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CBN Disburses N114bn Through 100-for-100 Policy

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The Central Bank of Nigeria (CBN) says its 100-for-100 Policy on Production and Productivity has seen it disburse N114.17 billion to beneficiaries since the commencement of the intervention.

Governor, CBN, Godwin Emefiele, made the disclosure after the last Monetary Policy Committee meeting held in Abuja.

According to Emefiele, the funds were expended on 71 projects across healthcare, manufacturing and agriculture sectors.

In his words, “Furthermore, under the 100 for 100 Policy on Production and Productivity, the Bank has disbursed the sum of N20.78 billion to nine projects in healthcare, manufacturing, and services. This brings the cumulative disbursements under the facility to N114.17 billion to 71 projects across healthcare, manufacturing, services and agriculture.”

Biztellers reports that the CBN programme, was launched in January 2022, for a select 100 private sector companies with projects that have the potential to significantly increase domestic production and productivity, reduce imports, increase non-oil exports, and overall improvements in the foreign exchange generating capacity of the Nigerian economy.

Going by the guidelines for the implementation of the initiative, the CBN fixed the maximum loan amount that a participant could get at N5bn.

“The initiative, which shall be bank-led, will be rolled over every 100 days (that is, quarterly) with a new set of companies selected for financing under the initiative,” it stated.

It was gathered that in collaboration with relevant stakeholders, the apex bank said the initiative would be implemented with a focus on micro- and macro-economic impacts, including the creation of sustainable jobs, the development of local content, production output, capacity utilisation and integration into global value chains.

The Guidelines added, “Loan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management.”

The broad objective, according to the Guidelines of the initiative, is to reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyse the productive base of the economy.

Highlighting the specific objectives of the initiative, the CBN said it was designed to catalyse import substitution of targeted commodities, increase local production and productivity, increase non-oil exports, and improve the foreign exchange-earning capacity of the economy.

It said key activities covered under the initiative would be existing businesses and projects (brownfield) with the potential to immediately transform and catalyse the productive base of the economy, and new projects (greenfield) with equal potential may be considered under the initiative, subject to CBN management’s approval.

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Nigeria To Stop Fuel Imports By June – Dangote

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Alike Dangote, Africa’s wealthiest individual and Chairman of the Dangote Group, has disclosed that Nigeria will cease gasoline imports next month due to the strategic initiatives of the Dangote Refinery.

Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote expressed optimism about revolutionizing Africa’s energy landscape.

Dangote emphasized the refinery’s capability to meet not only Nigeria’s gasoline demands but also those of West Africa for petrol and diesel, along with the continent’s aviation fuel requirements.

He said, “Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.”

Additionally, Dangote outlined the progress made by the oil company to ensure that Africa achieves self-sufficiency in the energy sector.

He said, “We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.

“Today, our polypropylene and our polyethene will meet the entire demand of Africa and we are doing base oil, which is like engine oil, we are doing linear benzyl, which is raw material to produce detergent. We have 1.4 billion people in the population, nobody is producing that in Africa.

“So, all the raw materials for our detergents are imported. We are producing that raw material to make Africa self-sufficient. As I said, give us three or a maximum of four years and Africa will not, I repeat, not import any more fertilizer from anywhere.

“We will make Africa self-sufficient in potash, phosphate, and urea, we are at three million tonnes and in the next twenty months, we will be at six million tonnes of urea which is the entire capacity of Egypt. We are getting there.”

Dangote further elaborated on the achievements of the company since the commissioning of the refinery in February.

“For some of us, despite the boom of the capital market of the US, you know, Google, Microsoft and the rest, we didn’t participate, we took all our money and invested in Africa.

“We had this dream, just about five years ago and we said we want to move from five billion (dollars) revenue to thirty billion revenue and we made it happen. It is possible and now we have made it happen and now we have finished our refinery.

“Our refinery is quite big, it is something that we believe that Africa needs. If you look at the whole continent, there are only two countries that don’t import petroleum products which is a tragedy. They are only Algeria and Libya. The rest are all importers.

“So, we need to change and make sure that we don’t just go and produce raw materials, we should also produce finished products and create jobs.

“One of the things we also need to know as Africans is that we produce raw materials and export them when you export raw materials and somebody now keeps importing things into your continent and dumping goods. what you are importing is poverty and exporting jobs. So, we have to change that narrative.

“We just commissioned in February and now we are producing jet fuel, we are producing diesel and by next month, we will be producing gasoline.

“What that would do is that we would be taking most of the African crude that is being produced and also be able to supply not only Nigeria, because our capacity is too big for Nigeria, but it would also supply West Africa, Central Africa and also South Africa.

