May 29: FAAN orders removal of aircraft from Abuja airport Naira drops against dollar by 0.17%

“To this end, you are kindly requested to relocate your aircraft on or before 22 May, 2023.

“We understand that this may cause some inconvenience for you, however, the safety and security of all individuals involved in this event are our top priority. We believe that this temporary relocation is the best course of action in line with best international practices.”

L-R: Speakership Aspirant, Hon. Yusuf Adamu Gagdi, member elect, Hon. Iyaka Akinlade, Senator Elect, Hon. Mohammed Monguno, Speakership Aspirant, Hon. Sada Soli, Chairman House Committee on Appropriation/Speaker Aspirant, Hon. Muktar Betara, Deputy Speaker/ Speakership Aspirant, Hon. Ahmed Idris Wase, Niger State Governor elect, Hon. Mohammed Bago and Speakership Aspirant, Hon. Alhassan Ado Doguwa, during the Betara’s Speakership Declaration for the 10th Assembly, yesterday in Abuja.

FX repatriation: CBN announces rebate for exporters of unprocessed items

By Abubakar Yunusa, Abuja

The Central Bank of Nigeria (CBN) says exporters of raw and unprocessed items will now enjoy a rebate for every dollar of non-oil export proceeds sold at the importers and exporters (I&E) window.

The I&E window is the official FX rate. The naira currently trades at N461.06/$ at the I&E window.

Godwin Emefiele, CBN

governor, spoke on Tuesday in Lagos at the RT200 Non-Oil Export Summit 2023.

The rebate is part of the benefits under the non-oil export proceeds repatriation rebate scheme — a major anchor of the CBN’s RT200 FX programme aimed at attracting $200 billion in foreign exchange earning from non-oil exports proceeds over the next three to five years.

The rebate of N65 for every $1 of repatriated non-oil export proceeds was paid to only exporters of semi-finished and finished goods.

Emefiele, however, said the apex bank would begin to pay rebates to exporters of unprocessed items as part of its efforts to encourage players in the non-oil export sector, especially small exporters.

“The reason why we initially decided that we would only pay a rebate for value-added products was to encourage exporters to move from just exporting crude items,” he said.

“We wanted to create an opportunity to encourage you to set up an arrangement that processes these raw materials and creates job opportunities for our people rather than just exporting raw materials.”

Emefiele said the development would encourage more exporters and further strengthen its efforts aimed at attaining the objectives of the

RT200 scheme.

The CBN boss said the rebate for unprocessed items would not be at the same rate paid for semi-finished and processed products.

“We should be able to give out about N30 to N35 to one dollar for unprocessed items as against the rebate of N65 to every dollar enjoyed by exporters of processed products at the importers and exporters (I&E) window,” he said.

FG inaugurates gold processing plant in Kogi, projects end to capital flight

From Abubakar Yunusa, Abuja

The federal government, has inaugurated the gold processing plant in Kogi.

Speaking at the event, Olamilekan Adegbite, minister of mines and steel, said the inauguration marks the end of huge capital flights via informal gold trading at the detriment of the economy.

In 2021, the federal government flagged off the construction of the gold processing cluster, located in Mopa, Mopa-Muro LGA of Kogi state. According to Adegbite, the project was designed based on the cluster concept which has become a global trend in industrial development to promote shared amenities, agglomeration of similar producers, customers; based on geographical proximity or access to complementary expertise to promote efficiency and increase specialisation and production.

He said the plant will create and generate sustainable competitive advantages in key areas of the sector.

“Development of downstream gold mining industries; increasing the level of competitive inputs (such as services, machinery and equipment),” the minister said.

“Also by increasing the level of employment in all business activities related to the gold mining cluster; increasing the rate and exports of value-added products and services and attracting foreign investments, generating new startup companies.

“There would be an increase in trade performance and generation of higher corporate profits as well as improved mineral production output and ease of mining sector regulation and administration. Creation of more jobs through the emergence of service industries because of increased cluster activities.”

