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  • World Trade Organization Appoints Ngozi Okonjo-Iweala As New Director-General

    World Trade Organization Appoints Ngozi Okonjo-Iweala As New Director-General

    Nigeria’s former Minister of Finance, Ngozi Okonjo-Iweala has been appointed the new chief of the World Trade Organization, becoming the first woman to ever lead the Switzerland-based institution and the first African citizen to take on the role.

     

    However, this is not the first time that Okonjo-Iweala makes history.

     

    Born in Nigeria, Okonjo-Iweala graduated from Harvard University in 1976 and then earned a PhD from MIT.

     

    She then became the first woman to take on the Nigerian finance ministry and the foreign ministry too. She was also the first female to run for the World Bank presidency, where she spent 25 years.

     

    In October, her WTO candidacy was supported by all geographic regions at the trade body apart from the United States, where the then-Trump administration said it would continue backing the Korean candidate.

     

    However, Okonjo-Iweala’s appointment was cleared when President Joe Biden announced a few days ago his support for the 66-year old.

     

    Her vision for the WTO

    The WTO is at a crossroads after many countries seemed to take a step back from long-standing norms governing international trade. In addition, its appellate body has been paralyzed for months after the U.S. — again, under the Trump administration — prevented the appointment of new judges therefore rendering it unable to rule on any trade disputes.

     

    “My vision is also of a rejuvenated and strengthened WTO that will be confident to tackle effectively ongoing issues,” Okonjo-Iweala told WTO members during a hearing in July.

     

    “It is clear that a rules-based system without a forum in which a breach of the rules can be effectively arbitrated loses credibility over time,” she said at the same hearing.

     

    Officials in the European Union and the United States have previously said the WTO needs to be reformed and its rules updated, but there is no consensus on how to do it.

     

    “The WTO appears paralyzed at a time when its rule book would greatly benefit from an update to 21st century issues such as ecommerce and the digital economy, the green and circular economies,” Okonjo-Iweala said.

     

    She is also likely to support female participation in global trade, having said that “greater efforts should be made to include women-owned enterprises in the formal sector.”

     

    Sleeping on the floor

    Okonjo-Iweala has said she can take hardship, having experienced Nigeria’s brutal civil war during her teenage years, during which her family reportedly lost all their savings.

     

    “I can take hardship. I can sleep on the cold floor anytime,” she told the BBC in an interview in 2012.

     

    When serving as Nigeria’s finance minister, kidnappers demanded Okonjo-Iweala resign after taking her mother hostage. She refused to comply and they ended up releasing her mother a few days later, the BBC reported.

     

    She has also been involved in the fight against the coronavirus pandemic, being the African Union’s special envoy on the matter. Okonjo-Iweala has been a board member of Gavi, the Vaccine Alliance — a public-private health partnership immunizing people in poorer countries.

  • Firm Launches Auto Spare Parts Platform

    Firm Launches Auto Spare Parts Platform

    This is good news for Nigerians as an auto firm, 234Parts.com, has introduced online platform for the automobile sector to connect spare parts buyers and sellers, dealers, auto workshops and car owners.

     

    According to Mr Godson Madu, Managing Director 234Parts.com, “the website – 234parts.com boasts of over 370,000 car parts listings with 28,000 unique products from over 6,000 spare parts dealers across major spare part markets in Ladipo, Tin Can, Ojuelegba in Lagos, Abuja, Kaduna, Kano and Port – Harcourt.

     

    In Mr Madu’s words, “234 Parts.com inventory ranges from auto parts, lubricants, batteries, tools, wheels and tyres”

     

    Mr Godson Madu  disclosed further that 234parts.com site is very  easy to navigate and has been designed to make the process of buying quality replacement of parts easy and convenient by providing multiple spare parts options and price comparism to owners, while also enhancing the product visibility of the spare part dealers” he stated.

     

    Corroborating him, Mrs Eniola Alli- Ayodele, Chief Marketing Officer added that  “234parts.com is the leading online platform for the automobile spare parts sector and has for almost two years, served as a connecting point for spare parts dealers, auto workshops and car owners.”

    Mr Godson Madu, Managing Director, 234Parts.com

    “From our research, with the influx of foreign used cars in Nigeria; usually over five years old at the time of their arrival, there is now a significant increase in maintenance visits from 4 times to 12 times annually. It has been recorded that each of those visits involves a parts replacement purchase. Consequently, the presence of substandard new spare parts increases as the manufacturers of these foreign used cars discontinue production of some of the car’s parts.

