Zenith Bank to Increase Loans to Power Sector

0 0
Read Time:1 Minute, 53 Second
Zenith Bank Plc has said it will increase loans to the firms that acquired the recently privatised power assets.
 
 
The bank’s loans to the power sector may rise to 10 per cent of its loan book by next year, up from 4.3 per cent in the third quarter and 1.3 per cent at the end of June, its Group Managing Director/Chief Executive Officer,  Mr. Godwin Emefiele, said in an interview with Bloomberg yesterday.
 
 
President Goodluck Jonathan last week handed over 14 power plants in September to buyers. The move is expected to end daily blackouts in country.
 
 
“Opportunities in power opened up and we took advantage of it,” Emefiele said.
“It is a very essential utility that we all need for our survival.”
 
 
The value of Zenith Bank’s loans to power companies was about N40 billion in the third quarter after the handover, Emefiele added.
 
 
Zenith Bank gave loans to companies including Eko Electricity Distribution Company and Ikeja Electricity Distribution Company both in Lagos state.
 
 
“As we review the companies and we see viable propositions, yes we will expand loans to the industry,” he said.
 
 
Zenith Bank’s nine-month net income rose 16 per cent from a year earlier to N68.9 billion with revenue advancing 12 per cent. The lender expects “steady growth” next year, with total loans rising 15 to 20 per cent, Emefiele declared.
 
 
The Central Bank of Nigeria, which has kept its key interest rate at a record high of 12 percent for two years to stabilise the naira and curb inflation, is unlikely to ease policy next year before elections in 2015, the Zenith Bank boss said.
 
 
The CBN Governor, Mallam Sanusi Lamido Sanusi, had warned in September of an increasing demand for dollars being used for political patronage before elections.
 
 
“There’s going to be a lot of spending and the central bank has a lot of work to do in controlling the spending so that it doesn’t spiral into interest rate effects too,” Emefiele said.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Dana May be Recertified to Resume Operations Next Week

0 0
Read Time:2 Minute, 27 Second
If all the conditions given by the Nigerian Civil Aviation Authority (NCAA) are met, Dana Air may be certified to resume operations next week.
THISDAY learnt that the audit of the airline’s aircraft has revealed the major problem with the fleet of MD 83 planes and these issues could be rectified and Dana could resume operations as soon as it is given a go-ahead by the regulatory body.
Inside source revealed that the engineers handling the engines of the aircraft had not been handling them effectively, which explained why the engines had not been performing as efficiently as they should.
 
This was identified by the NCAA audit team, which recommended that the engineers who handle the engines of the airplane should be changed and the airline agreed immediately. The airline is therefore urgently working to make the changes, which when completed, will see the aircraft flying after passing airworthiness test by the regulatory authority.
 
One of those handling the audit told THISDAY that after the tragic crash of last year, which killed 153 passengers on board, Dana took a decision to operate more safely by returning to base any time there is an incident with its aircraft while airborne.
“But this decision, which is technically sound but which will make the airline lose money, has been misinterpreted by the media. The media usually raises  the alarm whenever an airline makes such air return. The decision is to ensure that it operates safely but whenever it returns to base, it would lose fuel and since the passengers would not be taken to their destination, they would be refunded, but it will ensure that accidents do not happen.”
 
The source said the media frightened Nigerian passengers when they cast headlines such as: “150 Passengers Escape Death,” after a pilot had taken precautionary measures by aborting a flight.
He added that it would be tempting for a pilot to continue to fly a plane that had technical hitches because whenever he takes a sound decision, the media would blow it out of proportion.
 
The source, who is a senior technical official, also said IRS and Chanchangi had been stopped from operating because they had failed to meet the minimum regulatory requirement, which states that an airline should operate a minimum of two aircraft.
The audit of Nigerian airlines, which started with Dana Air is expected to examine the aircraft, maintenance culture, technical manpower and operational system of the airlines and if these areas meet the required standard the airline would be allowed to continue to operate, or would be asked to stop operation.
 
