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Recession: Nigeria remains Africa’s fastest growing economy, says UK envoy

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Nigeria is still the fastest growing economy in Africa despite entering into a second recession in five years, United Kingdom Trade Envoy to Nigeria, Helen Grant.

She stated this on Saturday at a two-day Nigerian Diaspora Investment Summit organised by Nigerians in Diaspora Commission (NiDCOM), in collaboration with Nigeria Diaspora Summit Initiative (NDSI).

The event, the third edition, which began on November 20, has as the theme: “Post-COVID-19 Economic Resurgence: Targeting Diaspora Investment”.

Grant was also reported as saying efforts would be intensified to strengthen the UK, Nigeria relations.

Nigeria on Saturday entered its second economic recession in five years, also its worst economic decline in four decades.

But the UK official expressed optimism about the Nigerian economy bouncing back fast and was excited about the prospects.

Grant said Nigeria was full of investment opportunities and potential, adding, “We look forward to coming to Nigeria to identify with viable businesses that the UK government could partner with in generating real and long-term benefits for both countries.”

She said that the UK government was ready to educate, as well as learn from Nigeria by enhancing the bilateral trade between the two countries.

She said that the UK and Nigeria had so much uniting them, especially in the areas of culture and language, and stressed the need to build on such existing relations to bring about economic growth.

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, who also spoke at the event, said that the Federal Government, through the Economic Sustainability Committee (ESC), had launched the Economic Sustainability Plan (ESP).

The efforts, he said, were aimed at actualising the recovery of the economy from the effect of the COVID-19 pandemic.

He noted that Nigerians in the Diaspora were key drivers of achieving the recovery growth plan.

He listed some of the programmes of the Federal Government in cushioning the effects of the pandemic on the citizens as the release of N200 billion loans for Micro Small and Medium Enterprises in Nigeria.

Minister of State, Foreign Affairs, Alhaji Zubairu Dada,  commended NiDCOM, NDSI and other collaborators for organising the event targeted at bringing about constructive interface between Diaspora investors and business owners in the country.

He said Nigerians in the Diaspora were potential resources in the areas of skills, experiences and resources which could be tapped in bringing about national development.

He added that the Ministry of Foreign Affairs would continue to stress the importance of engaging with the Nigerians in Diaspora in bringing about economic resurgence and national development in the post-COVID-19 era.

Railway

Just in: Terrorists shot abducted Abuja-Kaduna train passenger

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A kidnapped passenger of the Abuja-Kaduna train has been shot by terrorists and is critically wounded.

Tukur Mamu, the publisher who has been negotiating with the terrorists, disclosed this and identified the victim as Mohammed Al’amin.

Mamu, who facilitated the release of 11 of the passengers, confirmed the development to Daily Trust.

“I can confirm to you that the said passenger has been shot and the information is credible. It could also be intentional from them for the purpose of sending a message. Killing of their victims is something we know they can do. They have threatened to do that before,” he said.

He said the government must be prepared to take full responsibility if they fail to act on time.

Mamu said there had been constant communication but government was yet to take action.

He said, “I know what is in this crisis and that is why I keep emphasising that President Buhari must be prepared to take painful compromises if they are really committed to securing these innocent victims alive.

“With what we have succeeded in doing, the windows and opportunity we opened which there’s none hitherto, the government has the power to bring this to an end within three to four days.

“I assure them we can do it with their support and cooperation, and if it didn’t happen as long as government do the needful I will agree and accept to take full responsibility. Cases of emergency such as this doesn’t require unnecessary bureaucracy.”

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Weststar: Our dealers are lifeblood of Mercedes-Benz in Nigeria

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Weststar Associates Limited says it remains committed to its dealers in Nigeria and will continue to do business with them.