“We have 650,000 barrels per day, 1 million tonnes of polypropylene, we have 590,000 carbon black, that is the raw materials ink, dyes and co. We are expanding more. This is the first phase and we are going out to the next phase which will start early next year,” he said.

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Ulama, Lawyers Slam Minister Over Niger Mass Wedding Opposition

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The Ulama Forum in Nigeria, representing Islamic clerics, and the Muslim Lawyers Association of Nigeria (MULAN) have voiced their disapproval of Minister of Women Affairs, Uju Kennedy-Ohanenye’s decision to challenge a proposed mass wedding for orphaned girls in Niger State through legal means.

Both groups have thrown their support behind Abdulmalik Sarkin-Daji, the Speaker of the Niger State House of Assembly, who initiated the idea of conducting a mass wedding for girls who lost their parents to bandit attacks in the state.

In a statement issued jointly from Kano and signed by the forum’s Convener, Aminu Inuwa Muhammad, and Secretary, Engineer Bashir Adamu Aliyu, the Ulama Forum affirmed its backing of the planned weddings for victims of banditry and kidnapping in Niger State.

The forum criticized the minister for what they perceive as her attempt to garner media attention with what they described as “her Islamophobic rhetoric,” alleging that her actions demonstrate a lack of respect for Sharia law.

The forum characterized the minister’s actions as selective, amateurish, and tribalistic, asserting that the 1999 Constitution upholds religious freedom and acknowledges Sharia provisions allowing the marriage of the prospective brides.

Furthermore, they highlighted that, as a lawyer, the minister should be aware that the Child Rights Act does not extend beyond the Federal Capital Territory (FCT).

The forum cautioned the administration of President Bola Tinubu to be cautious of “such public officers and institutions that will set it against the people.”

Likewise, MULAN has declared its intent to confront the minister in a rigorous legal confrontation regarding her efforts to halt the mass wedding of 100 orphans.

In a statement endorsed by its President, Barrister Saeed Muhammad Tudun-Wada, MULAN asserted that the proposed wedding adhered to the principles and regulations of both Islamic and Nigerian laws, while criticizing the minister for her alleged lack of understanding.

“We understand that the proposed mass wedding scheduled for May 24, 2024, has been subjected to a needless controversy arising from the recent intrusion of the minister,” MULAN said.

“Incidentally, we understand that Mrs Ohanenye has instituted legal action to stop the noble course and further petitioned the Inspector General of Police, IGP Kayode Egbetokum, against the move of Niger State Speaker Rt. Hon. Abdulmalik Sarkin-Daji to sponsor the marriage of 100 girls.

“In the light of this, the Muslim lawyers have resolved to meet the minister at the court of competent jurisdiction. Already, we have assembled not less than five Senior Advocates of Nigeria (SAN) and 27 other members of the association to join in challenging the minister.

“MULAN regretted that the minister had decided to venture into a matter she lacked the right and competence to delve into. By so doing, she has overstretched her limit by interfering with the private and personal interests of the Niger girls. We are prepared to join issues with her.

“For the purpose of emphasis, the constitution of the Federal Republic of Nigeria is generous enough to allow every Nigerian to conduct marriage with whomever he or she so wishes, so long such an act did not violate any provision of the constitution.

“MULAN is fully behind the proposed mass wedding and the genuine interest of the Speaker to ease the burden of the marriage is well in line with Islamic principles.”

The Minister of Women Affairs on Friday, addressed her legal action against Speaker Sarkindaji, citing his proposal to marry off 100 orphans from his constituency.

During an appearance on Channels TV’s Politics Today, the minister emphasized her adherence to the constitution in her duties, stating: “When I’m doing my work, I focus on the constitution. What I stood for was the fundamental human rights of the children. I want an investigation carried out. Religion is not part of the work I am doing.”

She also mentioned collaborating with the Speaker and other stakeholders to empower the girls instead of arranging marriages for them.

She said “When I met with the speaker recently, he said to me that he never thought about it in the manner I was thinking about it, that he thought he was helping.

“But now that I have brought this up, we have partnered together to look into how we empower these children, take them to school, open businesses for them and make their lives better. He said he will partner with me.”

 

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Tinubu Appoints 555 To Education Councils, ASUU Strike Resolved

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President Bola Ahmed Tinubu has announced the appointment of 555 individuals to serve as chairpersons and members of the governing councils for tertiary institutions across Nigeria.

This significant move aims to enhance the governance and oversight of the country’s higher education sector.

The inauguration and orientation retreat for the newly appointed council members is scheduled for Thursday, May 30, and Friday, May 31, 2024.

In a related development, the government has successfully resolved the potential strike threat from the Academic Staff Union of Universities (ASUU).

 

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