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I’ m Here To Create Jobs – Okonjo-Iweala

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Former Managing Director of the World Bank, Dr Ngozi Okonjo-Iweala who was sworn-in last week by President Goodluck Jonathan as the Minister of Finance declared that her main priority as she resumed duties was to create jobs which was a key component of the president’s transformation agenda.

She made the declaration after she took oath of office, even as President Jonathan said that Dr Okonjo-Iweala and other ministers who were formerly based abroad before being invited to join the cabinet will not be paid salaries and allowances in foreign currencies.

Meanwhile, the President has also constituted the National Economic Management Team, NEMT, which will be inaugurated today with Dr Okonjo-Iweala as the Co-ordinator of the team.

Dr. Ngozi Okonjo Iweala taking oath of office as Minister of Finance during the Federal Executive Council meeting Wednesday in Abuja.

Okonjo-Iweala who fielded questions from State House correspondents after the weekly Federal Executive Council, FEC, was not comfortable with a question from reporters on the ongoing reforms of the banking sector by the Central Bank of Nigeria, CBN, stating that the CBN doesn’t have any reform, apart from President Jonathan’s reforms.

“There is no reform package by the CBN and no reform package by the Ministry of Finance. There is a reform package for Nigeria which is being led by President Goodluck Jonathan. We are here to make sure that his priorities are met. CBN is dealing with monetary, currencies and exchange rates policies and the Finance sector is fiscal policy. The two have to come together in order to make a whole so there is no division”, she said.

“But let me say this first the whole thrust of what the president wants for now is the creation of jobs so everything that we do in terms of pushing the economy forward has to be geared around how we can have a true job growth of the economy. So we are going to be working on that”, she added.

According to her, “those micro economic structure reforms and investments in key sectors that need to be done in order that we create job for our youths would be the critical thrust but we can expand on that later”.

On the issues of the debt, she said, “first we have to look at the fiscal issues in the country studying possibilities of fiscal consolidation and that includes looking at our debt level. As you know, I am somebody that believes we should have a prudent approach to our debt. But we will be able to tell you more later when we have started the process of looking at the budget”.

As she assumed duties yesterday at the Ministry of Finance secretariat, Dr. Okonjo-Iweala, set for herself and the ministry staff, a three-point agenda of “efficiency, effectiveness and delivery.”

Exuding confidence, she said the various challenges of the Nigerian economy could be successfully tackled with determination and readiness of spirited Nigerians to ensure the success of the needed reforms.

She urged all staff of the ministry to work hard, explaining that she could be a “very demanding” person.

The former World Bank Managing Director told the top management that the execution of government’s policies would be based on hard work and that she was determined to ensure that Federal Ministry of Finance was at the lead in that regard. It is essential that all team members work together to deliver on the agenda”, she said, adding that she did not have all the solutions alone.

She described her appointment into the cabinet as an honour that humbled her immensely and that “nobody is too big to serve his or her country. My decision to serve my country is because of my love for my country. I love Nigeria with a passion”.

According to her, “Nigeria can do better than it is doing currently only if all those saddled with the responsibility of implementing the policies play together as a team”.

In a brief remark, the Minister of State for Finance, Alhaji Yerima Lawan Ngama identified a successful execution of the Vision 20:2020 as critical to the realisation of the Goodluck Jonathan administration’s transformation agenda.  Meanwhile, President Goodluck Jonathan has announced that contrary to reports, he has no pact with any of the cabinet members sourced from the diaspora, including the immediate past World Bank second highest officer, to earn wages in US dollar.

Said he: “The question the media ask and I know, for Ngozi, it was quite embarrassing when you accepted to serve; it was in the media that you gave conditions to be paid in dollars. Let me formally announce to Nigerians that she accepted to serve just like any other minister and indeed others who came from the diaspora have not asked us for dollar salary. They are going to receive salary and allowances like others in the cabinet. They are coming to serve the country and are not coming because of their personal aggrandizement.

“For today’s ceremony, there is the need to make one or two statements. First let me welcome Dr. Ngozi Okonjo-Iweala on board, a very familiar terrain. She was here before most of us here, as a minister of finance and minister of foreign affairs briefly before leaving”.

He thanked the new minister for accepting to come and serve again, “because considering the position you were holding at the foremost world bank, it is difficult for you to come back to serve as minister in a country”.

