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CBN Disburses N2.1trn Real Sector Support Facility

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The Central Bank of Nigeria (CBN) has disbursed the sum of N2.1trillion under the Real Sector Support Facility Initiative.
The bank’s Director of Corporate Communications, Mr. Osita Nwanisobi, disclosed this afternoon, at the on-going 17th Abuja International Trade Fair, yesterday.
According to him, the disbursement was to 426 projects across the country, as part of CBN’s efforts to grow the nation’s economy.
Nwanisobi, who was representedby the Deputy Director, Internal Communications, Mr. Sam Okogbue, said, “For the records, under the Real Sector Facility, the Bank released the sum of N66.99billion to 12 additional projects in manufacturing and agriculture.
“Cumulative disbursements under the Real Sector Support Facility (RSSF) currently stood at N2.10trillion disbursed to 426 projects across the country.”
On the theme of this year’s fair, “Creating an Export Ready Market through SME Digitalisation,” the CBN spokesman said that the apex bank was determined to assist players in the sector to produce goods that meet international standards for export.
He said, “The Bank’s management is delighted that your chamber is spearheading conversations on the need to grow the nation’s economy through Small and Medium Enterprises (SMEs).
“This also underscores the CBN governor’s continued calls on Nigerians to not only support the thriving of the SMEs in the production of commodities in which they have comparative advantage but to produce, add value and export and earn foreign exchange.”
He added that the bank’s participation was an opportunity to sensitize members of the public on its policies and programmes, especially its strategic interventions for a sustainable economic development in Nigeria.
According to the director, “As part of efforts towards creating export market, particularly for non-oil commodities, driven by SMEs, the Bank, in collaboration with the Bankers’ Committee in February, 2022, initiated the RT200 FX Programme aimed at boosting earnings of stable and sustainable inflows of foreign exchange as well as insulating the Nigerian economy from shocks and other challenges arising from foreign exchange shortages.
“Our records show that the initiative has started yielding the expected results as importers and exporters have been taking advantage of the payment of incentives of N65 for every $1 repatriated and sold at the I&E Window to authorized dealer banks for other third-parties’ use and N35 for every $1 repatriated by exporter for own use on eligible transactions.
“The bank has continued to support the creation of export ready market, especially those that would add to Nigeria’s economic growth and development, through her interventions in different sectors of the economy.
“It is important to emphasize here that we take the issue of export-readiness of businesses seriously, hence we have always encouraged business to embrace our concept of Produce, Add Value and Export (PAVE).
“The PAVE concept aims to make Nigerians consume what they produce, add value to such products and export the surpluses. It is an initiative similar to the export-led industrialization policy of South-East Asia, which changed the economic fortunes of countries such as South Korea, Taiwan, Malaysia and Singapore. PAVE, which is designed to be the key for fast-tracking a bucket of substitutes to crude oil export, encourages backward integration for the local production of items in which we have comparative advantage.
“If it worked for the South-East Asians, it surely can work for us in Nigeria. I, therefore, urge SMEs to ensure that their products and services are export-ready and can compete globally.”
In his remarks, the President of the ACCII, Mr. Mustapha Abubakar, said that the fair provided a platform for networking and creating business relationships among companies.

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Rivers’ll Be Known For Peace, Not Crisis -Fubara