Speaking further, the minister said the gold processing plant in Mopa, for the north-central zone, is one of the cluster projects in the six geopolitical zones to harness over three million artisanal and small-scale miners (ASM) in the country.

He said these landmark projects are to create an enabling environment to support the mining industry through the “formalisation of the ASM subsector as a major driver of the key growth parameters to engender the development of the mining sector since over 90 percent of the mining activities in the country could safely be said to be ASM driven”.

“The concept of the gold processing plant was a crafted policy to spur job creation and capacity development of gold mining operators in Kogi and environs, through the economic growth and sustainability plan of the federal government,” Adegbite said.

“This project houses several federal government initiatives geared towards formalising the ASM activities, curbing the exploitation of artisanal and small-scale gold miners as well as development of the capacities of our teaming youths to actively participate in downstream gold value chain.

“The government is creating an ecosystem to minimise the high rate of illegal mining and smuggling, increase government’s revenue from the resource, create jobs, and improve environmental and social stewardship.”

The minister also appreciated Yahaya Bello, governor of Kogi, and his team for making the inauguration a reality. Adegbite commended international organisations such as the World Bank, United Nations Industrial Development Organisation, United Nations Development Programme, Global Environment Facility; and also acknowledged the support of the government of Canada, Australia, and others in addressing ASM issues in Nigeria.

FEC approves N4.3bn for procurement of security equipment in railway stations

Thefederal executive council (FEC) has approved the sum of N4.3 billion for the procurement of security equipment in railway stations across the country.

The FEC meeting, presided over by Vice-President Yemi Osinbajo, was held on Wednesday at the presidential villa in Abuja.

Last month, FEC approved N495 million for the installation of scanners in all railway stations across the nation.

Speaking after the recent council meeting, Mu’azu Sambo, minister of transportation, said three memoranda were approved.

Sambo said the first memorandum was in respect to the provision of security equipment for the Nigerian railway stations across the country (phase two).

The minister said the council approved the second memorandum, which was for security equipment such as baggage scanners, walkthrough metal detectors, X-ray male scanners, liquid explosive detectors, narcotics camera, trace bomb detectors, among others.

He said the contract, awarded to Messrs Advonix Services Nigeria Limited in the sum of N4.3 billion, was for a completion period of 12 months.

“The second memorandum is also from the Nigerian Railway Corporation (NRC) to provide a secure e-ticketing solution for the Lagos-Ibadan corridor and the Warri-Itakpe corridor under a design, finance, build, operate, maintain and transfer public-private partnership arrangement for the Nigerian railway corporation,” Sambo said.

“The Lagos-Ibadan corridor was approved in favour of Messrs Global Software Digital solutions Limited and Datamatics Global Services Limited for a concession period of 10 years at a sharing ratio of 81.5 percent to NRC and 18.5 percent to the concessionaire.

“The Warri-Itakpe corridor under the same partnership arrangement was approved for Messrs Fein International Consult Limited and Artificial Intelligence Technologies Limited for a concession period of 10 years and the same sharing ratio.

“The third memorandum is in respect of our requests by the Nigerian Maritime Administration and Safety Agency to buy two buildings in Port Harcourt and Abuja to serve as a zonal office, as well as an Abuja liaison office respectively. This was granted by the council.”

Also speaking to journalists after the meeting, Garba Shehu, presidential spokesperson, said the council also approved two separate contracts for the Ogoni community worth over N120 billion.

The contracts, according to Shehu, include a water project which has been awarded under the second phase in Ogoni land, “amounting to N22.8 billion”.

“Approval was also given for the award of contract for the remediation of newly identified hydrocarbon impacted sites along the shoreline of Ogoni land and this is for about N107 billion,” he said.

On his part, Sulaiman Adamu, minister of water resources, said the council also approved a memo for the concession of the operation and maintenance of the proposed Gurara II 300MW hydroelectric power project.

He said the project will be financed by China’s EXIM Bank loan along with a 15 percent equity contribution by the contractor and 50 percent. counterpart funding by the federal government.

“The 30-year concession is expected to pay back between $800 and $900 million,” Adamu said.