     

    “The need for genuine auto spare parts gave birth to 234Parts.com site” she said.

     

    According to Mrs Eniola Alli- Ayodele, “the current focus of 234parts.com platform is to hold the largest inventory of both used and new automotive spare parts in Nigeria, and increase access to the platform by using its rich data and insights to organize the fragmented spare parts industry.”

     

    In addition, “the business will in the coming months penetrate other major cities in the nation and onboard additional spare parts dealers after a rigorous verification process. This new development promises to create an opportunity for OEMs and genuine spare parts vendors to compete while also increasing the chances of car owners getting guaranteed parts.” she noted.

     

  • NIRSAL Facilitates N148bn Agric Financing, Investments

    NIRSAL Facilitates N148bn Agric Financing, Investments

    The Nigeria Incentive-Based Risk Sharing System for Agriculture Lending on Thursday announced that it had facilitated over N148bn in finance and investments for agriculture and agribusiness.

     

    Managing Director, NIRSAL, Aliyu Abdulhameed, told journalists in Abuja that the firm achieved the feat as of the fourth quarter of 2020.

     

    He noted that the agency aggregated over 3,000 agro geo-cooperatives with 500,000 farmers on nearly 800,000 hectares of land.

     

    “We enrolled 1.4 million persons onto innovative insurance products designed by NIRSAL in collaboration with a consortium of agricultural insurance underwriters,” Abdulhameed stated.

     

    He said NIRSAL was engaging with and supporting the Federal Ministry of Industry, Trade and Investment in the development of a policy on Secured Agricultural Commodity Transport and Storage Corridors.

     

    This, according to Abdulhameed, would curb the dismal levels of post-harvest losses in Nigeria and create efficient routes for commodity movement and storage.

     

    He said, “In the course of the last 13 months, we facilitated the flow of over N30bn into agricultural value chains from commercial banks and other sources.

     

    “Even though our operations suffered a stall during the lockdown of 2020, our technological depth gave us a pathway to return to work while remaining safe and socially-distanced.”

     

    He added, “As you know, it was important to continue, even increase, food and raw materials production as the pandemic bit harder.”

     

    Abdulhameed said NIRSAL had grown its balance sheet to N140bn, equity by 1,415 per cent and our total assets by 87 per cent.

     

    He said the number of farmers which the agency had worked with had also grown, especially as NIRSAL fully unveiled its agro geo-cooperative model in 2020.

  • Gbajabiamila Flags off FG’s Cash Grant Programme in Surulere

    Gbajabiamila Flags off FG’s Cash Grant Programme in Surulere

    The Speaker of the House of Representatives, Hon. Femi Gbajabiamila, has flagged off the federal government’s cash grant to about 1,800 beneficiaries in Surulere 1 Federal Constituency of Lagos State.

     

    The Speaker, who addressed the beneficiaries and other guests virtually at the Teslim Balogun Stadium, on Thursday, assured his constituents of more socio-economic programmes coming to them.

     

    He appealed to those who were not successful on the current batch of the cash grant not to despair, adding that all efforts would be made to ensure that they succeed next time.

     

    He said: “This is another programme for the upliftment of the people of Surulere; it’s a federal government cash grant to be given to about 1,800 of you. Each of you will be given N20,000 to assist in your trading and whatever business you are doing and to cushion the effects of the Covid-19 pandemic.

     

    “The federal government’s cash grant is a programme designed among other things, to reduce poverty across the country and cushion the impact of the Covid-19 pandemic. There will be many more programmes coming up in Surulere.

     

    ”So, we will continue to work hard for you from here in Abuja. If you look around everywhere in Surulere, there is one thing or the other going on in every ward. We will continue to do more. So, I wish you well and I wish this programme continues and you continue to observe the Covid-19 protocols -social distancing, using sanitisers; these are very important.”

  • Oyo Risks Losing $200m International Bank Development Fund

    Oyo Risks Losing $200m International Bank Development Fund

    By Adejuwon OSUNNUYI

     

    A non governmental organisation, Ibadan Ko ‘Ya Anti Corruption Coalition has expressed fear over the delay by the government in approving and releasing names of contractors to handle some world bank drainage projects in Ibadan, Oyo State.

