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FEC Okays €500m Loan For Bank Of Industry

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The Federal Executive Council presided over by President Muhammadu Buhari, has approved that 500 million Euro loan be sourced for the Bank of Industry from external creditors.
According to the Minister of State, Finance, Clement Agba, the loan is to support industrialisation and agriculture in addition to creating up to 1.2 million new jobs.
“The credit guarantee is for up to five years and the Federal Government is the guarantor of the loan,” he stated.
Agba said: “Council today approved the issuance of a Sovereign Guarantee of 500 million Euros from the Credit Suisse AG London Branch and a syndicate of international lenders as collateral for 500million Euro facility to the Bank of Industry.
“The loan is basically to finance major industrialisation projects and micro-small and medium enterprises values chains in Nigeria for up to five years tenure at affordable rates; these rates are single digit rates. The guarantor of the loan shall be the Federal Republic of Nigeria and this is going to be executed through the Ministry of Finance Budget and National Planning.
“The main objective of the loan is to support industry; revitalise agro-industrial processing zones, and to facilitate the creation of new jobs.
“We do believe that about 1.2 million jobs will be created through this facility to increase the income of farming communities and promote the inclusion of SMEs and small holder producers in the industrial value chain. It will also aid the deployment of transportation infrastructure that connects farming communities to processors and market.
“The loan will be swapped to Naira by the Central Bank of Nigeria (CBN) to mitigate the foreign exchange risk and will therefore be available to Nigerian enterprises at an affordable rate in local currency.”
Meanwhile, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, said the FEC approved a Justice Sector Policy for the country essentially to reform the sector by simplifying access to justice.
He explained that the policy would ensure “speedy determination of justice”, “quality of justice” and “access to justice.”
He said: “It is a blueprint that sets out a shared vision, objectives and interventions for the reform of justice sector to engender fair, efficient and transparent administration of justice.
“The intention and design is to have a justice sector reformed package that will turn things for the better as far as administration of justice is concerned. It will turn things around relating to the justice, speedy administration of justice and turn things around for the purpose of ensuring at the end of the day, that will have a consensus approach to the administration of justice.
Malami said the Council also approved a memo seeking to repeal the Geneva Convention and re-enact it to “accord greater access to justice by prisoners of war.”
He explained that Nigeria was behind the rest the world in terms of according prisoners of war certain rights and privileges.
He said: “The Geneva convention which is accommodated in our laws; Geneva Convention Act Cap G3, of the Law of the Federation of Nigeria 2004. Its a convention that was designed to provide protection to prisoners of wars, to people involved in armed conflicts, and associated infractions.”

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Banking/ Finance

5 Tips for Getting Your Credit Utilization Rate in Check

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You may have heard the expression, “Just because you can doesn’t mean you should.” These words of advice are definitely applicable when it comes to credit cards — just because an account’s upper limit is higher than its current balance doesn’t mean it’s wise for the cardholder to keep spending until they max it out.

 

Why? Because utilizing more than 30 percent of your available balance on any individual card — or across all of your cards — makes you appear riskier to lenders. It gives the impression you may be depending on credit cards to get by. This measure is called your credit utilization rate and having a high percentage of credit in play can start to drag down your credit score.

 

Here are five tips for getting your credit utilization rate in check if it starts to creep northward of 30 percent or so.

 

Make Payments More Than Once Per Month

Adjusting your credit card payment schedule from once per month to every two weeks can help. This simple action helps bring your balance down more quickly, and lower balances tend to lower utilization rates. As Experian notes, utilization rate is actually the second biggest factor lenders consider when calculating credit rating.

 

If you’re used to paying $300 once at the end of the month, try instead paying $175 or $200 twice per month. This may require jostling around your budget to come up with the extra funds, but this slight increase will slash your debt faster and help pull your utilization back into the safe zone, too.

 

Ask for a Credit Line Increase

Another way to go about optimizing your utilization rate is to ask for an increase on one or more credit lines. First, check to see whether your lender has already approved you for a higher limit. If no automatic increase has been granted to your account, you’ll have to put in a request. You’ll have a better chance of hearing a “yes” from lenders if you’ve made timely payments in the past.

 

It’s important to keep in mind this strategy only works if you avoid running up your balance, even with a higher limit in place.

 

Pay More Than the Minimum Due

Paying more than the minimum amount due is another way to chip away at balances more quickly, especially if most of your minimum payments are going toward interest fees rather than tackling the core balance.

 

However, as many Freedom Debt Relief reviews note, many cardholders are unable to pay more than the minimum — or may even fall behind on minimum payments — following financial hardship like divorce, medical bills or layoffs. If your credit utilization is high because you’re unable to keep up on credit card payments, it’s time to revisit your budget and speak with a credit counselor qualified to offer advice on how you can get back on track.

 

Avoid Closing Old Credit Accounts

While closing old credit accounts you haven’t used in a while may feel like cleaning house, it can adversely affect your credit utilization — and thus your score. Shrinking your available pool of credit means your utilization percentage will rise, even if your balances remain the same.

 

As long as there’s no annual fee on old accounts, it usually doesn’t hurt to keep them open. In fact, it’ll help your credit in terms of lengthening your history, too.

