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  •  The Minister of State for Mines and Steel Development Sen Gbemisola Saraki says the vision of the ministry is to make the mining sector attractive to foreign investors Saraki said this on Wednesday in Abuja at the Nigerian Society of Mining Engineers 21st Annual General Meeting The News Agency of Nigeria reports that the theme of the meeting was Sustainable Mining in Nigeria Prospects and Challenges According to the minister the theme is appropriate at a time when sustainable mining practice is a challenge in the country She said that the ministry was working to transform the Nigeria Minerals and Metals sector into an irresistible mining destination for global capital attracting foreign direct investments to grow the sector to optimum level Our confidence on the realisation of the above vision is predicated on Nigeria s position as one of the largest economy in Africa With a Gross Domestic Product GDP of 514 05 dollars a population of over 213 million people over 57 per cent economically active population is endowed with over 44 different minerals resources in commercial quantities she said She said that the Federal Government strategic policy direction on mining focused on the some key priority areas like Streamlining application processes and significantly increasing private sector investment in mining Ensuring orderly and efficient mining of the seven priority minerals in the mining roadmap Coal Bitumen Limestone Iron Ore Barites Gold and Ore and now Lithium Strengthening collaboration with State Governments and relevant security agencies to ensure sustainable security and safety of mining areas Introducing incentives to improve the investment climate for mining activities stamping out illegal mining and formalising artisanal and small scale mining activities across the country Collaboration with the private sector to create a large number of well paying jobs for Nigerian youths she said Saraki said that the expectation of President Muhammadu Buhari from the ministry included diversification of the economy with a target of five per cent contribution to GDP creating an industry worth 27 billion dollars There is also expectation of job creation with a target of additional new five million jobs undustrialisation of Nigerian economy with the mineral sector as a major input raw material she said According to her the ministry is also expected to achieve export of value added minerals and poverty reduction and wealth creation According to her the expectations have made the ministry to pursue some critical initiatives for the promotion of mining activities in Nigeria She listed the initiatives as bitumen block auctioning barite mining and processing and bulk mineral haulage and mineral buying centre operations in Nigeria She said that there was the need for strict observance of all necessary procedures to protect the miner host community and the environment while harnessing the resources beneath the earth As members of the global mining community we must put in place necessary framework in line with international best practice to promote sustainable mining in Nigeria There are referenced standards acceptable globally like the Environment Social and Governance ESG which focuses on people process and product Other referenced global framework like Responsible Gold Mining principles RGMP articulated by the World Gold Council for responsible gold sourcing should be domesticated The available record of about 1 700 abandoned mine sites as at 2020 with more than 700 in Plateau alone speaks volume about sustainable mining in Nigeria she said NewsSourceCredit NAN
    Govt working to make Nigeria irresistible mining destination — minister
     The Minister of State for Mines and Steel Development Sen Gbemisola Saraki says the vision of the ministry is to make the mining sector attractive to foreign investors Saraki said this on Wednesday in Abuja at the Nigerian Society of Mining Engineers 21st Annual General Meeting The News Agency of Nigeria reports that the theme of the meeting was Sustainable Mining in Nigeria Prospects and Challenges According to the minister the theme is appropriate at a time when sustainable mining practice is a challenge in the country She said that the ministry was working to transform the Nigeria Minerals and Metals sector into an irresistible mining destination for global capital attracting foreign direct investments to grow the sector to optimum level Our confidence on the realisation of the above vision is predicated on Nigeria s position as one of the largest economy in Africa With a Gross Domestic Product GDP of 514 05 dollars a population of over 213 million people over 57 per cent economically active population is endowed with over 44 different minerals resources in commercial quantities she said She said that the Federal Government strategic policy direction on mining focused on the some key priority areas like Streamlining application processes and significantly increasing private sector investment in mining Ensuring orderly and efficient mining of the seven priority minerals in the mining roadmap Coal Bitumen Limestone Iron Ore Barites Gold and Ore and now Lithium Strengthening collaboration with State Governments and relevant security agencies to ensure sustainable security and safety of mining areas Introducing incentives to improve the investment climate for mining activities stamping out illegal mining and formalising artisanal and small scale mining activities across the country Collaboration with the private sector to create a large number of well paying jobs for Nigerian youths she said Saraki said that the expectation of President Muhammadu Buhari from the ministry included diversification of the economy with a target of five per cent contribution to GDP creating an industry worth 27 billion dollars There is also expectation of job creation with a target of additional new five million jobs undustrialisation of Nigerian economy with the mineral sector as a major input raw material she said According to her the ministry is also expected to achieve export of value added minerals and poverty reduction and wealth creation According to her the expectations have made the ministry to pursue some critical initiatives for the promotion of mining activities in Nigeria She listed the initiatives as bitumen block auctioning barite mining and processing and bulk mineral haulage and mineral buying centre operations in Nigeria She said that there was the need for strict observance of all necessary procedures to protect the miner host community and the environment while harnessing the resources beneath the earth As members of the global mining community we must put in place necessary framework in line with international best practice to promote sustainable mining in Nigeria There are referenced standards acceptable globally like the Environment Social and Governance ESG which focuses on people process and product Other referenced global framework like Responsible Gold Mining principles RGMP articulated by the World Gold Council for responsible gold sourcing should be domesticated The available record of about 1 700 abandoned mine sites as at 2020 with more than 700 in Plateau alone speaks volume about sustainable mining in Nigeria she said NewsSourceCredit NAN
    Govt working to make Nigeria irresistible mining destination — minister
    Economy2 months ago

    Govt working to make Nigeria irresistible mining destination — minister

    The Minister of State for Mines and Steel Development, Sen. Gbemisola Saraki, says the vision of the ministry is to make the mining sector attractive to foreign investors.

    Saraki said this on Wednesday in Abuja, at the Nigerian Society of Mining Engineers 21st Annual General Meeting.

    The News Agency of Nigeria reports that the theme of the meeting was “Sustainable Mining in Nigeria: Prospects and Challenges”.

    According to the minister, the theme is appropriate at a time when sustainable mining practice is a challenge in the country.

    She said that the ministry was working to transform the Nigeria Minerals and Metals sector into an irresistible mining destination for global capital, attracting foreign direct investments to grow the sector to optimum level.

    “Our confidence on the realisation of the above vision is predicated on Nigeria’s position as one of the largest economy in Africa.

    “With a Gross Domestic Product (GDP) of 514.05 dollars, a population of over 213 million people, over 57 per cent economically active population is endowed with over 44 different minerals resources in commercial quantities,” she said.

    She said that the Federal Government strategic policy direction on mining, focused on the some key priority areas, like: “Streamlining application processes and significantly increasing private sector investment in mining, “Ensuring orderly and efficient mining of the seven priority minerals in the mining roadmap (Coal, Bitumen, Limestone, Iron Ore, Barites, Gold and Ore and now Lithium) “Strengthening collaboration with State Governments and relevant security agencies to ensure sustainable security and safety of mining areas.

    “Introducing incentives to improve the investment climate for mining activities, stamping out illegal mining and formalising artisanal and small-scale mining activities across the country.

    “Collaboration with the private sector to create a large number of well-paying jobs for Nigerian youths,” she said.

    Saraki said that the expectation of President Muhammadu Buhari from the ministry included diversification of the economy with a target of five per cent contribution to GDP, creating an industry worth 27 billion dollars.

    “There is also expectation of job creation with a target of additional new five million jobs, undustrialisation of Nigerian economy with the mineral sector as a major input raw material,” she said.

    According to her, the ministry is also expected to achieve export of value added minerals, and poverty reduction and wealth creation.

    According to her, the expectations have made the ministry to pursue some critical initiatives for the promotion of mining activities in Nigeria.

    She listed the initiatives as bitumen block auctioning, barite mining and processing and bulk mineral haulage and mineral buying centre operations in Nigeria.

    She said that there was the need for strict observance of all necessary procedures to protect the miner, host community and the environment while harnessing the resources beneath the earth.

    “As members of the global mining community, we must put in place necessary framework in line with international best practice to promote sustainable mining in Nigeria.

    “There are referenced standards acceptable globally like the Environment, Social and Governance (ESG) which focuses on people, process and product.

    “Other referenced global framework like Responsible Gold Mining principles (RGMP) articulated by the World Gold Council for responsible gold sourcing should be domesticated.

    “The available record of about 1,700 abandoned mine sites as at 2020 with more than 700 in Plateau alone speaks volume about sustainable mining in Nigeria,” she said.