     

    The fear came as the Oyo state government is lobbying the World Bank to undermine the procurement strategy and award the contracts to companies linked to the governor and his cronies in excess of #7 billion naira above the substantially responsive lowest bidders in the four lots.

     

    The group, in a statement signed by their coordinator and secretary,  Messrs Oladele Morufu  and  Joel  Adeoye respectively, is calling on well-meaning Nigerians, especially the people of Ibadan and Oyo State in general to prevail on the state government from further delaying the announcement and submission of names of qualified contractors to the World Bank, sponsoring the projects before it is too late.

     

    In the statement, it was said that “the government has refused to name the qualified contractors who participated in the bid advertised on August 6, 2020 and opened publicly on  Friday  October 2, 2020 to handle the project tagged, ” Ibadan Urban Flood Management Project”.

     

    Ibadan Ko ‘Ya in its statement disclosed the contractors who participated in the bid were more than 28 and from their quotations and bid prices alongside their bid security amount, it is clear and without ambiguity the companies who should be awarded the contracts.”

     

    “As stakeholders in Oyo State project and among  those who are interested in the development of the state, we are so concerned about the government of Engr. Seyi Makinde insistence on forcing his chosen contractors on World Bank.

     

    ” We gathered however that the delay from the government was not unconnected to greediness and the fact that the government is out to manipulate the outcome of the bid and the contract process, while imposing their own chosen contractors which is contrary to World Bank procedures and standard.”

     

    “Our fear is that there are already several petitions written to World Bank with respect to the manipulation of the process by the state government. This we can assure Nigerians may lead to the cancelation of the loan facility and make Oyo State and the communities to benefit from the flood management project the losers.”

     

    It was stated that the World bank had queried the Oyo State Government represented by Ibadan Urban Flood Management Project (IUFMP) on the proposed award of contracts for the Construction of 2nd Pool of Long Term Investments for Flood Control in Ibadan City of Oyo State Lot 1- 4 to unqualified contractors companies linked to the state government.

     

    It stated “the government’s role in the “corrupt contract award” poses a significant hidden risks for the release of $200 million dollars financing agreement.” It stated.

     

    The state government and the World bank are at loggerheads over the award and this could potentially lead to the bank cancelling the $200 million dollars development fund granted to Oyo state if the state government does not comply to the World Bank procurement strategies.

     

    The cancellation could ultimately have a negative impact on the lives of the oyo indigenes.

     

    In a telephone interview, the Chief Press Secretary to the governor, Mr Taiwo Adisa said he is not aware of the said project and would have nothing to say about it for now.

     

    Pressed further he said he would reach out to the journalist who called him on phone, but never did till the press time.

  • How Loans From Jumia Provided Direct Access To Big Companies, Facilitated Bulk Purchase, And Improved My Business Workforce – Jumoke Akinsanya

    How Loans From Jumia Provided Direct Access To Big Companies, Facilitated Bulk Purchase, And Improved My Business Workforce – Jumoke Akinsanya

    Jumia seller and owner of Deeski.com, Jumoke Akinsanaya has lauded the ecommerce lending platform for helping expand her business.

     

    Akinsanya who sells groceries and home essentials on Jumia said the platform has helped her company achieve a lot in the last five years.

     

    According to her, Jumia has opened up her business to a lot of opportunities, one of which is prompt collateral-free loans.

     

    “It has been really exciting five years selling on Jumia and with the help of Jumia, we have been able to achieve a lot of things. Jumia has given a lot of opportunities, but one I will like to talk about is the Jumia lending platform. It has helped us to grow in the past three years. And it’s a collateral-free loan, that’s the best part of it,” she stated.

     

    Speaking on how Jumia Lending has helped expand her business, Akinsaya said it provided an opportunity for direct access to big companies, facilitated bulk purchase, and improved her business workforce.

     

    In her words: “I have been using the Jumia Lending platform to grow my business. At the beginning, we were doing it in bits, and a few times we were able to process our orders when we got them. But with Jumia lending, we’ve been able to buy in bulk and now have access to companies to purchase directly from them and that has helped expand our store. When we started, we had 300 assortments, but now we have 900. I have been able to increase my workforce as well. We started with six staff and we are about twelve now. Right now, we are running online but we’ve been able to expand our store. We don’t have an open store; we prefer to run online with the help of Jumia lending platform.”

     

    She further explained that the loan application process is fast, straightforward and convenient.

