Headlines
EU partners Nigeria on investments, development
By Derrick Bangura
The European Union (EU) Commission on Tuesday, stated it would continue to work with Nigeria on business prospects, investments, and other development projects.
Ms. Margrethe Vestager, Executive Vice President of the European Union (EU), made the assurance during a visit to Mr. Adeniyi Adebayo, Minister of Industry, Trade and Investments, in Abuja.
Vestager, who was in Nigeria for a five-day working visit, reaffirmed the EU’s commitment to expanding collaboration with Nigeria in agri-food, energy, and infrastructure.
“I have faith in agriculture because it has the ability to create access to trade routes that would otherwise be difficult,” Vestager added.
She stated that the EU was willing to undertake high-level conversations with Nigerian authorities in order to learn about specific goals that would benefit citizens.
“We are willing to undertake high-level conversations with Nigerian officials to learn about specific areas of priority, particularly as they relate to the country’s industrialization.” We want to strengthen discussions in the next days that will lead to the signing of investment agreements with Nigeria that will enable industrialization.
“There is a lot of discussion in Europe about governments producing in regions where they believe they have friends or neighbors, and the consensus is that Nigeria qualifies because of its scope of investments and ease of doing business,” Vestager said.
The EU Vice President has entrusted Nigerian authorities with strengthening the country’s competition framework in order to encourage businesses to offer consumers the best deals on goods and services, while also ensuring efficiency, innovation, and lower pricing.
During the discussion, Adebayo stated that his ministry’s primary focus is on the industrialization program, with the overarching goal of fostering job-intensive growth in the Nigerian economy through industrialization.
“Within our Backward Integration Program (BIP), there are potential for investments in these commodities to expand production for local consumption and exports,” he said.
With a view to positioning Nigeria as a supply chain partner to leading global economies, Adebayo said Nigeria was ready to participate effectively in the African Continental Free Trade Area (AfCFTA) – on the Rules of Origin, Technical Barriers to Trade Monitoring Capability, and Establishment of Trade remedy Mechanism.
Nigeria’s growing mobile penetration rate, as well as a targeted legislative push to improve broadband penetration and financial inclusion, according to Adebayo, are combining to create the ideal conditions for a booming fintech sector and the acceptance of digital solutions to tackle everyday problems.
Ambassador Mariam Yelwaji Katagum, Minister of State for Industry, Trade and Investments, listed multiple taxations, high-interest rates, insufficient working capital, and stiff competition from larger companies as some of the challenges confronting small businesses, but said the federal government was dealing with the challenges through business reforms overseen by the Presidential Enabling.
Multilateral and private sector financing of Special Economic Zones through public-private partnerships and greenfield development, according to Katagum, were areas of collaboration.
“Support for women-owned businesses is a significant area of collaboration. In this sense, I’d like to know what the EU is doing. Credit facilitation for Micro, Small, and Medium Enterprises (MSMEs) finance schemes, as well as market access for exports, are among the others.
“We will also require assistance in initiating dialogues and matching significant investors with investment possibilities, as well as assistance in delivering Best-Practice assessment and management/navigation of key business legislative reforms and Ease of Doing Business Reforms,” he stated.
Africa
Customs hands over illicit drugs worth N117.59m to NDLEA
The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).
The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.
Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.
He said the illicit drugs were seized in various strategic locations between January and November 21, 2024, in Ogun State.
He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.
Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.
“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.
“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.
He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.
He described the height of illicit drugs smuggling in the recent time as worrisome.
This, he said, underscores the severity of drug trafficking within the borders.
“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.
Ojo said the seizures had disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.
He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.
Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.
Responding, Adeyeye, applauded the customs for achieving the feat.
Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.
Economy
Customs intercepts N30m worth of PMS in Operation Whirlwind
The Nigerian Customs Service (NCS) on Friday said that it had intercepted 849 kegs of Premium Motor Spirit (PMS), worth over N30 million in retail price from Operation Whirlwind.
The Comptroller of Customs, Hussein Ejibunu, made this known during a news conference in Ikeja.