    NewsSourceCredit: NAN

  •  Dr Sa ad Abdullahi the Ag Dean Faculty of Pharmaceutical Sciences University of Ilorin Unilorin has called for an increase in budgetary allocation for education and healthcare in line with best global goals Abdullahi made the appeal on Thursday in Ilorin while fielding questions from the News Agency of Nigeria on the 2023 Budget proposal submitted to the National Assembly NASS by President Muhammadu Buhari Buhari had presented N20 51 trillion for the 2023 fiscal year for consideration by the chambers of the NASS He told the News Agency of Nigeria that the proposed Revenue and Expenditure estimates of N9 73 trillion and N20 51 trillion respectively are the largest nominally in Nigeria s history According to him this results in the highest fiscal deficit the difference between Revenue and Expenditure of N10 78 trillion witnessed since 1999 when the country s current democratic dispensation began It also represents 4 78 percent of the Gross Domestic Product GDP The Expenditure budgeted sum of N20 51 trillion is a 19 8 percent increase when compared to the N17 13 trillion of 2022 plus the supplementary budget he said Abdullahi explained that out of the total revenue of N9 73 trillion set aside to fund the budget for the year approximately the same amounts of N1 08 trillion and N1 09 trillion were budgeted for education and health respectively compared to N1 24 trillion that was budgeted for defense The N1 08 trillion earmarked for the education sector crossed the N1 trillion mark for the first time but only accounted for 5 3 percent of the total budget allocation for the year This is significantly lower than the United Nations Education Scientific and Cultural Organisation s benchmark for the funding of the educational sector The international benchmarks recommend allocating 15 to 20 percent of public expenditure to education and 4 6 percent of Gross Domestic Product GDP One out of five out of school children in the world is a Nigerian and both individuals and the country will benefit from investment in education Unfortunately the country s education budget has been declining for years he noted The don also observed that the most recent was a mere 5 6 percent of the 2021 budget much below the recommended benchmark He pointed out that at the Global Education Summit in London in July 2021 the president promised that he would increase the budget for education by 50 percent between 2022 to 14 percent and 2023 to 16 7 percent Mr President also said education expenditure would be increased by up to 100 percent by 2024 to 20 and 2025 to 22 5 beyond the 20 percent global benchmark While it was agreed that the 2021 budget was the worse in 10 years after 2011 that of 2022 also recorded a sad recurring decimal he lamented He asserted that in the face of a 50 percent increase 8 4 percent was expected which is an equivalent of N1 14 trillion Besides Ahmed observed that unfortunately it was approximately N0 92 trillion out of the total budget of N17 13 trillion which is 5 4 percent He added that going by the 2023 budget for education it seemed the president has forgotten he made a commitment in 2021 to increase education funding by 50 percent over the next two years He observed also that compared with the second largest African economy after Nigeria shows that South Africa is to spend 20 4 percent of its total consolidated government expenditure on education which is very commendable for a nation with a population of approximately 62 million people versus 200 million people in Nigeria Education is no doubt at the heart of the world s 2030 Agenda for Sustainable Development Not only is it a stand alone goal Goal 4 it is also a target contributing to other Sustainable Development Goals SDGs on health and well being Goal 3 decent work and economic growth Goal 8 responsible consumption and production Goal 12 and climate change mitigation Dr Sa ad Abdullahi Ag Dean of Faculty of Pharmaceutical Sciences of the University of Ilorin NewsSourceCredit NAN
    2023 Budget: Don canvasses increase funding for education, health
     Dr Sa ad Abdullahi the Ag Dean Faculty of Pharmaceutical Sciences University of Ilorin Unilorin has called for an increase in budgetary allocation for education and healthcare in line with best global goals Abdullahi made the appeal on Thursday in Ilorin while fielding questions from the News Agency of Nigeria on the 2023 Budget proposal submitted to the National Assembly NASS by President Muhammadu Buhari Buhari had presented N20 51 trillion for the 2023 fiscal year for consideration by the chambers of the NASS He told the News Agency of Nigeria that the proposed Revenue and Expenditure estimates of N9 73 trillion and N20 51 trillion respectively are the largest nominally in Nigeria s history According to him this results in the highest fiscal deficit the difference between Revenue and Expenditure of N10 78 trillion witnessed since 1999 when the country s current democratic dispensation began It also represents 4 78 percent of the Gross Domestic Product GDP The Expenditure budgeted sum of N20 51 trillion is a 19 8 percent increase when compared to the N17 13 trillion of 2022 plus the supplementary budget he said Abdullahi explained that out of the total revenue of N9 73 trillion set aside to fund the budget for the year approximately the same amounts of N1 08 trillion and N1 09 trillion were budgeted for education and health respectively compared to N1 24 trillion that was budgeted for defense The N1 08 trillion earmarked for the education sector crossed the N1 trillion mark for the first time but only accounted for 5 3 percent of the total budget allocation for the year This is significantly lower than the United Nations Education Scientific and Cultural Organisation s benchmark for the funding of the educational sector The international benchmarks recommend allocating 15 to 20 percent of public expenditure to education and 4 6 percent of Gross Domestic Product GDP One out of five out of school children in the world is a Nigerian and both individuals and the country will benefit from investment in education Unfortunately the country s education budget has been declining for years he noted The don also observed that the most recent was a mere 5 6 percent of the 2021 budget much below the recommended benchmark He pointed out that at the Global Education Summit in London in July 2021 the president promised that he would increase the budget for education by 50 percent between 2022 to 14 percent and 2023 to 16 7 percent Mr President also said education expenditure would be increased by up to 100 percent by 2024 to 20 and 2025 to 22 5 beyond the 20 percent global benchmark While it was agreed that the 2021 budget was the worse in 10 years after 2011 that of 2022 also recorded a sad recurring decimal he lamented He asserted that in the face of a 50 percent increase 8 4 percent was expected which is an equivalent of N1 14 trillion Besides Ahmed observed that unfortunately it was approximately N0 92 trillion out of the total budget of N17 13 trillion which is 5 4 percent He added that going by the 2023 budget for education it seemed the president has forgotten he made a commitment in 2021 to increase education funding by 50 percent over the next two years He observed also that compared with the second largest African economy after Nigeria shows that South Africa is to spend 20 4 percent of its total consolidated government expenditure on education which is very commendable for a nation with a population of approximately 62 million people versus 200 million people in Nigeria Education is no doubt at the heart of the world s 2030 Agenda for Sustainable Development Not only is it a stand alone goal Goal 4 it is also a target contributing to other Sustainable Development Goals SDGs on health and well being Goal 3 decent work and economic growth Goal 8 responsible consumption and production Goal 12 and climate change mitigation Dr Sa ad Abdullahi Ag Dean of Faculty of Pharmaceutical Sciences of the University of Ilorin NewsSourceCredit NAN
    2023 Budget: Don canvasses increase funding for education, health
    General news2 months ago

    2023 Budget: Don canvasses increase funding for education, health

    Dr Sa’ad Abdullahi, the, Ag. Dean, Faculty of Pharmaceutical Sciences, University of Ilorin (Unilorin) has called for an increase in budgetary allocation for education and healthcare in line with best global goals.Abdullahi made the appeal on Thursday in Ilorin while fielding questions from the News Agency of Nigeria on the 2023 Budget proposal submitted to the National Assembly (NASS) by President Muhammadu Buhari.Buhari had presented N20.51 trillion for the 2023 fiscal year for consideration by the chambers of the NASS.He told the News Agency of Nigeria that the proposed Revenue and Expenditure estimates of N9.73 trillion and N20.51 trillion, respectively, are the largest (nominally) in Nigeria’s history.According to him, this results in the highest fiscal deficit (the difference between Revenue and Expenditure) of N10.78 trillion witnessed since 1999, when the country’s current democratic dispensation began.“It also represents 4.78 percent of the Gross Domestic Product (GDP).The Expenditure budgeted sum of N20.51 trillion is a 19.8 percent increase when compared to the N17.13 trillion of 2022 plus the supplementary budget,” he said.Abdullahi explained that out of the total revenue of N9.73 trillion set aside to fund the budget for the year, approximately the same amounts of N1.08 trillion and N1.09 trillion were budgeted for education and health, respectively, compared to N1.24 trillion that was budgeted for defense.“The N1.08 trillion earmarked for the education sector crossed the N1 trillion mark for the first time, but only accounted for 5.3 percent of the total budget allocation for the year.“This is significantly lower than the United Nations Education, Scientific and Cultural Organisation’s benchmark for the funding of the educational sector.“The international benchmarks recommend allocating 15 to 20 percent of public expenditure to education and 4-6 percent of Gross Domestic Product (GDP).“One out of five out-of-school children in the world is a Nigerian and both individuals and the country will benefit from investment in education.Unfortunately, the country’s education budget has been declining for years,” he noted.The don also observed that the most recent was a mere 5.6 percent of the 2021 budget, much below the recommended benchmark.He pointed out that at the Global Education Summit in London in July 2021, the president promised that he would increase the budget for education by 50 percent between 2022 to 14 percent and 2023 to 16.7 percent.“Mr. President also said education expenditure would be increased by up to 100 percent by 2024 (to 20%) and 2025 (to 22.5%) beyond the 20 percent global benchmark.“While it was agreed that the 2021 budget was the worse in 10 years after 2011, that of 2022 also recorded a sad recurring decimal,” he lamented.He asserted that in the face of a 50 percent increase, 8.4 percent was expected, which is an equivalent of N1.14 trillion.Besides, Ahmed observed that unfortunately, it was approximately N0.92 trillion out of the total budget of N17.13 trillion, which is 5.4 percent.He added that going by the 2023 budget for education, it seemed the president has forgotten he made a commitment in 2021 to increase education funding by 50 percent over the next two years.He observed also that compared with the second-largest African economy after Nigeria, shows that South Africa is to spend 20.4 percent of its total consolidated government expenditure on education, which is very commendable for a nation with a population of approximately 62 million people versus 200 million people in Nigeria.“Education is no doubt at the heart of the world’s 2030 Agenda for Sustainable Development.“Not only is it a stand-alone goal (Goal 4), it is also a target contributing to other Sustainable Development Goals (SDGs) on health and well-being (Goal 3), decent work and economic growth (Goal 8), responsible consumption and production (Goal 12) and climate change mitigation.Dr. Sa’ad Abdullahi, Ag. Dean of Faculty of Pharmaceutical Sciences of the University of Ilorin.NewsSourceCredit: NAN

