Em MONI)!'.Y buslness&.
tJ.RCII19,2()1J
economy
Briefly Cassava brl'ad L'QU.oWING Pp ~ lenl .r GoodJuck. .100. II an's
Oil: FG targets N23.55tn investments in five years
peNlty statement 011 10 per
T
ernl a....",. lIourCXN le'lllII bread productic.m, (a!;il!\-";I
knowledr.e lI1anl~~
p!' 'iN"lor Bllnat«1 II 0\,"
Ott-za"U
q '~nI,
PI
CasljOnO! Pn. alts Associ.,tKlO u( N gel.3 who
doublf:5 a5 the ('" lAilm In of theGov~mlll"ClJtllI UIII\~"C,ity
iI
,(tI~
or albl.n
Dr
Rol,IKI F.hqian \I,.. e. ~id tills dllnllg the III P' clion o( Inl'mbr:r:' uhrn no dcrn p~o;l!Ir. filL1Ql" II Edo St.at~,
r
b\ otlri:b
!-ir;1
works
the
1hr milll~ln $.Ii I tillS 011 Frida, ill 1.01.1;05 juring
""rl«<
Naiional
or
l)roportlOl1
Nigeria tu mlem.ltional siandards of quaht\" a lld
1M''Cl Ii\"\, '~Irs. the Mil1Lo;ter ofl\ot I (l1~1.I111 Resourt'eS. MI""
s.,tumay
trallle(i
il r F('(IE'ral Go\-enIlllt'11I 15 I>lalllllllg 10 achie\"f' fina l 1Jj\'~llIletit decl.qor)! (or'te11 I>rOjI"dS In tl H>oil and
~ 1IIt1" '(,>Mll tl)', 511·1 the arran&cmenl WOt kI .CI lO\'e more lhan :10,0)0 ~ "Ihs (rom t.h~ UW-nIJI.,ynent
on
and
to eli:eC'tlle,1 high
N:u.'j,;tn ('ilSQbn) ill lhe
11\
s.,(el) _-
\I!son-Maduek.
SI.· saId. "With Ihe Fl'delal (Joo.Tl1mM'lIt
!'1..Mom\.o; designerl and fabricated III Ni~PftIock '''':and Integ.ralecJ hH' 7.one
~id,
pi;tlllllllit tt) achJC'\~ f1~ for n'w p10Jt"CU eo;IIIJlo11rd 10 Ill' worth (M'f $ Isobn !II tlJf' nr ...1 fi\~ \-'ears, efforts h.ld 11I'O&"'SSe\1 to (,1l.~11"t' tllll there will bto enouth raCdllK"", Inslit utional
,,,,tI"
for Mood ProdUCllIg t:i&t'ria
She
r«alkd 1ik!-
slmctUre!l
IUlXhk1,on,
th.,t flootlng, and
'\l(>",)!:
omoottlin!t It Il';Kles offshort': pI:ltf,,.,m, btlO\'
subsea
1~
,nd I ~\II~
in yards Iocaled. III A.<;&a. Europe a nd the t\mcncas wllt'!? the Ni_eriau oil and gas mdus try IrndlllOllall)
tOlJl5lde
1>f'0C\uftlflo.1t III&,.prtJCeSSinp..
would be C':XeC'U led III a Nigerian yard In rollll>llaflCe With tilt' pl'U\UtollS t:I the Nigerian
s ioraft,e a nd Offloadll1& IlIIIIs. ,1Je nUlllstn further explau)ed, Ihat b)' fal>nc:ating th.. platforms and ~miL'r o;tnlctUre5 locally. Ni"erdock-s fucditv SU I>'lXX1ffi a workfOlttofO\W 1.000 and provided l)rncliCiI lnulllng and C'm,JkiymenI OI)portullIties for hundn"<ls of m&1l~rs and wekl~. n lf' industf}. sl~ lukkd, was also a ttrnctlng Inlnnililonal leC'hmcal p.1rtllf'l'""hlp$ and m\l!StIJlPnls for u,'&f"3d" of
lhe
nf'.Xt
fPS(}
Int ep,r:Hion
tl~ inaugurnllOll I ( Ihe Aba"3 and Itu t S ll ellil ~ Ficld ~'clop1lll'1lt ProjeCl
hao;
\'eSl5eIS h.,d been fabncaled III Nigerdock ami other Nir.enan yards. SI ~ also prormsed that
CorUCIII Act
AlLqon·MadueJt(' thanked Pm;ident Goodluck Jonalhan for s igning lI~ NigC'rian Content Bill into law and m.,long Its implC'tnefitalKK' kq.
