From Uche Usim, Abuja
The Minister of Industry, Trade & Investment, Dr. Okechukwu Enelamah, yesterday, inaugurated the National Council on Privatisation (NCP) Steering Committee on the revitalisation of the Nigeria Commodity Exchange (NCX) and the project delivery team on the strategic equity investment by the Nigeria Sovereign Investment Authority (NSIA) in Abuja.
He said the strategic investment in the NCX by the NSIA, which was recently approved by Vice President Yemi Osinbajo (who is also the chairman of the NCP) was a better option for the Federal Government as a pre-privatisation strategy to pave the way for the injection of financial and other requisite resources prior to its partial privatisation as approved by the NCP in 2013.
He added that the proposed strategic investment in the NCX by NSIA was aimed at revitalising the operations of the exchange to make it more responsive to its mandate of serving as a platform for trading agricultural produce and other commodities.
Enelamah regretted that in its over 18 years of existence, the exchange had been beset by a myriad of challenges, including poor funding, poor stakeholder buy-in, particularly Federal Government agencies, lack of enabling legal and re
gulatory framework, erosion of shareholders’ funds, poor sensitisation mechanism, absence of trading platform/infrastructure and absence of warehouse receipts trading system, among others.
Enelamah who expressed optimism that injecting the approved strategic equity investment by the NSIA in the NCX for a period of up to five years would serve as a strong catalyst for achieving government objectives, said it was “inspiring to note that the FGN has charged the Steering Committee under my Chairmanship with the mandate to midwife the laudable initiative to be implemented within a record time”.
Aviation: Minister pledges on airport concession
From Uche Usim, Abuja
Minister of State, Aviation, Hadi Sirika, has assured a delegation from Singapore and other international investors that the planned airport concession was on course and that government would provide the enabling environment for offshore investors in the sector.
He added that the quest to concession the maintenance of airport infrastructure and the building of new ones across the country was to maintain high standard and efficiency in the running of airport operations in tandem with global standards.
Sirika, who spoke in Abuja when he received a delegation from the International Enterprise Singapore, led by its director, Middle East and Africa Group, Ian Lee, said government remains strongly committed to making the sector commercially attractive to offshore stakeholders.
He noted that the Nigerian government had made efforts on the improvement of security in the country, with the virtual defeat of the Boko Haram group that had terrorised the nation for some years.
Sirika also confirmed that the procurement processes for airport concession and the national carrier had reached advanced stages, adding that government would soon appoint transaction advisers.
He explained that Nigeria’s position in Africa and its economic endowments were soothing incentives that would guarantee good return on investments over time.
He expressed delight at the interest shown by International Enterprise Singapore and other Singaporean firms in Nigeria’s aviation industry and assured of the Federal Government’s openness and preparedness to work with all serious-minded and sincere investors who have the know-how to contribute to the nation’s development.
Sirika also explained the decision to temporarily shut down operations at the Nnamdi Azikiwe International Airport, Abuja, for repairs on the runway, saying it was purely based on safety considerations.
While the whole renovation work would last for six months, the six-week closure would enable the restoration of the runway to a usable state.
Earlier, Lee said they were in the country to establish their interest in building business relationships with Nigeria and Nigerian companies, especially in the aviation sector, where they have identified the on-going airport infrastructure concession and the proposed national carrier as areas of interest.
He told the minister that the main purpose of IE Singapore is to drive Singapore’s external economy, by growing globally competitive companies and promoting international trade to ensure Singapore’s growth in a globalised world.
He further disclosed that, with 39 offices in over 20 countries, in addition to being based in Singapore, IE Singapore offers services to help enterprises export, develop business capabilities, find overseas markets and enter new markets, through its global company partnership and market readiness assistance frameworks.
According to him, Nigeria represents the future of the African continent going by its political and economic stature, which has placed it in the leadership position it now occupies. This, he said has made the country highly attractive to prospective investors, especially from Singapore and expressed his country’s desire to forge a better and mutually beneficial economic relationship with Nigeria.
Agriculture : Maiden National Farmers’ Day underway
From Magnus Eze, Abuja
Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has expressed the readiness of his ministry to host the first National Farmers’ Day within the first quarter of 2017.
Inaugurating the organising committee for the programme, the minister stated that the event would be a window to showcase agricultural equipment and products in the country to encourage farmers to do more and return agriculture to its pride of place.
Given the low interest of the elite in agriculture, Ogbeh stressed the need to attract younger people to the sector by presenting it as an attractive enterprise.
According to him, the National Farmers’ Day would be an annual event where each state would showcase its efforts in agriculture, with the aim of lifting the sector higher to where it should be.
The committee, chaired by the Director, Federal Department of Agriculture, Dr. Babandi Mohammed, has all other directors in the ministry as members. It was also given the liberty to co-opt any relevant stakeholder, including one state commissioner of agriculture per geopolitical zone, to support the planning of the celebration.
The committee will also liaise with other stakeholders, including farmers’ associations, state governments, civil society groups and youth organisations, with a view to mobilising them for participation in the celebration.