It was initially planned that a foreign audit team would work with NCAA but the team did not arrive early so the regulatory body had to undertake the audit with possible re-examination by the foreign audit team that may likely come from the US or Canada.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NIGERIA: Sterling Bank Launches Debit Cards

0 0
Read Time:1 Minute, 8 Second
Sterling Bank Plc has formalised its partnership with the Arsenal Football Club with the launch of co-branded debit cards for the use of millions of fans and card holders in Nigeria.
 
 
As part of the bank’s objective on satisfying the needs of its customers, a statement from Sterling Bank’s Group Head, Strategy and Communications, Shina Atilola, said the co-branded debit cards, (available in VISA and VERVE) was one of numerous benefits of the initial three-year partnership between the bank and Arsenal Football Club.
 
 
Speaking on the partnership, which was sealed in London, the Chief Executive Officer, Sterling Bank, Mr. Yemi Adeola, said the initiative underscored the bank’s strategic retail market focus while the Chief Executive Officer of Arsenal Football Club, Ivan Gazidis, highlighted the history of the Club.
 
 
“With the formal launch, Sterling Bank customers; especially the Arsenal fans and holders of the Sterling-Arsenal co-branded debit cards can now begin to enjoy access to club-related benefits and incentives to help them live their passions as well as more value-added privileges such as official merchandise and tickets to see the team in action at Emirates Stadium, youth coaching clinic for coaches on the auspices of Sterling Bank in Nigeria and lots more,” the statement added.
 

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

NOIPolls: South-east Region Has Highest Respondents on Safe Road Project

0 0
Read Time:2 Minute, 0 Second
NOIPolls has identified the people in the South-east region of the country as the highest respondents to its safety on Nigerian roads, poll which was conducted in May this year.
 
The poll result, which was obtained by THISDAY, revealed that the South-east region had the highest proportion of people that thought that Nigerian roads are unsafe. The organisation said not less than 82 per cent those who lived in this part of the country were of the opinion that Nigerian roads are unsafe.
 
This is followed by the South-south, which has 79 per cent. On the other hand, the North-central region of the country has the highest proportion of respondents who thought the roads are safe (18 per cent in total), followed by the North-west region (16 per cent in total).
 
According to the organisation, respondents were asked why they think Nigerian roads are safe or unsafe? Respondents who indicated that Nigerian roads are safe (13 per cent of the total) gave their opinions regarding why they thought Nigerian roads are safe. The most popular reason (62 per cent) given was that “FRSC is engaging in effective monitoring of the roads”, followed by 38 per cent who were of the opinion that “there are on-going construction and maintenance works on some roads and they are improving”.
 
NOIPolls had in its report published in THISDAY said about 7 in 10 Nigerians (71 per cent) are of the opinion that Nigerians roads are unsafe. Similarly, about 8 in 10 Nigerians (82 per cent) believe that bad roads, followed by reckless driving (73 per cent), are mainly responsible for the spate of accidents on Nigerian roads.
 
According to the poll result, Nigerians are of the opinion that the government can make the roads safer by fixing the bad roads and empowering relevant agencies such as the Federal Roads Safety Commission (FRSC) and the Vehicle Inspection Officers (VIO) to carry out their statutory roles and responsibilities effectively.
 
The poll was part of the organisation’s sensitisation campaign on safety on Nigerian roads as part of the activities meant to address the spate of road accidents during this period of the year regarded as the “ember months”. The period is characterised by reckless driving as many Nigerians rush to make brisk business ahead of the Yuletide.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Ex-cadets Back Maritime Sector Research to Boost the Economy

0 0
Read Time:2 Minute, 54 Second
Former cadets of the Maritime Academy of Nigeria (MAN), Oron, Akwa Ibom State, have said they would back research aimed at the sustainable development of the maritime sector of the Nigerian economy.
 
The ex-cadets, under the auspices of MAN, Oron, Alumni, Europe Chapter, said they would do everything possible to bring their knowledge and expertise to bear on the research and development of the sector.
 
The chapter, which comprises cadets that have graduated from MAN, Oron, Akwa Ibom State since the school was established over three decades ago, said the Nigerian maritime sector is in need of all the expertise at her disposal to provide the catalyst for her growth and development.
The former cadets expressed the desire to back research in the sector in a communiqué issued at the end of its international maritime summit, which took place recently in London, United Kingdom.
 