  •  The Governorship candidate of the Peoples Democratic Party PDP for Enugu State in 2023 Dr Peter Mba says that Peace and Security will be top on his administration s agenda if elected He said this on Thursday in Enugu during a World Press Conference to officially unveil his campaign manifesto tagged statement of purpose in Enugu the state capital He also promised to grow the Gross Domestic Product GDP of the state in the next eight years from the current level of 4 4 billion in 2022 to 30 billion by 2031 Mba said this would be achieved through three pronged intervention which includes an integrated programme to accelerate youth employment for all Enugu State citizens Integrated rural development programmes and Community Policing inclusion of all citizens in the governance of Enugu State he said According to him research has shown that youth unemployment and poverty are the root causes of insecurity in our communities Mba said that the best way to achieve peace and security in any society is to address the root cause of fragility and insecurity in communities Creating of opportunities for productive employment for youths and women lifting people out of extreme poverty and building prosperous societies Peace progress and sustainable prosperity are inextricably linked and without sustainable peace there can be no sustainable development he said The governorship candidate further said his government would come up with urgent programmes to turn the youths of Enugu State into productive assets for economic growth Through integrated rural development programmes roads water and sanitation IT infrastructure agro allied industrialisation and renewable energy we will transform our villages and rural communities We will engage and educate citizens and work with Traditional and Community Leaders to restore peace and Security in our communities he said He enjoined the people of Enugu State to give him the opportunity in 2023 to turn things around in the state Speaking Mr Sam Udekwe Chairman of Nigeria Union of Journalists NUJ Enugu State Council thanked Mba for recognising NUJ by coming to the press center for the conference Udekwe used the opportunity to commend the outgoing Gov Ifeanyi Ugwuanyi for rehabilitating the press center He requested the PDP candidate to emulate Ugwuanyi s friendship with the media in the state if he wins the 2023 election NewsSourceCredit NAN
    Peace, Security, our core mandate for Enugu State, says Mba PDP guber candidate
     The Governorship candidate of the Peoples Democratic Party PDP for Enugu State in 2023 Dr Peter Mba says that Peace and Security will be top on his administration s agenda if elected He said this on Thursday in Enugu during a World Press Conference to officially unveil his campaign manifesto tagged statement of purpose in Enugu the state capital He also promised to grow the Gross Domestic Product GDP of the state in the next eight years from the current level of 4 4 billion in 2022 to 30 billion by 2031 Mba said this would be achieved through three pronged intervention which includes an integrated programme to accelerate youth employment for all Enugu State citizens Integrated rural development programmes and Community Policing inclusion of all citizens in the governance of Enugu State he said According to him research has shown that youth unemployment and poverty are the root causes of insecurity in our communities Mba said that the best way to achieve peace and security in any society is to address the root cause of fragility and insecurity in communities Creating of opportunities for productive employment for youths and women lifting people out of extreme poverty and building prosperous societies Peace progress and sustainable prosperity are inextricably linked and without sustainable peace there can be no sustainable development he said The governorship candidate further said his government would come up with urgent programmes to turn the youths of Enugu State into productive assets for economic growth Through integrated rural development programmes roads water and sanitation IT infrastructure agro allied industrialisation and renewable energy we will transform our villages and rural communities We will engage and educate citizens and work with Traditional and Community Leaders to restore peace and Security in our communities he said He enjoined the people of Enugu State to give him the opportunity in 2023 to turn things around in the state Speaking Mr Sam Udekwe Chairman of Nigeria Union of Journalists NUJ Enugu State Council thanked Mba for recognising NUJ by coming to the press center for the conference Udekwe used the opportunity to commend the outgoing Gov Ifeanyi Ugwuanyi for rehabilitating the press center He requested the PDP candidate to emulate Ugwuanyi s friendship with the media in the state if he wins the 2023 election NewsSourceCredit NAN
    Peace, Security, our core mandate for Enugu State, says Mba PDP guber candidate
    General news2 months ago

    Peace, Security, our core mandate for Enugu State, says Mba PDP guber candidate

    The Governorship candidate of the Peoples Democratic Party (PDP) for Enugu State in 2023, Dr Peter Mba says that Peace and Security will be top on his administration’s agenda if elected.

    He said this on Thursday in Enugu during a World Press Conference to officially unveil his campaign manifesto tagged “statement of purpose” in Enugu, the state capital.

    He also promised to grow the Gross Domestic Product (GDP) of the state in the next eight years from the current level of $4.4 billion in 2022 to $30 billion by 2031.Mba said this would be achieved through three pronged intervention, which includes; an integrated programme to accelerate youth employment for all Enugu State citizens.

    “Integrated rural development programmes; and Community Policing inclusion of all citizens in the governance of Enugu State,” he said.

    According to him, research has shown that youth unemployment and poverty are the root causes of insecurity in our communities.

    Mba said that the best way to achieve peace and security in any society is to address the root cause of fragility and insecurity in communities.

    “Creating of opportunities for productive employment for youths and women, lifting people out of extreme poverty and building prosperous societies.

    “Peace, progress, and sustainable prosperity are inextricably linked and without sustainable peace, there can be no sustainable development,” he said.

    The governorship candidate further said his government would come up with urgent programmes to turn the youths of Enugu State into productive assets for economic growth.

    “Through integrated rural development programmes (roads, water and sanitation, IT infrastructure, agro-allied industrialisation and renewable energy), we will transform our villages and rural communities.

    “We will engage and educate citizens and work with Traditional and Community Leaders to restore peace and Security in our communities,” he said.

    He enjoined the people of Enugu State to give him the opportunity in 2023, to turn things around in the state.

    Speaking, Mr Sam Udekwe, Chairman of Nigeria Union of Journalists (NUJ), Enugu State Council, thanked Mba for recognising NUJ by coming to the press center for the conference.

    Udekwe used the opportunity to commend the outgoing Gov. Ifeanyi Ugwuanyi for rehabilitating the press center.

    He requested the PDP candidate to emulate Ugwuanyi’s friendship with the media in the state if he wins the 2023 election.


