Business
NAICOM Decries Low Participation Of Insurance Companies In Agri-Business
The National Insurance Commission (NAICOM) has rated low the willingness of insurance companies to participate in agri-business in the country.
The Director, Authorisation and Policy, NAICOM, Mr Leonard Akah, made this known in an interview with our correspondent.
He said the situation to the misconception that only the Nigerian Agricultural Insurance Corporation (NAIC) had the authority to operate in the sector was wrong.
Akah, however, explained that insurance companies were allowed to provide insurance cover for all aspects of agriculture including crops, livestock, tools, and farm buildings, as long as the farm was not government funded.
“There is this misconception that everything agriculture insurance can only be handled by the Nigerian Agricultural Insurance Corporation (NAIC).
“They feel NAIC has the monopoly; but truly speaking, that is not the true position. Private insurance companies can underwrite any product for agriculture practitioners with the commission’s approval.
“NAICOM, at a point, issued a press release, trying to clarify the true position of the law.
“There are some aspects of agricultural insurance you can underwrite apart from the ones being underwritten by NAIC, because the statutory one being handled by NAIC is actually a no-go area.
“The reason is simple. Government will eventually fund part of the premium and this will not be possible, if the insurance is being done by private insurance.
“NAIC is government-owned, so, it is easier for them to do that,” he said.
He said that if there was a serious claim and the amount was more than 100 per cent of the premium, government would pay the balance.
Akah also identified the inadequate number of existing agriculture insurance specialists in the industry as another factor.
He underscored the need for the training of more agricultural insurance experts.
Akah said the commission had introduced policies such as the micro-insurance product and “Takaful’’, an Islamic insurance product, which insurance companies could use to underwrite insurance cover for clients.
“ We have two types of farmers. Those doing it in small-scale, then the large-scale ones, though very few, but they are the ones that make more impact.
“ The micro-insurance for instance, helps those at the lower level, those peasant ones, those that just cultivate to feed themselves.
“ There is no other source of income for them. So, micro-insurance is targeted at such people.
“ For ‘Takaful’, it is targeted at those big or small-scale farmers, who do not buy into the conventional, because of their religious beliefs.”
Akah, therefore, called on private insurance firms in the country to take advantage of the agriculture sector, adding that NAICOM had put in place a framework to enable its survival.
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
-
Politics4 days ago
Impeachment: Edo CJ Raises Panel To Investigate Allegations Against Dep Gov
-
News4 days ago
Federal Lawmakers Kick Against Extension Of Rivers LG Chairmen’s Tenure
-
News2 days ago
Police Prosecute 29,052 Cases, Secure 16,200 Convictions In One Year
-
Politics2 days ago
Senegal: Faye Set To Become Youngest Elected African President As Rival Concedes Defeat
-
Business4 days ago
Nigeria’s Public Debt Hits N97.3trn – DMO
-
News4 days ago
I’ll Dedicate My Birthday To Nation-Building, No Celebrations -Tinubu
-
Niger Delta4 days ago
NDDC, Firm To Train Bayelsa Youths In Acquacultrue
-
Sports2 days ago
…As In-Form Rangers Top League Table