In a bid to improve relations and bilateral ties, the Ukrainian Government is set to establish grain hubs in Nigeria.
Investors King reports that Ukraine named Nigeria as one of the African countries where its grain hubs will be situated. It also pledged a donation of about 25,000 tonnes of grains for the ministry of agriculture in Nigeria.
Speaking on the ‘Grains from Ukraine Initiative’, the country’s Minister of Agrarian Policy and Food, Mr. Mykola Solskyi, who led a Ukrainian delegation in Abuja on Tuesday, assured that the grains would arrive in Nigeria next month.
Solskyi noted that despite the ongoing war with Russia, the Ukrainian food industry is committed to building closer ties with Nigeria.
“Despite all the events going on in the world, our countries are ready to develop this cooperation. The Ukrainian government and Ukrainian president are ready to pay a lot of attention to this development. We want to have regular contact every year not only with our agriculture ministers but with other ministers as well,” he said.
According to Solskyi, the grain hubs will improve the standard of grains that will be brought into the country which will in turn boost the economy and enhance business relations between the two countries.
“Ukraine intends to develop two or three hubs in Africa and taking into consideration the capacity of your country, the grain hub in your country is priority number one. If we implement it well, it would be a practical step towards our business relations reaching a new level,” he stated.
In his response, the Nigerian Minister of Foreign Affairs, Mr. Geoffrey Onyeama appreciated the Ukrainian government for its donation and support to the country and other African nations despite its current state.
Onyeama empathised with Ukraine over the ongoing war, noting that Nigerian students studying in Ukraine were greatly affected as their education has been disrupted.
He assured that the ties between the two countries will be sustained and Nigeria will ensure at the multilateral level a speedy end to the war.
His words: “Notwithstanding the situation in which your country finds itself, you are able to extend a hand of friendship not just to Nigeria but to other African countries. This demonstrates superhuman courage and we really admire your generosity and we thank you for this support.
“You have built up real specialization in many disciplines and Nigerian students are the beneficiaries. We can continue to strengthen relations between our two countries and our two peoples.”
In his remarks, the Nigerian Minister of Agriculture and Rural Development, Mohammad Abubakar hinted that ports for the establishment of the grain hubs will be provided.
He stated that Lagos Port and Onne Port in Rivers are being considered for the purpose.
According to him, “the grains coming from Ukraine will increase the amount of grains here and the hub will eventually become a business hub with other African countries and beyond and it will help to stabilize the price.
“We have been having businesses with Ukraine, especially in the agriculture sector and I can say that over 30 percent of our agricultural businesses are with Ukraine, particularly in the area of wheat, fertilizer, and other grains. This, I can assure you will continue to improve our relations.”
FG Awaits National Assembly’s Nod Before Take-Off of $800m Cash-Transfer to About 50m Poor Nigerians
About 50 million poor and vulnerable households in Nigeria are eagerly waiting for the take-off of the National Social Safety Net Programme Scale Up which is aimed at alleviating their poverty through monetary provisions by the Federal Government.
Data from the National Social Safety Net Coordinating Office revealed that there were about 12.06 million poor and vulnerable households in the country, totalling 49.81 million persons.
Investors King reports that the social safety-nets are part of broader social protection systems comprising non-contributory transfers in cash or in kind, designed to provide support for the poor and vulnerable people in the country.
Through this scheme, which has already been captured by the Federal Government in its 2023 Budget, thousands of poor households would be supported with cash, while others in need of material provisions would also be included.
The Federal Government has said that in order to reach out to targeted persons, especially in the rural communities across the country, it will deploy Point-of-Sales agents for cash transfers during the programme billed to commence this year.
Already, the National Social Safety-Net Coordinating Office (NASSCO) which is collaborating with the World Bank has been working on building a National Social Register (NSR) that would contain poor and vulnerable Nigerians who are direct beneficiaries of the $800million earmarked for the project.
The programme, which is to be implemented by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, has the approval of World Bank and it would run till June 30, 2024.
Announcing that POS agents would be co-opted to transfer the money to the needy, the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, said the Federal Government was waiting for the approval of the National Assembly before the programme would commence.
Ahmed, who made this known while hosting the Executive Director, Angola, Nigeria, South Africa Constituency of the World Bank Group, Ms Ayanda Dlodlo, in Abuja last week Friday, said the social safety net would be expanded.
According to her, the NASSP-Scale Up has been approved by the bank and the Federal Executive Council, while the financial implications have been catered for in the 2023 Appropriation Act presented recently to the NASS by President Muhammadu Buhari.
To activate the project, the minister said the National Assembly must approve it, adding that there are efforts to expand the rapid response register to capture those who had slid into poverty of recent.
Also, she disclosed that the government is working with agents network in the banking system and other financial services for the cash transfer programme.
The minister said all of the database required have been worked upon for easy disbursement of the money by banks.
With the engagement of PoS agents, Ahmed pointed out that hard-to-reach communities and villages without banks would be covered in the programme.
Speaking, the Executive Director, Angola, Nigeria, South Africa Constituency of the World Bank Group, Ms Ayanda Dlodlo, canvassed the urgent need for government to tackle food insecurity and poor power supply in the country.
Dlodlo said about 600 million people in the African continent lack access to electricity, which she described as vital element to national development.
European Union to Donate €102.5m to Nigeria, Other African Countries
An international organisation, European Union (EU) has disclosed that Nigeria and some other African countries will benefit from its €102.5m humanitarian aid.
