Business
NGO Plans N7bn City For Less Privileged In Ebonyi
An international Non Governmental Organisation (NGO) based in Abuja, the Africa Nations Development Programme (ANDP), has embarked on the construction of a N7 billion city for the less privileged in Ebonyi.
The project is sited at Uburu, Ohaozara Local Governments area of Ebonyi.
The Tide sources reports that when completed, the city had the capacity for 5,000 units of modern two-bedroom houses, schools, police stations, markets, and hospitals among others.
The Director-General of ANDP in Africa, Dr Samson Omojuyigbe, at the groundbreaking on Saturday evening at Uburu, noted that the project was aimed at giving hope to the most vulnerable segment of our society.
According to him, the vulnerable are affected on all sides by the harsh economic situation.
“This is important to us because the project is one of our efforts to ensure the practical fulfillment of the dream of the ANDP in providing relief for the suffering people of Africa.
“I feel particularly happy that Ebonyi has become one of the leading states to benefit from the project presently after overtaking two other states hitherto in the run for the project.
“I therefore congratulate the government and good people of Ebonyi as a member of the frontline states to proudly benefit first.
“The most gratifying issue is that the state government would not make any contribution toward the project but would provide lands and the enabling environment to achieve its success,” he said.
Gov. David Umahi in his remarks said that land owners in Ebonyi would henceforth become equity owners of the investments from local and foreign investors sited on their lands.
According to him, the government in adhering to democratic tenets will not dispossess its people of their lands as they are enjoined to offer lands for joint participation in agricultural enhancement and other economic ventures.
“We have concluded arrangements with Chinese investors to invest in any local government area (LGA) that would provide between 5, 000 and 10, 000 hectares of land for agriculture and other economic ventures.
“We would be approaching the state House of Assembly to enact a law that would ensure that no land will be allotted to investors without the active participation of the owners in its usage,” he said.
Umahi remarked that the desired rate of development would not be achieved in the state if the people hold firm to their lands as the government and investors would not construct on the air.
He thanked the ANDP for undertaking the project in the state, noting that he was fascinated when informed of the success of such project in Calabar, Cross River and other states in the country.
Mr Benjamin Eze, the Country Director of the ANDP, noted that it was an offshoot of the World Nations Development Programme Initiative which undertakes programmes and projects to enhance the lives of the less privileged in the society.
“The Ebonyi government would invest no funds into the project which involves 5, 000 detached bedroom bungalows with facilities such as roads, electricity, schools, police posts and other security installations, hospitals, fire stations, among others,” he said.
Mr Samuel Okoronkwo, the state Commissioner for Local Government and Chieftaincy Matters denied allegations that the land on which the projects would be sited was being disputed by a prominent indigene of the area.
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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