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TUESDAY, JANUARY 18,2011
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Telecoms firm denies shortage of SIM cards /\ MIDST complaints of hhortage of SIM cards by some Etisalat customers in Kaduna, the company has denied that there is a shortage. The Kaduna Manager, EtisalaL Ms. Omolade
Banks' contribution to Nigerian economy in 2010 subdued - World Bank
with nine countries receiving
Everest Amaefule, Ahuja
the bulk of the increase in
T
HE contribution of the ban king sector to the nation's economy in 2010 was subdued, the World Bank has said. The World Bank, which stated this in its "Global Adeshina, told the News , Economic Prospects for Agency of Nigeria in Kaduna 2011," attributed the on Monday that the company subdued contribution of the had enough SIM cards for banking sector to the replacement of damaged cards.
lost
or
economy to ongoing restructuring and cleansing of
She said the allegations of shortage were unfounded. However, a cross section
the sector by the Central Bank of Nigeria. The bank said, "The
of the customers intetviewed,
contribution from the banking sector was more
told NAN that they had yet to get SIM replacements after several complaints to the office.
The
report
said,
"Developing countries face three main !:=hort·term risks tensions in European financial markets, large and
volatile capital flows, and a
recovery in developing as well as developed countries.
certain high-income countries led investors to
With so much at stake, regulators and international
to
seek higher yield in developing countries," The report said that net international equity and bond flows to developing
developing countries picked
countries rose sharply in
up in 2010, in part because
2010, rising by 42 per cent and 30 per cent respectively,
policymakers are determined to avert such an outcome,
"Capital
rise in high food prices.
"Full-scale financial turmoil, while viewed as unlikely, could threaten
flows
persistent low interest rates in
inflows. Foreign direct investment to developing countries rose
by 16 per cent in 2010, reaching $410bn after falling 40 per cent in 2009, the report said. It attributed the rebound partly to riSing South-South investments, particularly in Asia.
"""';;':i;i';i;iiiiill
subdued, due to restructuring following the clean-up in 2009.
"The agriculture sector
Mr. Okemadu Johnson, a businessman, said he had been to the firm's office more than five times in the last two weeks without any success. "I want to belief that either the SIM replacements are finished or they have temporarily suspended it. "I have been there for the
benefited from favourable weather and the increasing commercialisation of the sector. And robust activity in services, particularly, telecommunications and
public
and
private
construction
activities
supported growth. "The rel"ti'Je peace in the Niger Delta region has
SIM replacement for more
boosted crude oil and natural
than five times in the last three weeks without having the replacement." he said.
non-oil sector has continued
Fadama: 50 hectares cultivated inOsun - Coordinator
M
ORE than 50 hectares of land have so far been cultivated for dry season farming under the Fadama iii programme in Osun State, the state Coordinator, Mr. Ganiyu Adedeji, has said. Adediji, who disclosed this in an interview with the News Agency of Nigeria in IWQ, on Monday, said that farmers gave priority to vegetable, maize and rice cultivation.
He said that funds had been released to farmers for the purchase of irrigation equipment to facilitate and enhance their agricultural
productivity. According to him, N107m have been disbursed to beneficiaries across the 20 participating local government areas
He also told NAN that about N25m was being processed for disbursement to more beneficiaries to
ensure the success of the project.
"The project is at the pilot stage in Osun since we have just started with Fadama iii, which is designed to cover 20 of the 30 local government
gas production, while the to grow strongly." On sub-Saharan Africa, the bank said that part of the recent resilience in the region
reflected
in
the
implementation of counter-
cyclical domestic demand policies in a number of countries. Many countries with
adequate fiscal space like Kenya, Nigeria and Tanzania,
went
ahead
with
infrastructure programmes
despite the crisis, in part because of multilateral and bilateral budgetary support, the bank added.
Ihuoma Chiedozie, Ahuja
P
RESIDENT Goodluck Jonathan on Monday signed the new· Employees' Compensation Act into law. A statement from the SpeCial Adviser to the President on Media and Publicity, Mr. Ima Niboro, said the development was "a significant step towards the fulfillment of his promise to provide better working conditions for Nigeria's labourforce. " The new law repeals the Workmen's Compensation Act of 2004, and its main objective is to provide a more open and fair system
focused project financed by the World Bank, federal, state and
governments,
arising out of, or in the course
mainly to alleviate poverty
of employment." The Employees' Compensation Act, 2010,
local
among rural dwellers," he said.