The EU consists of 27 European countries with a common interest on issues pertaining to common economic, social and security.
Investors King reports that other countries marked to take part in the humanitarian aid of the European Union aside Nigeria are Chad, Niger and Cameroon amongst others.
The international organisation disclosed its decision during the third high-level conference on the Lake Chad Region held in Niamey on Monday and Tuesday.
According to the EU, the conference was organised to enhance regional, cross-border agreements and interactions to tackle the issues bedeviling the region.
It earmarked the assistance for the developing countries in order to provide food needs for its citizens especially those affected by conflicts or war.
This will in turn reduce the ravaging undernutrition problem in children under the age of five in the chosen African nations.
The Lake Chad region mapped out comprises the far west of Chad, northeast of Nigeria, Niger and Cameroon. It is popular for violent attacks, killings, displacement and other vices which have demoralised the region and retarded its development.
The European Union’s aid to underdeveloped countries will serve as its intervention for the social well-being of the nations hit by conflicts to reduce its awful impacts.
Investors King understands that the relationship between EU and Nigeria has been cordial through discussion platforms to address democracy, political issues, good governance, migration and security issues. Also, social-economic matters like trade, healthcare, water, sanitation, food security, climate change amongst others are jointly worked upon as need arises.
Failed Gas Deal: Trial Begins in UK Firm’s Suit Against Nigeria Over Unpaid $11 Billion
Trial into the protracted lawsuit between a British Virgin Islands-registered firm, Process & Industrial Development Ltd. (P&ID) and the Federal Republic of Nigeria over the failure of the latter to pay the firm the whooping sum of $11 billion will commence this week before a United Kingdom High Court.
Investors King gathered that the case emanated from a failed gas deal between the firm and the Nigerian government that dated 2010.
Available facts revealed that Nigeria had in 2010 entered into an agreement with the firm to provide free processed gas for P&ID within a period of 20 years in exchange for an oil refinery facility that P&ID would build for the country.
The firm is said to have bided for the gas supply in order to generate electricity with it and also sell it’s remaining to interested buyers.
P&ID had claimed it failed to build the planned refinery because the Nigerian government failed to tap its natural gas and deliver to it as allegedly agreed during their contract signing.
Explaining why the country defaulted in honouring the agreement, the incumbent Nigeria’s government had accused the P&ID of bribing previous administration officials to secure the gas contract and colluded with former government lawyers and officials to put up what it described as a “sham defense” when the matter became a subject of litigation.
Checks by Investors King revealed that the deal was made during the administration of former President Goodluck Jonathan of the Peoples Democratic Party (PDP) in 2010.
Its implementation was said to have got delayed till 2015 when Jonathan lost reelection to incumbent President Muhammadu Buhari of the All Progressives Congress (APC).
Following the change of power, the deal was stalled as the incumbent administration alleged that the deal came about through bribes to former government officials, and that the award should be revoked.
Buhari’s administration had directed the law enforcement agencies to investigate allegations of bribery surrounding the 2010 gas contract and insisted that bank records indicated that four government officials or their family members received bribes from P&ID before the contract was signed, and that one of them has admitted to overlooking “obvious deficiencies” in the company’s proposal.
Nigeria’s anti-graft agency has also charged the lawyer that represented the state during the arbitration for allegedly bribing public officials involved in the proceedings.
Not pleased with Nigerian government’s allegations, P&ID initiated arbitration in 2012 and claimed that attempts to resolve the issue privately had failed.
Meanwhile, in 2017, a closed-door arbitration court in the UK ordered Nigeria to pay $6.6 billion to the firm to compensate for lost profits over the failed facility project. The $6.6 billion awarded against Nigeria is said to have grown to over $11 billion with interest.
Ever since, P&ID, had been pressuring Nigeria to make the payment. In 2019, the stakes rose again when a UK judge issued an order enforcing the award.
P&ID had denied all allegations and described the Nigerian government’s claims of fraud as an attempt to dodge liability.
Meanwhile, as the case resumes this week in London, Nigerian government is expected to present its case and convince the court to quash the arbitration ruling.
UK high court judge, Ross Cranston had said in a 2020 ruling that there was a strong case to be made that for it to be convinced that the gas processing contract was procured by bribes paid to insiders as part of a larger scheme to defraud the country.
It was reported that Nigeria’s economy would suffer a deeper crisis if the country loses in London as P&ID has said it wold demand legal approval to confiscate Nigeria’s overseas assets, thus making it more expensive for Nigeria to raise money in international capital markets.
Government2 weeks ago
NPower Moves to Settle Batch C2 Stipend Arrears
Forex4 weeks ago
Dollar To Naira Black Market Exchange Rate For Today 13th January 2023
Technology2 weeks ago
Six Nigerian Cities Get 5G Network as Telecom Firm Plans to Add More
Loans2 weeks ago
FG Releases List of 94 Approved Online Loan Applications
Energy4 weeks ago
Demand For Solar Energy Globally Rising Fast, Sales May Exceed $220bn in 2023– Report
Government3 weeks ago
Npower News: FG Pays 7,500 NSIP Independent Monitors Stipend Arrears
Energy4 weeks ago
NERC Ascribes DisCos Losses to Energy Theft, Refusal to Pay Bills by Customers
Company News2 weeks ago
Automobile Firm to Complete Large Assembly Plant In Ogun, Unveils Plans to Build Vehicles