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FG Clarifies Management Of External Reserve

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The Federal Ministry of Finance has said President Jonathan’s administration did not in anyway squander the national reserve.
This is contained in a statement issued by the ministry in Abuja, on Wednesday.
“ it is absolutely not true that the administration of President Goodluck Jonathan has squandered the nation’s reserves.
“The facts are clear and indisputable. At the end of May 2007, Nigeria’s gross reserves stood at 43.13 billion dollars, comprising the CBN’s external reserves of 31.5 billion dollars, 9.43 billion dollars in the Excess Crude Account (ECA) and 2.18 billion dollars in Federal Government’s savings.
“These figures can be independently verified from the CBN’s records,” it said.
According to the statement, the figure of 67 billion dollars cited in some recent commentary is factually incorrect.
It added that it was a misconception to think that reserves are immutable or cast in stone.
It added that since May 2007, the reserves had fluctuated in line with developments in the international oil market, rising from 43.13 billion dollars at that time, peaking at 62 billion dollars in September 2008 during the Yar’adua and Jonathan’s administration.
It said that then, the oil prices reached a peak of 147 dollars per barrel, and falling subsequently to as low of 31.7 billion dollars in September 2011.
“This fall in reserves was largely a result of the vicissitudes of the global economy and oil market which caused the CBN to intervene, using some of the reserves, to defend the value of the naira.
“ The Excess Crude savings, which it should be noted is a component of the reserves, was largely used to cushion the economy at the height of the global financial crisis in 2008-2009.
“ As a result, Nigeria was one of the few countries in the world that did not seek assistance from international financial institutions at that time.
“ The fiscal stimulus used to shore up the economy during that period was shared by all three-tiers of government.
“Similarly, savings in the ECA were also used to pay for fuel subsidies for the entire nation and that sharing continued after the crisis ended,” he said.
It noted that from 2012, such payments had been published each time they were made.
It blamed the quest by the governors to the depletion of ECA, adding that most of them kicked against continuous building up of the account.
The statement noted that it was on record that states even took the Federal Government to court on this matter, and the case was still pending at the Supreme Court.
It added that the present administration had established the first ever Sovereign Wealth Fund for the nation in which savings were being made for future generations of Nigerians and important infrastructure investments were being supported.
“ It is also a matter of public knowledge that the fund would have generated more savings and investments if the same sort of opposition that blocked savings in the ECA had also not been at work,” it said.

It further explained that the Federal Government and states, had in 2009 in common agreement, took 5.5 billion dollars from the ECA to invest in Independent Power project.
Today, various state governments are shareholders in the projects and hold share certificates confirming their stake in the projects.
It stated that it was not correct to say that the nation’s external reserves were dipped into or misapplied by the administration.
“ Anyone familiar with foreign reserves management will be aware that the Federal Government cannot dip its hands into the external reserves.
“ Like in other countries, the management of external reserves is one of the statutory mandates of the Central Bank of Nigeria (CBN).
Section 2 sub-section (c) of the CBN Act (2007) states that the Bank shall “maintain external reserves to safeguard the international value of the legal tender.
“No President since the democratic dispensation has contravened this Act.

Rivers State Commissioner for Commerce and Industry, Hon. Chuma C. Chinye (right) in handshake with Administrative Director MCC, Mr. Nelson Jaja (left) in the public presentation of the Yellow Pages Directory, orgnaised by Ministry of Commerce and Industry in Port Harcourt recently. Photo: Egberi A. Sampson

Rivers State Commissioner for Commerce and Industry, Hon. Chuma C. Chinye (right) in handshake with Administrative Director MCC, Mr. Nelson Jaja (left) in the public presentation of the Yellow Pages Directory, orgnaised by Ministry of Commerce and Industry in Port Harcourt recently. Photo: Egberi A. Sampson

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Fish Production Deficit, A Major Investment Opportunity – Minister