     

    According to her, it takes less than 24 hours and the latest 48 hours to get the loan. “My first application was the quickest of it. I just saw the loan application popup that I was qualified to get a loan on Jumia. I did it on a Saturday, and by Monday morning I got a call, and before the close of business on Monday I got the loan. It made me excited because I was able to get stocks instantly. I have since applied for the loan about five times.

     

    “For me, it’s very simple once you are able to provide everything they want, you get the funds. You get your loan, you use the money to process your orders, and then Jumia pays you back. They take their loan and the job is done. And if you want to renew, just apply on the platform. I don’t think everyone selling on Jumia understands what it means to get the loan. For me, as long as you are getting the loan through the right channel and for the right purpose, it’s a good deal,” she said.

     

    Jumia Lending is a small business loan open to sellers on the Jumia platforms to help grow and expand their businesses.

  • FG Approves Bankers’ Committee Takeover of National Theatre, N21.89bn Renovation

    FG Approves Bankers’ Committee Takeover of National Theatre, N21.89bn Renovation

    The Federal Executive Council on Wednesday approved a Memorandum of Understanding between the Ministry of Information and Culture and the Central Bank of Nigeria as well as the Bankers’ Committee for the renovation of the National Theatre, Iganmu, Lagos.

     

    The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by President Muhammadu Buhari.

     

    Mohammed said the CBN and Bankers’ Committee were willing to invest N21.89bn to renovate the National Theatre complex.

     

    He said the MoU provided that they would run the facility for 21 years before returning it to the Federal Government.

     

    Describing the development as ‘a landmark approval’, the minister said it would pave the way for investment in the creative industry as part of the resolve of the present regime to create at least one million jobs in the industry in the next three years.

     

    Mohammed said, “The President had in 2020 given approval to the CBN and the Bankers’ Committee to develop, refurbish, renovate the National Theatre and at the same time take over the adjoining lands to create a veritable creative industry where there will be four hubs: one each for films, music, IT and fashion.

     

    “The memo today (Wednesday) was for the Federal Ministry of Information and Culture to enter into a Memorandum of Understanding for the refurbishment of the National Theatre.

     

    “The CBN and Bankers’ Committee are willing to invest N21.89bn to renovate, refurbish and commercialise (run it profitably) the National Theatre complex.

     

    “The MoU has a life span of 21 years after which it will revert to government. The important thing is that no job will be lost because after the National Theatre is renovated, a special purpose vehicle will be created to run it.

     

    “It cannot be business as usual; it will be a turning point in the creative industry in the sense that we are going to have a brand-new National Theatre, an event centre that will help in creating more jobs.”

     

    The minister added that the council approved N9.43bn for the completion of the Digital Switch Over, which had previously missed the deadline set for implementation.

     

    The Minister of Communication and Digital Economy, Isa Pantami, disclosed that the council approved about N8.9bn for a new National Information and Communication Technology Park in Abuja to coordinate public and private ICT hubs in the country.

     

    He said a 4,200 square-metre land had already been acquired for the establishment of the park.

     

    He said, “The wisdom behind the ICT Park is for it to be a centre where public and private ICT hubs are going to be coordinated by the Federal Government, where young innovators with crazy and disruptive ideas will be mentored and all what they need provided for.

     

    “We will provide enabling environment for them to utilise and come up with disruptive technologies.

     

    “This is the first of its kind in Nigeria. We have so many parks and hubs but they are regional. This one will be central and will be a centre of job creation for our teaming youths.

     

    “It will be a centre where technology will be developed and incubated. It will play a significant role in reducing unemployment.”

     

  • Emirates Airlines suspends flights from Nigeria

    Emirates Airlines suspends flights from Nigeria

    Emirates Airlines has suspended flights from Nigeria to Dubai for two weeks, until February 28 2021.

     

    It said travellers from both Abuja and Lagos would not be accepted for travel prior to the date, according to a statement issued by the airline on Wednesday.

     

    Also, the carrier warned that passengers who have been to or connected through Nigeria in the last 14 days would not be allowed entry into the United Arab Emirates (whether terminating in or connecting through Dubai).

     

    The statement read, “In line with government directives, passenger services from Nigeria (Lagos and Abuja) to Dubai are temporarily suspended until February 28 2021. Customers from both Abuja and Lagos will not be accepted for travel prior to or including this date.

