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Oyo, Imo, Six Others To Receive $540m AfDB Funds For SAPZs

Published

3 months ago

February 5, 2024

Editor

Oyo, Cross River and Imo are among seven states and the Federal Capital Territory to receive the first tranche of disbursements of $540m from the African Development Bank to develop Special Agro-Industrial Processing Zones.

Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation to the AfDB President, Akinwumi Adesina, disclosed this on Monday when a delegation of the bank and that of the United Nations Industrial Development Organisation presented their separate reports on the status of projects being executed in Nigeria to Vice President Kashim Shettima at the Presidential Villa, Abuja.

Shettima’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, revealed details of Monday’s discourse in a statement titled, ‘AfDB set to begin disbursement of $540m SAPZs fund.’

Monday’s development comes nearly eight months after the AfDB President, Adesina, first apprised President Bola Tinubu of a $520m investment in the zones.

At a two-day summit on A New Global Financing Pact in Paris in late June 2023, Adesina had assured Tinubu that the bank would support the new administration’s economic policies in Nigeria, placing the people first in development targets.

Speaking on Monday, Oyelaran-Oyeyinka said the SAPZs, which plans to turn Nigeria’s rural landscape into economic zones of prosperity, is meant to “support inclusive and sustainable agro-industrial development in Nigeria.”

“The phase one of the project is at the point of disbursement. Kaduna, Oyo and Cross River States are all in the process of receiving disbursements and we hope that the other states can speed up their documentation so that we can fast-track these states.

“We raised $540m in catalytic funding and expect every state to find a partner to bring equity and join up with them. It is a government-enabled project but private-sector driven,” he explained further.

He also clarified that the first phase of SAPZs is being implemented in seven states: Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo and the Federal Capital Territory.

“Ogun state found a partner for the project and decided not to take the loan. We are going to distribute the loan to the other states.

“The next thing is preparation for phase two with 27 states. The demand is enormous, but we must prioritise those who move fast.

“We have set up eligibility criteria for the states and to rank them. We expect them to have a feasibility report, environmental impact study and a commitment to counterpart funding,” Oyelaran-Oyeyinka added.

On his part, VP Shettima called for immediate action, saying it is time for the government and its development partners to walk the talk.

The three states will benefit from phase one of the development of processing zones, including Oyo, Kaduna and Cross River, while others will get theirs as soon as they conclude documentation.

In another report on the visit to the Ajaokuta Steel Company Limited, as earlier commissioned by the VP, the Head of Investment and Technology Promotion Office at the UNIDO, Abimbola Wycliffe, told VP Shettima that the recovery plan for the company would include revitalising through rehabilitation, modernisation and expansion.

She said, “Single-phase turnaround for the entire plant is challenging due to heavy investments and a prolonged revenue generation timeline. Convert the integrated steel plant into strategic business units to serve as profit centers.

“Conduct opportunity studies for each SBU, focusing on incremental investments, raw material availability, labor, utilities, and market demand. Prioritize SBUs with lower investments and quicker positive cash flows (the low-hanging fruits)”.

Wycliffe called for the reinvestment of profits from each SBU in ASC to reduce the burden of incremental investment on the Nigerian economy, even as she recommended the enhancement of foreign exchange earnings and contribution to local economic development in the country

In his response, VP Shettima called for immediate action, saying all hands must be on deck to ensure that the visions of President Bola Ahmed Tinubu are delivered to the Nigerian people.

He asserted, “We have passed the age of talking; we must walk the talk. We can talk from now till eternity and it does not mean anything if there is no action and; hence, we must make this work. We just must.

“We have not seen beyond the depth of our pockets; what comes to us is more important than what comes to the generality of the people. Things must change.

“I read a book on how Korea transformed itself with no natural resources, how they started producing steel against all odds, how they went into shipbuilding, and how Hyundai, Daewoo, Samsung and Kia came about. I believe that when there is a will, there is always a way. We have to walk the talk,” the Vice President stated.

News

JUST IN: Again, Aircraft Skids Off Runway At Lagos Airport

Published

54 mins ago

May 11, 2024

Editor

Photo: file copy

Barely 16 days after Dana Air was shut down by the Nigeria Civil Aviation Authorities, another aircraft belonging to XEJET Airlines also skidded off the runway and landed in the grass at the Murtala Muhammed Airport, Lagos on Saturday.

Following this development, the Federal Airports Authority of Nigeria has shut the 18/Left runway of the airport

The Airbus with registration 5N-BZZ with 52 passengers on board departed Abuja and landed in Lagos at 11.29 am.

Just last month, Dana MD-82 aircraft was involved in a skidding off of the runway, necessitating the Minister of Aviation and Aerospace Development, Festus Keyamo, to order the suspension of the carrier for a comprehensive auditing.

Last year, in November, two aircraft from two different airlines skidded off the runway, in one week.

