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FG Bars MDAs From Importing Uniforms — Emefiele

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  • FG Bars MDAs From Importing Uniforms — Emefiele

The Federal Government has order the Ministries, Departments and Agencies to ensure full compliance with the Executive Order 003 and patronise local manufacturers for their textiles and uniforms.

The Central Bank Governor, Godwin Emefiele, said this on Thursday, during the meeting with service chiefs and chief executives of uniformed services in Nigeria, towards reviving the textile industry through enforcement of Executive Order 003, which supports local content in procurement by MDAs.

He said, “Crucial to this resolve is the call for patriotism and the need to support local manufacturers of textile, through patronage by MDAs as entrenched in Executive Order 003.

“Mr President has directed full compliance with this order as it will help in addressing the pressure on our foreign reserves, through demands for forex for the importation of textile and clothing materials.

“Our interactions with stakeholders revealed that MDAs have not made any significant order for uniforms or clothing materials from our Nigerian textile manufacturers and garment companies, and the governments’ efforts at resuscitating the textile industry will not be actualised if they are not supported through local patronage, among other incentives.”

The CBN governor said that the event with the uniform men symbolised the country’s commitment to attain self-sufficiency in cotton production, with a view to serve the textile and garment segments of the value chain with quality inputs, as it targeted zero importation by the year 2020.

“I am pleased to inform you that I have been holding meetings with the Cotton, Textile and Garment sector stakeholders toward reviving Nigeria’s textile sector. We analysed the huge potential that exist in the sector, identified the challenges militating against the sector’s contribution to Nigeria’s growth and development, and presented quick wins for reviving the sector.”

He mentioned that the CTG sector was faced with some systemic challenges, which had hampered and diminished its role as the leading employer of labour, thereby preventing its contribution to Nigeria’s Gross Domestic Product.

In the 1970’s and early 1980’s, he said, Nigeria was home to Africa’s largest textile industry, with over 180 textile mills in operations, which employed close to over 450,000 people and contributed over 25 per cent of the workforce in the manufacturing sector.

He added that presently, most of the factories had all stopped operations, as only 25 textile factories were operating below 20 per cent of their production capacities, and the workforce in Nigeria’s textile industry stood at less than 20,000 people.

Emefiele said the chief executives of uniformed services, had what was necessary to change the narrative and rewrite the history of Nigeria’s struggling CTG Sector.

“Crucial to this resolve is the call for patriotism and the need to support local manufacturers of textiles, through patronage by MDAs as entrenched in Executive Order 003,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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