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Nigerian Government Seeks Strategic Investment to Aid Economic Sectors Recovery

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The federal government of Nigeria has recently stated its preparedness to partner with potential investment partners in critical sectors of the nation’s economy to expedite recovery.

Some of the areas, the government said includes; domestication of production of key commodities through Backward Integration Programs, driving the growth of Micro, Small and Medium Enterprises (MSMEs), especially through access to finance and markets; and cultivating investments particularly through improving the ease of doing business in the country.

Disclosing this in Lagos at JCI Africa and Middle East Senate Association (AMESA) Conference, themed; “building emerging leaders for Africa and the Middle East,” the Minister of Industry, Trade and Investment, Adeniyi Adebayo, said the country remains the best investment destination in Africa.

Speaking on the topic, “Opportunities and potentials of trade and investments in Nigeria,” Adebayo, noted that the country’s overall policy thrusts are built around three thematic areas of focus.

He said, “With the nation’s BIP, the ministry has intensified efforts to increase local production, increase job opportunities and provide foreign exchange through the domestication of identified priority products namely Automobiles, Palm Oil, Dairy, Sugar, Cassava Starch and Cotton, Textiles and Garments.

“For Automobiles, our focus is on boosting activities around the local assembly of vehicles and auto component manufacturing by providing fiscal incentives, stimulating demand through targeted government patronage and establishment of consumer credit schemes and to improve economies of scale.”

“For Sugar, through the provision of fiscal incentives, import quota allocations, physical infrastructure for irrigation and foreign exchange to operators, we are driving the production of Sugar. For Oil Palm, we are intensifying efforts to facilitate investments across the value chain to increase the local production of Crude Palm Oil (CPO) and its derivatives.

“For Cassava Starch, we are focused on bringing in large-scale investors to increase the production of cassava starch. For Cotton, Textiles and Garments, our strategy here is to improve the cost competitiveness of textile production and leverage Special Economic Zones (SEZs) for garment production for export, ”he added.

Explaining the reason for the birth of the policy drive, the Minister stated the key areas are targeted at meeting

Adebayo further said that the development of Micro Small and Medium Enterprises (MSMEs) and addressing the challenges of poor packaging, labelling and quantity of manufactured goods by MSMEs would mitigate the rejection of made in Nigeria products and ensure sustainability in the global market.

The Minister also listed other areas the government is working to make Nigeria investment friendly, including the National Action Committee on the AfCFTA, enactment of the CAMA Act, Special Agro-processing Zones (SAPZs).

“I would like to reiterate that potential investors should make use of all the investment resources and guides provided by the Nigerian Investment Promotion Council (NIPC), such as the Book of States which consist of the competitive advantages and the key investment opportunities in each of Nigeria’s 36 States and the Federal Capital Territory (FCT) and the “iGuide Nigeria”, an online investment guide to help investors make better-informed decisions about investing in Nigeria.

“I would like to conclude this address by saying that we are open to strategic collaboration with potential investment partners in all the areas I have touched on in this speech,” he added.

On his part, the Governor of Lagos State, Babajide Sanwo-Olu who was represented by the Commissioner for Agriculture, Abisola Olusanya stressed the need for governments to focus investment on the youths as they remain the force for the future of the nation’s economic recovery.

“Going by the theme of this conference “Building Emerging Leaders for Africa and the Middle East”, it has become evident that both the African continent and the Middle East region need now more than ever, to invest in as well as build the capacity of young adults and youths to meet up with the challenges of the 21st century as well as future demands.

“Investing in the youths and their leadership potentials as well as helping the younger generation build their leadership capacity from now will help lay a structure and solid foundation upon which our development in Africa and the Middle East will thrive,” he said.

 

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Commission, journalists partner to revamp water sector in Kaduna

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The Kaduna State Water Services Regulatory Commission (KADWREC) says it is partnering media practitioners towards revamping water services in the state.