 

Open a New Credit Card

Last, but perhaps riskiest, is opening a new credit account. However, it’s only prudent to do so if you can keep spending very low on this card. This can do more harm than good if you’re tempted by the allure of an available balance.

 

It’s worth looking into what you can do to lower your credit utilization rate. Keeping it below 30 percent will help your credit score; while exceeding this cap can start to negatively affect it.

 

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COVID-19: Dockworkers/Seafarers Are Essential Workers, Exempted From Travel Restrictions, Says NIMASA

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? As Agency Unveils Guidelines for Terminals, Jetties.

 

In line with the newly endorsed protocols by the International Maritime Organisation (IMO] designed to lift barriers to crew changes, amid the coronavirus pandemic, the Management of the Nigerian Maritime Administration and Safety Agency (NIMASA] has designated Seafarers and Dockworkers as essential workers who should be exempted from travel restrictions.

 

The exemptions are contained in a new guideline developed and published by the Agency to support essential services in Nigeria’s shipping sector. The guideline states that the jobs of dockworkers at the country’s seaports, terminals, and jetties are essential to the national economy and, therefore, dockworkers should be granted passage between their places of abode and the seaports/terminals and jetties to perform their duties.

 

The advice also declares that seafarers are on essential duty and as such exempted from the curfew and travel restrictions, which may hinder necessary movement for crew change. It directs companies employing the services of seafarers to provide special and dedicated means of transportation to convey the seafarers, adding that such transport system must be disinfected within the recommended minimum hours.

 

The guideline specifically provides for the mandatory use of facemasks within all terminals and jetties, mandatory temperature check on all staff before access to terminals, and denial of entry to persons who present temperature above 38°C. It makes it mandatory for all dock labour employers to develop risk assessments and safety intervention guidelines for all personnel and operations in the areas of vulnerability within their maritime operations that can be affected by the COVID-19 pandemic, including cargo handling, access control, and rostering procedures.

 

Dock labour employers are also to devise methods of ensuring that dockworkers absent from their duties for issues relating to COVlD-19 are quarantined and compensated for the suspension of earnings they suffer as a consequence. Furthermore, all dock labour employers are to ensure that buses deployed during the COVID-19 pandemic carry a 50 per cent maximum capacity in line with Federal Government directives, and all passengers wear facemasks. Such buses must have hand sanitisers for all drivers’ and passengers’ use and be frequently disinfected.

Director-General of NIMASA, Dr. Bashir Jamoh, said the latest advice was meant to contain the coronavirus pandemic while also supporting the continuation of the economy. 

 

Jamoh stated, “Like President Muhammadu Buhari said, no economy can survive total lockdown. If you look at it critically, maritime is an essential duty, with the major actors being seafarers and dockworkers. This is why we continually come up with guidelines to ease their operations so that activities in our ports will not suffer.”

 

The DG emphasised the prohibition of loitering around port premises and charged dock labour employers to ensure social distancing of two meters is maintained between people in the workplace and other public spaces within and around port terminals.

 

The guideline is in sync with those issued by the United Nations agencies, including the World Health Organisation (WHO) and International Labour Organisation (ILO), as well as the Nigeria Centre for Disease Control (NCDC).

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ICT Skills’ll Deliver Economic Independence To Nigerian Girls – NITDA

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The National Information Technology Development Agency (NITDA) has said that if Nigerian girls are taught relevant Information and Communication Technology (ICT) skills at a young age, they will be set up for economic independence in future.
The Agency who made this remark through a press release signed by its Head, Corporate Affairs and External Relations, Mrs Hadiza Umar, joined the global community to mark the “Girls in ICT Day.” The day which is marked annually on the fourth Thursday in April falls on the 23rd April this year.
In the statement, Mrs Umar said that the Agency is highlighting the need to promote technology career opportunities for girls and women in ICT, the world’s fastest growing sector.
She said, “During this year’s celebration, NITDA is drawing attention to the critical need for more girls and women to participate actively in the ICT sector of our economy. The International Telecommunications Union (ITU) had estimated skills shortfall of over two million jobs in the ICT sector within the next few years. This opens a huge opportunity for girls and young women who have the ability to learn Coding, Apps Development, Computer Science and other ICT related courses.
“This will not only make them ready for a successful career in the ICT sector, but ICT skills are rapidly becoming a strong advantage for students in just about any other field they might choose to pursue. With technology playing vital role in all manner of careers, from Arts to Social Sciences, and from Law to History, to Graphic Design, learning ICT skills at a young age will set girls up for economic independence. Furthermore, the ICT sector needs more girls and women and celebrating a day like this reminds us that ICT helps to improve the lives of people everywhere.
“It contributes significantly towards better healthcare, better environmental management, better communication, and better educational systems that transform the way children and adults learn. NITDA, in its proactive manner and in line with the National Digital Economy Policy and Strategy as well as in furtherance of bridging the gender imbalance in ICT in Nigeria, has embarked on series of Capacity Building programmes for women and girls across the country. Girls with ICT skills can expect to earn good wages and enjoy huge career opportunities.

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