to
hi5
adnlllllSlrntlOn"s
trnn.o;(onu.1tM)lI ar.eoda Sl ~ reca lled thilt ror ~nal decades. "IIJ11br cnt'lIlOnW'll' wert' cddJrntoo
Bankl'k F.hIIJ.'II1Il! I aTI tl >tIthe FG 10 boost th(' 1'1 (.'I'" b:t' ~"nft, OCQIt 1ooTl!' If C ~1'1I ,~
'1~ i~
1I<,....t1l
wOIId "M'e delotV11t'd
.,I£li("
\~ill"lIIl
't' n lhe 11 Irt' is \II si4lv,w
S ta nbic IBTC TANBIC IR'''( P 'f\S)Of\
S
Managt'f"l I i1l1 et hll.'; rest.at.'" itlli oonmu 1n'111 to pt'O'>'ithng COO\ ? I~ I mite ddl\~ b- cu~'( mt II abo <aMI would
'",do
23.000 ~ ; their monlhr., f'nlitlrm~ I:!= It! and
\\-bnldue. ·'We ronlllll{ 10 be 1!fK'Oll!"a3a1 bv f >edhadc: "'~ ~ 0'1 a all' basi;,.
u.
!ronl rdl~ • It 55 the roun! ..- "00 u t' d~iPJll!d ",th tI~ qu.lll) i IlIn' m:rt\"f' from I ...-
semoe
Rice im pol ation rr'l li'
Fedmil (;!""Tnllleni ~ has "'<lid that i 'V11] stop lhe imlJOrt,.,tlOl1 :A ric:r bv 2015 as Ihe n I11I1y is ~~ 10 13151' I.., C31»city III lbr protlucti< II of the
nldon'SstaIHeb: L llK"Minisl('roi, ",riculturt': and Rural Dr 'C opmcnt. Dr. l\kinWlulm' ,\desina. di.!iclo<oed Ih i; • u ing his \isit to ~<m 1 rm.ilmproduangl:'tIIlr-' Il'IIIOn~
kJl"f'l"S St.1Ie. Adegna
l'"lqJ. II
eEl thai
Nivna had 1Je(" ;pending NJ56bn eIo. rv \ -.a 011 the Importalion "l 0 adding tllat tI~ ('OIlstWI] ti"n mle of rn ~ NI~"Iial '~iU ~v
(rom '; million n iJ I: tome
t025 mctric l<JOr'Sby20 l5-
H" poln!> d III thai if nOl.hillg W8'1 de. e to died: the- trmd, tI .r "",11\,1"\ would be ~X'ndJn ~ 'iloi>I>ifll $"'"<jI1fI in un 20<;0
1I~
nee bv
p~,t Jonath.ln who malJgllrated tile "ro!<-"d, s.,id
N~n<i Ind tI ... nat,onal ('('()lIO"'\ coukl onl\ den\l! maxnnum bcndits from 1M 011 and g,a..<; 1II<1ll·;tl"\ and IIKllJSlnali..~ if lI~ NIl~rnall 0.1 and Ga:!: Indu~" Conlel'll Oe\Tlopmel\l l\ct wa... IInplt>mrnloo 10 tltf" letter
B
O]usegun Ob.'\SaIl}O"
outfit
O\'ef
st'r.'lC'ecnmpal1l~
RITAIN l'i bcmg O\"f'I13km m t'n'leflUlI~ eronOfmes. such as hKlia alttl Bevil In lI.... t'iW'f'~ (or a shareoCAf'ncas JlI"Waoo (ast· l.fO" lnr. markets, accordtng 10 C'X·Nisenan Presad..nl
('(lIlUn!lt l{' ~~:UJ' HtM.lOlh milll1r.etnelll ort Ii;:, I rellSlOfl
Or. (}oofuoIaSl:t(,'nit> 3l' !d,·We c:umntlv 1uI\1' ,1\, 9 JQ,OOO customers III o'ir 1.5 \ Fund .lnd ~ h.,,~ dil., n'ty paid
Iwl rt'SUlt«1 III '1tlt'C'e<;S(ul coIlabotahon betwren Ihe NI~t'rian Nahonal I'etrolnlln CorporatIOn. mtemalional 0 11 t"OIlll)3n1es. lIlullllUIJ()llais" "1011)11)('111 manura<1u!"t'n and local
Invcst in Africa. Obasanjo 1I1'ges Britain
l~saiol
TlIt' pen~l m.J..iIl etuent ~1I1@lllh~ 01' s; turda), dlJnn~ tht' OPO'llI K of ito; ~I offlre ill E.o U. u, and C'OIIfirmed thllt tt loll I paid 23.000 retlreeo: I~ r Ilhly tnhtletnent5 (ur F~ nnI)' TheOucfE...ecul' ,~otrlCf'f,