Mr Dogara Bashir, the Executive Chairman of KADWREC, disclosed this on Monday at a one-day workshop organised for media practitioners on regulation of ‘Water, Sanitation and Hygiene’ (WASH) activities held in Kaduna.

Bashir said the commission was aware of the importance of the role media practitioners played in the society.

He stated that the workshop was to provide an avenue to liaise with them as important stakeholders on water supply and sanitation services in the state.

Bashir said: “As media practitioners, we believe you are a gateway to the citizens so, the workshop would acquaint you with some of the regulations already in place so that you can in turn transmit it to the public

“The state of water services in Kaduna State is in dire need of attention and the State Water Corporation and KADWREC were established towards addressing the seeming challenges.

“The commission is mandated to ensure better service delivery and regulation of water and sanitation services in the State.

“The idea is that once the regulations are developed, we send them to the State Ministry of Justice to gazette and then we get the state government to endorse and give the go ahead to commence the implementation of the regulations

“We intend to implement them fully come January, 2025 God willing, as we have embarked on advocacy activities having gone to zones 1 and 2 where we talked to traditional rulers, security agencies and the Judiciary.”

He disclosed that a special Court has already been attached to the commission by the Chief Judge of the State for service providers who may likely violate regulations.

The chairman further said that amongst the commission’s objectives include ensuring security, reliability and quality of service in the production and delivery of water to the consumers as well making regulations to control the sinking of boreholes.

Others included; maximising access to water services by promoting and facilitating consumer connections to distribution systems in urban and rural areas.

According to Bashir, they also include ensuring that regulatory decision-making has regards to all the relevant health, safety, environmental and social legislation applying to the water sector.

Bashir further said that the commission collaborate with the relevant state and federal agencies on water policies.

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Crime

2 ladies docked for allegedly obtaining money by fraud

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The police in Lagos have dragged two women, Mmesuma Ofunna, and Blessing Adimekwe, before an Ojo Magistrates’ Court in Lagos, over alleged obtaining money by false pretence.

Ofunna, 22, and Adimekwe, 25, were arraigned before the Magistrate, Mr L K J Layeni, on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and conduct likely to breach peace.

They each, however, pleaded not guilty to the charge.

The prosecutor, ASP Simon Uche, told the court that the defendants conspired with others now at large, to commit the offence on Oct. 26 at the Okokomaiko area of Ojo.

He alleged that they had obtained the sum of N70, 000 from one Faith Ahamefule, with a promise not to post her nude photo on social media.

The prosecutor alleged that the defendants later posted the nude photo of the nominal complainant on social media, knowing that their promise was false.

He alleged that they stole the N70, 0000, thereby conducting themselves in a manner likely to breach public peace.

The offence contravenes the provisions of sections 168(d), 287, 314, and 411 of the Criminal Law of Lagos State 2015.

The court granted the defendants bails in the sum of N500, 000 each, with two sureties each in like sum.

He adjourned the case until Jan. 8, 2025 for mention.

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Driver jailed 6 months for attempting to steal a car

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A Jos Magistrates’ Court on Monday, sentenced a 37-year-old driver, Ahmad Umar to six months in imprisonment for attempting to steal a car.

The Magistrate, Shawomi Bokkos, summarily tried and sentenced the convict after he pleaded guilty to the charge.

Bokkos in his judgment, ordered the convict to pay an option of N30, 000 fine or spend six months in prison.

Earlier, the Prosecutor, Insp Ibrahim Gokwat, told the court that the case was reported on Oct. 10, at the Area Command Police station through a distress call by one Sydney Peacemorie the complainant.

Gokwat said the complainant parked his Toyota RAV4 in front of Access Bank and went inside to carry out some transactions, only to return to find the convict inside his car.

“The convict unlawfully opened the car and was in the driver’s seat when the complainant raised alarm and he was apprehended, but his accomplice escaped.

“The convict was severely beaten by a mob but was rescued by the police,” said Gokwat.

“The prosecutor said that the offence contravened the Plateau Penal Code Law.

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