    NewsSourceCredit: NAN

  •  The Lagos Chamber of Commerce and Industry LCCI has tasked the Federal Government on investments in export infrastructure and other mechanisms to sustain the country s trade surplus of N1 97 trillion recorded in the second quarter of 2022 LCCI president Dr Michael Olawale Cole gave the advice at a press conference on the state of the economy on Thursday in Lagos The News Agency of Nigeria reports that the value of exports rose by 4 31 per cent to N7 41 trillion in Q2 from N7 10 trillion in Q1 However the value of imports declined by 7 89 per cent to N5 44 trillion in Q2 from N5 90 trillion in Q1 with trade balance standing at a surplus of N1 97 trillion in the second quarter Olawale Cole stressed that sustaining the trade surplus meant the country needed enhanced and automated port operations tackling high production costs and boosting the supply side of the foreign exchange market to improve liquidity and its easy access He added that Nigeria also needed to diversify its exports by boosting local crude refining capacity production of petrochemical products and accelerating reforms in the oil and gas sector to attract more foreign investments in the coming months He commended government on the initiative to produce the new national trade policy 2023 2027 which would replace the outdated trade policy that had been in place for years It is hoped that when this policy is approved by the Federal Executive Council FEC it will support robust trade relations between Nigeria and the rest of the world he said Assessing the country s domestic outlook the LCCI president said the growth of 1 2 per cent recorded for agriculture and 3 per cent for manufacturing were low when compared with other sectors that grew above 5 per cent This he said indicated the threats facing these sectors that power the real sector and added that the woes in these two sectors were responsible for the frightening rise in the country s inflation rate Olawale Cole posited that the above with the excruciating burden of debt service subsidy payments and worsening insecurity may lead to the constraints of many more production in the coming months The industrialist recommended that fuel subsidies should be removed and oil theft curtailed if not eliminated to provide fiscal space for subsidised production of goods services infrastructure health and education financing He added that while the Central Bank of Nigeria CBN embarked on monetary tightening to tame inflation it should ensure that targeted concessionary credit to the private sector was sustained for Micro Small and Medium Enterprises MSMEs The CBN needs to gradually transition to a unified exchange rate system and allow for a market reflective exchange rate The CBN also needs to roll out more friendly supply side policies to boost productive sectors bolster investor confidence and help attract foreign investment inflows to the economy As a matter of urgency the government must tackle the flood menace in the country by implementing environmental guidelines and establishing preventive infrastructure The impact of climate change on agriculture is becoming more evident by the day and quick response is critical to avert food insecurity and worsening food inflation he said Addressing Nigeria s power generation Olawale Cole noting the constant collapse of the national grid said it was evident that it could not supply sufficient power to meet the electricity demand of Nigerians This he said was because of reported issues of vandalisation of power installations a disrupted gas supply challenges with 100 per cent metering and inability of distribution companies DISCOs to take up generated power He noted that with the cost of diesel at record levels and poor power supply businesses were running at unsustainable costs and producing at uncompetitive prices This he stressed could lead to job losses if the output remained constrained due to unbearable cost of production If not quickly tackled these challenges will likely subdue the Gross Domestic Product GDP growth potential and projections for 2022 We recommend that government should invest more in technology to fight the vandalism of pipelines and power installations The government should create funding for critical infrastructure and special purpose intervention in the power sector The most sustainable solution to nigeria s power shortages is the transition to renewable energy and the decentralisation of the national grid he said On insecurity the LCCI president commended the sacrifices of the Nigerian security personnel and urged them to consolidate the gains recorded This he said was important because of the forthcoming general elections in 2023 and by extension the stability of democratic governance in the country He noted that in the absence of peace and security it would be challenging to hold credible free and fair elections that would reflect the choices of the electorate of those to lead them He also stressed the need to address the root causes of youth unemployment drug abuse uncontrolled small arms and unmanned borders through which foreigners infiltrate the country We also need to boost security enforcement through frequent recruitments into the security agencies and be well supported with modern weaponry and deployment of warfare technology Community policing and intelligence gathering need to be officially endorsed and systematically managed In addressing the most significant components of human development we urge governments at all levels to remain consistent in funding education health infrastructure and security he said NewsSourceCredit NAN
    LCCI tasks FG to sustain N1.97trn Q2 trade surplus
     The Lagos Chamber of Commerce and Industry LCCI has tasked the Federal Government on investments in export infrastructure and other mechanisms to sustain the country s trade surplus of N1 97 trillion recorded in the second quarter of 2022 LCCI president Dr Michael Olawale Cole gave the advice at a press conference on the state of the economy on Thursday in Lagos The News Agency of Nigeria reports that the value of exports rose by 4 31 per cent to N7 41 trillion in Q2 from N7 10 trillion in Q1 However the value of imports declined by 7 89 per cent to N5 44 trillion in Q2 from N5 90 trillion in Q1 with trade balance standing at a surplus of N1 97 trillion in the second quarter Olawale Cole stressed that sustaining the trade surplus meant the country needed enhanced and automated port operations tackling high production costs and boosting the supply side of the foreign exchange market to improve liquidity and its easy access He added that Nigeria also needed to diversify its exports by boosting local crude refining capacity production of petrochemical products and accelerating reforms in the oil and gas sector to attract more foreign investments in the coming months He commended government on the initiative to produce the new national trade policy 2023 2027 which would replace the outdated trade policy that had been in place for years It is hoped that when this policy is approved by the Federal Executive Council FEC it will support robust trade relations between Nigeria and the rest of the world he said Assessing the country s domestic outlook the LCCI president said the growth of 1 2 per cent recorded for agriculture and 3 per cent for manufacturing were low when compared with other sectors that grew above 5 per cent This he said indicated the threats facing these sectors that power the real sector and added that the woes in these two sectors were responsible for the frightening rise in the country s inflation rate Olawale Cole posited that the above with the excruciating burden of debt service subsidy payments and worsening insecurity may lead to the constraints of many more production in the coming months The industrialist recommended that fuel subsidies should be removed and oil theft curtailed if not eliminated to provide fiscal space for subsidised production of goods services infrastructure health and education financing He added that while the Central Bank of Nigeria CBN embarked on monetary tightening to tame inflation it should ensure that targeted concessionary credit to the private sector was sustained for Micro Small and Medium Enterprises MSMEs The CBN needs to gradually transition to a unified exchange rate system and allow for a market reflective exchange rate The CBN also needs to roll out more friendly supply side policies to boost productive sectors bolster investor confidence and help attract foreign investment inflows to the economy As a matter of urgency the government must tackle the flood menace in the country by implementing environmental guidelines and establishing preventive infrastructure The impact of climate change on agriculture is becoming more evident by the day and quick response is critical to avert food insecurity and worsening food inflation he said Addressing Nigeria s power generation Olawale Cole noting the constant collapse of the national grid said it was evident that it could not supply sufficient power to meet the electricity demand of Nigerians This he said was because of reported issues of vandalisation of power installations a disrupted gas supply challenges with 100 per cent metering and inability of distribution companies DISCOs to take up generated power He noted that with the cost of diesel at record levels and poor power supply businesses were running at unsustainable costs and producing at uncompetitive prices This he stressed could lead to job losses if the output remained constrained due to unbearable cost of production If not quickly tackled these challenges will likely subdue the Gross Domestic Product GDP growth potential and projections for 2022 We recommend that government should invest more in technology to fight the vandalism of pipelines and power installations The government should create funding for critical infrastructure and special purpose intervention in the power sector The most sustainable solution to nigeria s power shortages is the transition to renewable energy and the decentralisation of the national grid he said On insecurity the LCCI president commended the sacrifices of the Nigerian security personnel and urged them to consolidate the gains recorded This he said was important because of the forthcoming general elections in 2023 and by extension the stability of democratic governance in the country He noted that in the absence of peace and security it would be challenging to hold credible free and fair elections that would reflect the choices of the electorate of those to lead them He also stressed the need to address the root causes of youth unemployment drug abuse uncontrolled small arms and unmanned borders through which foreigners infiltrate the country We also need to boost security enforcement through frequent recruitments into the security agencies and be well supported with modern weaponry and deployment of warfare technology Community policing and intelligence gathering need to be officially endorsed and systematically managed In addressing the most significant components of human development we urge governments at all levels to remain consistent in funding education health infrastructure and security he said NewsSourceCredit NAN
    LCCI tasks FG to sustain N1.97trn Q2 trade surplus
    Economy2 months ago

    LCCI tasks FG to sustain N1.97trn Q2 trade surplus

    The Lagos Chamber of Commerce and Industry (LCCI) has tasked the Federal Government on investments in export infrastructure and other mechanisms to sustain the country’s trade surplus of N1. 97 trillion recorded in the second quarter of 2022. LCCI president, Dr Michael Olawale-Cole, gave the advice at a press conference on the state of the economy on Thursday in Lagos.

    The News Agency of Nigeria reports that the value of exports rose by 4.31 per cent to N7.41 trillion in Q2 from N7.10 trillion in Q1. However, the value of imports declined by 7.89 per cent to N5.44 trillion in Q2 from N5.90 trillion in Q1 with trade balance standing at a surplus of N1.97 trillion in the second quarter.

    Olawale-Cole stressed that sustaining the trade surplus meant the country needed enhanced and automated port operations, tackling high production costs, and boosting the supply side of the foreign exchange market to improve liquidity and its easy access.

    He added that Nigeria also needed to diversify its exports by boosting local crude refining capacity, production of petrochemical products, and accelerating reforms in the oil and gas sector to attract more foreign investments in the coming months.

    He commended government on the initiative to produce the new national trade policy 2023-2027, which would replace the outdated trade policy that had been in place for years.

    “It is hoped that when this policy is approved by the Federal Executive Council (FEC), it will support robust trade relations between Nigeria and the rest of the world,” he said.

    Assessing the country’s domestic outlook, the LCCI president said the growth of 1.2 per cent recorded for agriculture and 3 per cent for manufacturing were low when compared with other sectors that grew above 5 per cent.

    This, he said, indicated the threats facing these sectors that power the real sector and added that the woes in these two sectors were responsible for the frightening rise in the country’s inflation rate.

    Olawale-Cole posited that the above, with the excruciating burden of debt service, subsidy payments, and worsening insecurity, may lead to the constraints of many more production in the coming months.

    The industrialist recommended that fuel subsidies should be removed, and oil theft curtailed, if not eliminated, to provide fiscal space for subsidised production of goods, services, infrastructure, health, and education financing.

    He added that while the Central Bank of Nigeria (CBN) embarked on monetary tightening to tame inflation, it should ensure that targeted concessionary credit to the private sector was sustained for Micro, Small and Medium Enterprises (MSMEs).

    “The CBN needs to gradually transition to a unified exchange rate system and allow for a market-reflective exchange rate.

    “The CBN also needs to roll out more friendly supply-side policies to boost productive sectors, bolster investor confidence and help attract foreign investment inflows to the economy.

    “As a matter of urgency, the government must tackle the flood menace in the country by implementing environmental guidelines and establishing preventive infrastructure.

    “The impact of climate change on agriculture is becoming more evident by the day, and quick response is critical to avert food insecurity and worsening food inflation,” he said.

    Addressing Nigeria’s power generation, Olawale-Cole noting the constant collapse of the national grid, said it was evident that it could not supply sufficient power to meet the electricity demand of Nigerians.

    This, he said, was because of reported issues of vandalisation of power installations, a disrupted gas supply, challenges with 100 per cent metering, and inability of distribution companies (DISCOs) to take up generated power.

    He noted that with the cost of diesel at record levels and poor power supply, businesses were running at unsustainable costs and producing at uncompetitive prices.

    This, he stressed, could lead to job losses if the output remained constrained due to unbearable cost of production.

    “If not quickly tackled, these challenges will likely subdue the Gross Domestic Product (GDP) growth potential and projections for 2022. “We recommend that government should  invest more in technology to fight the vandalism of pipelines and power installations.

    “The government should create funding for critical infrastructure and special-purpose intervention in the power sector.

    “The most sustainable solution to nigeria’s power shortages is the transition to renewable energy and the decentralisation of the national grid,” he said.

    On insecurity, the LCCI president commended the sacrifices of the Nigerian security personnel and urged them to consolidate the gains recorded.

    This, he said, was important because of the forthcoming general elections in 2023 and, by extension, the stability of democratic governance in the country.

    He noted that in the absence of peace and security, it would be challenging to hold credible, free, and fair elections that would reflect the choices of the electorate of those to lead them.

    He also stressed the need to address the root causes of youth unemployment, drug abuse, uncontrolled small arms, and unmanned borders through which foreigners infiltrate the country.

    “We also need to boost security enforcement through frequent recruitments into the security agencies and be well-supported with modern weaponry and deployment of warfare technology.

    “Community policing and intelligence gathering need to be officially endorsed and systematically managed.