“And I am saying this with all pride because when your name was made known and it entered the media, anywhere I go, heads of state and governments were wondering why you would even agree to come; and they were appreciative of me, especially the African presidents that I did well to pull you back home to help solve the African problem because they know your worth in the World  Bank

“Let me also thank the World Bank, particularly Zoellick for allowing you to come, for co-operating with us and promising to support us. It is an opportunity for us to thank the world bank and also thank the president especially. People wonder why we want her back, we want her back not just to manage the Ministry of Finance but we are opportuned to have her as somebody who is quite vast in economic issues and we want her back to play a key role in the economic issues in the country.

“Of course, you also know that in the immediate past, she also introduced the idea of Economic Management Team during Obasanjo’s time and we followed up- the late President Yar’Adua and myself.” The President disclosed that NEMT is to be inaugurated this morning at Council Chambers of the State, even as he promised to expand the team as the need arises.

“This time around we are expanding the Economic Team because we believe the country is one. Yes, the states have their own economies but if there is no proper coordination in the management of the economy between the federal government and the states, we cannot go anywhere as a nation. And that is why the economic team, this time around, will have some governors as members.”

But specifically, he said: “Ngozi is brought in to coordinate all economic activities of the federal government and of course by extension, help the state. Let me also thank other ministers brought in from the diaspora, we know it is quite challenging to move from developed countries to Nigeria”.  “For you, the expectation, not just from Nigeria, but the whole world, is quite high. People expect so much from you, some people feel you have the magic wand to wave and change everything. I believe with your level of experience and with the support we will give you, and of course cooperation of your colleagues, all of you collectively will help to change our own country. You will help to work to make sure that our transformation agenda move smoothly and get to the destination expected.  “I am quite happy with the ministers on board because this time we are emphasizing the cluster arrangement even though the economic management team has not been formally inaugurated, I am aware that the core economic ministers have been meeting in the minister of petroleum resources office.

They have been holding meetings to see how the ministers can work together. So your job is easier because even before you take the oath of office, already people are doing the work and they are working together. So the spirit is already there for you people to work together; and I will give all the ministers the political support to what they are meant to do and I believe all of you will succeed”.

President Jonathan directed that as from next week, “probably after the Sallah celebrations, various ministries will give us comprehensive briefings on where we are and where we want to go”. Issues of financing our project for the next four years will be key and of course you will be in all the briefings because the issue of the briefings usually ends with money. There is only one minister that told me and I pray that it should be so that Mr. President after one year the government would not need to spend money in my sector, we would be able to generate enough funds to drive my sector; and I said, if we can get that kind of ministers in all the sectors, it would be lovely.”

He said “so we are quite hopeful that you (Okonjo-Iweala) have the team of ministers that are really ready to transform this country. I am quite pleased with the interactions I have been having with few of them for now both the ministers and the ministers of state, they have the spirit, the willingness to work hard to change our country. I think I would be one of the luckiest presidents that would have this kind of cabinet. So let me once again thank you and indeed all the ministers for accepting to serve our country.”

The 24-member National Economic Management Team, NEMT, constituted by the president will be inaugurated today. The President is the Chairman of the team with Vice President Mohammed Namadi Sambo as Vice Chairman, while Dr. Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister for the Economy is the Coordinator of the Economic Management Team.

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Paper Industry’s Economic Contribution Hits N398bn