The summit, which attracted participants from Nigeria, Europe and Asia, provided a forum for experts in various streams of the maritime sector to conceptualise ideas and contribute knowledge towards the strategic growth of the Nigerian maritime sector.
 
Signed by the Chairman, (MAN), Oron, Alumni, Europe Chapter Chairman, Mr. Maurice Asuquo, the former cadets reiterated their commitment to research and technological development (RTD), which has been the foundation of growth and development in developed countries.
 
“We strongly recommend that members of the Alumni of MAN should be equipped to carry out further research on evolving maritime, oil and gas and other marine related subject areas. Many members of the Alumni are already actively involved in maritime research in various research institutes in the United Kingdom and across the world. We fully support government investment in research and a National Research Policy through an agreed national framework for maritime research and innovation to support development and reduce the acute shortage of relevant skills and expertise in the Nigerian maritime sector.
 
“We support the engagement between the maritime industry and maritime researchers as such partnership supports the growth and development of the Nigerian maritime sector. We welcome the idea of a national, comprehensive and inclusive policy between the Federal, State and Local Government structure aimed at formulating shared visions of future requirements and efficient information exchange for the development of the Nigerian maritime sector.
 
“We fully support the idea of an open door policy and engaging the community in frequent dialogue, building stakeholder relationships and providing the timely delivery of data and statistics required to make informed strategic decisions on the Nigerian maritime sector”, the communiqué added.
 
The former cadets, who are excelling in various parts of Europe, hailed Nigeria and Federal Ministry of Transport for their determination to improve the training standards of cadets in MAN, Oron and their willingness to provide training vessels for the cadets of the institution to undertake their mandatory sea training.
 
According to them, Nigeria needs a honest appraisal of her present maritime capacity and what is possible in the next decade considering the resources at her disposal.
 
As a result of the crucial need for best practices and expertise in the Nigerian maritime sector and in pursuance of the deliverables from the summit, the Alumni of the MAN wish to request the President of the Federal Republic of Nigeria and the Minister of Transport that the Alumni of Maritime Academy of Nigeria be considered for representation in the various Nigerian maritime decision-making bodies.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Maximising Shipping Potential with Human Capital Devt

0 0
Read Time:7 Minute, 41 Second
With increasing wealth and opportunities in the nation’s shipping industry, the Nigerian  Maritime Administration and Safety Agency (NIMASA), has evolved strategic measures to  develop both human and infrastructural capacity to position Nigerians for more  participation in the lucrative trade, reports Francis Ugwoke
 
With Nigeria’s oil background, the nation’s shipping industry is no doubt greatly endowed with huge potential. But the sad note is that few Nigerian companies are able to participate in the trade. 
Beyond oil is the population factor that helps to promote other shipping activities, including high volume of dry cargo imports. So far, Nigeria is regarded as the highest in terms of cargo and vessel traffic when the whole of West Africa is put together.
 
It is one record that has endeared the country to many multinational corporations which are investing massively in shipping trade. This is why the blackmail by some international agencies that the country has overtaken Somalia in piracy has failed to hold water. The current scenario is that the big time operators who deploy such facilities as Panama, modern container, tanker, RORO vessels, among others are foreign players who are reaping heavily from Nigeria’s shipping industry. 
 
The situation is even threatening as the multinational agencies are also into competition with local operators in provision of barges, tankers and other shipping facilities needed by oil firms for local operations. This is notwithstanding the cabotage shipping regime that reserves such local shipping services to indigenous firms as a way of encouraging their growth.
 
It is also without regard to the local content law that was introduced to promote participation and growth of indigenous firms. Although, the scenario of so much monopoly of foreign firms in the shipping industry is indeed bitter, the problem is traced to lack of indigenous capacity in fleet expansion and also in human capital.
 
Nigeria has been suffering such capacity since the demise of the Nigerian National Shipping Line (NNSL). With all the old ships belonging to NNSL auctioned, and former captains and other crew members gone their different ways, the nation’s shipping industry has been hit in many ways. With few ships, there have been few jobs for masters and other seafarers as well over the years.
 
It is this ugly trend that the Nigerian Maritime Administration and Safety Agency (NIMASA) is currently addressing. NIMASA’s statutory responsibility as an apex maritime institution is to promote indigenous shipping development in all areas, including boosting fleet expansion among local operators through the shipping fund and human capital development. 
 
