News
Nigeria, EU Sign Over €900m Finance Agreement For Development Projects
Nigeria and the European Union (EU) yesterday signed finance agreements worth over €900 million for various development projects.
The agreements were signed during the EU-Nigeria Strategic Dialogue in Abuja.
This formed a central part of the EU-Nigeria cooperation to advance the country’s green, resilient, digital inclusive transition under government priorities and Global Gateway.
Developed jointly between the EU and Nigeria, the first signed agreement would drive new programmes through Global Gateway as follows: climate smart agriculture (€29 million); sustainable energy (€37 million); access to health services (€45 million); and education: support to youth and education development in the North West region (€5.4 million) which will launch to contribute to policy improvement of the teaching profession and the capacity building of teachers.
In addition to these areas of support, the second signed agreement will also contribute to building access in the Nigerian social protection safety net (€46 million); support to border management and reintegration of returnees (€28.4 million); support to the disarmament, demobilisation and reintegration of Boko Haram combatants in the North East region (€20 million); and, support to improving the criminal justice system, access to justice and the fight against corruption (€30 million).
The third signed finance agreement was a loan issued to two Nigerian private companies and banks by the European Investment Bank, as part of the Global Gateway strategy.
This includes a “2X challenge” €50 million credit facility with Access Bank for loans to female entrepreneurs and managers in Nigeria, expected to create jobs and growth in line with the green economy priorities.
The second €14 million loan was for Emzor Active Pharmaceutical Ingredients to finance the construction of a manufacturing plant for the production of anti-malarial drugs.
Other expected signings are financing agreement for the completion of the Lagos Inland waterway project- €130; Development Bank of Nigeria lending to innovative and green SMEs in Nigeria €200; Access to Agric-market rural roads €150 and another €20m for Husk renewable energy to finance construction of about 150 small PV-hybrid mini-grids with a total PV capacity of 15 MWp, benefiting some 54,000 households and 6,000 SMEs.
The European Commissioner for International Partnerships, Jutta Urpilainen, said EU would continue to invest in priorities of security, democracy and prosperity for all.
She noted, “I am delighted to be visiting Nigeria to further strengthen our partnership, and I look forward to launching a package of new actions, as part of the Global Gateway strategy and EU support to Government priorities.
“Building on our long-standing cooperation, and in the best spirit of shared responsibility, commitment and accountability, the EU will continue to invest in our common future and priorities of security, democracy and prosperity for all – not least through the package of loans and grants I am signing and launching here today that will benefit the Nigerian businesses, farmers, youth and the society a as whole.”
Speaking at the event, the Minister of Budget and Economic Planning, Abubakar Bagudu, stated that the EU-Nigeria relations is one of the most vibrant development partnerships in terms of volume, thematic interventions, and geographical spread in deployment of resources.
Bagudu added, “The EU-Nigeria Strategic Dialogue is happening at the take-off of the current administration in Nigeria and presents opportunities for proper articulation and consolidation of priorities in our partnership.”
News
Tinubu Urges Nigeria, S’Africa To Strengthen Ties For Africa’s Dev
President Bola Tinubu yesterday stated that Nigeria and South Africa share a collective destiny to collaborate for the betterment of the African continent.
He stressed that both countries must intensify cooperation across various sectors, adding that the success of the partnership lies in the implementation, not merely the signing of Memoranda of Understanding (MoUs).
Tinubu made this remark yesterday during his opening address as he co-chaired the 11th session of the Nigeria-South Africa Bi-National Commission alongside President Cyril Ramaphosa in Cape Town, South Africa.
He said, “Our successive governments on both sides have recognised our shared history of collaboration and cooperation. We must ensure that the spirit of collaboration and cooperation between our two leading countries in Africa intensifies and deepens under the leadership of our respective nations. This is not a matter of choice but of destiny, which includes a historical responsibility to the African people.”
The Nigeria-South Africa Bi-National Commission, established in 1999, aims to strengthen the ties of friendship and cooperation between the two nations. The first Heads of State-level session took place in Pretoria in October 2019.
Tinubu noted that this year’s meeting coincides with the 25th anniversary of the Commission, disclosing that Nigeria and South Africa have signed about 36 MoUs that reflect their friendship and cooperation.
The President, however, stressed that MoUs alone do not constitute success and must be backed by consistent implementation.
“The BNC has existed since 1999, with approximately three dozen MoUs and agreements in operation. The BNC has come of age. I must, however, caution that we should not count our successes by the number of MoUs signed. They are mere pieces of paper until we implement them in both spirit and letter,” he explained.
Tinubu called for a special emphasis on strengthening the relationship between the youth populations of both countries, stating that Nigeria and South Africa, with their large youthful demographics, can significantly boost their economic development.
According to him, “My desire is that we accelerate youth development. Beyond natural resources, our most precious resource is our youthful population. These young people represent the future. We must invest in their skills and potential for the good of the continent. My administration has embraced an inclusive approach, placing young people in charge of key sectors of the economy, believing that the future must start now.”
The President also assured Ramaphosa of Nigeria’s commitment to strengthening the partnership between the two nations and warned against external forces that might be threatened by the alliance between Africa’s two largest economies.
“As the adage goes, ‘The glory of the eagle does not please the kite.’ Let us remain mindful of the overt and covert hostilities that our partnership may attract. If we remain vigilant, committed, and persistent, we will soar like eagles over the predators. We must stay united in purpose,” Tinubu stated.
He also called for the creation of an anti-illegal mining group, stressing that Africa’s natural resources should benefit its people.
“One issue I want the BNC to explore is the establishment of an anti-illegal mining group. Illegal mining is robbing our nations of precious resources that could foster development. Sponsored by powerful external forces, such mining is causing strife, poverty, environmental degradation, and undermining governance. We cannot allow this scourge to hinder our progress,” Tinubu said.
He urged South Africa’s support for Nigeria’s bid to gain full membership in the G20, BRICS, and the BRICS New Development Bank, adding, “Nigeria would like to join South Africa and the African Union in the G20.”
Earlier, South African President Cyril Ramaphosa highlighted Nigeria’s role as a host for several South African companies and reaffirmed his country’s openness to Nigerian businesses, citing numerous investments and operations in South Africa.
He acknowledged the need to remove existing barriers to greater investment.
Ramaphosa said, “We need to remove the remaining constraints to investment and address challenges faced by companies in both countries. We are encouraged by the steps being taken under your leadership to improve Nigeria’s business environment, which provides assurances to investors, including South African companies.”
He also highlighted measures to simplify visa processes for Nigerian business people, including five-year multiple-entry visas for eligible applicants and a streamlined process for Nigerian tourists.
Ramaphosa expressed hope that the 11th Session of the Bi-National Commission would solidify cooperation in critical areas and stressed the importance of implementing previously agreed-upon decisions and monitoring progress.
News
PENGASSAN Plans Showdown With Oil Firms Hiring Expatriates
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) is preparing for a face-off with oil companies that are prioritising expatriates for job opportunities while neglecting to hire qualified Nigerians.
PENGASSAN President, Festus Osifo, gave this indication during his address at the union’s National Executive Council meeting, held in Abuja, yesterday.
Osifo said the growing trend by companies to employ foreigners, mainly Indians, is contrary to the local content regulations which seek to increase local content participation to 70 per cent by 2027.
He stressed that many companies have abused the expatriates quota outlined by the government, fuelling unrest and resentment among Nigerians who feel excluded from opportunities in their industry.
He said, “A pressing concern is the high number of expatriates in Nigeria’s oil and gas industry, mainly from India. While skilled foreign workers contribute to economic development, the current situation demands attention.
“We have been calling names. We are not shying away from calling names. We called out a company called Indorama and others and the issue was fixed in the past.”
Osifo further called on the Nigerian Content Development and Monitoring Board and the Ministry of Interior to stop granting employment licenses to every foreigner who comes into the country seeking employment.
He said, “We are also holding to account a government institution called Nigerian Content Development and Monitoring Board and the Ministry of Interior, these are the people that give permits for these expatriates to come. If you go to some of these companies, vulcanizers and conductors are Indians.
“Even operators are Indians. And that should not go. So, rising from this NEC meeting, we are going to resolve that we will do everything possible to hold them to account.
“This is not the first company where this has been done. In the company where I work, for example, Total Energy, in 2015, it was a battle. It was war. We took it to them, and we ensured that the expatriate index was greatly reduced. So, we have done it before. We can also do it again. Because the more you send these expatriates away, the more, the management of these companies will open up the system and employ more Nigerians. It is so bad that our institutions are weak.
