BusinessDay 21 Aug 2018

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Tuesday 21 August 2018 6 BUSINESS DAY C002D5556 NEWS Investors beam searchlight on viable infrastructure projects in Africa MIKE OCHONMA Investec Bank of South Africa is considering investment in renewable energy, water desalination and treatment projects, and transportation infrastructure and speciality buildings in Africa. This new thinking is investor appetite for well-structured infrastructure projects on the continent, but needs clarity from governments on regulations and the various projects earmarked for development, Andre Wepener, head, specialist banking company, Investec Bank power and infrastructure finance sub-Saharan Africa, says. Wepener believes that Relief as Nigeria escapes FIFA ban ANTHONY NLEBEM The world football governing body, FIFA, yesterday suspended its planned ban of Nigeria from participating in its football activities. “FIFA received confirmations that the legitimate leadership of the NFF under President Amaju Melvin Pin- government’s social infrastructure development initiative to build schools, hospitals and clinics and prisons through PPPs will create investment opportunities for private investors. He says Investec has an appetite to provide debt funding and investment in renewable energy, water desalination, treatment and bulk water projects, transportation infrastructure, fuel infrastructure, and specialised buildings. They are also exploring opportunities to invest in alternative technologies such as energy from waste and utilityscale energy storage. He highlights the bankability of off-takers as a key risk associated with investnick and General Secretary Mohammed Sanusi has been given back effective control of the NFF and its offices. “In view of these circumstances, FIFA deems that the conditions set by the decision of the Bureau of the FIFA Council have now been met and consequently the suspension of the NFF will not take effect,” a statement from FIFA website read. ment in an infrastructure project as, if the off-taker fails to fulfil their contractual obligations, the project can ultimately fail. “As the procurement of infrastructure projects is becoming more competitive, developers have to structure their projects in more innovative ways, both technologically and financially to reduce costs and compete in the market,” Wepener says. Governments in Africa, he insists, must have to create a conducive environment in terms of a clear regulatory framework, policy certainty and transparent processes without corruption to unlock opportunities for private investment in infrastructure projects. FIFA also confirms that it would continue to closely monitor the situation in order to ensure that FIFA’s rules and regulations are fully adhered to. The Federal Government also yesterday issued statement recognising the Amaju Pinnick-led Nigeria Football Federation (NFF) board as the legitimate and recognised board.
Tuesday 21 August 2018 Smallholder farmers get NIRSAL improved insurance scheme ONYINYE NWACHUKWU, Abuja Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has developed a new insurance product to better safeguard farmers against risks along the agric value chain. The product is especially targeted at smallholder farmers - the most vulnerable segment in the agricultural sector and the Nigerian population as a whole. The deployment of the product, which improves on its pioneering Area Yield Index Insurance (AYII) mechanism introduced last year, begins immediately with a pilot phase as part of NIRSAL’s operations in the CBN’s Anchor Borrowers Programme. While the cover provided by the earlier product was limited to yield insurance, the new insurance product, NIRSAL Comprehensive Index Insurance (NCII), is a combination of Yield Index, Price Index and Life Insurance, Anne Ihugba, head, corporate communications at the NIRSAL, said in a statement. “It is designed to mitigate the impact and losses of both yield risk and market price risk – fundamental risks associated with possible production shortfalls and the uncertainties of the marketplace,” Ihugba explained. The new insurance product, an innovative form of revenue insurance, is unique in Africa. It is also the first of such product to be achieved without government subsidies on the premium. Beyond the benefits to farmers, NCII’s comprehensive cover will also encourage financial institutions to lend more to primary production and ensure reduced premiums in comparison with the earlier version. This will also lead to an additional benefit – the eradication of premium subsidy, to free up government funds for intervention in other areas. Leveraging on its $30 million insurance facility, NIRSAL’s goal is to expand insurance products and coverage for agricultural lending across the entire value chain by growing coverage from about 500,000 to 3.8 million primary producers. Speaking on the development, Aliyu Abdulhameed, managing director, NIR- SAL, said the new insurance product was a testament to NIRSAL’s focus on expanding the frontiers of innovation in Nigerian agriculture in pursuit of practical and effective benefits. “At NIRSAL, our focus is on making positive impact at key points of the agricultural value chain that can trans- late to significantly higher and sustained productivity and food security for the country. In line with our mandate to de-risk Nigerian agriculture, this innovative insurance product will help to secure farmers against key risks in order to make agriculture more attractive and more profitable,” Abdulhameed said. He expressed his appreciation to NAICOM, NAIC and the insurance companies who collaborated with NIRSAL on the project. NCII was developed by the Corporation in conjunction with key partners - NAICOM (regulator of the insurance industry), NAIC (lead of the consortium of insurance on NIRSAL Anchor Borrowers Programme), and members of the consortium (Axa Mansard, IGI, Leadway, Royal Exchange), and Pula Advisors (consultant to NIRSAL on agricultural insurance). L-R: Oghenevwoke Ighure, executive director, digital services, BusinessDay; Chiamaka Osuchukwu, a participant; Feyi Olubodun, CEO, Insight Publicis/speaker; Gbenga Omolokun, COO, VFD Group/speaker, and Hameed Salman, a participant, at The CEO Apprentice, an entrepreneurship programme for teenagers organised by BusinessDay Media in Lagos. Pic by Pius Okeosisi Customs seizes 11,232 pieces of imported military outfit IGNATIUS CHUKWU & INNOCENT ETENG Customs officials in Onne, Rivers State, have impounded not less than 11,232 pieces of illegally imported military outfit and arrested an