BusinessDay 11 Dec 2017

Monday 11 December 2017
Central Bank of
Nigeria (CBN)
has given a week
deadline to the
Nigeria Export
and Import (NEXIM) Bank
and Development Finance to
update the framework for the
N500 billion export stimulation
facility and N50 billion
direct intervention fund.
The export stimulation
facility and the intervention
fund was introduced two
years ago by the CBN to diversify
the economy away
from oil and to expedite the
growth and development of
the non-oil export sector.
Consequently, the CBN
has decided to reintroduce
the scheme with an acronym
PAVE - Produce, Add, Value
and Export.
Godwin Emefiele, governor
of CBN, disclosed this
at the weekend at a meeting
C002D5556
with exporters, bankers and
other stakeholders in Lagos.
“So, we had a lot of engagements
with the exporters
and we would be looking
at various products in
the non-oil sector - cocoa,
cashew nuts, palm produce,
sesame seeds, solid minerals,
and rubber,” he said.
He said all revenue, which
the Federal Government had
lost as a result of undocumented
exports, would be
recovered.
The development is part
of apex bank’s efforts to support
the activities of exporters
in the country so that
more export revenues will
come in from non-oil sector
to support the economy.
The framework is going
to be developed by
NEXIM, the Development
Finance Department of the
CBN and the special adviser
on agriculture of the
Governor’s Office, he said.
BUSINESS DAY
43
NEWS
CBN gives NEXIM one week to update
framework for N500bn export loan
... says FG to recover all lost revenue from undocumented exports
HOPE MOSES-ASHIKE
577 firms bid for NNPC insurance renewal programme
INNOCENT ODOH, ABUJA
‘Nigeria should be restructured for the benefit of all’
SIKIRAT SHEHU, Ilorin
Chairman, House
Committee on Banking
and Currency,
Jones Onyereri, has
canvassed for restructuring
of Nigeria, saying it will give
equal opportunity to societal
resources for every quarter in
the country.
Onyereri made the call on
Thursday at the University of
Ilorin, second public lecture
series of the Faculty of Management
Sciences, Department
of Public Administration.
His paper presentation
was entitled: ‘The quest for
public sector restructuring in
Nigeria: A rethink.’
He said the reason for secessionist
clamour in Nigeria
was a feeling by a section that
poration’s tradition aimed at
promoting transparency.
“The essence of this public
bid opening is to ensure
that the Corporation complies
strictly with the provisions
of the Bureau of Public
Procurement Act (BPP). All
the bids will be opened in the
presence of everybody to ensure
that all entries are properly
captured in line with the
transparency principle of the
NNPC,” Bameke said.
Shedding more light on
the process, the group general
manager, supply chain management,
Shehu Liman, said the
public opening bids measure
was aimed at providing a level
playing field for all bidding companies,
the statement added.
“The idea is to select broking
and insurance companies
that are credible and capable
with track records of performance.
What this means is
that we are going to eliminate
all those transactions that are
not necessary,” Liman stated.
Nigerian National Petroleum
Corporation
(NNPC) has confirmed
that 577 firms
have submitted bids seeking to
secure the insurance renewal
contract for the corporation’s
oil and non-oil assets during
the opening of the bidding process
on Tuesday.
This was disclosed in a
statement issued on Sunday
by the group general manager
group public affairs division of
the Corporation, Ndu Ughamadu,
stressing that the Corporation
was consolidating on its
tradition of openness.
According to the statement,
the NNPC group general
manager, risk management
and insurance, Modupe
Bameke, stated during the
event that apart from being a
requirement of the Bureau of
Public Procurement (BPP),
the public opening of bids
had become part of the Corthey
were marginalised, and
restructuring would quell
such a feeling.
The legislator believed
that the only way out of the
present quagmire face by the
country was to restructure the
system based on true Federalism,
saying, “It is desirable to
build confidence to the federation
units and particularly
the people of Nigeria.
“The present political
arrangement has not only
distorted the necessary ingredients
of growth and
development. But it has
dangerously entrenched an
entitlement mentality, laziness,
corruptive tendencies
among the people and federating
units.”
According to Onyereri, a
restructured federalism will
According to Emefiele,
the CBN has included solid
minerals in the export intervention
fund, as Nigeria has
a lot of solid minerals and
they are going to be covered
under this programme. More
so, the CBN has included exporters
in it anchor borrowers
programme.
“We are saying that with
this meeting, the various
source of revenue into the
country should not just be
oil, neither should it just be
foreign portfolio investors or
FDI. We have seen some of
the exporters bringing their
monies into the country, but
we are saying we want to encourage
them with this N500
billion export stimulation
facility, so that they can increase
the volume of export
earnings that is routed back
into the economy to help us
grow the economy and service
other forex obligations
in the country,” he said.
The breakdown of bidders
shows that 245 brokers tendered
for oil assets, 251 brokers
tendered for non-oil assets
while 37 insurance companies
tendered for oil assets and 44
tendered for non-oil assets, the
statement said.
Representatives of the
companies, which tendered
bids for the NNPC insurance
renewal programme in
whose presence the bids were
opened, applauded NNPC
for sustaining the culture of
transparency and accountability
through the exercise.
The bid opening event had
in attendance officials of the
Bureau of Public Procurement
(BPP); Nigerian Extractive
Industry Transparency Initiative
(NEITI); Nigerian Content
Development and Monitoring
Board (NCDMB), and National
Insurance Commission
(NAICOM) as well as members
of the civil society who
served as independent assessors,
the statement added.
bring about desired re-orientation
and new thinking
philosophy among Nigerians
both at home and in Diaspora.
He said the local people,
the communities and Nigerians
at large, would become
the biggest beneficiary of a
“restructured Nigeria.”
Speaking at the occasion,
Sulyman Abdulkareem, vicechancellor
of the University of
Ilorin, represented by Sidikat
Ijaiya, deputy vice-chancellor
(Academics), urged all Nigerians
to restructure themselves
for national interest.
Also speaking, Sidikat
Adeyemi, dean, Faculty of
Management Sciences of
Unilorin, pointed out that restructuring
meant different
thing to different people.