Indeed, the auto firm described its five authorised Mercedes-Benz dealers in Nigeria as its lifeblood and listed them as Barbedos Cars Limited, M-B Automobile Services Limited, Skymit Motors Limited, Sunny Motors Limited and Tetralog Nigeria Limited

Weststar, an authorized general distributor of Mercedes-Benz vehicles in Nigeria, was reacting to a statement by Mercedes-Benz of Germany of its plan to reduce its dealerships in some markets.

The auto firm reactng to this in a statement signed by its Marketing & Social Media Manager, Oluwatobi Abimbola, Weststar said it had been the “home of all things Mercedes-Benz in Nigeria for over 15 years. Running its operations as Mercedes-Benz’s representatives in Nigeria the company owes its success not only to a holistic business model and a great team of professionals but also more importantly, to its business partners.”

It also stated, “Weststar Associates Limited runs a dealership network across Nigeria that covers the different regions of the country & is held by successful and innovative companies who have a strong understanding of the business climate in their regions.

“Although the story of Weststar in Nigeria is only a decade and a half old, the story of Mercedes-Benz runs for even longer, with a presence in Nigeria for over 60 years. Many of our dealers have become the lifeblood of Mercedes-Benz in Nigeria.

“For decades, these companies have ensured that millions of Nigerians are able to gain access to the world’s most desirable Mercedes-Benz vehicles. Weststar’s key strategy remains to grow the Mercedes-Benz network in Nigeria using our dealerships. Weststar does not intend to cut ties with any of its Authorized Mercedes-Benz dealerships in Nigeria at this time.

“We will continue to promote and strengthen our dealerships as a means to grow the Mercedes-Benz brand in Nigeria.”

 

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FG generates N200bn, $7m from 161 marginal oil fields licences

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The Nigerian Upstream Petroleum Regulatory (NUPRC) says the 2020 marginal field bid round exercise generated about N200 billion with additional $7 million in revenue for the Federal Government

Chief Executive Officer, NUPRC, Gbenga Komolafe, stated this on Tuesday while issuing petroleum prospecting licences (PPL) to successful bidders in Abuja.

Marginal fields are smaller oil blocks developed by indigenous companies not exploited in the last ten years.

In May 2021, the Department of Petroleum Resources (DPR) — now NUPRC — completed the first successful bid programme after 18 years of bureaucratic bottlenecks.

Successful companies include Ardova Plc, Matrix Energy Ltd, Sun Trust Oil Company Limited, Deep Offshore Integrated Service Ltd, Island Energy Ltd, Sigmund Oil Field Ltd, among others.

Out of the 665 entities that expressed interest in the exercise, Komolafe said 161 PPLs were awarded to successful 2020 marginal fields companies while out of the 57 fields presented in the bid round, 41 were fully paid for.

He said 37 fields were also issued with the PPL, having satisfied all conditions for the award.

Komolafe said the marginal fields award initiative began in 1999 and was borne “out of the need to entrench the indigenisation policy of government in the upstream sector of the oil and gas industry and build local content capacity.”

He added that the scheme was also targeted at creating employment opportunities and encouraging increased capital inflow to the sector.

“Since its inception, a total of 30 fields have been awarded, with seventeen 17 currently producing. A breakdown of the allocation of the fields to indigenous operators is as follows: two fields awarded in 1999, 24 in 2003/2004, one each in 2006 and 2007, and two in 2010. 10 years later, in 2020, 57 fields were put up for bidding,” he said.

“It is significant to note that the passage of the Petroleum Industry Act has brought an end to the era of marginal field awards. Section 94(9) of the Act states that ‘no new marginal field shall be declared under this Act’.

“Accordingly, the minister shall now award PPL on undeveloped fields following an open, fair, transparent, competitive, and non-discriminatory bidding process in line with sections 73 and 74 of the Act.”

Komolafe also said revenue earnings in the country did not reflect the upsurge in international prices of crude oil owing to sabotage, theft, as well as other operational challenges.

He urged potential licensees to take advantage of the current market realities and promptly bring their fields to production.

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