Aero Contractors, flight NG 119 with a registered Boeing 737 aircraft 5N-BYQ from Lagos to Abuja had a total of 133 passengers on board.

All passengers were safely evacuated through a controlled disembarkation.

The temporary closure of the runway by FAAN limits the airport to one single runway which is expected to lead to aircraft delays and landing.

The spokesperson of the Nigerian Safety Investigation Bureau, Bimbo Olajide, confirmed that an aircraft belonging to Xejet Airlines skidded off the runway of the domestic wing of the Murtala Muhammed Airport on Saturday.

She stated that a team had been deployed to the site of the incident.

“Our teams are there and on top of the matter. But whether or not the runway will be reopened today, i cannot immediately answer questions on that.” NSIB spokesperson told PUNCH Online.

News

Ededuna Obaseki’s Descendants Congratulate King Charles On Coronation Anniversary

Published

3 hours ago

May 11, 2024

Editor

The entire direct descendants of World War II Veteran and a recipient of World War II Medals of Honour, Capt. Ededuna Walter Obaseki, has congratulated His Majesty King Charles III on his first coronation anniversary.

A congratulatory message signed by Mercy Ededuna Obaseki on behalf of The descendants, and made available to INFO DAILY prayed God to bless the King with long life, honour, and good health.

“We wish His Majesty good health so that he can effectively pilot the affairs of The United Kingdom of Great Britain, Northern Ireland and The Realms of The Commonwealth,” the message added.

The descendants, while thanking the British government for preserving the records of their late father, urged the King of the Great Britain to “start soon, the Colonial Legacy review in Nigeria because it is so important to us.”

While approaching efforts being made by His Majesty to review Colonial Legacies, the descendants said in hearing the King’s move to review it, “our Joy knew no bounds, and this feeling of great Joy increased more abundantly when we saw that indeed he was already doing this.”

“We watched with great happiness and excitement, The King presenting replacement World War II Medals in Kenya to the Veterans of The Second World War.

“We hope the King will also take action soon in actualising and fulfilling our dreams that both the British and the Nigerian government meet our demands that our father’s entitlements and work benefits be paid to we his direct descendants. It is also our prayer that the King empowers and supports us in our quests and in the present circumstances that we are in right now, your quick help is highly solicited.

“Our father Ededuna Walter Obaseki was a captain of the British Merchant Navy, a World War II Veteran and a recipient of The World War II Campaigns and Gallantry Medals of Honour. The 1939-1945; Atlantic Star; Italy Star; British War Medals were
Awarded to our father Ededuna Walter Obaseki and other officers and Seamen of the British Merchant Navy by HRM King George VI.

“Obaseki was a pioneer industrialist, governor, prime minister and head of government, and he handled the British administration in Southern Nigeria that brought great success to Nigeria in many areas like modern agriculture, education, healthcare, and maritime Shipping. The forming, shaping and developing of the navies during the time of the boom that both countries enjoyed and its citizens can still speak well of in sheer glories of remarkable advancement today.

“We are aware of some attempts by the Federal Government of Nigeria particularly in 2014 to help bring out and make known, the legacies of those that played active and very important roles in making this country Nigeria to be great, especially the Merchant Navy Officers who were the first ambassadors, head of administration and head of the British Board of Trade that brought about very positive growth and boom in Nigeria through the exports of timber, rubber, cocoa and palm produce, etc.

“We also want the distinguished senators and honourable members of the House of Representatives of Nigeria to grant our request that our father’s entitlements and work benefits for service in Nigeria to be paid to us by the Nigerian government. We need them (The Law Makers) to use their voice to also make our demands from The British Government.”

News

Banditry: Niger Speaker To Marry Off 100 Female Orphans

Published

5 hours ago

May 11, 2024

Editor

The Speaker of the Niger State House of Assembly, Abdulmalik Sarkindaji, has announced plans to marry off 100 female orphans who lost their parents to banditry attacks in Mariga Local Government Area.

Sarkindaji disclosed this to journalists in Minna, the state capital on Friday.

The Speaker pledged to pay the dowries for the bridegrooms and has procured all necessary materials for the mass marriage ceremony.

Accordingly, the girls who would be married off were carefully selected from the 170 girls whose names were submitted. Sarkindaji stated, without disclosing the age range of the orphaned girls.

The Speaker, who represents the Mariga Constituency, described the initiative as part of his constituency empowerment project, “aimed at alleviating the suffering of the impoverished.”

Sarkindaji revealed that the Niger State Governor, Mohammed Umar Bago, and the Emir of Kontagora, Alhaji Mohammed Barau, would serve as guardians to the female orphans during the mass marriage ceremony.

The Kano State Commander General of the Hisbah Board, Sheikh Aminu Daurawa, is expected to attend the event, slated for May 24 at Bangi, the headquarters of Mariga Local Government Area.