The Executive Vice Chairman of the Brass Fertilizer and Petrochemical Company Ltd, Chief Ben Okoye says the 3.6 billion dollars Fertilizer Plant Project is expected to generate 15,000 jobs during the construction phase of the project and 5,000 permanent employment opportunities when completed.
Chief Okoye announced this, while receiving the Certificate of Occupancy, (C of O) for the land allocated for the construction of the plant at the Brass Island, in Brass Local Government Area of the state from Governor Henry Seriake Dickson in Government House, Yenagoa on Wednesday.
A Government House press statement signed by the Chief Press Secretary to the Bayelsa State Governor, Francis Ottah Agbo, noted that the executive vice chairman, who highlighted the components of the Fertilizer plant, explained that it would accommodate a Methanol, Urea Ammonia, Gas Processing Plants as well as a 35-kilometre Pipeline Project.
Describing the project as the single biggest private sector company in Africa with a 1 billion dollar equity fund, Chief Okoye canvassed the total support and cooperation of the government towards the realisation of the project and expressed optimism that, it would transform the state’s economy and that of the country as a whole.
Chief Okoye said: “We are here today because we have achieved 95%, in terms of funding and equity for the project. You will agree with me that, raising 3.5 billion dollars in this clime is not an easy task. And this is the first private sector investment in Africa that has attracted 1billion dollar equity fund.”
Speaking shortly after presenting the Certificate of Occupancy to the Company officials, Governor Seriake Dickson assured the management of the Brass Fertilizer Company Ltd of his administration’s readiness to sustain the existing conducive operating environment for business investments to thrive in the state.
Governor Dickson, who announced a 2 year tax holiday for the Company, explained that, the gesture was aimed at facilitating the early commencement of the much desired investment.
While commending the Management of the Company for its efforts, especially in the area of funding, the Governor re-echoed his call on the Federal Government, the Nigerian National Petroleum Corporation, NNPC and other investing partners to urgently bring the Brass Liquefied Natural Gas project on stream.
His words, “We are delighted having you here and we appreciate all the efforts you have been making to raise money to fund this very ambitious project. I thank you for your continued interest in our state and for foreseeing what a number of people have not seen, which is that, Bayelsa is Nigeria’s best kept investment secret.
“On behalf of the Government, we assure you of our continued support, in terms of providing a conducive operating environment, which is what I’ve just demonstrated with the signing and presentation of the Certificate of Occupancy over the land you are interested in using to start up this all-important project.
“To further encourage you, I’ve also directed a waiver of all fees for two years so that in the next one or two years, when the project must have started, you will then pay up all fees to the last kobo. We want you to put that money into the project and get it started,” the Governor stressed.
Currency Outside Banks Rises 4% To N2.29trn …As Credit To Govt Hits N32.5trn
Currency Outside Banks (CoB) rose Month-on-Month (MoM) by N90 billion or 4.09 percent to N2.29 trillion in August from N2.2 trillion in July 2023.
It has been on the increase since March, reflecting the impact of the implementation of the Supreme Court order that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.
The Central Bank of Nigeria (CBN) Money and Credit data for August also showed that Currency-In-Circulation, CIC, stood at N2.66 trillion, representing a 2.7 percent rise from N2.59 trillion in July 2023.
Recall that the implementation of the Naira redesign and withdrawal of old banknotes by CBN sucked in about N1.81 trillion from CoB while crashing Currency-in-Circulation to N1.4 trillion in January 2023.
Meanwhile, Banks’ credit to the Government rose MoM by 0.62 percent from N32.5 trillion in August to N32.3 trillion in July.
Data from the CBN Money and Credit Statistics showed that credit to the private sector also rose by 1.1 percent to N54.7 trillion from N54.1 trillion.
This resulted in a 0.92 percent rise in Net domestic credit to N87.3 trillion in August from N86.5 trillion in July.
Cardoso Focuses On Monetary Policies To Save Naira
The new Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that he and his team will focus solely on monetary policies to strengthen the Naira.
To achieve this, he explained, they will have to abandon some of the policies of the estwhile CBN, Godwin Emefiele, and his team that has warranted the rising inflation in the country.
Cardoso stated this during his screening by the National Assembly, and confirmation as the CBN Governor on Tuesday..