pUIII and Infnstmctun' t\]ison·Maduckf> "'",KI that Ni~crian ronlent II1terwnllun.s had g,al\-anased. the ('nllrt' InduSII"\", atkhng Ihat the unplememallQll n'lfXlel 1K10,,1~ '" til(" Nrgenan Canlt'llt OM-clq>nlent and MOnllonn~ Hoard
Ct'mf'1I1,/:frJM' !of, \dllbl HamwC'le, dllnllg 5(1(/Q:S
~~~~~a~n~d Q<~~"'"~Y~~~~~~~~~~
~'lSII I~fu~ fwrl:oro 211'°11' ~IIII Siate,_ on Fridoy ,
In
/II
I'horo
Contributory pension scheme on course - DG T
il b l"h rector.(;f'llf'r.Ii. !'('IISI '" (onmnssion, It lIhl'l..,mmad Ahmad, on C;UIII:L-n o;;nd th.. ConlrilJtl lor. l'ens'lOl1 Sell "Ille ~-as on COUnf', ti""l'ilt' Ihf' ong'}lIIg probtb\' 'h(' Nallonal t\ss('mbl, "Ie ga'"!' 111(>itSSurance m "' Itemenl I~ per;onall) <;IR .('(1 and lIIa~le D'~lilable 10 ",'f'WS 4ge,K'IJ uj ;':fgenCl 1II1~I&OS
Ahmed. <;IatN that Ih~ conllliissi(m s positiou Dlld ocll\;l~ had been l!Iade kIlO"'1 10 the joint senate CO'lImilt~ in\"f'Stigatlll& lhe admi n lSlnllo n o( pensJOtl l ie sttlted that tllf' r\lud had 300 ~enernlal • pool or 1on,. lern, 1!I\l"5tible f'untb, ...hK."h \\"lIS oll"t'ad\ 1IJ11l.,ctillft, positi\-el\ 011 lhe n.llon'sM>llolll\ ~11 1f' ( 1'5 L'IOn cour.c;e and 1\0>4 III In~ won t'ndan~fft'(1 1)1 the onltlJi n~ probe m" 11."111 senale romlTlIlt~ on Ill.. plight oI"(>('n'lIOlle"", II" "Iud_ "'u~ IJOOi of ,"' IISlon tlmdo; lind asselS r.' lIernlm b\ Ihe CI'S has ~1It'ugthrnC'd Ihe Nl".. na's fin"lncinl5('c:1or II has also IJI'U\"KIcd a plll(unn (or a Ualllnt& the N
II mo;(o'lltallnf1
I\&"ndll of
AQ\"tt1ll11en t In the I rQ\-ision
"mplo\lll('nl glnera llOn and <""-"kJpm('ntt'( the ~al 'iedor or lh" .'COntlUl\'," ht'
lIlId the pri\<lte 'leClor Accon:!mtr. to him, 5"0 1 numon C'milloyees ha\'~ 1"rg1$1f'rt':d under III(' CPS m the public ilnd private
iJ(k!ed
'§t'C\0rs.
11lf' d U'"e'Clor 11"1('(1 Ihnt liwo P~nsion Rn. nn Ad, 2004 had ellhal,ccd Ihe adllulU5tralion 01 penqQIl b) pro"idlll& "ffecl l\"e, effICIent and In nsparem """ of adllullisaelmg it III tl~ Ft'deral rubhc &I"\>iee
lie noted that Ihe public sector, compn'ilnr. Ihe (~I a nd state gO\-enlments, had 3Iperttnl and 23 perttllt respedl\"f'ly, "hill" the pm'llie sector had '16 percent. I-I ~ staled Ihat the \'lIlue
or inflllstnl<'tu!?,
clW'~\,
of pC'IISIOI1 aS5t:L'i under Ihe cps, stood al N2.451n as at l>c-ttmber. 201 1, with a ",.>lIthl\" COlllnbullOlI of N20bn and 10 per cent alln1lal &ro"1h rite Ahmad Slul that Ule J. t'df'rn l Go\ernmem had ~n I"t'ITIittin3 its emp~tt"i monlhh pension contribu tions mlO lhe ConlribulOI)' Pension ,\cl'olmt "ith the CC'nlllIl BankorNigena.