“The people that fight for the workers in Angola are not even trade unions. They are government institutions. If you work in Angola for a while, you must go back to your country and reapply again. And they ensure that the jobs that they give you in Angola are those technical jobs. So, our government must sit up. Our institutions must sit up.”
“NCDMB, Ministry of Interior, they must sit up and do what they ought to do. So, it is a battle that we are much more prepared to fight. And very, very soon, we will confront it head-on and frontally.”
Osifo also requested clarification on the proposed tax reforms bill, particularly in relation to the revenue collection mandate by the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Igerian Upstream Petroleum Regulatory Commission.
The association asked the government to extend the tax exemption level to persons earning N150,000 per month.
“On the issues of tax reform, we are currently examining the bill. So, one of the areas that we have seen in the bill that is quite okay is to give tax relief to people who are around minimum wage. What is there in the bill today is about N800,000 per annum.
“And also, for businesses whose turnover is about 50 million Naira, we found that most of the nano and micro businesses fell within that range of 50 million. So, it’s quite good. But, what we have been advocating is that that N800,000 is too small. The government should expand it to persons earning N100,000 to N150,000 per month. So, we are studying the bill, and we are looking at those provisions that are salient. These are what we will bring up at the public hearing.
“So, when we are done with all these, we will send you a copy of our position as PENGASSAN. And in addition to what I just said, there is also a particular area that we are looking at. Today, we have NMDPRA. We have NUPRC. So, they largely pay our members from the cost of connection. But today, they want to replace that with the Nigerian Revenue Service.
“The service will be collecting revenue across the board, both from the oil and gas and customs. So, we are currently studying that provision. We would still need clarification on these issues. We are asking when these are going to form our proposal to the National Assembly during the public hearing,” he added.
When asked if any workers became unemployed as a result of the recent divestment by international oil companies, Osifo said, “We can confirm to you that as of today, there is no single job that has been lost in any of these companies as a result of divestment.
“This is because we realise that our primary function is how to safeguard jobs for our members. First, you safeguard jobs, then you start talking about pay enhancement. If the job is not there, you won’t be able to talk about pay enhancement because what are you enhancing? So first, you safeguard the job.
“So in each of the agreements that were signed, it was clearly stated, all our jobs will be safeguarded.”
News
NAFDAC Busts Fake Alcohol Factory In Lagos
The National Agency for Food and Drug Administration and Control (NAFDAC) has dismantled a makeshift factory in the Oke Arin market, Lagos Island, where counterfeit alcoholic beverages were being illegally produced.
According to a statement via its X, yesterday, the agency, acting on a complaint, conducted a raid that led to the arrest of three men and the seizure of counterfeit drinks, empty bottles, and packaging materials.
According to NAFDAC, the seized products, which included fake versions of popular alcoholic brands, were valued at over ¦ 180 million.
The main suspect, Mr. Tochukwu Henry, confessed to refilling bottles labelled as Rémy Martin with ST-Rémy contents.
He also admitted to employing two other individuals to assist in the operation.
The statement said, “NAFDAC has raided a makeshift factory in Oke Arin market, Lagos Island, following a complaint about the illegal production of alcoholic beverages. Three men were apprehended and various counterfeit alcoholic drinks, empty bottles, and packaging materials were seized.
“The products, valued at over ¦ 180 million, included fake versions of popular brands. The main suspect, Mr. Tochukwu Henry, confessed to refilling bottles labelled as Rémy Martin with ST-Rémy contents and employing two others to assist in the illicit operation.
“All suspects are currently in custody for further investigation. NAFDAC calls on the public to remain vigilant, especially during the festive season, and to report suspicious activities and products to the nearest NAFDAC office.”
-
Education2 days ago
Oyo Subeb Recruits More Teachers For Primary, Junior Secondary Schools
-
News2 days ago
Rivers First To Implement Minimum Wage
-
Business7 hours ago
Flight Operations Increases On PH, Abuja Route
-
Featured2 hours ago
We’ll Implement Judicial Commission’s Report On Arson, Killings -Fubara …Says Such Violence Must Stop In Rivers
-
City Crime2 days ago
Rivers Is Poised To Join Top Tourist Destinations – Commissioner
-
Oil & Energy2 days ago
Why Energy Giants Won’t Turn Their Backs On Oil
-
Business9 hours ago
‘States Don’t Executed 40% Capital Expenditure In Budgets’
-
News4 hours ago
S’Africa Introduces Five-Year Multiple Entry Visa For Nigerians …Scraps Passport Submission