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FG releases N50 billion intervention funds to lift Nigerian Exporters out of Covid-19 recession

 

Eyewitness reporter
The Federal Government has launched a N50 billion export expansion facility programme (EEFP) to support export businesses in the country at post Covid-19 pandemic.
The loan facility, which is part of the N2.3 trillion Nigeria Economic Sustainability Plan and accessible to Nigerian exporters and MSMEs,  was designed to get Nigerian export businesses on the right footing after Covid-19 disruptions.
While inaugurating the intervention funds, the   Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, disclosed that it was part of government intervention initiative to cushion the effects of the Covid-19 pandemic on non-oil export businesses by safeguarding and creating employment opportunities.
Adebayo, the former governor of Ekiti State,  also use the opportunity to unveil an online grant management portal for non-oil exports.
He said the  portal would help to process applications for the Export Development Fund (EDF).
Adebayo disclosed that exporters can register for grants as direct intervention from the Federal Government through the portal, adding the fund serves to provide financial assistance to exporting companies in order to cover part of their initial expenses with respect to export promotion activities.
He noted further that the essence of the project is to increase nation’s export capacity in the short term and its export volumes in the medium term.
“The ultimate aim of the export expansion facility programme as an intervention following the devastating economic effects of Covid-19 to exporters and MSMEs in Nigeria will be to save jobs, create jobs, support resilience in shoring up foreign exchange, diversification, modernisation of Nigeria’s economy and acceleration of economic growth and economic support,” Adebayo said.
Meanwhile, the Chief Executive Officer, Nigeria Export Promotion Council (NEPC), Dr. Olusegun Awolowo, in his remarks during the occasion, stated that the government’s initiative would help export businesses recover losses incurred as a result of the Covid-19 pandemic.
“As we launch the export development fund (EDF), we will apply the use of technology through the grant management portal which ‘goes live’ today so that we will be equalising opportunities to achieve inclusive economic growth through non-oil exports.
“The EDF is a pre-shipment incentive stipulated in the NEPC Act, which due to lack of funds was never activated.
“We were however overjoyed by the provision of the export expansion facility which provided the opportunity for us to finally activate the fund for our teeming SME exporting companies, who over the years have been unable to access the active export expansion grant, which is a post-shipment incentive.” Awolowo said.

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Tantita Security  dazzles at OTC, USA

– as Lokpobiri seeks global presence of the company 
Gloria Odion 
The Tantita Security Nigeria Limited has dazzled the participants at the
Offshore Technology Conference (OTC) held  in the United States of America (USA) with array of its cutting edge services which it showcased at the annual event.
Curious participants flooded the stand of the security company, obviously impressed by its technology – driven  services.
It could be recalled that the company currently carries out surveillance on the network of oil pipelines in Nigeria which has improved the security at the critical oil infrastructure and boosted the country’s oil production.
An elated Executive Director, Technical and Operations of the security company, Capt. Warredi Enisouh enthused “Nigeria have never been seen in this light here.
” We are currently overwhelmed and swarmed with people who want to hear our story,” he noted.
However, the President of Ijaw Youth Council, Jonathan Lokpobiri, called on Tantita Security to extend its services outside the shores of Nigeria, even as he commended the company for its laudable strides at the global event.
Lokpobiri visited the Tantita Security Nigeria Limited stand at the event and said there was a need for the company to extend its services to the other parts of the globe.
 “This is the stand of Tantita Security Nigeria Limited at the ongoing Offshore Technology Conference in America, we want to see Tantita in China, we want to see Tantita in Europe and in other African countries.
“As long as security is concerned, Tantita Security Nigeria Limited should be consulted.
Speaking further he said, “From what I have seen on ground here, all the gadgets, and the slides of how the company carries out its operations, I have no doubts at all of the capacity and capability of the company to deliver, especially when you take into consideration what they have done back in Nigeria.
“They have been able to drastically increase Nigeria’s oil production through effective monitoring and policing the country’s oil pipelines and other oil facilities,” he said.
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“You lied” – FG lambasts cement manufacturers over hike in product price

Ahmed Dangiwa
The Eyewitness reporter 
The Federal Government has picked holes in the reasons proffered by the cement manufacturers for the sudden jump in the price of the product.
It could be recalled that a few days ago, cement recorded an astronomical increase in price as the 50kg of the essential building materials climbed from  N5000 to between N10,000 to N15,000, depending on the location in the country.
Concerned by the sudden hike, which has elicited uproar among already depressed Nigerians, the Federal government summoned the major cement manufacturers and other merchants of building materials in the country such as Dangote Cement, BUA and Lafarge, to an emergency meeting.
Addressing the manufacturers at the meeting, the Minister of Housing and Urban Development, Ahmed Dangiwa, dismissed the reasons given by the cement manufacturers, describing them as untenable.
Whereas the manufacturers blamed the cost of gas and mining equipment for the hike, Dangiwa said key input materials for cement production such as limestone, clay, silica sand, and gypsum, sourced within the nation’s borders, should not be dollar-rated.
He said the price of gas that manufacturers are using as an excuse was not tenable because gas is a raw material found within the country.

The minister further declared that the excuse of an increase in mining equipment should not come up because equipment bought by the manufacturers has been used for decades and not purchased every day.

He however threatened that the federal government may be forced to throw open the borders and allow importation of cement to flood the Nigerian market in a bid to crash the prices of the community should the manufacturers refuse to reduce their prices.
He warned that the cement manufacturers should not push the government into taking this decision which he believed would push them out of business.
The minister said the border was closed to the importation of cement to help local manufacturers.

However, he noted that if the government decides to open the border for mass importation, prices of cement would crash and local manufacturers would be gravely affected.

The minister, who called on the manufacturers to be more patriotic, said BUA Cement, for instance, has been willing and is still willing as at the last time he spoke with them, to crash the price of their cement, lower than the N7000, N8000 agreed by the manufacturers and he sees no reason why the others should not do same.

“The challenges you speak of, many countries are facing the same challenges and some even worse than that but as patriotic citizens, we have to rally around whenever there is a crisis to change the situation.

“The gas price you spoke of, we know that we produce gas in the country. The only thing you can say is that maybe it is not enough.

“Even if you say about 50 percent of your production cost is spent on gas prices, we still produce gas in Nigeria. It’s just that some of the manufacturers take advantage of the situation.

“As for the mining equipment that you mentioned, you buy equipment and it takes years and you are still using it,” he said.

Earlier, Group Chief Commercial Officer of Dangote Cement, Rabiu Umar blamed the high cost of gas and mining equipment for the hike in cement price.

He said: “It is safe to say we are all Nigerians and we are all facing the current head weight that is happening.  I would like to speak on the popular belief that most of the raw materials to produce cement are available locally.

“While we have limestone and in some cases, we have gypsum and some cases coal, the reality is that it takes a lot of forex-related items to produce cement.

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Marine insurers express frustration, confusion over loosely -worded EU sanctions on Russia.

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