    “In addressing the most significant components of human development, we urge governments at all levels to remain consistent in funding education, health, infrastructure and security,” he said.


    NewsSourceCredit: NAN

  •  The Federal Executive Council FEC has approved the establishment of a Maintenance Repair and Overhaul MRO centre expected to generate 185 million dollars This is contained in a statement issued by Ms Manji Yarling Acting Head Media and Publicity Infrastructure Concession Regulatory Commission ICRC in Abuja on Wednesday Yarling said the approval was given following the issuance of a Full Business Case FBC Compliance Certificate by the ICRC to the Federal Ministry of Aviation She said the MRO centre which would be the first in West and Central Africa would be a one stop shop for the overhaul routine maintenance and service of aircraft The centre is established as a Public Private Partnership PPP with Messrs AJW Consortium as the concessionaire and using the Build Operate and Transfer BOT PPP model The centre is approved for a concession period of 30 years and is expected to generate about 185 million dollars within the period She said the MRO is part of the key elements in the aviation sector roadmap of the current administration of President Muhammadu Buhari Yarling said the roadmap in aviation was an outcome of a careful appraisal of the challenges risks and opportunities of the air transport sector in Nigeria after due consultation with key stakeholders It is aimed at addressing the challenges of the sector filling the identified gaps and creating the needed environment for active private sector participation in the development of the nation s aviation sector She said the establishment of a private sector driven MRO centre was critical for the diversification and repositioning of the aviation industry as it would provide a platform for aircraft repairs overhaul and maintenance Yarling said the MRO centre would address the demand for aircraft maintenance in Nigeria West and Central Africa Currently the regions do not have an international standard MRO and therefore urgently require one to ease business facilitate growth and contribute to their Gross Domestic Product GDP NewsSourceCredit NAN
    FEC approves establishment of centre for aircraft maintenance- ICRC
     The Federal Executive Council FEC has approved the establishment of a Maintenance Repair and Overhaul MRO centre expected to generate 185 million dollars This is contained in a statement issued by Ms Manji Yarling Acting Head Media and Publicity Infrastructure Concession Regulatory Commission ICRC in Abuja on Wednesday Yarling said the approval was given following the issuance of a Full Business Case FBC Compliance Certificate by the ICRC to the Federal Ministry of Aviation She said the MRO centre which would be the first in West and Central Africa would be a one stop shop for the overhaul routine maintenance and service of aircraft The centre is established as a Public Private Partnership PPP with Messrs AJW Consortium as the concessionaire and using the Build Operate and Transfer BOT PPP model The centre is approved for a concession period of 30 years and is expected to generate about 185 million dollars within the period She said the MRO is part of the key elements in the aviation sector roadmap of the current administration of President Muhammadu Buhari Yarling said the roadmap in aviation was an outcome of a careful appraisal of the challenges risks and opportunities of the air transport sector in Nigeria after due consultation with key stakeholders It is aimed at addressing the challenges of the sector filling the identified gaps and creating the needed environment for active private sector participation in the development of the nation s aviation sector She said the establishment of a private sector driven MRO centre was critical for the diversification and repositioning of the aviation industry as it would provide a platform for aircraft repairs overhaul and maintenance Yarling said the MRO centre would address the demand for aircraft maintenance in Nigeria West and Central Africa Currently the regions do not have an international standard MRO and therefore urgently require one to ease business facilitate growth and contribute to their Gross Domestic Product GDP NewsSourceCredit NAN
    FEC approves establishment of centre for aircraft maintenance- ICRC
    Economy2 months ago

    FEC approves establishment of centre for aircraft maintenance- ICRC

    The Federal Executive Council (FEC), has approved the establishment of a Maintenance Repair and Overhaul (MRO) centre expected to generate 185 million dollars.

    This is contained in a statement issued by Ms Manji Yarling, Acting Head, Media and Publicity, Infrastructure Concession Regulatory Commission (ICRC) in Abuja on Wednesday.

    Yarling said the approval was given following the issuance of a Full Business Case (FBC) Compliance Certificate by the ICRC to the Federal Ministry of Aviation.

    She said the MRO centre which would be the first in West and Central Africa would be a one-stop-shop for the overhaul, routine maintenance and service of aircraft.

    “The centre is established as a Public Private Partnership (PPP) with Messrs AJW Consortium as the concessionaire and using the Build Operate and Transfer (BOT) PPP model.

    ” The centre is approved for a concession period of 30 years and is expected to generate about 185 million dollars within the period.

    ” She said the MRO is part of the key elements in the aviation sector roadmap of the current administration of President Muhammadu Buhari.

    Yarling said the roadmap in aviation was an outcome of a careful appraisal of the challenges, risks and opportunities of the air transport sector in Nigeria after due consultation with key stakeholders.

    “It is aimed at addressing the challenges of the sector, filling the identified gaps and creating the needed environment for active private sector participation in the development of the nation’s aviation sector.

    ” She said the establishment of a private sector-driven MRO centre was critical for the diversification and repositioning of the aviation industry as it would provide a platform for aircraft repairs, overhaul and maintenance.

    Yarling said the MRO centre would address the demand for aircraft maintenance in Nigeria, West and Central Africa.

    “Currently, the regions do not have an international standard MRO and therefore, urgently require one to ease business, facilitate growth and contribute to their Gross Domestic Product (GDP).


    NewsSourceCredit: NAN

  •  The Minister of Industry Trade and Investment Otunba Adeniyi Adebayo on Tuesday in Abuja received a draft copy of the revised trade policy of Nigeria 2023 2027 The minister described the ongoing review of Nigeria s Trade Policy by his ministry as one of the legacies of President Muhammadu Buhari administration Adebayo said that since the extant trade policy was promulgated in 2002 both Nigeria and the world have witnessed major developments According to him this includes the explosion of E commerce and digital payments the agreement establishing the African Continental Free Trade Area AfCFTA agreement and the withdrawal of the United Kingdom from the European Union Brexit Earlier this year the Nigerian Bureau of Statistics NBS reported that Nigeria recorded a N3 2 trillion trade surplus between January and June 2022 This is an indicator of positive trade balance where exports outweigh imports In fact the World Bank reports that trade contributes about 34 per cent of Nigeria s Gross Domestic Product GDP While these figures are very encouraging there is a lot we can do especially with the commencement of trading under the AfCFTA In order to take advantage of this potential 3 4 trillion dollars market the first step is to instill confidence in traders through the approval and implementation of an up to date trade policy he said The minister who said that he had gone through the draft as presented by the Trade Policy of Nigeria Review committee TPNRC expressed satisfaction with the document He however emphasised the need to ensure measures were taken to curtail trade injuries I believe security is an important complementing policy for trade We cannot have optimal trade without security International players who are interested in trading with Nigeria will need reassurance of fairness Therefore we should address non discriminatory aspects of this policy the minister said He also said there was the need to highlight trade facilitation especially with respect to customs airports sea ports and transit Adebayo urged the committee to incorporate his suggestions as part of the stakeholder engagements leading to the finalisation of the policy Earlier the Chairman of TPNRC Prof Mike Kwanashie said that the review of the trade policy was carried out in accordance with global practices According to him since the document was put in place in 2002 the economy has witnessed a lot of changes necessitating a review of the document Amb Fred Agah the Director General Nigerian Office for Trade Negotiations NOTN said that the committee took necessary steps to give the country the best This document should be the beginning of the reform As you go through it you will see issues of enhancing productive capacity which touches on investment policy the industrial revolution plan and several areas If those complementary policy areas are not updated then this document will remain only what a paper on it says Agah said NewsSourceCredit NAN
    Trade minister receives draft copy of Nigeria trade policy 2023-2027
     The Minister of Industry Trade and Investment Otunba Adeniyi Adebayo on Tuesday in Abuja received a draft copy of the revised trade policy of Nigeria 2023 2027 The minister described the ongoing review of Nigeria s Trade Policy by his ministry as one of the legacies of President Muhammadu Buhari administration Adebayo said that since the extant trade policy was promulgated in 2002 both Nigeria and the world have witnessed major developments According to him this includes the explosion of E commerce and digital payments the agreement establishing the African Continental Free Trade Area AfCFTA agreement and the withdrawal of the United Kingdom from the European Union Brexit Earlier this year the Nigerian Bureau of Statistics NBS reported that Nigeria recorded a N3 2 trillion trade surplus between January and June 2022 This is an indicator of positive trade balance where exports outweigh imports In fact the World Bank reports that trade contributes about 34 per cent of Nigeria s Gross Domestic Product GDP While these figures are very encouraging there is a lot we can do especially with the commencement of trading under the AfCFTA In order to take advantage of this potential 3 4 trillion dollars market the first step is to instill confidence in traders through the approval and implementation of an up to date trade policy he said The minister who said that he had gone through the draft as presented by the Trade Policy of Nigeria Review committee TPNRC expressed satisfaction with the document He however emphasised the need to ensure measures were taken to curtail trade injuries I believe security is an important complementing policy for trade We cannot have optimal trade without security International players who are interested in trading with Nigeria will need reassurance of fairness Therefore we should address non discriminatory aspects of this policy the minister said He also said there was the need to highlight trade facilitation especially with respect to customs airports sea ports and transit Adebayo urged the committee to incorporate his suggestions as part of the stakeholder engagements leading to the finalisation of the policy Earlier the Chairman of TPNRC Prof Mike Kwanashie said that the review of the trade policy was carried out in accordance with global practices According to him since the document was put in place in 2002 the economy has witnessed a lot of changes necessitating a review of the document Amb Fred Agah the Director General Nigerian Office for Trade Negotiations NOTN said that the committee took necessary steps to give the country the best This document should be the beginning of the reform As you go through it you will see issues of enhancing productive capacity which touches on investment policy the industrial revolution plan and several areas If those complementary policy areas are not updated then this document will remain only what a paper on it says Agah said NewsSourceCredit NAN
    Trade minister receives draft copy of Nigeria trade policy 2023-2027
    Economy2 months ago

    Trade minister receives draft copy of Nigeria trade policy 2023-2027

    The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo on Tuesday in Abuja received a draft copy of the revised trade policy of Nigeria 2023-2027. The minister described the ongoing review of Nigeria’s Trade Policy by his ministry as one of the legacies of President Muhammadu Buhari administration.

