Day: May 23, 2024

The Federal Government says it has reached an advanced stage of raising more than N35 billion required to restart the Light Mill Section (LMS) of the Ajaokuta Steel Company.

The Minister of Steel Development, Prince Shuaibu Audu, said this at the Ministerial Sectoral Update on the performance of President Bola Tinubu’s administration in the last one year,on Thursday in Abuja.

Audu said that a presidential approval had been given to raise the amount from a local financial institution, as part of the Tinubu’s administration resolve to boost the economic profile of Nigeria.

‘The local financial institution has given us a final offer.

‘I have done a cover letter and forwarded the relevant documents to the Minister of Finance to be able to take the financing on behalf of the Federal Government,’ he said.

He said that the LSM had the capacity of producing 400,000 metric tonnes of iron rods per annum, and was critical in shoring up industrialisation in Nigeria.

According to him, he is working closely with the
minister of works to supply the iron rods needed for road construction projects in the country from the section.

‘There are so many roads being constructed in the country, about 30,000km of roads across the six geo-political zones.

‘We understand that the ministry of works needs about seven million metric tonnes of iron rods over that four year period (first term) to construct these roads, Ajaokuta can produce 400,000 tonnes,’ he said.

He said that advanced discussions were held with the Minister of Defence, who is in charge of Defence Industries Corporation of Nigeria (DICON), to revive its engineering workshop to produce military hardware to enhance security in Nigeria.

‘So what is required is that we have a Metallurgical Development Centre that has the ability to provide us with the lead and zinc required, to be able to provide and produce some of these military hardware,’ he said.

Audu said that plans were ongoing to revive the Ajaokuta 110 Megawatts power plant that could supply power not only to th
e plant, but also to the national grid.

According to the minister, due to the paucity of funds, it is engaging in a public private partnership where the asset will be used as the collateral vessel to providing financing.

He said talks were ongoing with three potential investors which are: Transcorp power, NigerDelta Power Holding Company and Reticulated Global Engineering.

The minister said the mandate of the ministry was to revive both the Ajaokuta Steel Company and the National Iron Ore Mining company, and also to revive the steel industry, adding that it had engaged experts.

According to the minister, the vision is critical to the Renewed Hope agenda of the president, whose desire is to grow the economy of Nigeria to more than one trillion dollars by the end of the first term, thereby, making the country a G20. Economy.

He said that a minimum of two million dollars was needed to revive Ajaokuta steel, adding that the plan was to concession the company to people that had the competence to get the job d
one.

Source: News Agency of Nigeria

The Bank of Industry (BOI) has said that it created approximately 2,198,953 direct and indirect jobs across the country.

The Chairman of the Shareholders Committee, of BOI, Malam Muhammed Bala, said this at the 64th Annual General Meeting (AGM), held at the Transcorp Hilton, on Wednesday in Abuja.

‘In furtherance to its drive to boost job creation through its interventions, the BoI significantly increased its disbursements to large, medium, small and micro enterprises,’ he said.

He also disclosed that the bank’s profit before tax increased from N70.7 billion to N153.81 billion, the highest in the Bank’s history.

According to the bank, this represents 117.69 per cent.

The News Agency of Nigeria (NAN) reports that BoI has continued its impressive financial performance, showcasing a year of remarkable growth and achievements.

This is in spite of the significant global and local economic challenges it faced in the period under review.

Bala said that the bank’s total assets surged by an impressive 64.6 per
cent, escalating from N2.37 trillion to N3.91 trillion.

According to him, this underscores the bank’s commitment to enhance its financial foundation and expand its capacity to support Nigeria’s industrial sector.

Bala said the bank’s loans and advances increased by 41.5 per cent, rising to N1.14 trillion and N803.6 billion respectively due to increased interventions and disbursements to enterprises.

He said this reflected the BoI’s ongoing efforts to provide essential financial support to businesses across various sectors.

‘The bank’s total equity grew by 57.7 per cent from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments,’ he said.

On BoI’s outlook for the coming year, the chairman said the bank would continue to implement its medium-term corporate strategy for 2022-2024.

‘Thereby, effectively sustaining the trajectory of supporting Nigeria’s industrial growth.

‘This is subsequent to President Bola Tinubu’s Renewed Hope Agenda and in t
andem with the National Development Plan (2021-2025).

