Top News Update 10/07/2017
1. FG spent $4.8bn foreign loans in two years
2. Cocoa processors blast CBN, smugglers over loss of $2.2bn in export sector
3. Soventix, Gentec EPC to build solar hybrid projects in Nigeria
4. 20,000 jobs under threat as NPA, INTEL feud deepens
5. FG could save $1.5bn annually through gas vehicle project – NIPCO Plc
6. NIHORT to release drought-resistant tomato variety to farmers
7. New gas policy adopts tolling arrangement for future LNG projects, others
8. NAICOM to review insurers’ performance
9. Clubs threaten to boycott Zenith Bank b’ball league
10. Nigerian students on govt scholarship stranded in UK
FG Spent $4.8bn Foreign Loans In Two Years
While Nigeria’s rising indebtedness is generating ripples as to the sustainability and the interest element, the Federal Government has given details of some of the foreign loans it has raised in the last two years, expended on programmes rather than development projects. The Federal Government obtained about $4.8bn from various foreign sources in the last two years, The PUNCH has learnt. The loans were expended on various programmes. The Economic Governance, Diversification and Competitiveness Support Programme was the highest single financing item on which the government expended $600m of the borrowed funds from external sources in the last two years.
Cocoa Processors Blast CBN, Smugglers Over Loss Of $2.2bn In Export Sector
The Federal Government’s plan to diversify the economy from oil through increased exploitation of non oil export might not be realised as the necessary incentives are being frustrated by the policies of the central bank of Nigeria ( CBN) and the menace of smugglers. Stakeholders in the cocoa processing sub sector said their verdict against the monetary authority was hinged on the failure of government to implement the expansion projects for cocoa processing and manufacturing leading to the decline in the country’s cocoa value addition programme in recent years.
Soventix, Gentec EPC To Build Solar Hybrid Projects In Nigeria
Soventix, a solar power developer based in Germany, and Gentec EPC, a pioneer in the Nigerian energy industry and distributor of Cummins gas generators in Nigeria, has formed a joint venture to develop solar projects across Nigeria. With this agreement and respective capabilities, both companies secure a strong market position in the Nigerian solar market. With just approximately 4000MW of grid power availability and a growing population with over 180 million people in Nigeria, the country faces great demand for cost-effective and reliable energy supply solutions. With the increasing competitiveness of solar energy over fossil fuels, analysts view Nigeria as one of the key solar growth markets across Africa.
20,000 Jobs Under Threat As NPA, INTEL Feud Deepens
The business disagreement between Nigerian Ports Authority (NPA) and an oil and gas logistics firm, Integrated Logistics Services Limited (INTELS), is threatening to send over 20,000 workers to the labour market. NPA had instructed INTELS to comply with the Treasury Savings Account (TSA) in the project, which the logistics firm was handling for the agency. But this instruction did not go down well with the giant oil and gas firm as it argued that the method would affect the payment of its loan from the banks.
FG Could Save $1.5bn Annually Through Gas Vehicle Project – NIPCO Plc
The federal government would be saving about $1.5 billion annually if the Natural Gas Vehicles (NGV) project, an initiative that was first introduced by Nigerian Gas Company (NGC), in 1989 is sustained, Leadership reports. The federal government had also in 2007 granted a license to NIPCO Plc to implement a pilot project in Benin City, Edo State, in partnership with NGC, which led to the formation of a Joint Venture company, known as “Green Gas Ltd”. The JV successfully implemented the pilot with nine operational compressed natural gas (CNG) stations catering to over 4000 NGVs.
NIHORT To Release Drought-resistant Tomato Variety To Farmers
The National Horticultural Research Institute, Ibadan, says it will soon make a drought-resistant tomato variety available to farmers in the country. The Director of Research and Head of Vegetable and Floriculture Department, Dr Olagorite Adetula, at the weekend said that the drought-resistant variety would enable farmers to cultivate tomatoes all year round and eradicate scarcity of the food item during the dry season in the country. Adetula also said all year farming would help to boost the income of farmers and improve the country’s Gross Domestic Product(GDP).
New Gas Policy Adopts Tolling Arrangement For Future LNG Projects, Others
The federal government has adopted a new approach in its investment in new joint venture Liquefied Natural Gas (LNG) projects in the country, wherein, it would retain ownership of its shares of the volume of natural gas produced up till the point of delivery in the international market, THISDAY reports. This is contained in the newly approved National Gas Policy. The tolling arrangement would serve the government in the exports of its equity LNG from new projects that would be coming on board.
NAICOM To Review Insurers’ Performance
The National Insurance Commission plans to assess the implementation of the regulatory priorities for the industry in 2017, and strategise on how to improve the local retention of insurance business and premium. A statement obtained from the commission on Friday said the management of NAICOM would hold an interactive session with directors of insurance companies and major policyholders in Nigeria.
Clubs Threaten To Boycott Zenith Bank B’ball League
Clubs in the ongoing fourth phase of the Zenith Bank Women’s Basketball League have demanded better playing conditions at the indoor sports hall of the Adamasingba Stadium, Ibadan, or they will boycott the competition. There was pandemonium in the indoor hall on Saturday when some players sustained varying degrees of injuries due to the bad floor, while there was no medical team to take care of the injured players, thus forcing the teams to threaten a pullout from the league.
Nigerian Students On Govt Scholarship Stranded In UK
A Nigerian student, who is on the Niger Delta Development Commission-funded scholarship in the United Kingdom, has given an insight into the harrowing experience she and other Nigerians are going through in the United Kingdom because of the alleged refusal of the NDDC to remit funds to them. Maryleen Ndubuaku, an M.Sc. student, studying Embedded Microelectronics and Wireless Systems, at the Coventry University, United Kingdom, narrated her ordeals in an email she sent to PREMIUM TIMES, Friday.