Areas of Intervention
As part of capacity development, NIMASA has been involved in filling the infrastructural gaps in the sector by way of upgrading the Maritime Academy of Nigeria (MAN) to train as many seafarers as possible. On the agenda is to upgrade MAN to a degree awarding institution with affiliation to the World Maritime Academy Malmo, Sweden.
 
NIMASA is expected to fund MAN from its earning. In 2008, NIMASA conceived the Nigeria Seafarers Development Programme (NSDP), which is aimed at bridging the gap occasioned by the dearth of seafarers in the country. The agency has called on states to be part of the programme, with 15 showing interest.
 
The idea was to address the challenge posed by the demise of NNSL, which provided opportunities for training and retraining of seafarers. The NSDP programme was designed to train Nigerian youths in some of the best Maritime Training Institutions abroad up to degree level in Marine Engineering, Nautical Sciences and Naval Architecture.
 
Director General of NIMASA, Mr. Patrick Akpobolokemi, disclosed recently that to date, the programme, which started on a funding arrangement of 40:60 with the state governments, has evolved with NIMASA fully sponsoring some of the cadets. “With about 2,500 beneficiaries so far, the first set of graduates of this programme have already commenced sea time training which would lead to the award of certificates of competency”.
 
He said the agency’s target is to train up to 5,000 cadets by the year 2015 which target is certain to be achieved given the successes recorded so far. Areas of studies include nautical science, naval architecture and marine engineering. With such training, the professionals would be expected to close the capacity gaps in the country’s ship building value chain, ship manning, and navigation, among others. 
 
With oil and gas sector heading towards maximisation of the Nigerian content in the fabrication of oil and gas platforms and sundry marine engineering activities, Akpbolokemi said NIMASA believes that the products of the NSDP will provide requisite skills, for present and future companies in this regard.
 
“The Nigerian Seafarers Development Programme is a demonstration of our clear understanding that investments in the development of maritime human capacity, is our surest path to Nigerian maritime sector growth. Without isolating same from our strategic efforts to enhance the capacity of Nigerian ship-operators to acquire more vessels, we shall not be distracted in our attempt to turn the attention of the global maritime business community to Nigeria for the employment of qualified mariners by the year 2020”, he added.
 
More Maritime Institutions
Apart from MAN, Oron, NIMASA plans to build the first of its kind Maritime University in Okerenkoko, Delta State. The university is expected to commence academic programmes next year and will boost the production of maritime professionals for the sector. 
The DG disclosed recently that a Science and Technical College is also being built in Okoloba to serve as a demonstration school for the Maritime University. The agency has also established Institutes of Maritime Studies in four Nigerian universities; University of Lagos, University of Nigeria, Nsukka, Niger Delta University Amasoma, Bayelsa State and Ibrahim Badamasi Babangida University Lapai, Niger State.
 
The idea, according to him, is for the institutes to contribute to the production of high quality future global maritime leaders and professionals through quality maritime education, training and research. 
 
Economic Gains of Capacity Devt
The gains of having a fully developed human capacity in any shipping nation cannot be over-emphasised. It will create thousands of jobs for seafarers as well as a major foreign exchange earner for the national economy. With trained manpower, Nigeria will have enough professionals to drive the cabotage regime.
 
Apart from this, such Nigerians will be in a position to travel outside to any part of the world to work on board ships and earn foreign exchange for the country. The Philippines are known for recording huge earnings from seafaring jobs across the globe. According to NIMASA’s DG, with the Cabotage and Local Content laws in force, Nigerians will be able to take over critical aspects of the shipping and logistic trade, only if the country has the right human resource.
 
He added, “It has been argued that Nigeria loses an estimated $3billion annually to foreign seafarers. If you add the remuneration of other foreigners in the shipping and logistics chain, we would probably be talking of losing about double this amount. The implication of retaining about $6 billion in the country annually cannot be underestimated. The standard of living will improve considerably the attendant vices occasioned with unemployment. This can only happen if we have the right professionals to do the job.
 