    Adebayo said that since the extant trade policy was promulgated in 2002, “both Nigeria and the world have witnessed major developments’’.

    According to him, this includes the explosion of E-commerce and digital payments, the agreement establishing the African Continental Free Trade Area (AfCFTA) agreement and the withdrawal of the United Kingdom from the European Union (Brexit).

    “Earlier this year, the Nigerian Bureau of Statistics (NBS) reported that Nigeria recorded a N3.2 trillion trade surplus between January and June 2022. “This is an indicator of positive trade balance where exports outweigh imports.

    “In fact, the World Bank reports that trade contributes about 34 per cent of Nigeria’s Gross Domestic Product (GDP).

    “While these figures are very encouraging, there is a lot we can do, especially with the commencement of trading under the AfCFTA.

    “In order to take advantage of this potential 3.4 trillion dollars market, the first step is to instill confidence in traders through the approval and implementation of an up-to-date trade policy,” he said.

    The minister, who said that he had gone through the draft as presented by the Trade Policy of Nigeria Review committee (TPNRC), expressed satisfaction with the document.

    He, however, emphasised the need to ensure measures were taken to curtail trade injuries.

    “I believe security is an important complementing policy for trade.

    We cannot have optimal trade without security.

    “International players who are interested in trading with Nigeria will need reassurance of fairness.

    Therefore, we should address non-discriminatory aspects of this policy,’’ the minister said.

    He also said there was the need to highlight trade facilitation especially with respect to customs, airports, sea ports, and transit.

    Adebayo urged the committee to incorporate his suggestions as part of the stakeholder engagements leading to the finalisation of the policy.

    Earlier, the Chairman of TPNRC, Prof. Mike Kwanashie, said that the review of the trade policy was carried out in accordance with global practices.

    According to him, since the document was put in place in 2002, the economy has witnessed a lot of changes necessitating a review of the document.

    Amb. Fred Agah, the Director-General, Nigerian Office for Trade Negotiations (NOTN) said that the committee took necessary steps to give the country the best.

    “This document should be the beginning of the reform.

    “As you go through it, you will see issues of enhancing productive capacity which touches on investment policy, the industrial revolution plan and several areas.

    “If those complementary policy areas are not updated, then this document will remain only what a paper on it says,’’ Agah said.


    NewsSourceCredit: NAN

  •  The Insurance Industry has recorded N369 28 billion Gross Premium Income for life and non life businesses in the second quarter a bulletin of the Insurance Market Performance says The bulletin was released by Mr Rasaaq Salami Head Corporate Communications and Market Development National Insurance Commission NAICOM on Friday in Lagos The report said the industry grew at the rate of 20 1 per cent compared to the same period of the previous year and 65 0 per cent quarter on quarter It said the figure was also higher than the national real Gross Domestic Product GDP of 3 5 per cent during the same period This indicates the industry s impressive performance given the recent trajectory The proportional participation of each class of business suggests the continued improvement of life insurance business as driven by its component of the individual life The non life segment as revealed in the figures maintained its primacy at 59 3 per cent of the total premium generated while life business on the other hand recorded 40 6 per cent of the insurance market production it said According to the bulletin oil and gas was the leading driver of the premium at 32 5 per cent with fire a distant second at 20 7 per cent It said motor insurance stood at 14 8 per cent while marine and aviation general accident and miscellaneous reported a share of 12 3 per cent 10 9 per cent and 8 9 per cent respectively The bulletin stated that the share contribution of life business gradually closed up as the share of annuity in the life insurance business logged at 24 7 per cent The performance report indicated that individual life held a major driver position at 41 8 per cent of the premium generated during the period The bulletin noted that operational confidence remained high in spite of economic challenges as life business retention for the period was 93 per cent non life recorded a ratio of 55 per cent while the industry average stood at 70 5 per cent It stated that the retention in non life business despite reporting an above average level relative to its prior position of 59 4 per cent in the corresponding period of the preceding year would require a focused attention for improvement The performance by various classes in the non life segment of the market revealed that all classes stood at an above average position except for the oil and gas business which held a retention of 40 1 per cent This shows a decline in the oil and gas retention capacity in the market compared to the same period in 2021 when it recorded 42 3 per cent in retention proportion it said According to the market report the insurance market remained profitable during the period under review recording an overall industry average of about 57 per cent and maintaining a relative position of 57 7 per cent recorded in the corresponding period of preceding year It stated that the non life segment loss ratio stood at 43 6 per cent while the life business stood at 68 5 per cent depicting a less profitable scenario comparatively over the same period According to the bulletin the net loss ratio for non life bears an improved market image in the current period as compared to the preceding period when it was 48 2 per cent The report noted that the drivers of the loss experience were made up of some 12 underwriters which included six composite underwriting firms one life underwriter and five non life underwriters with a record of loss ratio above 100 per cent during the period Indeed the viability of the industry and especially its outlook remains good and suitable for gainful returns on investment The COVID 19 crisis introduced opportunities for underwriters to refine their operations as there is still a lot of untapped potential for improvements The continued steady growth from the first quarter of the year correlates with the current performance of the period under review it said According to the report statistics of the insurance market s performance for the second quarter revealed some quality improvements in the market indicators including growth claims settlement and profitability The bulletin said it was obvious that the market could be adjudged as sound and stable NewsSourceCredit NAN
    Insurance industry records over N369bn premium in Q2
     The Insurance Industry has recorded N369 28 billion Gross Premium Income for life and non life businesses in the second quarter a bulletin of the Insurance Market Performance says The bulletin was released by Mr Rasaaq Salami Head Corporate Communications and Market Development National Insurance Commission NAICOM on Friday in Lagos The report said the industry grew at the rate of 20 1 per cent compared to the same period of the previous year and 65 0 per cent quarter on quarter It said the figure was also higher than the national real Gross Domestic Product GDP of 3 5 per cent during the same period This indicates the industry s impressive performance given the recent trajectory The proportional participation of each class of business suggests the continued improvement of life insurance business as driven by its component of the individual life The non life segment as revealed in the figures maintained its primacy at 59 3 per cent of the total premium generated while life business on the other hand recorded 40 6 per cent of the insurance market production it said According to the bulletin oil and gas was the leading driver of the premium at 32 5 per cent with fire a distant second at 20 7 per cent It said motor insurance stood at 14 8 per cent while marine and aviation general accident and miscellaneous reported a share of 12 3 per cent 10 9 per cent and 8 9 per cent respectively The bulletin stated that the share contribution of life business gradually closed up as the share of annuity in the life insurance business logged at 24 7 per cent The performance report indicated that individual life held a major driver position at 41 8 per cent of the premium generated during the period The bulletin noted that operational confidence remained high in spite of economic challenges as life business retention for the period was 93 per cent non life recorded a ratio of 55 per cent while the industry average stood at 70 5 per cent It stated that the retention in non life business despite reporting an above average level relative to its prior position of 59 4 per cent in the corresponding period of the preceding year would require a focused attention for improvement The performance by various classes in the non life segment of the market revealed that all classes stood at an above average position except for the oil and gas business which held a retention of 40 1 per cent This shows a decline in the oil and gas retention capacity in the market compared to the same period in 2021 when it recorded 42 3 per cent in retention proportion it said According to the market report the insurance market remained profitable during the period under review recording an overall industry average of about 57 per cent and maintaining a relative position of 57 7 per cent recorded in the corresponding period of preceding year It stated that the non life segment loss ratio stood at 43 6 per cent while the life business stood at 68 5 per cent depicting a less profitable scenario comparatively over the same period According to the bulletin the net loss ratio for non life bears an improved market image in the current period as compared to the preceding period when it was 48 2 per cent The report noted that the drivers of the loss experience were made up of some 12 underwriters which included six composite underwriting firms one life underwriter and five non life underwriters with a record of loss ratio above 100 per cent during the period Indeed the viability of the industry and especially its outlook remains good and suitable for gainful returns on investment The COVID 19 crisis introduced opportunities for underwriters to refine their operations as there is still a lot of untapped potential for improvements The continued steady growth from the first quarter of the year correlates with the current performance of the period under review it said According to the report statistics of the insurance market s performance for the second quarter revealed some quality improvements in the market indicators including growth claims settlement and profitability The bulletin said it was obvious that the market could be adjudged as sound and stable NewsSourceCredit NAN
    Insurance industry records over N369bn premium in Q2
    Economy2 months ago

    Insurance industry records over N369bn premium in Q2

    The Insurance Industry has recorded N369.28 billion Gross Premium Income for life and non-life businesses in the second quarter, a bulletin of the Insurance Market Performance says.

