As Edo readies for the Edo Modular Refinery in Ologbo, Ikpoba-Okha Local Government Area to begin operations, residents have lauded Governor Godwin Obaseki for the development and speedy completion of the project. The refinery being developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the state government, has the capacity of 6,000 barrels per day and is expected to produce 50 percent of diesel (500,000 litres), 25 percent of naphtha (300,000 litres) and 20 percent of low pour fuel oil (lpfo) (200,000 litres) from its feedstock. The residents who spoke at separate interviews with journalists in Benin City, hailed Obaseki for pursuing a systematic industrialisation roadmap that is transforming the state into an investment haven for big-ticket projects. Osakpolor Edosa, who lauded the speedy completion of the project, noted that the development would immensely impact the lives of Edo residents and businesses in the state. According to him, “Edo people are elated and optimistic that the Edo Modular Refinery being pursued by the Governor Godwin Obaseki-led administration has become a reality as the refinery is ready to begin operations. “The governor has continued to keep his promise of driving industrial and infrastructural development in the state, as well as opening up the state for investment. The positive impacts of this project on the lives of the people and businesses in the state cannot be overemphasized.” Also, Ikponmwosa Osagie, said when the refinery becomes operational, it will further open the state for economic activities and provide thousands of job opportunities for teeming youths in the state. Osagie noted, “We thank Governor Obaseki for putting Edo people at the forefront of every project embarked upon by his administration. The youths of Edo State are specifically elated over this project because of its impact on the youth population. “The Edo Modular Refinery, which is expected to begin operations soonest will create legitimate employment opportunities thereby reducing poverty. The project will facilitate the establishment of a fabrication yard as proposed by the promoters of the project and create a basis for expertise, professionalism and further training in the oil and gas industry.”
President Buhari transmits Business Facilitation bill to N’Assembly
The Senate has received the Business Facilitation (Miscellaneous Provisions) Bill 2022, forwarded to the National Assembly by President Muhammadu Buhari, for consideration and passage.
The bill was accompanied by a letter dated 17th June, 2022.
The letter, addressed to the Senate President, Ahmad Lawan, was read during plenary on Tuesday.
President Buhari, in the letter, explained that the expeditious consideration and passage of the bill would promote the ease of doing business in Nigeria.
It reads, “Pursuant to Sections 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith the Business Facilitation (Miscellaneous Provision) Bill 2022 for the kind consideration of the Senate.
“Business Facilitation (Miscellaneous Provision) Bill 2022 seeks to promote the war of doing business in Nigeria by amending relevant legislation.
“While hoping that this submission will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration.”
N5 trillion urgently needed to cushion effects double digits increase on ordinary Nigerians – World Bank
The World Bank has warned that Nigeria could lose about N5trillion in 2022 from gasoline subsidies.
The bank also said that N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities.
The World Bank said in it Nigeria Development Update (NDU) released on Tuesday in Abuja.
The report said: “When we launched our previous Nigeria Development Update in November 2021, we estimated that Nigeria could stand to lose more than N3 trillion in revenues in 2022 because the proceeds from crude oil sales, instead of going to the federation account, would be used to cover the rising cost of gasoline subsidies that mostly benefit the rich”.
World Bank Country Director for Nigeria Shubham Chaudhuri, however noted: “Sadly, that projection turned out to be optimistic. With oil prices going up significantly, and with it, the price of imported gasoline, we now estimate that the foregone revenues as a result of gasoline subsidies will be closer to 5 trillion Naira in 2022.
“N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest in Nigeria’s children and youth, and in the infrastructure needed for private businesses small and large to flourish, grow and create jobs.”
The report noted: “Nigeria is in a paradoxical situation: growth prospects have improved compared to six months ago but inflationary and fiscal pressures have increased considerably, leaving the economy much more vulnerable”.
Nigeria’s banking sector now immune to economic shock – NDIC
Nigeria Deposit Insurance Corporation (NDIC) has said that the banking sector is now immunized to withstand shocks that may impact the economy and the financial system.
Mr Bello Hassan, Managing Director of NDIC said this at a retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions with the NDIC, in Lagos.
Any change in fundamental macroeconomic variables or relationships that has a significant impact on macroeconomic outcomes and measures of economic performance, such as unemployment, consumption, and inflation, is referred to as an economic shock.
Mustapha Ibrahim, Executive Director (Operations), who represented the NDIC boss, said Nigerian banking industry was currently resilient to most of these difficulties, particularly external shocks over which the Corporation had no control.
He said: “We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system”.
Hassan, further said that effective risk-based management remained critical to a safe and sound financial system.
“The NDIC and the Central Bank of Nigeria have a very robust supervisory framework under the risk-based supervisory format the risk-based approach is actually proactive. For the most part, we try to anticipate all these risks – Macro, micro, domestically and globally – to address them continuously.
“So, it is so dynamic that we also are constantly on a real-time basis, monitoring the industry continuously and fine-tuning our supervisory tools, both onsite and offsite, to mitigate some of the challenges the banks may be facing,” he said.
On his part, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, said the retreat demonstrated progress in creating lasting and workable relationships in the national interest.
Sani, who was represented by Senator Olubunmi Adetunbi, was optimistic that the outcome will aid in the strengthening of the financial and banking sectors, particularly the corporation’s supervisory and regulatory role.
“The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy. While we provide the legal and institutional frameworks, NDIC carries out its regulatory or supervisory responsibilities in order to safeguard the banking sector.
“Engagement of this nature gives us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required. It helps in injecting fresh ideas into our operations which will materialise into an improved, effective and efficient service delivery to Nigerians,” he said.
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