“Besides, a lot of foreign income can also be earned from seafarers working on foreign flagged vessels. The Asian tigers are a good case in point. Reports have it that out of the over $16 billion remittances into the Philippines by the Overseas Filipino Worker (OFN), over $7 billion is generated by Filipino seafarers. If the Nigerian seafarer working overseas can attract this much into Nigeria, it will have a positive impact on the nation’s real GDP.
 
“The Philippines have not been able to achieve this feat using one maritime academy or pockets of sponsorships abroad. The Philippines have an educational infrastructure of about 90 maritime schools graduating an estimated number of 40,000 seafarers annually. This explains why 20 per cent of global seafarers are from Philippines; translating to about one in every 5 seafarers aboard a vessel being a Filipino.
 
Akpobolokemi noted that the Philippines do not own the most ships but work aboard the most vessels, adding that this can be replicated in Nigeria as well. “If we have all the vessels and do not have the requisite capacity to man them, the sector will still suffer. It is therefore instructive to have the people who will manage our fleet and the sector professionally for the benefit of the country as a first step”, he said.
 
Infrastructural Capacity
In a bid to promote infrastructural capacity, NIMASA has attracted investors who are currently building a ship-yard and dock yard along the Escravos channel in Delta State. The agency is also looking for investors to venture into the areas of ship scrapping and recycling. Akpobolokemi described this business as very lucrative; beyond 2015 when single hull vessels are expected to be phased out.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

GTBank to Float $500m Eurobond

0 0
Read Time:1 Minute, 50 Second
In order to take advantage of the favourable global market conditions, Guaranty Trust Bank Plc (GTBank) has concluded plans to issue a new five-year $500 million Eurobond.
 
This emerged just as Access Bank Plc disclosed that it recently raised $100 million in seven-year international bilateral debt priced below its Eurobond yield of 7.25 percent.
 
The proposed fixed income instrument by GTBank will be the bank’s third external issuance since 2007.
A report obtained by THISDAY indicated the proceeds from the Eurobond would be used to finance the power sector and potentially oil and gas and other infrastructure projects as well as the bank’s expansion into sub-Saharan Africa.
 
Commenting on the development, the Emerging Markets Strategist at Standard Bank, Mr. Samir Gadio, put the fair value of the proposed instrument at about six per cent.
 
“Interestingly, the bank has another outstanding Eurobond due in 2016 ($500 million) which currently trades at 4.85 per cent, the equivalent of a spread over UST of 431 basis.
 
“GTB is coming back to global capital markets amid a broadly constructive risk tone, as illustrated by relatively contained US Treasury rates (despite a small pick-up in recent days) and on the back of a rally in emerging market Eurobonds in October. With the Fed now unlikely to start tapering its quantitative easing programme until March 2014, there is a clear incentive for emerging market issuers to lock in low Eurobond rates,” Gadio added.
 
Shedding more light on the $100 million it raised, the Group Managing Director/Chief Executive Officer, Access Bank, Mr. Aigboje Aig-Imokhuede, said the fund would bolster the bank’s bolster capital base.
The Access Bank boss who revealed this in a chat with Reuters said the tier II debt would help to increase the bank's capital adequacy ratio to 20 per cent by year-end, up from 18 percent as at its nine-month period to September.
 
The bank would not need to issue any equity, he added.
Aig-Imokhuede will retire as chief executive of the bank at the end of the year.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Union Bank Records N70 Billion Q3 Earnings

0 0
Read Time:2 Minute, 3 Second
The confidence of customers and investors in Union Bank of Nigeria Plc seems to have been renewed given its improved financial performance for the nine months ended September 30, 2013.
According to the unaudited results, Union Bank of Nigeria Plc recorded gross earnings of N70.2 billion in 2013 as against N69.9 billion in the corresponding period of 2012.
 
Profit before tax for the bank for the period was N11.7 billion, while the group recorded profit before tax of N6.8 billion. Profit after tax was N12.4 billion for the bank and N7.6 billion for the group.
Customers' deposits, which show the level of customers’ confidence rose from N522billion to N536 billion. Further analysis of the bank’s results showed that loans and advances stood at N180.6 billion, up by 32 per cent from N137 billion in 2012.
The bank’s shareholders’ funds stood at N188.2 billion compared to N171.7 billion in 2012.
 
