Business
FG Invests N32bn In FTZ
The Minister of Industry,
Trade and Investment, Dr Olusegun Aganga, says 200 million dollars (N32 billion) has been invested in Onne Oil and Gas Free Trade Zones (FTZ).
Aganga, who stated this at an oil and gas trade and investment forum in Onne, Port-Harcourt on Thursday said that the above investment figure was for the last 10 months.
He said that if the figure was added to the four billion dollars capital investment reported in 2012, the latest figure would amount to 4.2 billion dollars (N672 billion).
The forum was organised by Orlean Invest West Africa Ltd. in partnership with the Federal Government.
The theme of the forum was “Investment Opportunities in the Upstream and Downstream Sectors of the Oil and Gas Industry”.
Aganga described the total investment portfolio as a remarkable progress when considered from the standpoint of weak global economy and the huge competition among advanced economies.
He said that the success of the policy on FTZ had increased the demand at the sub-national level of government for a replication of free zones in other parts of the country.
“The Onne Oil and Gas Zone remains a pacesetter, with additional investment of 200 million dollars in 2013, in addition to the four billion dollars capital investments reported in 2012.
“This is indeed a remarkable progress when considered in the light of a weak global economy and the cut-throat competition, even among emerging and advanced economies for inflow foreign direct investment.
“The success of our FTZ policy has invariably increased the demand at the sub-national level of government for replication of free zones in other parts of the country.
“Also an avalanche of applications for setting up business enterprises in the various FTZs keep pouring in from prospective investors,” Aganga said.
The minister said that the genuineness and sincerity of purpose of government to enthrone the private sector as the main driver of growth and development of the nation’s economy was not in doubt.
He said that the theme of the forum, which was the second edition, would not only consolidate the gains achieved in the first edition but would also help to deepen investments in the sector.
“To all intent, the Oil and Gas Industry remains the prime mover of Nigeria’s economy.
“The oil and gas free zone concept continues to be strategic in the facilitation of private sector investments in the sector in line with the nation’s industrial policy,’’ he added.
Given the role of the private sector in driving the national economy toward sustainable development, the minister urged investors to explore the available incentive packages offered by the free trade zones.
He said that the Onne Oil and Gas FTZs would continue to be a catalyst for diversification of the economy into services and downstream sector.
The minister said that Nigeria’s oil and gas zone was the single largest and fastest growing oil and gas free zone in the world.
“Indeed, our national aspiration is to be the petrochemical hub in Africa,’’ he said.
The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, said that the sector offered a global scale of opportunities for both local and foreign investors.
Alison-Madueke said that the Federal Government would continue to provide enabling environment for investments to thrive.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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