguration of Adedeji as the Chief Executive Officer of the NSDC at the weekend in Abuja, Adebayo said the Federal Government relied on him to work assiduously towards the realisation of the country’s self sufficiency in the sugar production. He noted that the appointment of Adedeji was based on his performance in his former positions, adding that the nation expected him to leave landmark achievements by the time he would be leaving office. “You are therefore expected to discharge...
Court declares SEC sanctions against Oando management null, void
Wikipedia Oando shareholders in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, bagged yet another win at the Federal High Court (FHC) Kano, in a suit filed against the Securities and Exchange Commission (SEC) for overreaching its powers. Justice A. Lewis Allagoa presiding over the ruling dismissed the regulators preliminary objection and granted all the reliefs sought by the Oando Shareholders. The FHC Kano dismissed SEC’s objection on the basis that the shareholders’ claims fall under their rights as shareholders according to the Companies and Allied Matters Act (CAMA) and is therefore not a capital markets i...