Speaking on the results, Chief Financial Officer of the bank, Oyinkan Adewale, said the bank fully absorbed the impact of exposures to discount houses and from non-banking subsidiaries, amounting to N4.075 billion in the review period.
"Union Bank’s core performance remains stable, and cost and efficiency initiatives will continue to support our profits, and fund our future investments in people, systems and infrastructure. One-off losses notwithstanding, the Union Bank Group stayed on course,” she said.
 
Also commenting, the Chief Executive Officer of Union Bank, Mr. Emeka Emuwa, said: “In the 3rd Quarter we continued to grow our core banking business, whilst transforming Union Bank into an institution with improved customer service, as the basis for our increased long-term profitability.
 
“As part of our core banking strategy and as announced, we are executing the divestment of our non-banking subsidiaries. While we improved the quality of the earnings from our core banking activities, Union Bank’s third quarter results were negatively impacted by the non-banking subsidiaries, particularly by losses in one of the subsidiaries and the effects of the recent developments in the discount house sector.
 
“As we develop our long-term strategy and optimise our cost structure, we will continue to reinvest our resources in our people, service delivery and infrastructure to attain our goal of becoming a leading institution in the Nigerian banking community.”

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

Nigeria Absent, as FAO Boosts Agric in African Savannah Regions

0 0
Read Time:3 Minute, 31 Second
Nigeria was conspicuously absent as the Food and Agriculture Organisation (FAO) conferred with African nations with significant Sahel Savannah landmass, on how to boost agriculture in these regions, despite their severe ecological challenge.
 
The Sahel is the eco-climatic and bio-geographic zone of transition, in Africa, between the Sahara desert to the north and the Sudan Savanna to the south. Having a semi-arid climate, it stretches across the southernmost extent of Northern Africa between the Atlantic Ocean and the Red Sea.
 
The Sahel covers parts of (from west to east) the Gambia, Senegal, southern Mauritania, central Mali, Burkina Faso, southern Algeria and Niger, northern Nigeria and Cameroun, central Chad, southern Sudan, northern South Sudan and Eritrea.
While nations like Burkina Faso, Chad, Mali, Mauritania, Niger and Senegal took advantage of the opportunity provided by the FAO initiative to chart new courses for their nations’ agriculture, Nigeria, with significant Sahel land mass, was absent from the meeting.
 
THISDAY could not confirm however, whether Nigeria’s noticeable absence from the forum was as a result of negligence on the part of the federal ministry of agriculture or neglect by FAO; an organisation with which the federal government of Nigeria is actively involved.
 
At the meeting, sound water management was said to be the key to building resilience in Africa's Sahel and can free rural communities from the vicious cycle of weather-related food security crises that have plagued the region over recent years.
 
According to FAO, with both drought and flooding posing recurring challenges to the livelihoods of farmers and pastoralists, “water is often a problem in the Sahel, whether too much or too little. And the poorest and most vulnerable are the most affected.”
 
Owing to its often harsh agro-climatic and environmental conditions, the Sahel is one of the most vulnerable regions of the world. Still, agriculture is the most important economic activity in the Sahel.
 
Local economies and livelihoods in the Sahelian countries depend heavily on soil, water and vegetation, but the state of these resources has been steadily deteriorating as a result of expanding human settlement, erosion and demand for food, fodder, fuel-wood and water.  Yet agriculture in the region – put on a path to resilience – holds great potential, FAO Director General, Graziano da Silva argued.
 
While the Sahel is characterised by low and erratic annual precipitation, with irregular short rainy seasons, its renewable water resources put regional supplies above the standard water scarcity limit of 1,000 m3/yr per capita. Indeed, with the notable exception of Burkina Faso, there is no aggregate physical water scarcity in the Sahel.
 
"The region's agriculture potential, when properly mobilised, could easily go beyond local sales and serve regional and even international markets," said Graziano da Silva.
But to unlock this potential, more effective, sustainable and integrated management of water resources for agricultural productivity and rural development is necessary.
 
The FAO chief urged governments, development partners, academia, civil society and private sector participants at the Dakar meeting to be creative and uncompromising in their search for solutions.
 