Imports: Negotiation delays
implementation of approved tariffs
T
HE Non-implementation of the approved tariffs for imported items recently
manufacturers and the Federal Government. NAN reports that textile
incentives between domestic manufacturers and the government.
for some backings from the
removed from the banned list is due to ongoing negotiations among
fabrics, furniture, certain categories of vehicles, toothpicks and cassava, are among
He said, "The matter is currently undergoing some discussions among the
there are textile industries in
stakeholders. The ComptrollerGeneral, Nigeria Customs Service, Mr. Abdullahi Dikko, told the News Agency of Nigeria on Monday in Abuja that the negotiation was between domestic
the items removed from the list of items banned from being imported into the country, Dikko said that the delay in the implementation of the approved tariffs was caused by the negotiation on
stakeholders. The manufacturers are saying that if the ban is implemented, its effect on domestic manufacturers' products will be devastating. "They are, therefore, asking that there is the need
Jonathan signs new Employees' Compensation Act into law
of "guaranteed and adequate compensation for all employees or their dependants for any death, injury, disease or disability
areas in the state. "Fada~a is an agriculture·
• L-R: First Vice-President, National Association of Microfinance Banks, Mr Jethro Akum; Managing Director, Bank of Agriculture, Dr. Mohammed Santuraki, and Deputy Director, Development Finance Department, Central Bank of Nigeria, Mr Partriel, Esenwah, at the 5th Annual Rofinance Conference and Entrepreneurship Awards, in Abuja .. on Monday. Photo: NAN
also provides establishment
for
the and
prevention of workplace
public and private sectors.
disabilities, as well as the
The implementation of the Act and the management of the Compensation Fund established under Section 56 of the Act, are to be overseen by the management board of the Nigeria Social Insurance Trust Fund.
maintenance of a solvent
enforcement of occupational
compensation fund managed in the interest of employees and employers. It seeks to combine the efforts a nd resources of relevant sbl'2holders for the
safety and health standards. The provisions of the new Act, which was passed by the National Assembly in 2010, apply to all employers and employees in the country's
Cummins to invest $75m in Nigeria, S'Africa, others Stanley Opara
T
HE Cummins Group is
exploring opportunities
to invest about $75m in Africa over the next five years to build engines used in sectors such as mining, power generation
and oil and gas. The countries where the company intended to invest
include Egypt, Angola, Nigeria, Morocco and South Africa, Reuters quoted the firm's Chief Executive, Mr. Tim Salsa, as saying. According to him, last year, the group spent about $620m on capacity expansion
globally and expected the investment to boost its sales in the current year. "We had a turnover of
$13bn last year globally, and it would rise by 15 per cent to 20 per cent," he added. In a related development, the United States engine maker
components, plans to increase its investment in India from a
total of $150m allocated so far, Solso said. The new projects could include manufacturing of highpressure fuel systems. 2.8 to
3,8-litre diesel engines for
aimed to more than triple its
commercial vehicles and emission solutions, the
investment in India to $500m by 2015, as it introduced at
Cummins boss added. The Columbus, Indiana-
least
business
based group, which runs
segments, a top official of the
five
about 10 entities, including
company said.
Cummins India, said it had so
The
new
company,
which
manufactures truck engines,
power generation equipment and other vehicle
government.
"We shouldn't forget that Nigeria and they need a certain level of incentives from government."
Dikko said th at the Customs, as a body had, however, seen the need for such incentives and that the government had agreed to it "We are operating a democratic system and we believe in fair hearing. So. we must ensure that everybody
gets to be heard and assisted," he said The comptroller-general
said that the negotiation process was, however, on~
going,
and
implementation
that would
commence as soon as some agreement was reached.
"I
He said that governlnent was negotiating on the type of incentives that would be adopted before rolling out the structure of duties.
Dikko said, "I believe net government will implement a
policy that will affect the wellbeing of its citizens negatively.
"This is beyond my level. and the Ministry of Finance has the final say on this issue. So, I am only waiti ng for instructions and, after the negotiation, I will implement
far spent 5 billion rupees ($1l0.2m) of the allocated amount for its manufacturing
the policy. "After ali, it is all going to boost our duty collection. So, why should I delay the
site in Phaltan, near Pune.
implementation. "
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