    The bulletin was released by Mr Rasaaq’ Salami, Head, Corporate Communications and Market Development, National Insurance Commission (NAICOM) on Friday in Lagos.

    The report said the industry grew at the rate of 20.1 per cent compared to the same period of the previous year and 65.0 per cent quarter on quarter.

    It said the figure was also higher than the national real Gross Domestic Product (GDP) of 3.5 per cent during the same period.

    “This indicates the industry’s impressive performance given the recent trajectory.

    “The proportional participation of each class of business suggests the continued improvement of life insurance business as driven by its component of the individual life.

    “The non-life segment as revealed in the figures, maintained its primacy at 59.3 per cent of the total premium generated while life business on the other hand recorded 40.6 per cent of the insurance market production,” it said.

    According to the bulletin, oil and gas was the leading driver of the premium at 32.5 per cent, with fire a distant second at 20.7 per cent.

    It said motor insurance stood at 14.8 per cent while marine and aviation, general accident and miscellaneous reported a share of 12.3 per cent, 10.9 per cent and 8.9 per cent respectively.

    The bulletin stated that the share contribution of life business gradually closed up, as the share of annuity in the life insurance business logged at 24.7 per cent.

    The performance report indicated that individual life held a major driver position at 41.8 per cent of the premium generated during the period.

    The bulletin noted that operational confidence remained high in spite of economic challenges, as life business retention for the period was 93 per cent, non-life recorded a ratio of 55 per cent, while the industry average stood at 70.5 per cent.

    It stated that the retention in non-life business despite reporting an above average level, relative to its prior position of 59.4 per cent in the corresponding period of the preceding year, would require a focused attention for improvement.

    “The performance by various classes in the non-life segment of the market revealed that all classes stood at an above average position except for the oil and gas business, which held a retention of 40.1 per cent.

    “This shows a decline in the oil and gas retention capacity in the market compared to the same period in 2021 when it recorded 42.3 per cent in retention proportion,” it said.

    According to the market report, the insurance market remained profitable during the period under review, recording an overall industry average of about 57 per cent and maintaining a relative position of 57.7 per cent recorded in the corresponding period of preceding year.

    It stated that the non-life segment loss ratio stood at 43.6 per cent while the life business stood at 68.5 per cent, depicting a less profitable scenario, comparatively over the same period.

    According to the bulletin, the net loss ratio for non-life, bears an improved market image in the current period as compared to the preceding period when it was 48.2 per cent.

    The report noted that the drivers of the loss experience were made up of some 12 underwriters, which included six composite underwriting firms, one life underwriter and five non-life underwriters with a record of loss ratio above 100 per cent during the period.

    “Indeed, the viability of the industry and, especially its outlook, remains good and suitable for gainful returns on investment.

    “The COVID-19 crisis introduced opportunities for underwriters to refine their operations as there is still a lot of untapped potential for improvements.

    “The continued steady growth from the first quarter of the year correlates with the current performance of the period under review,” it said.

    According to the report, statistics of the insurance market’s performance for the second quarter revealed some quality improvements in the market indicators, including growth, claims settlement and profitability.

    The bulletin said it was obvious that the market could be adjudged as sound and stable. 


    NewsSourceCredit: NAN

  •   Energy Capital Power ECP https EnergyCapitalPower com is proud to announce that Cabinda Shipping Services CABSHIP https CABSHIP co ao a global logistics and supply chain management company supply based in Angola will attend and participate as a bronze sponsor in this year s edition of the Angola Oil Gas AOG conference and exhibition https bit ly 3UyBCpP which will take place from November 29 to December 1 2022 in Luanda As a highly competitive company in oil and gas materials management solutions CABSHIP s participation as a bronze sponsor at AOG 2022 Angola s premier gathering for energy policymakers companies and investors will be vital in shaping the dialogue about challenges and opportunities across the country midstream and downstream oil and gas sectors Since its creation in 2009 CABSHIP has not only expanded its presence in the Angolan market but has also become one of the world s leading providers of customized logistics solutions for the oil gas and energy industries with 536 offices in 310 cities With Angola Africa s largest oil producer https bit ly 3y1Mseo and the world s next gas hub seeking to maximize exploration production and infrastructure development both onshore and offshore companies such as CABSHIP which have partnered with major global companies such as bp and Chevron in the management of materials and warehouses and their infrastructure and transportation installation services will be essential to accelerate the expansion of the hydrocarbon industry in the southern country from Africa Furthermore with Angola maximizing the monetization of its vast energy resources to drive Gross Domestic Product GDP growth through better energy trade with regional and international markets the cargo transportation logistics and port operations solutions provided by CABSHIP will be crucial in allowing the hydrocarbons market to achieve its objectives As a Bronze Sponsor of AOG 2022 CABSHIP will have access to exclusive networking sessions where the company will promote its innovative next generation maritime and logistics services to local regional and international energy companies As a 100 Angolan owned service company CABSHIP is well positioned to shape serious AOG 2022 discussions on local content development and the role that local businesses can play in driving the country s oil and gas industry and the broader economy through job creation skills development and GDP growth To learn more about how you can participate in AOG 2022 visit https bit ly 3UyBCpP
    Cabinda Shipping Services (CABSHIP) confirms as bronze sponsor for Angola Oil & Gas 2022
      Energy Capital Power ECP https EnergyCapitalPower com is proud to announce that Cabinda Shipping Services CABSHIP https CABSHIP co ao a global logistics and supply chain management company supply based in Angola will attend and participate as a bronze sponsor in this year s edition of the Angola Oil Gas AOG conference and exhibition https bit ly 3UyBCpP which will take place from November 29 to December 1 2022 in Luanda As a highly competitive company in oil and gas materials management solutions CABSHIP s participation as a bronze sponsor at AOG 2022 Angola s premier gathering for energy policymakers companies and investors will be vital in shaping the dialogue about challenges and opportunities across the country midstream and downstream oil and gas sectors Since its creation in 2009 CABSHIP has not only expanded its presence in the Angolan market but has also become one of the world s leading providers of customized logistics solutions for the oil gas and energy industries with 536 offices in 310 cities With Angola Africa s largest oil producer https bit ly 3y1Mseo and the world s next gas hub seeking to maximize exploration production and infrastructure development both onshore and offshore companies such as CABSHIP which have partnered with major global companies such as bp and Chevron in the management of materials and warehouses and their infrastructure and transportation installation services will be essential to accelerate the expansion of the hydrocarbon industry in the southern country from Africa Furthermore with Angola maximizing the monetization of its vast energy resources to drive Gross Domestic Product GDP growth through better energy trade with regional and international markets the cargo transportation logistics and port operations solutions provided by CABSHIP will be crucial in allowing the hydrocarbons market to achieve its objectives As a Bronze Sponsor of AOG 2022 CABSHIP will have access to exclusive networking sessions where the company will promote its innovative next generation maritime and logistics services to local regional and international energy companies As a 100 Angolan owned service company CABSHIP is well positioned to shape serious AOG 2022 discussions on local content development and the role that local businesses can play in driving the country s oil and gas industry and the broader economy through job creation skills development and GDP growth To learn more about how you can participate in AOG 2022 visit https bit ly 3UyBCpP
    Cabinda Shipping Services (CABSHIP) confirms as bronze sponsor for Angola Oil & Gas 2022
    Africa2 months ago

    Cabinda Shipping Services (CABSHIP) confirms as bronze sponsor for Angola Oil & Gas 2022

    Energy Capital & Power (ECP) (https://EnergyCapitalPower.com) is proud to announce that Cabinda Shipping Services (CABSHIP) (https://CABSHIP.co.ao), a global logistics and supply chain management company supply based in Angola, will attend and participate as a bronze sponsor in this year's edition of the Angola Oil & Gas (AOG) conference and exhibition (https://bit.ly/3UyBCpP), which will take place from November 29 to December 1, 2022 in Luanda.

    As a highly competitive company in oil and gas materials management solutions, CABSHIP's participation as a bronze sponsor at AOG 2022, Angola's premier gathering for energy policymakers, companies and investors, will be vital in shaping the dialogue about challenges and opportunities across the country.

    midstream and downstream oil and gas sectors.

    Since its creation in 2009, CABSHIP has not only expanded its presence in the Angolan market, but has also become one of the world's leading providers of customized logistics solutions for the oil, gas and energy industries, with 536 offices in 310 cities.

    .

    With Angola, Africa's largest oil producer (https://bit.ly/3y1Mseo) and the world's next gas hub, seeking to maximize exploration, production and infrastructure development both onshore and offshore, companies such as CABSHIP, which have partnered with major global companies such as bp and Chevron in the management of materials and warehouses, and their infrastructure and transportation installation services will be essential to accelerate the expansion of the hydrocarbon industry in the southern country from Africa.

    Furthermore, with Angola maximizing the monetization of its vast energy resources to drive Gross Domestic Product (GDP) growth through better energy trade with regional and international markets, the cargo transportation, logistics and port operations solutions provided by CABSHIP will be crucial in allowing the hydrocarbons market to achieve its objectives.

    As a Bronze Sponsor of AOG 2022, CABSHIP will have access to exclusive networking sessions where the company will promote its innovative, next-generation maritime and logistics services to local, regional and international energy companies.

    As a 100% Angolan-owned service company, CABSHIP is well positioned to shape serious AOG 2022 discussions on local content development and the role that local businesses can play in driving the country's oil and gas industry and the broader economy through job creation, skills development, and GDP growth.

    .