“We have the tools to transform the vulnerable communities of the Sahel into much stronger and more resilient communities, and we cannot wait anymore for the next drought or the next flood,” he said.
 
Investments in small-scale water harvesting and water storage have a tremendous impact on rural families, he said. Flexible irrigation systems giving farmers better control over water can significantly enhance their incomes.
 
At the same time, more investment in medium to large-scale irrigation systems through effective partnerships between public and private sectors is needed, according to Graziano da Silva.
 
The event in Dakar was second of two back-to-back high-level meetings on boosting rural resilience in the Sahel organised by the World Bank, the Comité permanent Inter-Etats de Lutte contre la Sécheresse dans le Sahel (CILSS) and the governments of Mauritania and Senegal, with the participation also of the West African Economic and Monetary Union (UEMOA) and the Economic Community Of West African States (ECOWAS).

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %

New Firm to Provide Technical Services in NESI

0 0
Read Time:3 Minute, 11 Second
The newly-created Electricity Management Services Limited (EMSL) has said that it was not created to take up any regulatory role in Nigeria’s emerging electricity market but to provide the much-needed technical support services for improved power production and supply in the Nigerian Electricity Supply Industry (NESI).
The firm said its creation was in sync with extant provisions in the Electric Power Sector Reforms (EPSR) Act 2005, which gives bearing to ongoing reform programme in Nigeria’s electricity sector.
 
Managing Director of EMSL, Peter Ewesor, told journalists in Abuja that the new firm, which was recently inaugurated by Minister of Power, Prof. Chinedu Nebo, has been established to take over the responsibilities of some non-core operational and subsidiary assets of the defunct Power Holding Company of Nigeria (PHCN) with the mandate to provide ancillary and support services to the electricity generation, transmission and distribution segments of the electricity market.
Ewesor explained that the EMSL was a successor company created from the unbundling of PHCN, adding that apart from the six generation, one transmission and 11 distribution companies that have now been privatised, the Nigerian Bulk Electricity Trading Company (NBET), Nigerian Electricity Liabilities Management Company (NELMCO) and National Power Training Institute of Nigeria (NAPTIN) made up the remaining that had been established by law.
 
He noted that the EMSL will to provide services such as sustained technical inspection, testing and certification of all electrical materials and equipment used in the sector to ensure stability of the power system to deliver reliable power to Nigerians, while at the same time ensuring safety of life and power assets in the NESI.
“The importance of inspections, testing and certification of all electrical materials and equipment, power projects like power plants, transmission/sub transmission lines, substations and switchyards as well as distribution networks and electrical installations before putting them into use cannot be over emphasised.
 
Electrical Inspectorate Services Department (EISD) of the ministry of power has been executing these functions in the past 50 years before EPSR Act 2005. The EISD has continued to shadow perform these functions to date with challenges resulting in huge technical gap,” he said.
Ewesor further stated: “Recognising the imminent danger this technical gap poses to the emerging private sector-led power industry, the federal government had to transfer these functions to EMSL.”
Drawing comparison from some country’s with established electricity market, Ewesor explained: “Like in other parts of the world where technical compliance ensures systems stability, the EMSL is set up as multi-disciplinary technical and professional agency of the government to perform common services and statutory functions in NESI.”
 
He noted that there were countries with similar practice pointing out  that Ghana, which has the Energy Commission of Ghana with a technical function and another Public Utilities Regulatory Commission, which takes charge of commercial functions.
Also, the United Kingdom with its Department of Energy and Climate Change, Electricity Safety Council and National Measurement Office as well as India with its Central Electricity Authority and Chief Electrical Inspectorate which according to him remains under the Indian ministry of power.
 
“The Nigerian Electricity Regulatory Commission (NERC) developed the metering code which empowers EMSL and recognises its functions through the National Meter Test Stations (MTS) as specified in the part two and three of the Grid Metering Code and Distribution Metering Code respectively.
EMSL is synonymous to what obtains in other parts of the world. Technical regulation is a very important aspect of managing growth of the electricity industry in any nation; it requires the services of highly professional engineers with specialised technical skills and experience to deal with the functions of technical standards, inspection, testing and certification of equipment along the value chain,” Ewesor added.
 

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %