Industry minister seeks N7.4bn approval for 83 capital projects – Newstrends
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Industry minister seeks N7.4bn approval for 83 capital projects

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The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has defended the ministry’s budget for 2021 before the Senate, requesting N7.4bn for 83 capital projects.

This was part of a total of N11.18bn the ministry is seeking an approval from the Senate for the 2021 budget.

Adebayo said the ministry’s budget proposal also contained a personnel cost of N3.02bn and overhead cost of N762.81m.

He told the Senate joint committees on commerce and industry that the ministry received only N2.9bn out of the N7.3bn appropriated for capital projects in 2020.

This, he said, was far below what it got in 2019 and 2018 fiscal years, which he gave as N3.5bn and N7.9bn respectively for capital projects.

He urged the committee to approve the sum of N7.3bn proposed for the 2021 budget, saying that the ministry had 83 capital initiatives, made up of 56 ongoing ones and 27 new projects.

The capital budget, he told the committees, would be directed at the industrial policy reform and enabling business environment and international investment engagement initiatives.

Adeniyi added that the fund would enable full activation of the private sector-led six special economic zones comprising of Lekki, Enyimba, Funtua, Ibom, Kano and Benue coupled with the establishment of at least one agro-processing zone in each senatorial district.

The minister said the ministry would facilitate credit access to 10 million MSMEs at single-digit rate and promote made-in-Nigeria products that would bring an increase in industrial productivity, employment generation and reduction in the import of foreign products.

Adeniyi  listed other programmes to be funded through the capital budget to include the review of the Presidential Enabling Business Environment Council mandates and implementation of a four-year business environment transformation roadmap.

According to him, the ministry plan to revise and implement the National Industrial Revolution Plan; support Nigeria’s participation at the Expo 2020 from October 2021 – March 31, 2022; ensure ease of doing business and implement executive Orders.

 He added that the ministry would implement a strategy towards implementing the government’s promise to take 100 million Nigerians out of poverty in the next 10 years.

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Ways and means, new loans increased Nigeria’s debt to N24.3tn – DMO

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Ways and means, new loans increased Nigeria’s debt to N24.3tn – DMO

The rise in Nigeria’s public debt stock currently at N24.3tn is due to new loans, as well as Ways and Means securitisation, the Debt Management Office (DMO) has said.

Director-General of DMO, Patience Oniha, said this in an interview with NAN on Tuesday in Abuja.

On June 20, the DMO announced that Nigeria’s total public debt stood at N121.67 trillion at the end of the first quarter of 2024.

The public debt increased by N24.33 trillion or 24.99 percent from N97.34 trillion reported as of December 2023.

Oniha, speaking on the country’s total debt profile, said the increase in the debt stock was partly due to the securitisation of N4.90 trillion as part of the N7.3 trillion Ways and Means advances approved by the National Assembly.

Other contributors, according to her, are the interest rate, as well as new borrowing of N2.81 trillion as part of the N6.06 trillion provided in the 2024 budget.

“The total public debt as at March 31, showed that the total public debt in naira terms stood at N121.67 trillion compared to N97.34 trillion as at December 31, 2023,” she said.

 

“While detailed information was provided on the data such as the split between external and domestic debt as well as the fact that the debt stock includes the domestic and external debt stock of the 36 states and the FCT, it has become imperative to provide some explanations.

“It is important to recognise the fact that Nigeria has undergone some major reforms which have impacted economic indices such as the dollar/naira exchange rate and interest rates.

“These two, in particular, affect the debt stock and debt service.”

According to Oniha, the total external debt stock was relatively flat at $42.50 billion and $42.12 billion in Q4 2023, and Q1 2024, respectively.

She said, “The naira values were significantly different at N38.22 trillion and N56.02 trillion respectively, representing a difference of N17.8 trillion.”

She said, “This explains the perceived sharp increase of N24.33 trillion in the total debt stock in the first quarter of 2024.

“The difference in the exchange rate for the two periods also explains why in dollar terms, the total debt stock actually declined in the first quarter of 2024 to $91.46 billion.”

The DG said the debt report was however an improvement over the past, before President Bola Tinubu’s government.

She said if foreign exchange impact is removed, “the debt is moderate and within normal limit”.

Oniha urged the Federal Government to prioritise fiscal retrenchment while assuring that the various measures to attract foreign exchange inflows would increase external reserves and support the naira exchange rate.

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Car lovers relish Chery’s special offers at Circle Mall Lekki display

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Car lovers relish Chery’s special  offers at Circle Mall Lekki display

 

Lovers of new modern cars are still talking about their experience at the recent spectacular display of Chery models at Circle Mall, Lekki, Lagos, from June 15 to 18, 2024, many days after the event.