Responding to questions from the lawmakers, Cardoso said the CBN is faced with numerous challenges which the team had identified and would address them.
“We have identified issues of corporate governance, diminished institutional autonomy, discontinuity of orthodox policies and foreign currency issues.
“Addressing inflation and price stability is the function of the CBN. We will address the issue of foreign exchange unification. If there is a need for interest rate alignment, we will do it for economic growth”, he stated.
To manage the economic policy, Cardoso said size matters, adding that the CBN team had identified macroeconomic indices and will facilitate new ways to attain $1trillion GDP in eight years.
On inflation, Cardoso said each will be tackled based on their causes.
“If the inflation is on food, we should ramp up production of food. If inflation is on energy, we know the challenges of energy. If you are importing, automatically you are importing inflation”, he said.
On money supply, the apex bank Governor said the way money has gone up in Nigeria, “that, itself, is behind inflation. It is the problem. It is a big problem, but going forward, we will do everything possible to ensure that deficit financing does not bring problems to us.
“These are the assurances I can give you coming from outside because we will maintain a good working relationship to block the excesses we had in the past.
“I believe that the CBN under us will have no choice but to embrace a culture of compliance”, Cardoso said, assuring that they will abide by the CBN Act.
“We will not wait for oversight before we interact with the lawmakers. We will have zero tolerance to abuse of processes. We recognize the fact that we need to work closely with these chambers at the National Assembly to ensure compliance”, he said.
According to him, deficit financing and undue money glut are responsible for 50 per cent of the inflation.
Consequently, he told the Senate that there is a need to stabilise the naira to settle Nigeria’s outstanding debts, stating that the country is only spending money in printing currency rather than bringing in revenues.
According to him, the immediate thing to look out for is to address operational issues, which are the unsettled obligations of the CBN wealth of N4 billion or N7 billion.
He stated that Nigeria will not make progress if it is not able to handle that side of foreign exchange rate.
Cardoso also noted that foreign exchange rate is worrisome, hence Nigeria must have a stable exchange rate.
Also speaking, a Deputy Governor, Philip Ikeazor, said the present CBN is going to strengthen governance and focus on monetary policies and not fiscal policies, noting that the country must decide to support the physical majors of the CBN and ensure that exportation thrive.
“We will think outside the box, tackle inflation and the free flow of naira”, he said.
The Deputy Governors screened and confirmed are on the day were: Emem Usoro, Abdullahi Dattijo, Bala Bello and Philip Ikeazor.
Seme Customs Intercepts 62 African Parrots On- Hawk
The new Controller of Customs, Seme Border Command, Timi Bomodi, has has disclosed that the command seized 69 smuggled birds from smugglers who had moved the birds from Kaduna enrout Benin Republic.
The discovery, according to him , was made while customs operatives at the border were on patrol along Seme– Badagry Expressway, acting on credible intelligence intercepted a Benin Republic-bound luxurious bus from Kaduna State..
Two suspects were arrested in connection with the seizure and six of the birds were reportedly dead, due to poor condition under which they were being moved.
The seizures, according to him, were worth over N6,859,932.
“Upon searching the bus, 51 live Green parrots, five live African Grey Parrots, five dead Green Parrots, one dead African Grey Parrot, and one live hawk in iron nets and a Paper Box were discovered. Six of the birds and two suspects were also arrested in connection with the seizure”, Bomodi said.
The African Parrot have a duty paid value (DPV) N6,859,932 only.
Bomodi condemned the criminal act by some members of the society considering that the trade in endangered wildlife contravenes the Convention on International Trade On Endangered Species (CITES) of Wild Fauna and Flora which is an International Agreement between Governments, of which Nigeria is a signatory
He warned the perpetrators of this illegal trade to “stay out of the Lagos – Abidjan corridor or they will continue to incur heavy losses if they so insist.
“In line with the dictates of the Nigeria Customs Service of promoting inter-agency collaboration and synergy, and considering the nature of the item, the seized Parrot will be handed over to the Nigeria Agricultural Quarantine Service (NAQS), Seme Command.
“Officials of the f National Park Service will be informed of this seizure as it is their responsibility to rehabilitate and protect them from further harm”.
By: Nkpemenyie Mcdominic, Lagos
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