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The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has called on investors and financial institutions to tap into Nigeria’s vast catfish industry, describing the country’s fish production deficit as a major investment opportunity capable of driving economic growth, food security and job creation.
Oyetola made the remark during a high-level roundtable on scaling sustainable catfish value chain transformation, organised under the Fisheries and Aquaculture for Africa, the Caribbean and the Pacific programme, in Abuja, Wednesday.
In a statement, Oyetola said Nigeria’s annual fish requirement stood at approximately 3.6 million metric tonnes, while domestic production from all sources is about 1.4 million metric tonnes, leaving a significant supply gap that local aquaculture operators and prospective investors could exploit.
He said “Expanding domestic fish production is an economic and food security imperative. It offers an opportunity to strengthen domestic food supply, reduce dependence on fish imports, stimulate enterprise development and create sustainable livelihoods across the country.
He noted that Nigeria is Africa’s second-largest aquaculture producer and a leading producer of farmed African catfish, stressing that the sector’s potential extends beyond fish farming to hatcheries, feed mills, equipment manufacturing, transportation, processing, cold-chain services and trading.
“Investment in aquaculture has a multiplier effect, creating opportunities and value across several interconnected sectors of the economy. Closing the production gap would require more than establishing additional fish farms”, Oyetola stated, insisting on coordinated investments across the entire value chain.
He identified access to quality fingerlings, affordable feed, appropriate financing, effective fish health management, reliable markets and modern infrastructure as essential to sustainable industry expansion.
Highlighting the contributions of FISH4ACP, the minister commended the Food and Agriculture Organisation, the European Union and the German Government for supporting Nigeria’s catfish value chain.
He said the programme had identified critical industry constraints and demonstrated practical interventions in alternative feed ingredients, including black soldier fly larvae, hatchery management, broodstock improvement, business development and digital farm management.
On access to finance, Oyetola urged lenders to develop credit arrangements that reflect the realities of fish farming.
While stating that “the timing of disbursement, repayment schedules and cost of credit must reflect the production cycle and cash-flow patterns of fish farming enterprises,”the minister added that viable businesses should not be constrained by unsuitable financing arrangements.
He identified high feed and energy costs, inconsistent supplies of quality fingerlings, inadequate fish health management, weak biosecurity and insufficient processing and cold-storage facilities as major challenges confronting the industry, describing these constraints as investment opportunities, particularly in feed manufacturing, modern hatcheries, processing facilities and cold-chain infrastructure.

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NCDMB, NLNG Unveil $9m For Professorial Endowment Research Chairs In Six Varsities

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The Nigerian Content Development and Monitoring Board (NCDMB), and the Nigeria Liquified Natural Gas Limited (NLNG) have launched a US$9 million professorial chair endowment programme across six Nigerian universities to develop commercially viable solutions to industry challenges, strengthen local research capacity and advance technological innovation.
To this end, the Board in a statement said under the Nigerian Content Research and Development (NC-R&D) Professorial Chair Endowment Programme, each university is to receive US$1.5 million to establish a specialised professorial chair focused on agreed industry research priorities.
The Tide gathered that the initiative was being implemented in partnership with the NCDMB, under the supervision of its Planning, Research and Statistics Directorate.
The beneficiary institutions include the University of Ibadan, Oyo State, Rivers State University, Port Harcourt, Modibbo Adama University, Yola, Adamawa State, Aliko Dangote University of Science and Technology, Kano State, University of Nigeria, Nsukka, Enugu State, and Yakubu Gowon University(formerly University of Abuja).
Speaking at the kick-off ceremony, NLNG’s Managing Director and Chief Executive Officer, Adeleye Falade, described the programme as an investment in Nigeria’s capacity to translate academic knowledge into practical solutions.
In his keynote address, titled ‘Reshaping Nigeria’s Future Through Innovation, Research and Capacity Development,’ Falade emphasised the importance of sustained collaboration between government, industry and academia.
“In the energy industry, we understand that technology and energy systems are evolving and the requirement for sustained research cannot be overemphasised,” he said.
The NLNG’S boss noted that the programme would support research into challenges central to the energy industry’s future, including improving operational efficiency, managing emissions, strengthening safety, maintaining critical infrastructure and making industrial processes more sustainable.
Beyond the research endowments, he outlined opportunities for a “triple helix” approach that brings government, industry and academia together through specialised programmes, sabbaticals, exchange opportunities, practical testing of research assumptions and the joint development of postgraduate curricula.
A Statement from the Corporate Communications Division of the NCDMB further stated that the six beneficiary universities will undertake research in distinct areas while the NLNG Research and Innovation Centre for Computer and Electrical Engineering (RICCEE) at the Rivers State University was envisaged as the coordinating point for these collaborations among the universities.
Falade added that discussions were already under way with the Rivers State University on implementation arrangements and commended its Vice-Chancellor, Professor Isaac Zeb-Obipi, for his role in advancing the proposed collaboration.
“We’ve already gotten indications of other partners like Google, Cisco and MTN who are showing interest to support this initiative, he noted.
He also highlighted the opportunities for younger researchers to deepen their expertise, investigate industry problems and learn from experienced academics and practitioners, urging the beneficiary institutions to build on the endowments by strengthening research partnerships and attract additional funding and pursue the commercialisation of intellectual property.
“Expand the scope, reach for more grants and funding which can push the frontiers of knowledge and commercialisation of intellectual property,” he added.
Acknowledging NCDMB’s role in bringing the initiative to fruition, the LNG helmsman called for sustained commitment to technology transfer and the development of home-grown solutions without compromising quality assurance or safety.
He averred that the programme’s lasting value would lie on stronger institutions, research outcomes deployed in the field and the development of the next generation of Nigerian researchers and industry professionals.
In his remarks, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe said the US$9 million for the endowment programme represents a strategic investment in the future of Nigeria’s research and innovation ecosystem.
The initiative, he said, complements the Board’s ongoing investments in research infrastructure, including the establishment of specialized Research and Development (R&D) Centres of Excellence across six universities in the country.
He added that when taken together, these interventions demonstrate the Nigerian oil and gas industry’s commitment to creating an integrated research ecosystem that connects academic expertise, modern research infrastructure, industry requirements, and commercialisation opportunities.
Represented by his Senior Technical Adviser, Engr. Austin Uzoka, the Executive Secretary said by supporting specialised professorial chairs in critical areas of the industry operations, NLNG and NCDMB were creating opportunities to bridge the longstanding gap between academic research and industrial application.
He further charged the universities to deliberately transition from research for publication to research for application, and from innovation as an academic pursuit to innovation as a driver of industrial transformation.
“The beneficiary universities must see this endowment as both an opportunity and a responsibility and they would be expected to deliver clearly defined research objectives, measurable outcomes, prudent resource utilisation, effective stakeholder engagement, and sustained collaboration with industry partners.
“These Professorial chairs will generate commercially viable solutions, strengthen local technological capabilities, support industrial competitiveness, and contribute meaningfully to the long-term sustainability of Nigeria’s oil and gas industry”, he said.
The Tide reports that further details contained in the NCDMB’S Corporate Communications Division States that the University of Ibadan will focus on natural gas processing, pollution control and environmental management, while Rivers State University will concentrate on digital engineering, intelligent energy systems, automation and asset integrity.
Modibbo Adama University will undertake research in energy transition and the environment, while Aliko Dangote University of Science and Technology will focus on sustainable energy innovation and climate-resilient food systems.
In the same vein, the University of Nigeria, Nsukka, will specialise in green energy production and geoenvironmental engineering, while Yakubu Gowon University(formerly the University of Abuja) will focus on geoscience and satellite intelligence for resilient gas infrastructure.
Other terms contained in the endorsement document indicates that each of the beneficiary universities will work towards agreed research targets and commercialisation pathways, providing a framework for measuring progress and translating findings into practical applications.
The institutions, according to the Board will also jointly host an information management hub to support knowledge sharing and exchange programmes.