Apart from the unique designs and features of the vehicles showcased at the place, they are particularly thrilled by the exclusive offers to customers including making a down payment of just five million naira (N5m) on any Chery vehicle and enjoying a special five per cent discount throughout June 2024.

This event was organized to celebrate the Guardian Day, a significant occasion in China dedicated to appreciating the love, care, and support parents provide their children.

The centerpiece of the display was Chery’s latest models – the Tiggo 8 Pro, Tiggo 4 Pro, and Tiggo 2 Pro.

Each vehicle attracted significant attention for its blend of cutting-edge technology, sleek design, and unparalleled performance, promising to captivate the Nigerian market, according to a statement by Carloha Nigeria.

It stated, “In conjunction with the celebration, Carloha Nigeria extended an exclusive offer to prospective buyers. Throughout June, customers can make a down payment of just five million naira on any Chery vehicle and enjoy a special 5% discount.

“This initiative is part of Carloha Nigeria’s commitment to making luxury and quality vehicles more accessible to the Nigerian public.”

In addition to the exclusive offers listed above, Carloha Nigeria also said it hoped to further enhance the customer experience with an impressive six years of free service and a comprehensive six-year warranty or 200,000 kilometres, whichever comes first.

This, it said, was to ensure that Chery owners could drive with confidence and peace of mind, knowing their investment has been well protected.

“We are confident that the Chery Tiggo 8, Tiggo 4, and Tiggo 2, will exceed expectations and set new standards in the Nigerian automotive market,” said Mr. Joseph Omokhapue, the Sales and Marketing Director for Carloha Nigeria. He further stated that “Guardian Day is a wonderful opportunity to honour the values of care and support, which resonate deeply with Chery’s commitment to our customers.

Visitors to the Chery display at Circle Mall were delighted with luxurious Chery-branded gift items, adding an extra layer of elegance, appreciation, and engagement for attendees.

The showcased models – the Tiggo 8 Pro, Tiggo 4 Pro, and Tiggo 2 Pro –are said to reflect Chery’s innovative design, advanced technology, and superior performance.

These vehicles are tailored to meet the diverse needs of Nigerian customers, offering a blend of luxury, efficiency, and durability, it stated

It noted that Carloha Nigeria’s presence at Circle Mall not only highlighted the brand’s impressive lineup but also reinforced its commitment to fostering strong relationships with customers through value-added services and customer-centric promotions.

It added that the event at Circle Mall was a resounding success, drawing large crowds and generating significant interest.

It stressed that Carloha Nigeria remains dedicated to providing exceptional value and service, continuing to drive forward the standard of automotive excellence in Nigeria.

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Shell restates commitment to Nigeria’s socio-economic development, gets FRCN award

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Shell restates commitment to Nigeria’s socio-economic development, gets FRCN award

 

Shell Petroleum Development Company of Nigeria Limited (SPDC) says it remains unwavering in its commitment to supporting the socio-economic development of Nigeria, especially in its areas of operations in the Niger Delta.

The SPDC Director and Head of Corporate Relations, Igo Weli, disclosed this in Port Harcourt, Rivers State.

Weli, represented by the Shell spokesman, Michael Adande, gave the position at a dinner on Friday to celebrate the 21st anniversary of Treasure FM, a member of the Federal Radio Corporation of Nigeria (FRCN) network.

“Our commitment stretches back to the 1950s, with a wide range of programmes supporting education, infrastructure, community electrification, and business empowerment,” he said.

A major highlight of the anniversary dinner was the presentation of the FRCN Award for Consistent Media Partner to Shell Nigeria.

“This award serves as a strong reminder that Shell’s dedication to the socio-economic development of the Niger Delta region remains a cornerstone of our presence in Nigeria.”

The award recognises Shell’s partnership with FRCN, particularly its support for the weekly live programme ‘Canvas: Niger Delta Roundtable’, which fosters crucial discussions on development issues impacting the region.

Weli said, “While the award itself was unexpected, it reinforces the value of initiatives like Canvas.

“This recognition motivates us to keep promoting development, not just in our operational areas but across the entire nation.”

Canvas: Niger Delta Roundtable has since 2017 aired twice weekly on different radio stations in the Niger Delta with live online streaming.

It dedicates an hour in exploring topics relevant to the development of the region and its people.

General Manager, FRCN Treasure FM Port Harcourt, Fred Onyeka Nwaulune, commended Shell’s partnership.

He said, “Shell has been a reliable media partner, consistently educating the Niger Delta region on the importance of dialogue for development and peaceful solutions.

“Their programme aligns perfectly with FRCN’s focus on sustainable development.”

He noted that through the dialogue radio programme, Shell had demonstrated a continued focus on driving progress and positive change in the Niger Delta and beyond.

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