Also speaking, BoI Managing Director, Dr Olasupo Olusi, said during the period under review, the bank had empowered Nigerian enterprises, especially the micro and small ones, to remain in operation sustainably.

Olusi said this was done through the bank’s disbursement lines and managed intervention programmes.

He listed the programmes to include the Smallholder Farmer Financing Product, MSMEs Distributor Finance Programme, Fintech/Digital Lending Product, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES).

He said the Business Resilience Assistance for Value-Adding Enterprise (BRAVE) was also part of the programmes, among others.

‘The BoI’s continued focus on strategic lending and investment in critical sectors has been instrumental in achieving these outstanding results.

‘As the bank looks to the future, it remains dedicated to leveraging its financial strength to support the industrialisation and economic transformation of Nigeria,’ h
e said.

Source: News Agency of Nigeria

Stakeholders have called for the adoption of global best practices in the rebasing of the Consumer Price Index(CPI) and Gross Domestic Product (GDP).

They said this at a Sensitisation Workshop on the Rebasing of Nigeria’s CPI and GDP organised by the National Bureau of Statistics (NBS) in Abuja on Thursday.

The News Agency of Nigeria (NAN) reports that CPI and GDP rebasing is an exercise carried out to ensure that the methodological basis upon which they are constructed is robust, logical, and consistent with global best practices.

The Statistician-General of the Federation, Adeyemi Adeniran, said collaborating with stakeholders in the rebasing of the CPI and GDP would help ensure global best practices were achieved.

‘It is always our pleasure that when we are having a significant statistical exercise like this to have people that are more knowledgeable in the subject matter to make comments.

‘Also, to give us insights into some of the areas we may have not taken care of.

‘ We are happy that we are achi
eving the objective of this workshop by having different comments from different people on what we need to and how we need to improve on our methodology and approach.’

Adeniran said at the culmination of the process, critical stakeholders would once again be invited to a validation session where the preliminary results would be deliberated before the final public dissemination.

Mr Muhammad Abdullahi, Deputy Governor, Central Bank of Nigeria(CBN)’ s Economic Policy, said the NBS must ensure they adopt global best practices in their rebasing efforts.

Abdullahi, represented by Dr Ozoemena Nnaji, said: ‘We must ensure the data we produce is reliable, timely and accurate. That is the only way we can impact policy.’

He said the CBN would continue to collaborate with the NBS to produce timely data.

‘We want to assure you we are standing by you and with you throughout the process of the rebasing.’

Utz Pape, Lead Economists, World Bank, said it was important for each state to have its GDP, saying not being able
to disaggregate at the state level was limiting.

‘So, it is important to have state-level GDP and put them together at the national level to ensure they align with the National GDP.

‘The World Bank would continue to support the NBS in this regard and in its rebasing efforts because it would make a difference in policy formulation.’

Pape commended the NBS for its timely release of the CPI report, however, he urged the bureau to move to real-time price tracking and leverage on technology.

He added that data should be made available timely to the public and readable in different formats.

Prof. Ode Ojowu, a Professor of Economics, also called for state-level GDP which he said would help achieve policy details down to the state level.

Prof. Uwaoma Uche, Deputy Vice-Chancellor, Administration, Gregory University Uturu Abia, called on the NBS to leverage new media, publicity and technology.

‘From my research in Nigeria, it is estimated that 120 million unique users are currently engaging several social media
platforms.

‘ The NBS can create several platforms in the social media space and do its electronic data gathering for its activities and operations.’

Dr Ayo Anthony, Head, Prices Statistics Division, NBS, said the rationale and justification for the CPI rebasing include changes in item weights of individual goods and services over time and inclusion of new items in the CPI Basket.

‘ Others are the changes in consumption patterns over time, the price reference period should not be more than five years compared to the current period.

‘Also for qualitative input into the formulation of monetary policy and for comparability of the index with other countries.’

Baba Madu, Head, National Accounts Division, NBS, said the rationale for rebasing the GDP was to reflect the recent structure of the economic changes in terms of production and consumption patterns.

He said it was also because of alterations in the variety of products and services due to technological innovations and development and to inform policy dec
isions and programme design

‘Also to incorporate those economic activities that were not in existence at the old base year or were not adequately being captured within the GDP compilation framework,’ he said.

Source: News Agency of Nigeria

The Medical Laboratory Science Council of Nigeria (MLSCN) has inducted no fewer than 396 foreign trained Medical Laboratory Science graduates.