Ariwera Ibibo-Howells, Bayelsa

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‘NUJ, NPA’s Partnership Would Boost Port Producrivity, Economic Growth’

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The Chairman of Rivers State Council of the Nigeria Union of Journalists (NUJ), Comrade Paul Bazia, has said the proposed partnership between the union and the Nigerian Ports Authority (NPA), Rivers Port, would promote effective information dissemination, boost productivity and enhance economic growth.
Bazia gave the assurance during a courtesy visit by the leadership of the NUJ Rivers State Council to the management of NPA, Rivers Port, in Port Harcourt, within the week.
Comrade Bazia said the proposed collaboration was informed by the strategic importance of port operations to national economic development, particularly Rivers Port, which he described as the cradle of maritime operations in the Eastern Maritime Corridor.
He explained that current leadership of the union had, upon assumption of office, resolved to promote constructive and development-oriented journalism capable of improving the public perception of Rivers State and attracting investors.
Bazia said the visit was also intended to familiarise the union with the achievements and operational challenges of the port management, while identifying areas of collaboration that would enhance its efficiency and contribute to national economic growth.
According to him, Rivers Port occupies a significant position in the maritime industry and deserves adequate media attention to showcase its contributions to commerce, trade and the nation’s economy.
The NUJ chairman said the union was committed to changing the narrative through positive and balanced reportage, noting that effective media engagement would help project the activities of the port and attract the needed investment.
He further disclosed that the NUJ had correspondents covering different sectors of the economy, including the maritime industry, and was prepared to deploy specialised maritime reporters to the authority whenever the need arose.
Bazia urged the port management to sustain its relationship with the union by informing it of important developments, activities and programmes requiring media coverage, assuring that the NUJ would provide the necessary publicity.
In her response , the Port Manager of NPA, Rivers Port, Mrs Edith Okezie, described the NUJ as a critical partner in information dissemination and the promotion of national economic development.
Okezie highlighted some of the achievements recorded under her administration in the last three years, including the rehabilitation of internal roads within the port complex and measures taken to strengthen security around the facility.
She also disclosed that port’s water channels had been dredged to facilitate the smooth movement of vessels, while rehabilitation work was ongoing on some of the berths to improve operational efficiency and service delivery.
The port manager further noted that the Federal Government was currently undertaking rehabilitation of ports in the Western region, expressing optimism that the exercise would be extended to ports in the Eastern region. She thanked the NUJ delegation for the visit and welcomed the union’s readiness to collaborate with the authority.

King Onunwor

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