Top News Update 30/06/2017
1. W’Bank commits $215m to community projects in Nigeria
2. NNPC/FIRST JV secures $700m for new oil fields
3. FG’ll revisit establishment of Maritime varsity – Peterside
4. EU, NACCIMA seek greater economic integration in West Africa
5. Seven insurance firms to manage Lagos cooperatives’ liabilities
6. Nigeria’s first diaspora bond begins trading in London
7. Yam export won’t affect availability locally – FG
8. UK deports 28 Nigerians for immigration offences
9. Ministry seeks N32bn to meet 2017 irrigation target
10. Lawmaker Implores FG to Provide Special Dollar Sales for Hajj Pilgrims
W’Bank Commits $215m To Community Projects In Nigeria
The World Bank has committed a total of $215m to the execution of rural community development projects across the country under its Community and Social Development Programme. The National Coordinator, CSDP, Dr. Abdulkarim Obaje, disclosed this at the opening of a two-day retreat for supervising ministries and Board of Directors of the CSPD in Abuja on Thursday. In an implementation report presented at the retreat, Obaje said 31 states of the federation had signed subsidiary loan agreements for the funding mechanism, which is deducted at source through the Ministry of Finance.
NNPC/FIRST JV Secures $700m For New Oil Fields
The Nigerian National Petroleum Corporation has announced that its plan to grow the country’s crude oil reserves to 40 billion barrels by the year 2020 received a boost with the execution of a tripartite agreement in Abuja on Thursday. According to the corporation, the agreement, which is between the NNPC/FIRST Exploration and Production Joint Venture and Schlumberger, is meant for the development of the Anyalu and Madu fields in the Niger Delta under Oil Mining Licences 83 and 85, offshore Nigeria.
FG’ll Revisit Establishment Of Maritime Varsity – Peterside
The Director-General of the Nigerian Maritime Administration and Safety Agency, Dr Dakuku Peterside, has said that the Federal Government is ready to revisit the establishment of the Maritime University in Okerenkoko, Delta State. Peterside disclosed this on Thursday at INTELS, Onne Port, in the Eleme Local Government Area of Rivers State during the 2017 Seafarers’ Day tagged, ‘Seafarers Matter’. The NIMASA boss stated that attention was given to the building of human capacity in the agency through strategic approaches, which would encourage graduates to take up careers at sea.
EU, NACCIMA Seek Greater Economic Integration In West Africa
The European Union (EU), and the National Association of Commerce, Industry, Mines and Agriculture (NACCIMA), have insisted that the imperative of economic integration in West African sub region cannot be over emphasised. The EU Ambassador to Nigeria, Michel Arrion, during a visit to NACCIMA, in Lagos recently, noted that Nigeria plays a vital in the promotion of economic integration in the sub region. According to him, by 2050, Nigeria will be the third largest country in the world after China and India, adding that the EU is ready to work with Nigeria and other Economic Community of West African States (ECOWAS) member countries to promote trade in the region.
Seven Insurance Firms To Manage Lagos Cooperatives’ Liabilities
The Lagos State Government on Thursday said it had appointed a consortium of seven insurance companies to manage losses that cooperative societies in the state might incur. The government added that it had sent a bill titled: ‘The Lagos State Cooperative College Bill’, to the state House of Assembly for passage. The Special Adviser to the Governor on Commerce, Industry and Cooperatives, Mr. Benjamin Olabinjo, said this at a news conference to mark the 2017 International Day of Cooperative Societies.
Nigeria’s First Diaspora Bond Begins Trading In London
The London Stock Exchange has welcomed Nigeria’s first Diaspora bond to start trading on the main market. The LSE, in an emailed statement on Thursday, said the proceeds from the five-year, 5.625 per cent bond would be used to fund infrastructure projects in the country. It described the bond as the first from an African country that is registered with both the United Kingdom Listing Authority and the United States Securities and Exchange Commission and targeted at retail investors. The bourse said interest in the bond was high from retail investors around the world and was 130 per cent subscribed, raising a total of $300m.
Yam Export Won’t Affect Availability Locally – FG
The commencement of yam export from Nigeria will not result in the depletion of the commodity domestically, the Federal Government has said. Last week, the government announced that a consignment of 72 m etric tonnes of yam would leave Nigeria for Europe and the United States of America on Thursday, June 29, 2017. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, had stated that the export programme would set the stage for the country’s return to the global yam value chain as a dominant player.
UK Deports 28 Nigerians For Immigration offences
The Government of the United Kingdom on Thursday deported 28 Nigerians for committing immigration-related offences. The Nigerians were sent back home barely 48 hours after 23 Nigerians were also deported from Spain and five days after another batch of 34 were jointly deported by the governments of Switzerland, Germany, Iceland, Austria, Belgium and Hungary. The News Agency of Nigeria reports that the fresh batch of deportees arrived the Murtala Muhammed International Airport, Lagos, at about 12.13 p.m.
Ministry Seeks N32bn To Meet 2017 Irrigation Target
The Federal Ministry of Water Resources says it will require no less than N32bn to meet the target of 100,000 hectares of irrigated agriculture in the 2017 budget. The Director, Irrigation and Drainage in the ministry, on Thursday, said there was a shortfall already in the 2017 budget for irrigation purposes. According to him, the shortfall is one of the challenges that may affect the implementation of all projects listed in the Ministry’s strategic plan.
Lawmaker Implores FG To Provide Special Dollar Sales For Hajj Pilgrims
The member representing Illela/Gwadabawa federal constituency in the House of Representatives, Alhaji Abdullahi Balarabe Salame, Thursday implored the federal government to provide special intervention in terms of dollar sales to intending pilgrims in order to reduce the current Hajj fare to Saudi Arabia. The lawmaker, who is also the Chairman, Ad hoc Committee on Nigeria/Saudi Arabia Special Committee on Hajj, spoke against the backdrop of complaints by Nigerians over the recent hike of hajj fare to the tune of N1.5 million by the National Hajj Commission (NAHCON).