The French Ambassador to Nigeria, Mr Jerome Pasquier, on Wednesday lauded Ogun Government on its public/ private partnership and agricultural development initiative, geared toward industrialisation, job creation and economic development.
Pasquire made the remark while inspecting Fan Milk Dairy Farm at Odeda Farm Institute, Eweje, and an aquaculture hub at the Obasanjo Farm Settlement, Owiwi, in Ogun.
He expressed delight with the progress made so far on the dairy farm project, adding that it was capable of producing more milk in Nigeria and reducing milk importation.
According to the envoy, the project will help in training farmers and create more jobs in the state, especially in agriculture.
“This is a very interesting project which has large economic value. It is also aimed at producing more milk and create more jobs.
“This project addresses major economic challenges in Nigeria.
“Ì am happy about the support of the State Government, the Federal Ministry of Agriculture and the Central Bank of Nigeria (CBN) for making the dairy farm a reality in Ogun.’’
The Commissioner for Agriculture, Dr Adeola Odedina, said on the occasion that various agricultural development and industrialisation strides of the present administration had gained global attention.
According to the commissioner, this development has been responsible for the citing of the Dairy Farm by Fan Milk Plc at the state owned Farm Institute.
Odedina said the ambassador’s visit was to acquaint the French Embassy with the recent agricultural investment opportunities in Ogun.
According to Odedina, the Odeda Farm Institute, where the dairy farm is located, is owned by the state government.
Odedina said the Memorandum of Understanding (MoU) between the state government and Fan Milk Plc was signed early this year.
“This is a state-of -the-art dairy farm, a public/ private partnership going on in Ogun.
“We are investment ready, and this is going to have impact on job creation, food and nutrition, as well as industrialisation.
“This is also telling the whole world that we are working our talk in partnership with the private sector and international development organisations,” he said.
Earlier, the Project Manager, Fan Milk Plc, Mr Onyena Livinus, stated that the dairy farm project would benefit the Fan Milk, the society and Nigeria, as it would develop more youths and address the country’s economic needs. (NAN)
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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