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The contribution of the paper industry rose to N398.8billion in 2023 from N356billion it recorded in 2022.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Musa Yusuf, disclosed this in a report released to mark the inauguration of World Envelopes Day in Lagos.
Marking the event, which also commemorated the 50th anniversary of envelope manufacturing firm, FAE Limited, Yusuf stated that the paper industry has a profound economic impact across all sectors of the economy.
He, however, noted that the growth in digital technology had greatly disrupted the sector, especially as a mode of communication.
“As of 2023, the value of the Nigerian paper industry was N398.8billion naira, according to the National Bureau of Statistics.
“The value was N365bn in 2022; N363 billion in 2021; and N255billion in 2020. This is a significant contribution to our GDP. However, when compared to the size of our economy, which is estimated at N230trillion as of 2023, it is still very small”,  the CPPE boss stated.
Yusuf said the paper industry had been largely in recession because of the digital technology disruptions and other macroeconomic headwinds, especially relating to exchange rate depreciation, forex liquidity crisis and high cost of fund and energy cost escalation.
He emphasised that the paper industry had a profound economic impact across all sectors of the economy, which underscored the need for government intervention in the sector.
In her opening remarks, the Managing Director of FAE Limited, Funlayo Bakare, described World Envelopes Day as the brainchild of the company, which sought to set aside April 16 as a day to celebrate the fundamental role envelopes play in daily communication.
“As we celebrate our golden jubilee, we are delighted to announce the inauguration of World Envelopes Day, to be celebrated annually on the 16th day of April.
“This is a pioneering initiative by FAE Ltd in accordance with our leadership position in the sector.
“The establishment of World Envelopes Day is to raise awareness about the importance of envelopes in various aspects of human endeavour, including personal correspondence, business transactions, and creative expressions”, she said.
The Publisher of The Guardian Newspaper, Maiden Ibru, who chaired the occasion, stressed the need to strike a balance between digitalisation and physical paper production, especially due to the indispensable role paper plays in cultural preservation.
Nigeria once had three paper mills: the Nigeria Paper Mill Limited, located in Jebba, Kwara State; the Nigerian Newsprint Manufacturing Company Limited, Oku-Iboku, Akwa Ibom State; and the Nigerian National Paper Manufacturing Company Limited in Ogun State.
The mills are no longer operational, and the country has had to depend on importation to make up for the shortfall.
The Asset Management Company of Nigeria has taken over the management of NNMC over unpaid debts.

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Aviation Union Threatens Strike Over Revenue Deduction

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The Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) has said it would embark on industrial action if the Federal Government refuses to exempt aviation agencies from a directive that seeks to deduct 50 per cent from their Internally Generated Revenue (IGR).
ATSSSAN disclosed this in a communique issued by its National Executive Council (NEC) after its National Economic Council meeting in Ibadan, Oyo State.
The NEC, which had in attendance all 17 affiliates of ATSSSAN comprising all branch Chairmen, Secretaries, and national officers, reiterated calls for the exemption of the aviation agencies from the deduction of 50 per cent  of their IGR under the Fiscal Responsibility Act.
The association said the agencies were not established for profit, hence stifling them of the required funds would jeopardise the effective performance of their safety and security mandates.
ATSSSAN warned that if the Federal Government insist on the deduction, it would compound the current financial state of the agencies, and “we may be forced to direct all aviation workers to down tools until the government reverses itself”.
Last year, the Federal Government directed the Office of the Accountant General of the Federation to immediately commence the presidential directives on a 50 per cent automatic deduction from the IGR of Federal Government-owned enterprises.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had issued a circular titled, “Re: Implementation of the Presidential Directives on 50 per cent Automatic Deduction from Internally Generated Revenue of Federal Government Owned Enterprises (FGOEs)”.
According to the circular, all partially-funded Federal Government agencies and parastatals (receiving capital or overhead allocation from the Federal Government’s budget) should remit 50 per cent of their gross IGR, while all statutory revenues, like tender fees, contractor’s registration, and sales of government assets, among others, should be remitted 100 per cent to the sub-recurrent account.
ATSSSAN stated its apprehension over what it perceives as deliberate efforts by certain private airlines to stop their employees from forming labour unions.
Citing Section 40 of the Nigerian Constitution and international labor norms, the association contends that such actions constitute a violation of workers rights.
The statement, however, did not specify the airline operators suppressing workers from joining unions.
Part of the statement read, “The NEC-in-session calls on all employers in the private sector in the aviation industry to respect collective bargaining agreements in order to avert industrial crises at the workplace.
“NEC-in-session was seriously disturbed by the continuous willful acts by some private airlines towards frustrating the unionization of their employees, contrary to the letters and spirit of Section 40 of the Constitution of the Federal Republic of Nigeria and relevant international conventions and laws”.
The association, therefore, called upon the Federal Ministry of Labour and Employment to uphold and enforce employees’ rights to unionise within the aviation industry.
It urged the Minister of Aviation and Aerospace Development, Festus Keyamo, to orchestrate a dialogue involving all relevant stakeholders, including the non-compliant airlines and labour unions, under the auspices of the Labor Ministry.
At the meeting, other issues affecting workers, especially members’ welfare and working conditions, and the aviation industry at large were discussed, and positions and resolutions were taken.
The aviation group decried what it perceive as a dearth of avenues for career progression within government-owned aviation entities.

