Rasaq Abolaji

AfDB’s support for Nigeria’s economy totals $6bn

http://teamlasolas.com/great-research-papers/ By Abolaji Adebayo

blank African Development Bank (AfDB) has declared that it has supported Nigeria with about $6billion to put its troubled economy together as the country was in serious need of support from international bodies since it faced economic recession.

home page Speaking in Abuja on Wednesday, the President, AfDB, Dr. Adewumi Adesina, explained that when Nigeria was going through a tough economic time, the bank led the world in rallying support around for a budget to help build more resilient economy as it showed a better diversified economy.

resource assignment matrix He said, “If you look at our total active portfolio in the country now, it is over 6 billion dollars. Take for example, we invested over $300million from the private sector part of the bank in Dangote industries – Petro-chemical industries and the fertilizer manufacturing companies.

http://www.lakecharlesclinicaltrials.com/defense-dissertation-presentation/ “We also invested over 100 million dollars in the Indorama fertiliser companies as well; they are looking at us to do more, additional 100 million dollars for them.’’

go site He noted that the bank had also been supporting the recovery effort of the Federal Government in the North East, while commending President Muhammadu Buhari for the investment made so far in rebuilding the North East, adding that the country had to rebuild the infrastructure including road and schools in the region.

http://loovharidus.ee/psychology-topics-for-research-papers/ psychology topics for research papers He further hinted that the bank had executed a Basic Livelihood Support Programme for over $250million for the North East of Nigeria, noting the the Board had just approved a programme called Enable Youth in agricultural sector.

bibliography online source He informed that the programme was to create a generation of young commercial farmers in Nigeria, stating that about $430million would be invested in the project.

sell high school essay Adesina, who won the 2017 World Food Laureate Award in Agriculture in the U.S., further said that the bank had been doing a lot of line credit in Nigeria for commercial banks to lend to small and medium size enterprises.

http://navnidhiinfra.com/?q=how-to-write-apa-style-research-paper He informed that the bank had been talking with the Minister of Power about how to help in the power sector in Nigeria.

http://globalsolusindo.id/how-to-buy-a-paper-online/ “We have invested a lot in the transmission companies of Nigeria. We are also helping them to have an additional $200million to post bonds, to be able to raise money to modernize the transmission network in Nigeria.

business risk management plan example “I remember during COP 22 in Morocco, I spoke to the Minister of Power, Fasola and I told him to visit Noor Ouarzazate, the largest Concentrated Solar Power (CSP) plant in the World, which was financed by the AfDB in Morroco. He said he was very pleased with the idea and we are supporting his ministry now with a big project, we are going to do in Jigawa a project on Solar.”

here He hinted that the bank was planning over $4.1 billion for Nigeria to cover agriculture, infrastructure, power sector, basic livelihood in terms of water and sanitation.

Writing Service With Adesina, however, expressed optimism over the implementation of the bank projects in Nigeria, adding that there was a very stringent monitoring system to ensure implementation of set targets.

PENGASSAN expresses confidence on NNPC’s inland basins exploration effort

By Abolaji Adebayo

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed the its confidence on the effort of the Nigerian National Petroleum Corporation (NNPC) in refinery activity, commending the corporation on the exploratory activities it has been spearheading in inland basins.

The agency maintained that the NNPC Management was capable of returning the refineries to profitability, promising that it would support any effective, efficient and sustainable model that can make the refineries viable.

PENGASSAN National President, Francis Johnson, who stated this in Abuja when he led the Central Working Committee (CWC) of the union on a courtesy visit to the NNPC Group Managing Director, Dr. Maikanti Baru recently, said the yeoman job being undertaken by the NNPC with regards to the frontier basins would benefit the nation ultimately.

Johnson said the union’s expectation was for a breakthrough to be achieved in the Corporation’s exploratory efforts in the basins.

The Management of NNPC under the leadership of Baru, has in recent time, embarked on aggressive exploratory operations in the nation’s frontier basins of the Chad Basin and Benue Trough in line with the aspiration of the Administration of President Muhammadu Buhari to increase the reserves base of the country.

Baru, since assumption of office last year, has drummed up support for the exploration activities with critical stakeholders in Bauchi, Borno, Sokoto and Nassarawa State.

In Nassarawa State recently, he disclosed that NNPC’s Frontier Exploration Services (FES), a services company of the Corporation, had mobilized the Integrated Data Services Ltd (IDSL), (an  Upstream arm of the NNPC) to acquire seismic data in the Benue Trough commencing from the Keana area.

At the visit to the GMD, the PENGASSAN National President also commended the NNPC GMD for collaborating with other government agencies and critical stakeholders to bring about efficiency in the Petroleum Industry, adding that his efforts has also led to the improved products supply situation being enjoyed in the country.

He also called on the GMD to intensify the ongoing rehabilitation of the downstream facilities, especially the depots, pipelines, tank farms and jetties to further ensure seamless supply of products across the country.

On the Petroleum Industry Bill, the PENGASSAN President emphasized the need for its speedy passage, adding that the unions were ready to collaborate with the National Assembly to resolve knotty issues associated with it.

Responding, Baru disclosed that President Muhammadu Buhari had mandated him and the NNPC Management to bring back the refineries to their glorious days and thanked the unions for their belief in his capability to deliver on the president’s mandate.

He said funding had been a major challenge in the rehabilitation of the refineries but was however optimistic that the various options being explored would yield positive results.

The GMD expressed appreciation to the unions for their support in his effort to move the Petroleum Industry forward, while lauding their pragmatic approach to handling issues, saying this has helped to bring about industrial harmony.

On his part, Chief Operating Officer (COO), Corporate Services, Isah Inuwa, urged the unions to continue to work on the part of amity, while assuring them of NNPC management’s readiness to continue to collaborate with them in the overall interest of the Industry and the nation.

NAFDAC, NBMA partner on GMOs regulation

By Abolaji Adebayo

As part of efforts to ensure food security in the country, the National Biosafety Management Agency (NBMA) has entered into agreement with the National Agency for Food and Drug Administration and Control (NAFDAC) on how to curb the influx of Genetically Modified Foods (GMOs) in the country as well as its proper regulation.

Addressing journalists in Abuja on Wednesday, the Head of Press, NBMA, Gloria Ogbaki, disclosed that the two agencies had finally signed a memorandum of understanding on the controlling of GMOs in the country after several months of discussion.

 

Ogbaki stated that the MoU was for the agencies to work together for the good of Nigerians, adding that the agency would not compromise GMO standard.

She said NAFDAC was a major stakeholder in Biosafety as the NBMA Act 2015 mandated NAFDAC to also be involved in the certification of GM foods.

“In view of this, the agency has been working tirelessly for several months to get this memorandum signed and it is a thing of joy to sign this today.

She said that the agency would sign memoranda with other line agencies to ensure the safe practice of modern biotechnology and use of its products just as it had done with other sister agencies like Nigeria Agricultural Quarantine Service (NAQS) and National Seed Council (NASC).

Ogbaki noted that the agency was recently alerted by the Nigerian Customs Service of imported GM maize and a team of biosafety officers were sent to take sample for analyses, noting that the agency took the most responsive action by repatriating the shipment after confirmation that the maize was genetically modified.

Apple sells robots built by Nigerian-British citizen

By Abolaji Adebayo with agency reports

Apple Stores in the United States and United Kingdom have begun the sale of gaming robots, MekaMons, built by a Nigerian-British, Silas Adekunle.

Adekunle’s company, Reach Robotics, struck the deal with Apple recently.

The product with a price tag of $299.95 went on sale from November 16 in the shops and online. The robots can be operated with an iPhone and other smartphones.

Reach Robotics, an augmented reality gaming company creates robots for both fun and STEM education.

Adekunle, who was born in Nigeria moved to the UK when he was 11 years old.

He is an engineer who graduated with First Class Honours from the University of the West of England in Bristol, with a Bachelor of Science in robotics technology. He previously worked at GE Aviation and Infineon.

“We’ve created an entirely new video gaming platform,” said Adekunle in a press release, published by Black Enterprise.

“MekaMon straddles both the real and virtual worlds while taking the gaming experience beyond a player’s screen and turning their sitting room into a limitless robotic battle zone. MekaMon represents a quantum leap forward in the leveraging of augmented reality. Players can whip out their iPhone to battle their multi-functional, connected battlebots in the physical and virtual worlds at the same time.”

MekaMons are four-legged robots that players can control via a smartphone using a companion app for augmented reality gameplay.

Multiple players can have their MekaMons battle each another. Each robot weighs a little over two pounds with dimensions of 11.8 by 11.8 by 5.9 inches.

MekaMons can connect to each other via infrared signals and Bluetooth, allowing for co-op gaming.

The robots are powered by a rechargeable battery that provides up to an hour of gameplay. They are compatible with the iPhone, using the smartphone’s camera and infrared tracking capability for precise navigation.

Adekunle’s company, founded in 2013 is based at the Bristol Robotics Laboratory (BRL) Technology Incubator. His colleagues include Chris Beck who had been working as a roboticist in the BRL.

The company, according to southwestbusiness.co.uk has experienced fast growth in the past few months and the firm is moving out of its offices at Future Space in Bristol.

The company, which has taken space for its 29 members of staff at Bristol Business Park, has secured $9.5m (£7.1m) of investment funding from organizations which, said Adekunle, could “see the potential for what we were developing.”

 

Adekunle said, “When I was a student at UWE Bristol I spent some time going into schools to help inspire young people and it struck me that there was a huge untapped market for a consumer robot with a difference.

“We used to go in and explain simple robotics to try to inspire the young roboticists and engineers of the future and this experience set me off thinking about designing gaming robots.”

Reach Robotics is anticipating fast future growth and is looking to target the UK and US market in the lead up to Christmas.

Adekunle added, “This is an exciting time for our company as now after years of development work we are finally able to bring Mekamon to customers across the UK and US and with plans to go global.

“UWE Bristol has given us an amazing start and we are so grateful for their support.”

Dry ports established for farm produce exportation, say shippers

By Abolaji Adebayo

Nigeria Shippers Council (NSC) has declared that the establishment of six dry ports in all the six geo-political zones across the country was majorly to boost and facilitate easier exportation of agricultural produce by the local farmers.

It stated that it was established in the interest of the local producers to harness the opportunities available in the export sector and make the nation’s hinterland a hub of some sort with economic interest in mind.

Speaking in Lagos on Wednesday, the Executive Secretary of the Nigeria Shippers Council (NSC), Hassan Bello, said the new ports, in all the six geo-political zones, were among the facilities put in place to help local farmers espouse their products to the international community.

He advised the farmers to explore the availability of the newly-established dry ports in parts of the country to boost and espouse their local products to the international markets, adding that it was pertinent for them to add value to their produce and make them acceptable to international standard to attract foreign exchange.

“We are targeting huge exports from the ports to change the import orientation of Nigerians,’’ Bello said.

He said that efforts were being made to link all the dry ports by rail to make for easy transportation.

Amaechi meets Senate, clears air on $2.7bn rail concession

By Abolaji Adebayo

Sequel to the controversy over the proposed $2.7billion concession of the Narrow Gauge rail network across the country to General Electric, the Minister of Transportation, Rotimi Amaechi has appeared before Senate and clarified that no agreement had been signed yet concerning the concession with General Electric.

He stated that what was imminent was the signing of an interim work schedule (Interim Phase) which involved General Electric investing the sum of $45million to carry out some rehabilitation and repair of the track infrastructure amongst other things before the signing of the main concession agreement.

Earlier, the Senate Committee Land Transport under the chairmanship of Senator Gbenga Ashafa had invited the minister to brief the committee on the effect of the planned concession on the activities of the Nigerian Railway Corporation (NRC), the future of the staff of the Nigerian Railways and most importantly the effect of the concession on the budgetary provisions for the narrow gauge rail lines when same is handed over to General Electric.

It was reported that the minister had stated that General Electric would be investing the sum of $2.7billion on infrastructure, Operation and Maintenance (O and M) of the entire narrow gauge lines concession.

He was also reported to have stated further that once the concession agreement with General Electric is concluded, the Nigeria Railway Corporation would hand over the affected rail lines to General Electric.

However, in his response, Amaechi said there had not been any such agreement on concession with the company.

As regards the future of NRC workers the minister stated that the NRC staff would remain employed by the NRC following the commencement of the concession.

However, the NRC staff have expressed a desire to be paid their full entitlements and disengaged prior to the commencement of the concession, saying the approach would put a significant upfront liability on the federal government.

Amaechi hinted that the stated preference of the ministry/NRC was to retain all the staff in NRC except for staff being transferred to the concessionaire.

The senate committee advised the ministry to tread carefully with respect to the issue of the workers to avoid a repeat of what happened with the PHCN staff which was eventually fraught with series of claims and counter claims from disengaged employees.

At the end of the meeting Ashafa cautioned that the meeting should not be viewed as a witch- hunt exercise, but rather as an avenue for both the committee and the Ministry of Transport to be on the same page as to the concession agreement in order to present a unified front in support of the President Buhari Administration.

The minister on his part promised that the final agreement would not be entered into without the Senate Committee on Land Transport being duly carried along.

CBN votes for 14% lending rate retention

By Abolaji Adebayo

Consequent upon the vote by nine members at the last meeting held by the Monetary Policy Committee (MPC), the Central Bank of Nigeria (CBN) has finally pegged its lending rate at 14 per cent due to persistent uncertain economic conditions and high inflation.

It was reported that eight members voted to retain the MPR and other monetary indices, one person voted to reduce the MPR by 100 basis point.

Addressing journalists at a news conference on the outcome of the last Monetary Policy Committee meeting for the year 2017 in Abuja on Tuesday, the Central Bank Governor, Godwin Emefiele, the means that the Cash Reserve Ratio still remained 22.5 per cent and Liquidity Ratio, 30 per cent, adding that the Asymmetric corridor is at +200 and -500 basis points around the MPR.

According to him, the committee took note of the gains made so far as regards its earlier decisions, thus extensively debated whether to hold, to tighten, or to ease the policy stance.

“While tightening will strengthen the impact of monetary policy on inflation with complementary effect on capital flows and exchange rate stability, it nevertheless could also dampen the positive outlook for growth.

“On the other hand, loosening may strengthen the outlook for growth by stimulating domestic aggregate demand through reduced cost of borrowing; it would nonetheless aggravate the upward trend in consumer prices and exchange rate pressures.

On the argument to hold, Emefiele said that the committee believed that key variables have continued to evolve in line with the current stance of macroeconomic stability policy and should be allowed to fully manifest.

The governor, who hinted that the committee expressed satisfaction with the slow but gradual growth in the economy, noted that the economy has begun to show strong signs of recovery as public investment has picked with increase housing construction at the federal and state levels as well as rising at the ports to support the purchasing manager index.

He explained that the committee was of the view that policy makers must not relent in their aggressive policy initiatives aimed at continuing the positive growth trajectory.

As he said, the committee affirmed its commitment to maintaining price stability which was crucial to sustainable economic growth and development.

Emefiele commended the fiscal authorities for the early submission of the 2018 Appropriation bill for considerations, saying that if approved on time, it would help reposition the economy on the path to growth.

On financial stability, he said that the committee noted the concentration of non-performing loans in some sectors but observed that the overall outlook for the banking system was stable as deposit money banks’ balance sheets remained strong.

Meanwhile, the committee called for strengthening of oversight and early warning systems in other to promptly identify vulnerabilities and proactively manage risks in the banking system.

When asked to comment on the sale of 9mobile, formally known as Etisalat, Emefiele said that the CBN would do all in its power to ensure smooth transfer of ownership to new investors.

“I am optimistic that the sale process is still on track, there is a determination that that sale must take place before Dec. 31, 2017. We remain focused on it. There are rumors that Barclays Africa, the financial advisers wants to withdraw from the transaction. If Barclays decide to do so, they will do so in a letter.

“Barclays was hired in a letter and if they decide to withdraw, they will do so in form of a letter; but as I speak with you, there is no letter from Barclays,” he said.

Winners emerge at Jumia eating competition

By Abolaji Adebayo

Two male contestants have emerged the overall winners and awarded with the grand prize of a N10,000 food voucher each at the Jumia Eating Competition organized in honour of the Black Friday festival which started on the 13th of November and is expected to run through 13th of December.

As part of the jollification to thrill its numerous customers, Jumia Food, has stepped down music concert for the Eating Competition.

A total of six teenagers (3 males and 3 females) volunteered to participate in what seemed easy at first glance, but only two of them could finish the task effortlessly.

The participants were subjected to the task of consuming several plates of foods/snacks without using hands within 10 minutes. They were to use their mouths to pick every piece of food on the plates without drinking water.

At the end of the competition, two male contestants tied in for the win and emerged as the winners of the competition, as they were awarded with the grand prize of a N10,000 food voucher each.

Speaking at the event on the company’s participation at the concert, the Managing Director, Jumia Food, Olamide Bada, said the platform provided a good opportunity to interact with its teeming customers.

“For us, it’s about interacting with our customers and showing them how to use our platform to order for food. As a company, we have created this platform to ease the stress of ordering food from your favourite restaurants within minutes,” Bada said.

Lagos ports not congested, says NPA

By Abolaji Adebayo

The Nigerian Ports Authority (NPA) has claimed against that the Lagos ports were not really congested as widely believed, stating that it was the access roads to the ports that were in bad conditions and that the government was making efforts to fix them.

The authority also stated that the NPA had no constitutional or moral right to direct an importer or exporter on the choice of port to use.

Speaking at the Rivers Port Stakeholders’ meeting in Port Harcourt on Tuesday, the Managing Director, Nigerian Ports Authority, Hadiza Usman maintained that every importer or exporter has the right to use the sea port of his or her choice while transacting import and export businesses.

The Managing Director, who was represented by the NPA Executive Director, Maritime Operations, Sokonte Davies, noted that most of the importers/exporters that used Lagos ports were from South-West.

According to Usman, NPA had eased up a system of doing business in a easy way before the executive order was issued, noting that the system had paid off handsomely.

She promised that NPA would procure six gun boats to tackle security challenges on the waterways, claiming that the authority did not charge money for services it did not render to importers and exporters.

She said that it would be difficult for all inspecting agents to inspect a vessel at the same time, adding that the exercise could only be done in turns.

Usman promised to address users’ complaints constitutionally and hinted that the meeting would hold quarterly to enhance harmonious relationship between NPA and stakeholders.

The shipping companies/agents had complained of lack of pilot cutters; inadequate security, poor light as well as shallow Bonny channel which needed dredging.

According to stakeholders, big vessels were diverted to other pots due to the shallowness of Bonny Channel, among others.

Lagos settles N141.59bn bond debts

By Abolaji Adebayo

The Lagos State Government said it has paid the total sum of N141.59 billion to bond holders in its various fixed rate bond programmes.

According to the government, the bonds included the Lagos State N80 billion fixed rate programme 2, Series 1 floated in 2012 with a maturity date of 2013; N87.5 billion fixed rate programme 2, Series 2 floated in 2013 with a maturity date of 2020 and N47 billion fixed rate programme 3, series 1 floated in 2016 with a maturity date of 2023.

The figures were revealed on Tuesday at the 5th Annual General Meeting, AGM, between the state government and bond holders held at the Civic Centre, Victoria Island.

Following the analysis of the bond by the government, in the N80 billion fixed rate programme 2, Series 1 bond, the state government as at September 2017 had paid N76.17 billion to bond holders out of the N97.43 billion it contributed to the bond, leaving a balance of N30.34 billion invested in fixed income and treasury bills.

In the N87.5 billion fixed rate programme 2, Series 2 bond, the sum of N61.44 billion was paid to bond holders out of the N75.91 billion contributed by government, leaving a balance of N18.49 billion invested in fixed income and treasury bills.

In the N47 billion fixed rate programme 3, Series 1 bond floated last year, the sum of N3.9 billion had been paid to bond holders out of the N4.2 billion contributed by the government as at September 2017, leaving a balance of N229.7 million which had been invested in fixed income and treasury bills.

Addressing people at the AGM, the Commissioner for Finance, Akinyemi Ashade noted that the various bonds had been used to upscale infrastructural development in the state in the areas of roads and bridges construction, water, transportation, health and waterfront infrastructural development.

According to him, $50 billion was needed to address infrastructural deficits in the state, which he said, was part of the reasons the government floated bonds to bridge the gap, adding that over time, two bridges had been constructed with the proceeds from the bonds while major infrastructure were upgraded across the metropolis.

Ashade said the state government was committed to uplifting its debt ratings and would borrow at reduced rate, saying that in the coming year, government was going to invest massively in projects.

The commissioner added that the state government was looking for ways to increase its revenue and that part of the move was to review existing rate systems which had been in use since the 80s with ridiculous rate.

“We will update our laws to increase revenue. Those revenue laws have been in existence since the 1980s and they have ridiculous rates,” he said, while calling on all to support the government by paying their taxes appropriately.