     

    “Passengers who have been to or connected through Nigeria in the last 14 days are not allowed entry into the UAE (whether terminating in or connecting through Dubai).”

     

    Emirates noted that flights from Dubai to Lagos and Abuja would continue at the normal schedule as it urged travellers to contact the airline’s customer centre or their booking agent in terms of rescheduling.

  • Fuel Scarcity Looms As Marketers Disrupt Fuel Loading

    Fuel Scarcity Looms As Marketers Disrupt Fuel Loading

    Members of the Independent Petroleum Marketers Association of Nigeria on Wednesday disrupted loading of petroleum products at private depots in Apapa as well as Ibadan, Ejigbo and Mosimi depots belonging to the Nigerian National Petroleum Corporation.

     

    It was learnt that the marketers picketed the facilities to protest their inability to get products due to a new payment method introduced by the Petroleum Products Marketing Company, a subsidiary of the NNPC.

     

    The PUNCH reports that Chairman, IPMAN, Ore Depot, Mr Shina Amoo, confirmed the development in an interview in Ibadan on Wednesday.

     

    He said the members of the association blocked the depots with tankers to protest the new payment method.

     

    Amoo said independent marketers were angry because the new payment method, called ‘PPMC Customer Express’, was foisted on them suddenly and the NNPC expected compliance immediately without considering the business interests of many members of the association.

     

    He explained that with the new arrangement, major marketers and very few independent marketers with huge funds could pay for 200 trucks and load them while those who had paid for one or two trucks would be on queue for many months unattended to.

     

    He said, “They must return to the old way of payment, which is also an online payment through Remita. IPMAN members held a meeting last night and decided to block loading depots in Ibadan, Ejigbo, Mosimi and private depots in Apapa.

     

    “IPMAN members blocked the depots this morning with their trucks to protest the new payment method.”

     

    According to Amoo, the picketing will continue until the PPMC reverts to the previous payment method.

     

    He said, “The new payment requires various prerequisite documents like renewal of bulk purchase, renewal of licence and several other documents that are not readily available.

     

    “Within few days of this new payment method, some northern big marketers have used the situation to shortchange independent marketers in the South-West. With this, fuel scarcity is imminent.

     

    “PPMC Customer Express mode of payment was introduced without consideration for billions of naira worth of tickets which IPMAN members already tied down in NNPC system.”

     

    Amoo said the new payment method was introduced by the PPMC on February 4, adding that since then, no independent marketer had been able to load.

     

    The NNPC, which has been the sole importer of petrol into the country in recent years, is still being relied upon by marketers for the supply of the product despite the deregulation of the downstream petroleum sector.

     

    Private oil marketing companies have continued to lament that their inability to access foreign exchange at the official rates has hampered efforts to resume petrol importation.

     

  • Ecobank Allows Customers Transfer Money Through SMS, Whatsapp

    Ecobank Allows Customers Transfer Money Through SMS, Whatsapp

    Ecobank Nigeria has said its customers are now able to transfer funds by email, SMS and WhatsApp with the new features available on the bank’s mobile app.

     

    It said this in a statement on Wednesday titled ‘Ecobank Nigeria introduces money transfer Via SMS, WhatsApp’.

     

    The Head, Consumer Banking, Ecobank Nigeria, Olukorede Demola-Adenyi, said this was part of the bank’s innovation in digital banking, enabling customers perform their transactions conveniently.

     

    She said, “This opportunity could not have come at a better time when many people are self-isolating and keeping social distance due to the COVID-19.

     

    “We have the responsibility as a bank to continue to innovate for the benefits of our teeming customers.

     

    “We encourage our customers and others to utilise this new addition to our digital self-service solutions.

     

    “With this feature, a customer can transfer up to N50,000 without the beneficiary’s account number.”

     

    The transfer, Demola-Adenyi noted, could be initiated without the beneficiary providing an account number or deciding on which account to receive the funds into.

     

    “For us as a bank, this is super convenient for money transfer,” she added.

     

    Demola-Adeniyi said the process was simple and a beneficiary could redeem the money sent in three simple steps.

     

    She said called on those who were yet to download the Ecobank Mobile app to do so without delay because of the attendant benefits.

     

    She said, “The Ecobank mobile app allows you to enjoy our banking services instantly and conveniently on your mobile device.

     

    “The app provides you with an easy channel to manage your account and perform financial transactions in a simple and secured manner.”