Dr Tunji Alausa, Minister of State for Health and Social Welfare, who spoke during the 11th induction and oath-taking ceremony on Wednesday in Abuja, said the gesture would curb medical tourism and boost the health sector

Alausa, represented by Dr Obi Ugbo, Senior Technical Assistant to the Minister, said that the induction was a crucial step in the efforts of the government to ramp up the training and recruitment of competent, skilled, and versatile manpower for the health sector.

‘Suffice it to say that the Federal Government is in a hurry to reposition the health sector to bring it at par with its peers in other countries, especially those we often seek to benchmark.

‘The narrative that we spend over 2 billion dollars out of our meagre foreign reserves on health tourism is neither acceptable nor sustainable.

‘Therefore, all hands must be on deck to ensure a bet
ter narrative and outcome for the health sector.”

According to him, the process is in line with international best practices.

‘It is more gratifying that you do not merely induct new entrants into your profession because they trained abroad, but rightly subject them to a re-training program and subsequent examinations in-country.

‘Even other more advanced health systems subject those who trained abroad to new rigorous learning experiences and their being licensed to practice is subject to their passing the prescribed examinations.”

According to him, the exodus of health professionals in search of so-called greener pastures has led to a significant shortage of personnel required for the growth of the health sector.

Alausa said that based on recent data, the country had no fewer than 300,000 health professionals attending to the healthcare needs of more than 200 million people.

‘This is grossly inadequate and puts enormous pressure on the available workforce.

‘Thus, in conjunction with the relevant sta
keholders, including MLSCN, the Federal Government is taking the necessary steps to improve and stabilise the health sector.”

He said he been informed that virtually all council’s processes, including those for the registration of laboratories, as well as licensing had been digitilised.

‘I commend and encourage you to keep up the good work,’ he said.

Prof. Tosan Erhabor, Registrar, MLSCN, said that the ceremony underscored the desire to foster excellence and professionalism in the council.

Erhabor said that the Act 11 of 2003 mandated council to determine periodically the level of competence to be attained by persons seeking to become medical laboratory scientists.

He said that the council had to review the process of admitting into the profession those who trained outside the country’s shores.

Erhabor appealed to the government to open up the employment space to absorb the young health professionals.

‘Doing so will create an incentive for them to stay back and help to reposition the health sector whi
le slowing down the brain drain currently afflicting the sector.

‘I wish to reiterate our previous plea to the ministry to establish a centralised pool for the internship posting of fresh medical laboratory scientists.

‘That will undoubtedly reduce the current challenges faced by fresh graduates, who are forced to comb the streets in search of internship slots,’ he said.

The inductees promised to put their best and also improve themselves academically.

Source: News Agency of Nigeria

The Minister of Defence, Alhaji Muhammed Badaru, says the Federal Government of Nigeria under Bola Tinubu, has made substantial investment in platforms and equipment acquisition for the Nigerian Air Force (NAF).

Badaru made this known at the opening of the 3rd African Air Forces Forum, organised as part of activities to mark the 60th Anniversary of the NAF, on Thursday in Abuja.

The theme of the forum is, ‘Leveraging Strategic Partnerships in Aerospace Innovations for Regional Security’.

‘The technological and innovative solutions that will be displayed during the exhibition will be adopted towards addressing the merit of security challenges facing our dear continent.

‘May I at this juncture, place on record that the Federal Government of Nigeria under President Bola Tinubu, has made substantial investment in platforms and equipment acquisition for the Nigerian Air Force.

‘This is also complemented with continuous support to the service to reactivate and upgrade its existing platforms via both local and
international partnerships,’ he said.

Badaru said the forum also formed parts of efforts geared toward complementing government support to the service to maximally exploit available resources for enhanced operational effectiveness.

According to him, the event will further deepen international cooperation and mutual trust between the NAF and other participating air forces and companies in a bid to achieve greater technological innovation and increase combat readiness.

He reiterated that no effort would be spared in ensuring that peace and security are restored in the country, saying that security was one of the major pillars of the present administration.

The minister said the nation and indeed countries around the globe were currently undergoing turbulent times with regard to security.

He said the Nigerian air force had made significant contributions to the joint effort in countering terrorism, banditry, kidnapping and several other criminal activities that had threatened Nigeria’s corporate existence.

‘I am therefore pleased to state that a lot has been achieved in the internal security operation in the country, where the excesses of criminal elements are being curtailed.

‘The sophistication of those strikes and the rapidity with which they evolve and transcend international frontiers, underscored the need for the NAF to collaborate with other air forces and industry players for optimal efforts.

‘Therefore, I’m hopeful that in keeping with its theme, the discourse during this event will emphasise the importance of cooperation and collaboration between NAF and other air forces of other countries and nations.

‘This is critical to effective employment of air power capabilities in promoting stability and in border perspective, shaping the development of Nigerian Air Force and other air force on the continent,’ he said.

Badaru commended the NAF in the area of technological advancement and the renewed focus on research, innovation and self-reliance by Chief of the Air Staff.

This, according to him is quite
visionary and builds on a tradition that the NAF had established over the years to attain its enviable heights.

‘I am aware that the NAF also strives to extend its collaboration outside the military and by this I mean collaboration with the academia, think-tanks, civilian technology hubs and independent innovators and creators through strategic partnerships.

‘I am equally aware that many companies, including original equipment manufacturers as well as maintenance and repair organisation, will be part of this exhibition.

‘Events of this nature are parts of efforts geared toward complementing government support to the service in order to maximally exploit available resources for enhanced operational effectiveness,’ he added.

Source: News Agency of Nigeria

A Senior Advocate of Nigeria (SAN), Mohammed Ndarani, says the hallmark of justice, is to guaranty the possibility that the weak could win against the strong, even against the state itself.

Ndarani said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

He said the law is the mechanism for reducing the level of grievance in a society.

He said that unless there is confidence in the system, both in its rules and the officials that apply them, anxiety and bitterness will continue across the nation.

‘Justice delayed is justice denied’ is a legal maxim.

‘It means that if legal redress or equitable relief to an injured party is available, but is not forthcoming in a timely fashion, it is effectively the same as having no remedy at all.

‘It is only a truly independent judiciary that would bring the total much-sought-after transformation in the sector,” he said.

He said that in recent times there has been an avalanche of divergent viewpoints on how to confront the volatile matter
of unacceptable delay in the dispensation of justice and the resultant fallouts.

‘Nigeria is experiencing increasing demands for an improved institutional capacity to deliver effective justice.

‘This demand presents a significant challenge as it reflects yawning gaps in the country’s capacity to deliver an efficient and responsive justice system”, he told NAN.

The senior lawyer advised that judges should be encouraged to uphold the independence of the judiciary.

‘The independence that seeks to ensure that judges are not subjected to pressure and influence when adjudicating matters and are free to make impartial decisions based solely on facts and law.

‘Our criminal justice system has endured prolonged delay in the administration of justice, congestion of courts, inadequate infrastructure and lack of access to justice by the poor.

‘Majority of these poor cannot afford the services of lawyers, hence, the congestion of prisons with the daily influx of accused persons or suspects awaiting trial”, he said
.

The senior lawyer also said that many of the country’s laws are out-dated and out of tune with modern trends.

He said that many laws need to be revised to bring them in line with current realities, many of them now being outmoded and no longer relevant to today’s Nigeria.

He decried cases of arrest of suspects’ relatives in place of suspects, use of torture by the police to obtain confessions and alleged corruption amongst judicial officers.

Ndarani believed that with the appointment of the new Justices to the Supreme Court making a total of 21 justices by President Bola Tinubu, there should be an improvement in efficient justice delivery.

‘The appointment of these justices during the tenure of Tinubu and Lateef Fagbemi, SAN, in compliance with the provision of section 230 (1) (2) B has demonstrated their commitment to the rules of law.

‘Also, the recent recommendation of 86 judicial officers for appointment by the National Judicial Council (NJC) will help tackle the backlog of cases more efficiently,
and ensure timely justice delivery for Nigerians.

‘The appointment as required by law demonstrates the President’s commitment to strengthening the judiciary and ensuring its effectiveness and independence”, he said.

He equally canvassed for a substantial increment in the salary and emoluments of all the Judges across the 36 states of the federation including the FCT, as well as the judicial staff.

‘This will in no small measure enhance judicial independence by fostering greater independence for the judiciary, allowing it to perform its constitutional role without undue influence, and also boost judicial morale.

‘It will equally contribute to a more robust and effective judiciary, which is essential for upholding the rule of law, protecting citizens’ rights, and promoting good governance,” Ndarani said.

Source: News Agency of Nigeria