Friday, December 4African Business News
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Economy

‘We must stimulate economy now to address projected population explosion’

‘We must stimulate economy now to address projected population explosion’

Economy
The Minister of State, Budget and National Planning, Prince Clem Ikanade Agba, has stressed the need for timely stimulation of the economy to address the projected population explosion of over 411 million by 2050. According to the minister, the process must be that which engenders growth and creates jobs for the increasing population. Agba stated this in Abuja, while declaring open the 23rd meeting of the Inter-governmental Committee of Senior Officials and Experts (ICE) for West Africa. His words: “For instance, it is estimated that Nigeria’s population will hit over 411 million by 2050, with 65 percent of the population under the age of 35. “The high population growth rate is therefore, a matter of concern, hence the need to stimulate the economy.” According to him, the ga...
Architects seek National Assembly backing for bill against building collapse

Architects seek National Assembly backing for bill against building collapse

Economy
The Nigerian Institute of Architects has appealed to the National Assembly to support a bill it was sponsoring to curb the menace of building collapse in the country. The National President of the Institute, Mr. Sunny Echono, made the appeal on Friday, when he led members of his executive to pay a courtesy visit on the Clerk to the National Assembly, Amos Ojo, who is also an architect. Echono said the proposed bill spells out conditions that would ensure that only professionals would be allowed to carry out construction works in the country. He said, “It is an agenda of the institute, just like in the issue of building collapse we talk about, to straighten the legislative framework and the laws. “This will ensure that only those who have the capacity, the experience and the com...
FG disburses N10b Survival Funds to 101,567 beneficiaries nationwide

FG disburses N10b Survival Funds to 101,567 beneficiaries nationwide

Economy
Says initial challenges are being surmounted The Federal Government said it has so far disbursed about N10billion from the Micro, Small and Medium Enterprise (MSMEs) Survival Funds, to 101,567 beneficiaries till date, as part of commitment to lift Nigerians out of poverty. The N75 billion Survival Funds, which comprises the N60 billion MSMEs as well as the N15 billion Guaranteed Off-take Schemes, became operational in September, is the core of the N2.3trillion stimulus package of the Nigerian Economic Sustainability Plan. The Minister of State for Investment Trade and Industry Ambassador Mariam Katagun, disclosed this while briefing the media on the update of the Scheme. Katagun, who is also the Chairperson Steering Committee to the MSMEs Survival Funds and Guaranteed Off-t...
Nigeria:Phase 2 rehabilitation of Port Harcourt refinery to start in Q1 2021

Nigeria:Phase 2 rehabilitation of Port Harcourt refinery to start in Q1 2021

Economy
Mallam Mele Kyari, the Group Managing Director at the Nigerian National Petroleum Commission (NNPC) has disclosed that the second phase rehabilitation of the Port Harcourt refinery would commence in the first quarter of next year. Addressing media parley with Energy Correspondents in Abuja the MD said, “I am happy to announce that the funding challenge which had stalled the second phase of the rehabilitation of the Port Harcourt Refinery has been resolved and the contract for the implementation of the works will be awarded soon. The project should commence in Q1 2021.” Revamping pipeline network Kyari also disclosed that the company is in the process of strengthening the products distribution system by revamping its pipeline network through a Build, Operate and Transfer (BOT) model wh...
European gas faces more winter price weakness

European gas faces more winter price weakness

Economy
The impact of further pandemic lockdowns is compounding an already bearish outlook The benchmark Dutch TTF price recovered strongly in the third quarter of 2020 and has largely held onto those gains for now. But analysts warn that Europe could still see another winter of low gas prices, particularly given the risk posed by further lockdowns to tackle new waves of Covid-19 infections ahead of any widespread rollout of vaccination programmes. Gas demand in Europe recovered in June and through the third quarter, after falling by over 11pc—or 10bn m³—between early March and end of May, mainly due to drops in industrial and power generation requirements, Gergely Molnar, a gas analyst at the IEA, told Petroleum Economist’s LNG-to-Power Emea forum in early November. Industrial gas demand...
FG approves N39.7bn for roads, erosion, incinerators’ contracts

