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On Non-Oil Sector to Boost Economy – Malami

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Abubakar Malami - Attorney General of the Federation and Minister of Justice
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By Ossom Raphael

Abuja – Abubakar Malami, Attorney General of the Federation and Minister of Justice says there is need to focus on the non-oil sector to boost export and drive economic growth.

The minister made the call at the just concluded National Conference on creating Legal and Institutional Frameworks for Geographical Indications in Nigeria.

The AGF who was represented by Barr Ifunanya Nwajagu, Director, Legal Drafting at the Federal Ministry of Justice said that focusing on Geographic Indications will serve as a further panacea for poverty reduction, community development and social inclusiveness.

Malami said: “The time has come to move away from oil economy. Surely, the time has come to embrace green economy through economic drive powered by geographical indications for which Nigeria is richly endowed in quality assets and products.

“Needless to state clearly that Geographical Indications represent economic opportunities in rural areas, leading to more rural jobs and stronger rural communities.

“The right to use a geographical name belongs to the community of producers in a given area and empowers those who are involved in the origin of so many wonderful products thereby making Geographic Indications the perfect tool for local development”.

On the relevance of Legal framework to back GIs, Mr. Malami said: “It is worthy of mention that we currently have varieties of unique agricultural and natural products that qualify as geographical indications such as “sokoto goats’ skin”, “Ijebu garri”, “skin hide of Kano”, “Kilishi”, “Yaji” (dry pepper), “Ose Nsukka” (Yellow pepper), “Aso Oke, “Adire”, “Ofada Rice”, “fura” and many more. Yet, none of these have benefitted from any comprehensive registration, international recognition and commercialization.

“Therefore, for Nigeria to avail itself of the opportunities in and benefits of its Geographic Indications, our efforts must begin at home, with the establishment of an appropriate legal framework, supported by robust efforts to promote the Geographic Indications in formalizing the traditional knowledge and techniques employed by originating geographic regions, standardizing methods of production, and actively driving recognition for Geographic Indications in international trade.

“To be or not to be, depends on a carefully grafted legal and institutional frameworks that meets the needs of today while guaranteeing the future and bearing in mind, global and continental trends in the fields of geographical indications.

“The legal framework will set out the roles and procedures for the actualization of the benefits of geographical indications so that they shall be recognized and protected locally in order to be recognized internationally too. The establishment of a legal framework for the Gls in Nigeria is very imperative, likewise the ratification and domestication of the relevant international treaties/ conventions and protocols,”

The Justice minister further said that the ministry is poised to lend its support and collaboration with the stakeholders towards the birthing of a reliable legal instrument.

“The Federal Ministry of Justice is aware of treaties and conventions to which Nigeria is a party including the recent African Continental Free Trade Agreement and the need to provide legislation that promotes trade and investment while meeting the needs of the people.

“The Federal Ministry of Justice awaits the drafting instructions from the organizers of this conference, as a team of drafters are available to review the Bill in line with our current precedent for Executive Bill for onward transmission to the Federal Executive Council,” he further stated.

Speaking as a panelist, Mr. Aminu Waklek, Senior Assistant Registrar, Trade Marks Registry, Ministry of Industry, Trade and Investment says consensus is key to arrive at quality of products as well as determining who is qualified to be a member of the Patent rights Association.

He said there must be cohesion among the different patent right groups in order to promote export of their products.

In her submissions, Prof. Adejoke Oyewunmi, a Professor of intellectual property at the University of Lagos said the functions of the GIs must be clearly stated on the Draft law for GIs even as she called for collaborations between Nigeria and other countries especially with the coming of the African Continental Free Trade Area Agreement to promote Geographical Indications in Nigeria.

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Business & Economy

Tinubu To Present 2024 Supplementary Budget To NASS

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President Bola Tinubu Presenting 2024 Budget Proposal to the Joint Session of National Assembly
President Bola Tinubu Presenting 2024 Budget Proposal to the Joint Session of National Assembly
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President Bola Tinubu will soon present the 2024 Supplementary Budget to the National Assembly (NASS).

“I submitted the last budget to you,” the President said when he addressed a joint sitting of the National Assembly on Wednesday.

“You expeditiously passed it. We are walking the talk. I will soon bring the Year 2024 (Supplementary) Appropriation Bill. That is just for your information,” the President said in his terse speech at the joint sitting to mark the Silver Jubilee Of Nigeria’s 4th Republic.