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Rivers State Governor, Sir Siminalayi Fubara, has said that peace has prevailed because he draws strength from God to resist insults and tantrums thrown at him while frustrating attempts by some disgruntled persons who wanted to plunge the State into unending crisis.
The Governor also said that because he has anchored his Government on promoting peace, the enabling atmosphere has been provided for investments and sustainable development to flourish.
Governor Fubara made the assertion when he received a delegation of members of the Bishops and Gospel Ministers’ Association International Incorporated, Rivers State Chapter, at Government House in Port Harcourt, yesterday.
Represented by the Head of Rivers State Civil Service, Dr George Nwaeke, Governor Fubara said while most people took his meekness for weakness, his stance on peace has unarguably enhanced harmonious atmosphere of concord as residents sleep with their two eyes closed, and investors and shareholders are happy with the returns on investment.
He said, “Before, what they hear of Rivers State is that they are fighting, and some genuine investors will not come. Some people even ask you: How are you coping in Rivers State?
“But now”, he asserted: “The Governor has brought about a lot of changes in the State. One of the most important things is that he has changed the negative narrative. It is no longer Rivers of blood. It is now Rivers of peace.
“We are enjoying our lives here. Why? Because there is a change in the narrative. We have peace. The Governor is, as much as possible, absorbing any level of insult at him only for one purpose: that Rivers State may have peace; that we may grow; that this state will experience genuine development.”
Governor Fubara urged them, as members of the Christian family in the State, to continue to pray for the State and the Government so that the enemies of the State will be put to greater shame.
“This peace is what I want you to embrace. Go and continue to pray, because when the sower of the seed went and sowed, the enemy went in the night and sowed tares inside there. But the Governor is sowing peace.
“When I listened to the leader of the team, His Grace Eddy Ogbonda, he said you came all the way from Eleme Junction, and stopped at major junctions, and you uttered prayers for the peace of Rivers State.”
He also said: “I, hereby want to thank you for identifying with the Governor at a time like this. At a time when it looks as if someone wants the Governor’s peace posture misunderstood as weakness.
“When someone has the strength to fight back, but refuses to fight back. That is a bigger strength; that power of restrain does not just come, it can only come from God.
“You cannot give peace, if you do not have peace within you. The Governor is not interested in any form of trouble or violence. What he is interested in is known, and it is: let there be peace in Rivers State,” he said.
In his address, leader of the group, Archbishop Eddy Ogbonda, said they had observed a week-long intensive prayers that culminated into a peace rally, which brought them to Government House, and assured the Governor that God will continue to give him victory over his adversaries while preserving Rivers State.
“It is Rivers State Prophetic Prayer Convocation and Rally 2024 with the theme: ‘Peace be still’. Of a truth, everyone of us understands that we live in a time when we need peace much more than any other thing.
“Rivers State needs peace. Everyone as individuals need peace. The country needs peace, and the world at large needs peace. So, we are here to do a peace march. We pray that God will command His peace to reign in Rivers State,” he said.

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Hoteliers, School Owners Charging In Dollars Risk Arrest -EFCC

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The Economic and Financial Crimes Commission (EFCC) has stated that hotels, schools, and other establishments that accept payments in dollars from their customers are at risk of facing arrest.
The Chairman of EFCC, Ola Olukoyede, said this in the agency’s publication called EFCC Alert on Monday, adding that action would be taken against individuals involved in the dollarisation of the economy.
According to him, the exception is if foreigners come in to transact business and the only means of transacting is their credit card and dollar but to charge local customers in dollars or other foreign currencies would no longer be allowed.
He said charging local activities and customers in dollars is against Nigeria’s constitution.
The EFCC chairman said, “Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.
“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not? You will get that.
“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.
“Our law does not allow for that. And we have also affected some arrests.”

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Eid-El-Fitr: Fubara Felicitates Muslims, Calls For Unity, Tolerance

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Rivers State Governor, Sir Siminalayi Fubara, has enjoined Muslim faithful to remain steadfast to the lessons learnt during the holy month of Ramadan.
Governor Fubara stated this in his message of felicitations to Muslims as they celebrate the 2024 Eid-el-Fitr Sallah, which marks the end of the one-month Ramadan fasting.
The Governor emphasised the importance for Muslims to also uphold the tenets of Islam by exhibiting the fear of God and showing piety in their daily work.
Governor Fubara said, “We must all continue in the good attributes imbibed during the holy month of Ramadan as directed by God through His Prophet, so as to ensure peace, unity and harmony in the society for a better future.”
While praying that the essence of the festival offers them happiness, peace and prosperity in all aspects of life, Governor Fubara said he recognises and appreciates the critical role that the Muslim community continues to play in the development of Rivers State, and indeed, Nigeria at large.
Governor Fubara charged them to remain unwavering and steadfast in their commitment and positive contributions to advance the development of the State and the country.
“I enjoin you all in the State to remain calm, be patient and continue to do what is right,” the Governor added.
He wished the Muslim faithful in the State and across the country a happy Eid-el-Fitr celebration.

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