“Today, we have another seizure of 849 kegs of PMS containing 25 litres each. This translates to 30,225 litres with duty paid value at N30.225 million only at the NNPCL retail price.
“Today marks yet another success recorded by the operatives of Operation Whirlwind, Zone “A” Lagos/Ogun Axis.
“About five weeks ago, same PMS products were displayed before you here on the parade ground of the college where several seizures were made,” Ejibunu said.
“On this note, we wish to thank the National Security Adviser and the Comptroller-General of Customs for their unwavering support,” Ejibunu said.
The coordinator of the Operation Whirlwind said that two vehicles of means of conveyance were intercepted along with the seizures.
Ejibunu said that they evacuated 80 Jerry Cans each from a vehicle.
He assured the public that Operation Whirlwind remains steadfast in its efforts to clamp down on PMS smugglers, ensuring no room for their illegal activities nationwide.
Africa
Ann-Kio Briggs Faults Tinubu for Scrapping Niger Delta Ministry
Prominent Niger Delta human rights activist and environmentalist, Ann-Kio Briggs, has criticised President Bola Tinubu’s decision to scrap the Ministry of Niger Delta, describing it as ill-advised and detrimental to the oil-rich region.
Briggs expressed her concerns during an appearance on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.
“The Ministry of Niger Delta was created by the late (President Umaru) Yar’Adua. There was a reason for the creation. So, just removing it because the president was advised. I want to believe that he was advised because if he did it by himself, that would be terribly wrong,” she stated.
President Tinubu, in October, dissolved the Ministry of Niger Delta and replaced it with the Ministry of Regional Development, which is tasked with overseeing all regional development commissions, including the Niger Delta Development Commission (NDDC), North-West Development Commission, and North-East Development Commission.
Briggs questioned the rationale behind the restructuring, expressing concerns about its feasibility and implications. “But that’s not going to be the solution because who is going to fund the commissions? Is it the regions because it is called the Regional Development Ministry? Is it the states in the regions? What are the regions because we don’t work with regions right now; we are working with geopolitical zones,” she remarked.
She added, “Are we going back to regionalism? If we are, we have to discuss it. The president can’t decide on his own to restructure Nigeria. If we are restructuring Nigeria, the president alone can’t restructure Nigeria, he has to take my opinion and your opinion into consideration.”
Briggs also decried the longstanding neglect of the Niger Delta despite its significant contributions to Nigeria’s economy since 1958. “The Niger Delta has been developing Nigeria since 1958. We want to use our resources to develop our region; let regions use their resources to develop themselves,” she asserted.
Reflecting on the various bodies established to address the region’s development, Briggs lamented their failure to deliver meaningful progress. She highlighted the Niger Delta Basin Authority, the Oil Mineral Producing Areas Development Commission (OMPADEC), and the NDDC as examples of ineffective interventions.
“NDDC was created by Olusegun Obasanjo…There was OMPADEC before NDDC. OMPADEC was an agency. Before OMPADEC, there was the Basin Authority…These authorities were created to help us. Were we helped by those authorities? No, we were not,” she said.
Briggs further described the NDDC as an “ATM for failed politicians, disgruntled politicians, and politicians that have had their electoral wins taken away from them and given to somebody else.”
Her remarks underscore the deep-seated frustrations in the Niger Delta, where residents continue to advocate for greater control over their resources and improved governance.
-
Business3 years ago
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
-
Headlines3 years ago
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
-
Foreign3 years ago
New York Consulate installs machines for 10-year passport
-
Technology2 months ago
Zero Trust Architecture in a Remote World: Securing the New Normal
-
Entertainment2 years ago
Phyna emerges winner of Big Brother Naija Season 7
-
Business6 months ago
Nigeria Customs modernisation project to check extortion of traders
-
Business8 months ago
We generated N30.2 bn revenue in three months – Kano NCS Comptroller
-
Headlines5 months ago
Philippines’ Vice President Sara Duterte resigns from Cabinet