FG approves N39.7bn for roads, erosion, incinerators’ contracts

Economy
The Federal Executive Council on Wednesday approved contracts for different projects totalling about N39.7bn. The contracts include those of road construction, erosion control and purchase of incinerators for hospitals and the offices of the National Centre for Disease Control. The approvals were given at a meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.). The Minister of Works and Housing, Babatunde Fashola, told State House correspondents at the end of the meeting that during the meetings of the Economic Sustainability Committee set up to manage the impact of COVID-19, the Federal Road Maintenance Agency was saddled with the responsibility of executing extensive labour works on road repairs. As a result of that, the minister said...
FG hopeful of Second Niger Bridge’s completion by 2022

FG hopeful of Second Niger Bridge’s completion by 2022

Economy
The Federal Government has expressed optimism about the completion of the Second Niger Bridge by 2022, adding that the project is on-going and would aid the influx of investments in the region. Already, President Muhammadu Buhari has endorsed the progress of work being achieved at the Second Niger Bridge saying that, “the project is on course irrespective of initial teething problems that occasioned some loss of time.” The President communicated his position, just as the Anambra State Governor, Willie Obiano, and his Delta State counterpart; Dr. Ifeanyi Okowa, lauded the project amid expectations of speedy and timely delivery. The Minister of Works and Housing, Babatunde Fashola, who represented the President, spoke in Asaba during the inspection/town hall meeting on the l...
COVID-19 crisis shrinks Q3 scorecards of firms in household sector

COVID-19 crisis shrinks Q3 scorecards of firms in household sector

Capital Market, Economy
The devastating effect of the COVID-19 on income, savings and consumption, have impacted the nine months performance of companies under the household/personal industry. Indeed the sector, like its peers is faced with various challenges ranging from tight consumer spending poor infrastructure, rising inflation, trade and FX restrictions, porous land borders. The above factors have been listed as the major ills militating against the growth of the industry, just as the sector has witnessed a sustained sliding profile in the last few years, exacerbated by the ongoing coronavirus pandemic. The COVID-19 crisis has disrupted operations in different sectors of the economy with their trade segments, leading to a fall in demand, sales volume, revenue and underlying profits of these players...
FG disburses COVID-19 Survival Fund to MSMEs in Bauchi

FG disburses COVID-19 Survival Fund to MSMEs in Bauchi

Economy
The Federal Government has commenced disbursement of the N75billion COVID-19 Survival Fund to Micro Small and Medium Enterprises (MSMEs) in Bauchi State. At a sensitisation programme held at the Railway Market to mobilise traders, artisans and other business owners in Bauchi, the Director-General, Industrial Training Fund (ITF), Joseph Ari, said the intervention was to make the beneficiaries’ businesses return to the right tracksafter the wave of the pandemic. According to him, the Federal Government has approved the fund to cushion the effect of the lockdown on businesses occasioned by COVID-19 across the country. Ari, who was represented by the Fund’s Deputy Director, SERVICOM, Gambo Nemogha, said the Federal Government embarked on the programme to mitigate the effect of COVID-19 ...
NCDMB, EFCC, others to collaborate on local content enforcement

NCDMB, EFCC, others to collaborate on local content enforcement

Economy
Federal Government agencies including the Nigerian Content Development and Monitoring Board (NCDMB), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), Nigeria Police, Nigerian Customs Service, and other relevant agencies have united to vigorously pursue the enforcement of Nigerian Oil and Gas Industry Content Development (NOGICD) Act. At a two-day workshop themed, “understanding the objectives and philosophy of the Nigerian Oil and Gas Industry Content Development Act,” in Abuja, the relevant agencies vowed to pursue strict compliance with the policy. In his welcome address, the Executive Secretary of NCDMB, Simbi Wabote, explained that the Board organised the workshop to create synergy and collaboration with regulatory and enforcem...