importer said to be under watch. The 11,232 is the total of a combination of different types of military wears ranging from t-shirts to caps, jungle boots and others hidden in a container that also contained civilian wears and other materials. Sanusi Umar, Custom’s assistant comptroller general, revealed this last week, while inspecting the seized materials at the Command’s office in Onne. Umar emphasised that the materials were seized because private individuals, groups and companies were legally prohibited from importing such. He said investigations into an earlier seized container of same materials imported by the same importer, in June, gave way to the recent seizure. The importer, identified as Ongwatabo Jerry, has been arrested and is under investigation, Umar said further. “After profiling the importer’s transactions, I am happy to inform you that we have arrested another container MRKU 4909151 (1×40ft) belonging to the same company, Ehigocho Nigeria Limited with Ogwatabo Jerry as the prime suspect. “On examination, it was found to contain the following: 620 sets of complete sewn military camouflage uniforms and caps, 10, 000 pieces of inner military t- shirts, 512 pairs of military jungle boots. The said Ongwatabo is the sole importer that opened the form M for the importation of these two containers. “Let me use this opportunity to draw the attention of Nigerians (to the fact) that importation of any kind of military wears by any individual, company, or group is prohibited by Nigerian law under the Customs and Exercise Management Acts (CEMA),” he said. Governor Governor Obaseki of Edo State says the establishment of production centres across the state, which will share support infrastructure such as electricity, security and low-cost financing, will boost economic growth. Obaseki said this at a meeting with leaders of the All Progressives Congress (APC) in Edo South Senatorial District on Sunday in Benin City, the state capital. He told the party leaders that his administration was partnering private investors to establish production centres across the state beginning with Edo South Senatorial District. “This will boost economic growth, reduce cost of operations and create employment opportunities while enhancing econo- National Social Investment Office of the Presidency has disassociate the office from a message currently circulating on social media, conveying the impression that the disbursement of the repatriated money by the Swiss government, otherwise referred to as Abacha Loot, will commence in October with the TraderMoni Micro-Credit Loan Scheme. According to the message signed by Maryam Uwais, special adviser to the President on social investment, the ‘grant,’ derived from the recovered looted fund, is being anchored by Access Bank. The statement read in part: “The Federal Government had deemed it fit to grant it to Nigerians, especially small-scale business owners. The money will be paid to your account and you are to pay back within six Ogbeh lauds CBN’s single-digit interest on agric lending Minister of agriculture and rural development, Audu Ogbeh, has described as laudable the announcement last Thursday by the Central Bank of Nigeria (CBN) on the agreement between the CBN and the Bankers’ Committee to offer single-digit interest rate loans to operators in the agricultural and manufacturing sectors of the economy from commercial banks’ Cash Reserve Requirement (CRR) with the apex bank. Considering the idea by the CBN, Ogbeh observed that this was a remarkable progress in government’s efforts towards boosting the real sector to which agricul- C002D5556 Edo unveils strategy to mitigate operational cost for MSMEs, boost production scale, employment NSIO debunks fake news on Abacha loot ture was pivotal. This is expected to boost food security, employment creation and agro-industrial development. The minister also congratulated Vice President Yemi Osinbajo on the new policy reducing lending rates to Micro, Small and Medium scale Enterprises (MSMEs), noting that the CBN’s move was in compliance with the Presidential directive to lower lending rates to the productive sectors of the Nigerian economy, on which the minister had repeatedly assured Nigerians. That the central bank considered working with the Bankers’ Committee to finance agriculture from the commercial banks’ huge BUSINESS DAY 7 NEWS mies of scale,” he explained. He assured that efforts were being made to “expand opportunities for micro-credit of single-digit interest rate for women to encourage entrepreneurship and boost disposable income while improving the quality of lives of the beneficiaries.” In attendance were cabinet members, members of the Federal House of Representatives and leaders and representatives of the seven local government areas that make up the senatorial district, including women. The party leaders commended the focus of the administration and described the Ward Development Committees (WDCs) as a game changer, which they said were bringing the dividends of democracy to the grassroots. months. So, the programme is designated for small-scale business owners. “You are to walk into any Access Bank Branch ask them for Trade Form, which the Federal Government say they should give. Please note, it is free of charge, but Access Bank will ask you to pay N1200, for those who do not have Access Bank account, if you have an Access Bank account you don’t have to pay for any account opening and they will give you the form and fill. “It’s an instant form that you can fill and submit there immediately. Pls, go with a passport photograph, and your BVN number. I repeat, the form is free of charge. Don’t pay to anybody unless you want to open an Access Bank account, which is about N1,200 in other (sic) to make it fast. But if you have an account with access before its easy, they will link up your account with the form.” reserves, running into billions of naira, is a cause for optimism in the agricultural sector. This is more so as the single-digit interest rate of 9 percent on long-term credit of a minimum tenor of seven years will support stable agricultural investment and predictable increase in food production. The multiplier effect of this initiative at a time of a restructured and recapitalised Bank of Agriculture (BoA) will be a reduction in uncertainties and avoidable risks in agricultural investments, where farmers will enjoy wider latitude of access to loans from either commercial banks or BoA with less hassles.
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BusinessDay 21 Aug 2018

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