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NCDMB Rakes In $1m Return On NEDOGAS Investment

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Management of the Nigerian Content Development and Monitoring Board (NCDMB) says it has received a cheque of $1 million from Nedogas Development Company Limited (NDCL).
A statement made available to newsmen by the Directorate of Corporate Communications and Zonal Coordination of the Board said the sum received was part of the return on investment (ROI) on one of its strategic investments.
The statement added that: “The cheque was presented by the Chairman of the company, Engr. Emeka Ene, when he visited the Nigerian Content Tower in Yenagoa, Bayelsa State, where he was received by the NCDMB’s Executive Secretary, Engr. Felix Omatsola Ogbe, and other members of the Board’s management.
“Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company.
“As part of the project, Nedogas NDCL constructed and commissioned a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.
“The KGG Facility was designed to handle stranded gas resources in Nigeria’s OML56 oil province by providing the opportunity for independent operators in the area to monetize natural gas from their fields through the gas gathering, compression, injection and metering infrastructure of the KGG for quick market access.
“Nedogas is one of the several strategic and successful investments of the NCDMB funded from the Nigerian Content Development Fund (NCDF), in line with the Board’s mandate to build capacity and catalyze local projects in the Nigerian oil and gas industry as enshrined under the Nigeran Oil and Gas Industry Content Development (NOGICD) Act”.
In his remarks, according to the statement, the NCDMB Executive Secretary stated that the success story of NEDOGAS at Kwale, Delta State, could be replicated in other oil and gas producing communities to minimise gas flaring, saying that Ogbe also declared the Board’s readiness to continue collaborating with the company.
“Their model should be extended to other parts of the country where gas flaring is continuing.They have shown that with the modular system, we can quickly remove flaring from our operations in Nigeria.
“The NCDMB had continued to receive briefings from its investment partners. We’re still waiting for them to come back with success stories. Some of them are near completion and have not started operations yet”, the NCDMB’s Executive Secretary said.
In his remarks, Chairman of NEDOGAS, Mr. Emeka Ene, conveyed the company’s excitement in returning part of the credit and profit, adding that it was a proof that the NCDMB’s investment was a success and they are getting back that investment, adding that the firm looks forward to further collaboration with the NCDMB to expand its scope.
Responding, the NCDMB boss said the Board was now doing effectively and practically and tangibly what it was set up for, saying its mandate was to impact the economy by direct interventions.
“That’s the way the economy can grow, improve the gas infrastructure in such a way that’s sustainable despite the tight economic conditions”, he said.
He added that, “the  value propositions of the Nedogas project include total eradication of flared gas and conversation of environmental pollutants into products of value and creation of a strategic gas gathering hub and injection node for quick access to market for gas owners to monetize gas”.
Other benefits, according to Ogbe, include the provision of alternative gas supply to western flank of the OB3 line to add to the volumes of economic sustainability and increase in Nigeria’s Gross Domestic Product (GDP).
“The partnership with NEDOGAS is one of NCDMB’s 15 strategic investments geared towards actualizing the Federal Government’s aspirations in key areas of the oil and gas industry.
“Most of the projects were targeted at actualizing the Federal Government’s Decade of Gas programme.
“Some of NCDMB’s notable third-party investments include Waltermith’s 5000 barrels per day (bpd) modular refinery in Imo State, Azikel Group12,000 bpd hydro-skimming modular refinery in Gbarain, Bayelsa State, and Duport Midstream’s 2,500bpd modular refinery in Edo State.
“Other investments of the Board include Better Gas Energy for LPG terminal and gas distribution, partnership with Rungas Prime Industries Limited to establish a cooking gas cylinders manufacturing plant in Polaku, Bayelsa State, and Alaro City in Lagos and the partnership with Butane Energy to deepen LPG utilization in the North”, he stated.
The Executive Secretary also noted that there was the partnership with BUNORR Integrated Energy Limited in Port Harcourt, Rivers State, to produce 48,000 litres of base oil per day and partnership with the Nigerian National Petroleum Corporation (NNPC) Limited, Brass Fertilizer and Petrochemical Company Limited, and DSV Engineering to establish a 10,000 Ton Methanol Production Plant, Odioama, in the Brass Local Government Area of Bayelsa State.

By: Ariwera Ibibo-Howells, Yenagoa

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