Aganga J'eceives rcpOI·t on tJ'ade J'eview Ifca ..)i O n u m., Abuja ~ IE
MimstttoCTradeand
~ In\~ II,e"t."h OItL'iil'8Un t\g,."lng,a, has rt!f't.-i\'ed tI ~ J't'POI1 011 till! ~"lC" 0( Nigena's tra<If' IXlII<1 TIIf' comnllllC't" which IS b) tllf' 11J..'lmJ..111/
]~:Klal
Execuh\~
1)1rt':d' r,
III",
ror Trade an.1 DI...·ciopl1lc1l1 hulJatl\"('5. J'ro( AdenXlb Q\rji<k, was inau~u rnlN WI rt'ar to rt'\'1('1\ tJ,;o ('(JUnll"\'s f'XlSt1l1r. lude JXlIiaf'5 in lint> \\,11, th' nation 'OJ lrangollnatlC.n lIJ. .. nda TI~ last time NigC'ria rt""if'wed il.!o trnel.: polia" WlIS
10\'e'lII"Iago A sI.alf'lJ)f'nt " II Sunda\
Igned m tllf'
loll t\d\1ser 10 tft,. M1Ull:!.lrr Mrs. \'f'lm
KoIallo.notedtilattllt'n-port, wtllch ,,-as read} forlhempul alttlaptXU\'lllorstakeJdder5. woukl lead to tiM' birth Or ;) workableandresult . o nelltoo trade and 1II\1!:SI.mmt 11OIic)' III tile next weeks. ReeeililJl the COITUJllttee's report, t1Je IIImtSlcs- lIoled Ih."lt the new polit')" "ooki pJ"O'\lKko l'I comprehenSIve rood 1J\.,p (or boostit13 Nigen.ls domestic, TqM)II."l1 alld illiernalional trnde as weUas facilItate lhe inflow of 1I1\'eSlIJICllts 11110 Ihe COlII1U)' lie o;;Ildlhal his IIl1l11SUy'S strn t'-'K" to make igeria Ihe hub olinde alKI m\'eSlmenl m A(I1C3, ","ollid focus o n "reM "btte the roUIlIt) currenl" h.ld romp.1ratJ\~ Dittl ron!pctili\e .h1lnl .. ~
rew
;\&0"1183 said. -nwo rommillet' has done a &ood JOb.nd I aTn &eCualh excltoo aboul it. ,1Je last tilllf' ~"f' did
.something like thIS was 10 )~r5
"IQ ·So, ror the fi .....111I1II! in 10 \~~ ~ art' AOI"& to lu\~ a polK:} that looks modem, COIllp'1!hensi~ and looks lkf06S l'Ili 11M' S('C\0f5 of the K'OIlOIn l, tndUlhllA sefVlCe5 "In moSI countries o( Itwo "'urid. ll~ sen-.ces S«I.OI' actually COIltribtJt~ lhe largest pal1 of their Gross Oornestic Product. rr ""f' (octlson st'l"\ices alone, II is a .sector lhal can Cl"t'2tt' I kJc: of nn lliopllent (or our apart frorn tiM' positr.~ Ilnpact II \\il1 ha\~ (In 0111 troI'lOI'lI\
peoj*
In
mteo","",~
all
\'"Ih
The Tdegrnph , hr \\";tmed Unlalll wa..o; so fOCllSll'd 011 0PP0l1ulUlleS
III
(luna and
IrKIi3 tltat It was fI1~<;Slnll Hul
(111 tI~ ~ s htddm grt)\~1h l';tor.'_ l rl t dlll"'nol. w:lkeup lo Mnca·s I1IpKi dt"\~Iolt)fII('ut, Brnnl lIud Ollila could rep~ W (11\' of Landolt
as
11M' COIII.IIM'lIt .. mam 5OI1n:f"
nffinance ClVilal, hr sawl ObasaIIJO ....as o;peakJlJ~ as ht.-ad of 3 lrAde de~tlOlI 10 India, '<OIJlP of"-bose leadlllg COIllp.1I11e5 1\3.\"f' ill\'eStoo ht'll,;", in Africa s ~', po....~r_ sted and a~ncultllrt': sedon III liM' J»S' Ih~ \'ear5, 11('1)01111", 105Ub-Saharan Africa "~ 5-5 \"'Cal"
1X!f" cent growth alKI IJl"Cdkted lIl\~ml'nt of 11l0rt' than Slsobn (£Q;')bn) 1)\- 2:015 11f' saKi I~ fmrro Ontam might not get Its sh:.1!? of the o;po!ls I( II (bd nol. \\lIkr up to til(' scale of ojlpot1unlt) "Ie fact is tlml fI1 tile lI,t«daysorso. tiM' Branlian KOIJOItly has O\-erta~1 til(' UK eronorJl)' TI~ O1mese
this
(om"" direct
""st
art'soaAAJ'C"'''I\~lnAfneaand
tile I ndians l'Il~ 110\\ rol""",n&
sutl. 11IC' Branlialls art' not too iar behmd All! counl nes like ~ UK doinr. enour.'" 1111'111& had lhe ach'U1I:1&e O(beil~ II", (domal master, t ~' an do more than lllC'y l'Irt' domg. IIf' «a!d ObManJO said hr bdlt'\'Cd W
I~rilain
could clallll a much &rei!"" shart' 0( Afnca"s finanef'" en('~, cnnSllltJer
and lI&ncultU!? lllalias, but Wlll> too rrx-ttsed. on otltrr
markrb.