Tag Archives: Godwin

Why it is necessary Nigeria invest in infrastructures – Obaseki ..


The Edo State Governor, Mr. Godwin Obaseki has said investment in infrastructure, including roads, electricity, Information Communication Technology (ICT) and gas is imperative for the country to attain economic diversification.

Obaseki, who spoke at the South-South Enlightenment Engagement Forum themed “Maximizing non-oil export potentials in the South-South region for economic growth,” said his administration has in the last three years focused on diversifying the economy of Edo State.


Speaking to participants at the event in Asaba, Delta State, Obaseki said his administration has worked very hard to create the enabling environment for businesses to thrive, stressing that one of the missing links is financing support and expertise to manage small businesses, which Nigerian Export-Import Bank (NEXIM) is bringing on board.

“For us to diversify our economy and encourage export as a nation, we must focus on infrastructure, particularly access to roads, electricity, Information Communication Technology (ICT) and gas.


“Edo and Delta states are blessed as we have the capacity of generating almost 2,000 megawatts of electricity but the challenge is how to move the power to areas for effective production,” he said.

Obaseki said his government has also embraced agriculture to develop and grow the Edo economy, adding: “We have partnered the Central Bank of Nigeria (CBN) to develop the oil palm fund and the CBN has supported our plan with N70 billion in funding. We have programmes for both small and large investors in oil palm. Under the oil palm programme, we approached the World Bank programme called Rural Access and Mobility Projects (RAMP) to develop rural roads for easy evacuation of farm produce for export.”


On his part, Delta State Governor, Sen. Ifeanyi Okowa said the engagement forum was a big leap for Delta State and the South-South region as it encourages the region to begin production for exports.

“The programme is to enlighten the people and encourage the states to produce for export. Beyond the knowledge, NEXIM Bank has facilities to support each state and SMEs in the South-South. The bank has committed N1 billion to grow SMEs and the lending rates is convenient at nine per cent cheaper than what you get in commercial banks, which is 20 or 21 per cent per annum.”

The Managing Director of NEXIM Bank, Abba Bello, said the organisation is signing a Memorandum of Understanding with all states in the South-South region to support the efforts of the governors in the region to diversify their economies.

“The N1 billion is a start-up seed, which we intend to grow to N5 billion per state and in the next 3 to 5 years, spread across other states in Nigeria. We are ready to support all the efforts the South-South governors are embarking upon in diversifying the revenue base of their states’ economy outside of oil,” he noted.


#Newsworthy…

Second term: Obaseki can’t beg anyone – Edo ..


Edo State government on Tuesday wanted the National Chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole to desist from acts capable of portraying him as a lawless figure in the state and beyond.
The government also denied reports making the rounds in the state that Governor Godwin Obaseki is begging some Oshiomhole and some party leaders for forgiveness and to solicit their support for his second term bid.


It said the warning became important in view of Oshiomhole’s recent actions particularly as regards last week Saturday’s APC rally in Auchi headquarters of Etsako West Council Area and attended by some governorship aspirants and leaders of of the party drawn from Edo North Senatorial district of the state.
The party reminded Oshiomhole and his cronies to desist from their execesses and not to take for granted the silence and gentlemanly disposition of Governor Godwin Obaseki in his determination to ensure peace and progress of the state.
Special Adviser to the Governor on Political Matters (South Senatorial district) Him.

Osaigbovbo Iyioha, who stated this during a press conference held in Benin the state capital, reminded the APC national and others that the police ban on political rallies and such related activities, is still in force.
Hon. Iyioha noted that moves to reconcile all aggrieved members in view of the crisis rocking the state chapter of the party appear to have yeikded the desired results because “Oshiomhole who is supposed to be an arbiter is an interested party”.


#Newsworthy…

Tomato supply void: CBN swear to make it up ..


The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele on Monday assured tomato farmers and processors that they would be sufficiently financed under the Anchor Borrowers Programme (ABP).

According to him, this is tohelp meet local demand and bridge an annual shortfall of more than 1.2 million tonnes valued at about $2.5billion, met before now through importation and smuggling.

This is as the Managing Director of Tomato Jos, Miss Mira Mehta, said the company would invest N7 billion within the next five years to scale up its investment in tomato farming and processing.


Speaking at the groundbreaking ceremony of Tomato Jos Farming and Processing Limited located in Kaduna, Emefiele said that the CBN, as far back as June 2015, before the current tomato policy was approved in 2017, had excluded importers of 41 items, among which is tomato, from accessing foreign exchange (forex) at the Nigerian forex markets.

“Pursuant to the above, we introduced the Commodity Champion model in the first quarter of 2019, to stimulate production of tomato and strengthen the end-to-end linkages in the value chain from input supplies to the final consumer. The strategy adopted is largely hinged on the twin approaches of outgrower contractual arrangement in the short to medium term, and backward integration in the medium to long term. Efforts have begun to yield results with the mobilisation and validation of about 140,848 farmers from various tomato farmers associations across 25 states in Nigeria. They are to be financed under the Anchor Borrowers’ Programme (ABP) where they would be linked to proximal processors where applicable, or financed to produce fresh fruits for direct consumption, which constitutes the largest use of tomato in Nigeria.


“We are also partnering with other big players in the tomato value chain like Dangote Tomato Processing Ltd,

Sonia Foods, GB Foods (GBF), Vegefresh Company Limited and a host of others. This is with a view to ensuring that Nigeria becomes self-sufficient in tomato, and our processing companies, functioning at full capacity and employıing millions of Nigerian youths”, he said.

Emefiele said the CBN was also addressing the challenge of low quantum of production per hectare that results in low yield.

The CBN Governor appreciated the management of Tomato Jos and the Kaduna State Governor, Mr Nasir el-Rufai, for the robust investment in agriculture.


#Newsworthy…

Bank officials, Emefiele set to commence redevelopment


Despite stiff opposition from stakeholders, the Central Bank of Nigeria (CBN) and the Bankers’ Committee have announced that it would commence the redevelopment of the National Arts Theatre in Lagos, by January 2020.

The CBN Governor, Mr. Godwin Emefiele, while making a presentation on the Bankers’ Final Briefing monitored on Channels Television Business Morning, announced that the Bankers Committee has received presentations from the project consultants.

He said the Bankers’ Committee, having reviewed their presentations, including project numbers and details, set up a governance and trustee committee to oversee the process that would lead to the award of contract for the bid winners.


‘‘The contract award is expected to go through a competitive bid process and that jobs for the commencement of the renovation works for the National Arts Theatre as well as the building and development of a creative hub must start by January 2020’’.

He said the hub would serve as a fulcrum for massive activities and events even after shows must have ended inside the theater.


The CBN boss added that the building of the hub within the National Theater wouldhelp create opportunities for people to come around and undertake different business and economic activities that would help not only to grow the economy of Lagos but that of Nigeria as a whole.

Two Nigerian companies, Topwide Apeas and Jadeas Trust, had in November, called on the Infrastructure Concession Regulatory Commission (ICRC), the Bureau of Public Enterprise (BPE), and the Board of the National Arts Theatre, to prevail on the CBN and the Bankers’ Committee to cease all plans for the redevelopment of the National Arts Theatre Complex, Iganmu, Lagos.


The call came on the heels of recent media reports that the CBN and the Bankers’ Committee have been given the go-ahead by the Federal Government to transform the National Arts Theatre Complex and the surrounding fallow ground into a creative industry park.

Topwide Apeas and Jadeas Trust, who are a part of a consortium comprising a team of international financial institutions and private sector partners, are claiming the rights to develop the structure via a concession granted by the ICRC.

Godwin Emefiele

Topwide Apeas Limited, through a letter by its law firm, Associated Attorney, and addressed to the ICRC, copying the CBN and the Bankers’ Committee, stated that they had emerged the preferred bidders to develop the national monument following a series of negotiations that started in 2003 with the Bureau of Public Enterprise, BPE, and later the ICRC.

The agreement was sealed by a Memorandum of Understanding (MoU) that mandated both companies to jointly execute the project via a harmonised master plan and under the terms of the project endorsed by the BPE and ICRC.


#Newsworthy…