In his response, Senate President Godswill Akpabio, said, “Thank you, Mr President, we will be expecting the Supplementary Appropriation Bill of 2024 as soon as possible.”

Also, at the joint sitting which coincided with the first anniversary of the Tinubu administration, the President confirmed ‘Nigeria, we hail thee’ as the “latest national anthem”.

Tinubu said, “You sang out the latest national anthem, ‘Nigeria, we hail thee’. This is our diversity, representing all characters and how we blend to be brothers and sisters.”

The President pleaded with both the Senate and the House of Representatives to continue to collaborate and work together with the administration to build the country on the path of sustained progress and development.

“We have no other choice; it is our nation. No other institution or personality will help us unless we do it ourselves. No amount of aid from foreign countries or any other nation (will fix us), they take care of themselves first. Let us work together as we are doing to build our nation, not only for us but for generations unborn,” he said.

 

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We Have No Magic Wand, Tackling Inflation Will Take Time — Cardoso

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Yemi Cardoso,CBN Governor
Yemi Cardoso,CBN Governor
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The Governor of Central Bank of Nigeria, Mr. Olayemi Cardoso has urged the citizens to be patient over the fight against current inflation and hike in food items in the country.

Cardoso disclosed this while briefing journalists at the end of the Monetary Policy Committee, MPC, meeting in Abuja.

The CBN governor mentioned that there was no magic needed to solve inflation in Nigeria but rather patience.

Also, Cardoso noted that despite pressure from food inflation, the general inflation rate was “moderating”, pointing out that “the tools the Central Bank is using are working”.

He stated, “I have several times and I will say again, there is no magic wand. These are things that need to take their time.

“I am pleased and confident that we are beginning to get some relief and in another couple of months we will see the more positive outcomes from the Central Bank have been doing.”

He added, “The committee thus reiterated several challenges confronting the effective moderation of food inflation to include rising costs of transportation of farm produce, infrastructure- related constraints along the line of distribution network, security challenges in some food producing areas, and exchange rate pass-through to domestic prices for imported food items.

“The MPC urged that more be done to address the security of farming communities to guarantee improved food production in these areas.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system.”

The Central Bank of Nigeria has also blamed the recent volatility of the country’s foreign exchange market on seasonal demand for dollars.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system,” a communique issued by the committee on Tuesday stated.

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Port Harcourt Refinery Begins Full Operations Next Month

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Port Harcourt Refinery
Port Harcourt Refinery
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The 210,000-barrel-per-day Port Harcourt refinery is expected to commence operations by the end of July, following multiple delays.

National Public Relations Officer of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, revealed this new timeline on Monday. He noted that the refinery’s operation would boost economic activities, reduce petroleum product prices, and ensure an adequate supply.

In December last year, Minister of State for Petroleum Resources, Heineken Lokpobiri, announced the mechanical completion and flare start-off of the Port Harcourt refinery, the largest in the region.

The refinery consists of two units: an older plant with a 60,000-barrel-per-day capacity and a newer plant with a 150,000-barrel-per-day capacity. The refinery was shut down in March 2019 for the first phase of repairs after the government enlisted Italy’s Maire Tecnimont as a technical adviser and appointed oil major Eni as a technical adviser.

On March 15, 2024, NNPC Limited’s Group Chief Executive Officer, Mele Kyari, announced that the Port Harcourt refinery would begin operations in about two weeks. He made this statement during a press briefing following his appearance before the Senate Ad hoc committee investigating the various turnaround maintenance projects of the country’s refineries.

“We achieved mechanical completion in December,” Kyari stated. “We now have crude oil stocked in the refinery and are conducting regulatory compliance tests. The Port Harcourt refinery will start within two weeks.”

However, two months later, the refinery had yet to commence operations.

In an interview, IPMAN’s Ukadike emphasized that the work done on the refinery represented a complete overhaul rather than mere rehabilitation. He assured that every effort was being made to meet the July deadline.

Ukadike said, “When we visited, the MD informed us that the refinery was nearly ready and would start production by the end of July. The overhaul is extensive, with all the armoured cables replaced and everything almost brand new. The maintenance turnaround is massive, with work being done day and night. All hands are on deck to meet the target. By the end of July, the refinery should be operational.”

When asked about the government’s previous unfulfilled promises to restart the refinery, Ukadike acknowledged the delays but noted that no reasons were given for missing the last deadline in April

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