    To learn more about how you can participate in AOG 2022, visit https://bit.ly/3UyBCpP

  •   In keeping with the company s dedication to introducing innovative technology based imaging solutions to Africa Canon Canon CNA com is bringing its long awaited R Tour to Abidjan Ivory Coast The tour sheds light on its upcoming products approach to customer strategy the rise of content creation as an industry in the country and much more Canon will present its revolutionary range of mirrorless products EOS R3 EOS R5 C EOS R7 and EOS R10 in an effort to introduce a much broader range of technology solutions in Africa Canon Central and North Africa embarked on the Canon R Tour in Abidjan C te d Ivoire which coincides with the company s vision of bringing together the latest imaging technology solutions on the African continent R Tour attendees were introduced to the latest line up of cutting edge products from its renowned EOS R system including the EOS R3 EOS R5 C EOS R7 and EOS R10 The EOS R3 offers all the familiarity and speed of Canon s celebrated EOS 1 series with the innovation and versatility of the pioneering EOS R system while the EOS R5 C is a powerful hybrid cinema camera that combines the features of professional Cinema EOS shooting range with the photographic capabilities of the EOS R system A high resolution full frame CMOS sensor DIGIC X processor and RF mount are the three crucial elements that enable high fidelity 8K capture and 45 megapixel still photography at burst speeds of up to 20 frames per second all in one EOS R5 C body Canon s robust new collection expands capabilities like never before It has made life simpler for creatives around the world at the touch of a button and now creators in C te d Ivoire can get in on the action too These award winning cameras and lenses add up to a better storytelling experience and this is what Africa needs to compete on a global scale in such a competitive content creation space said Amine Djouahra Director of Sales and Marketing Canon Africa Central and North Connect Communicate and Co Create At our consumer focused event the panel discussion focused on why mirrorless is taking over photography and how there is a growing need to switch from DSLRs to mirrorless Our experts also spoke about the growth of the content creation industry both globally and in Africa This was followed by a greater understanding of the full capabilities of R System imaging at the different experiential booths each with a specific purpose or need to serve a particular audience The booths offered an exciting experience for avid documentarians and cinematographers simulating a food documentary experience while action and sports photography enthusiasts were able to experience various techniques that showcased an adrenaline fueled aerial performance In addition they were able to obtain orientation at the Check and clean stand Following the success of our first Canon Creator Summit during the R Tour of Nigeria Canon photographers took center stage as audience members learned useful tips and tricks for getting the most out of these cutting edge cameras and lenses At this event our panel discussion focused on the importance of quality content creation and how it can grow industries Attendees heard how to excel at creating fashion content from Ramez Aoude and were able to test his skills afterwards with the hands on fashion workshop Later that day Jean Goun shared his experiences as an event photographer and how to broaden his skill set in this field which was also followed by a hands on workshop Guests were also introduced to the new mirrorless range and were able to touch and try them for themselves In 2021 UNESCO published a report https bit ly 3EiDBZJ on the continent s film and audiovisual industries which revealed that this sector accounts for 5 billion in Gross Domestic Product GDP which is promising for local content creators to tap into this creative industry and with Canon R tour we can show how the latest equipment and the right tools can help develop this sector and upskill young content creators Along with the photo and video imaging technology highlighted on the R Tour a variety of printing solutions were demonstrated to showcase print quality highlighting the complete input to output solutions that Canon offers The event also focused on providing the required printing solutions to an important vertical market of copy centers that seek to add value to the work they do for universities schools and SMEs in the country by detailing the printing landscape and helping them identify the The right printing solutions that are profitable for your business that can handle everything from the smallest printing requirements to large format printing The spirit of storytelling The R tour also organized the Canon Academy Workshops and Photo Walk in Grand Bassam which was specially awarded by the Ivory Coast government and this event was attended by 30 photographers videographers and content creators who enjoyed the opportunity to get hands on experience with our products The city is known for its busy palm fringed beach that stretches along the Atlantic coast Professional photographer former Chairman of Photography Officer and Canon Certified Trainer Seibou presented a hands on workshop where he took the audience through Canon s leading mirrorless cameras the R3 R5C R7 R10 Overall it was an extraordinary tour We are very excited to see what kind of amazing content comes out of C te d Ivoire with this new range of mirrorless EOS R system cameras We believe that now is the time for content creators in C te d Ivoire to seize this opportunity by adding even greater value to their products creating more authentic channels and benefiting from mirrorless cameras that incorporate the latest technology said Amine Djouahra
    Canon Central & North Africa Takes R-Tour To Ivory Coast With Local Launch Of Mirrorless Range Of EOS-R System Cameras
      In keeping with the company s dedication to introducing innovative technology based imaging solutions to Africa Canon Canon CNA com is bringing its long awaited R Tour to Abidjan Ivory Coast The tour sheds light on its upcoming products approach to customer strategy the rise of content creation as an industry in the country and much more Canon will present its revolutionary range of mirrorless products EOS R3 EOS R5 C EOS R7 and EOS R10 in an effort to introduce a much broader range of technology solutions in Africa Canon Central and North Africa embarked on the Canon R Tour in Abidjan C te d Ivoire which coincides with the company s vision of bringing together the latest imaging technology solutions on the African continent R Tour attendees were introduced to the latest line up of cutting edge products from its renowned EOS R system including the EOS R3 EOS R5 C EOS R7 and EOS R10 The EOS R3 offers all the familiarity and speed of Canon s celebrated EOS 1 series with the innovation and versatility of the pioneering EOS R system while the EOS R5 C is a powerful hybrid cinema camera that combines the features of professional Cinema EOS shooting range with the photographic capabilities of the EOS R system A high resolution full frame CMOS sensor DIGIC X processor and RF mount are the three crucial elements that enable high fidelity 8K capture and 45 megapixel still photography at burst speeds of up to 20 frames per second all in one EOS R5 C body Canon s robust new collection expands capabilities like never before It has made life simpler for creatives around the world at the touch of a button and now creators in C te d Ivoire can get in on the action too These award winning cameras and lenses add up to a better storytelling experience and this is what Africa needs to compete on a global scale in such a competitive content creation space said Amine Djouahra Director of Sales and Marketing Canon Africa Central and North Connect Communicate and Co Create At our consumer focused event the panel discussion focused on why mirrorless is taking over photography and how there is a growing need to switch from DSLRs to mirrorless Our experts also spoke about the growth of the content creation industry both globally and in Africa This was followed by a greater understanding of the full capabilities of R System imaging at the different experiential booths each with a specific purpose or need to serve a particular audience The booths offered an exciting experience for avid documentarians and cinematographers simulating a food documentary experience while action and sports photography enthusiasts were able to experience various techniques that showcased an adrenaline fueled aerial performance In addition they were able to obtain orientation at the Check and clean stand Following the success of our first Canon Creator Summit during the R Tour of Nigeria Canon photographers took center stage as audience members learned useful tips and tricks for getting the most out of these cutting edge cameras and lenses At this event our panel discussion focused on the importance of quality content creation and how it can grow industries Attendees heard how to excel at creating fashion content from Ramez Aoude and were able to test his skills afterwards with the hands on fashion workshop Later that day Jean Goun shared his experiences as an event photographer and how to broaden his skill set in this field which was also followed by a hands on workshop Guests were also introduced to the new mirrorless range and were able to touch and try them for themselves In 2021 UNESCO published a report https bit ly 3EiDBZJ on the continent s film and audiovisual industries which revealed that this sector accounts for 5 billion in Gross Domestic Product GDP which is promising for local content creators to tap into this creative industry and with Canon R tour we can show how the latest equipment and the right tools can help develop this sector and upskill young content creators Along with the photo and video imaging technology highlighted on the R Tour a variety of printing solutions were demonstrated to showcase print quality highlighting the complete input to output solutions that Canon offers The event also focused on providing the required printing solutions to an important vertical market of copy centers that seek to add value to the work they do for universities schools and SMEs in the country by detailing the printing landscape and helping them identify the The right printing solutions that are profitable for your business that can handle everything from the smallest printing requirements to large format printing The spirit of storytelling The R tour also organized the Canon Academy Workshops and Photo Walk in Grand Bassam which was specially awarded by the Ivory Coast government and this event was attended by 30 photographers videographers and content creators who enjoyed the opportunity to get hands on experience with our products The city is known for its busy palm fringed beach that stretches along the Atlantic coast Professional photographer former Chairman of Photography Officer and Canon Certified Trainer Seibou presented a hands on workshop where he took the audience through Canon s leading mirrorless cameras the R3 R5C R7 R10 Overall it was an extraordinary tour We are very excited to see what kind of amazing content comes out of C te d Ivoire with this new range of mirrorless EOS R system cameras We believe that now is the time for content creators in C te d Ivoire to seize this opportunity by adding even greater value to their products creating more authentic channels and benefiting from mirrorless cameras that incorporate the latest technology said Amine Djouahra
    Canon Central & North Africa Takes R-Tour To Ivory Coast With Local Launch Of Mirrorless Range Of EOS-R System Cameras
    Africa2 months ago

    Canon Central & North Africa Takes R-Tour To Ivory Coast With Local Launch Of Mirrorless Range Of EOS-R System Cameras

    In keeping with the company's dedication to introducing innovative, technology-based imaging solutions to Africa, Canon (Canon-CNA.com) is bringing its long-awaited R Tour to Abidjan, Ivory Coast.

    The tour sheds light on its upcoming products, approach to customer strategy, the rise of content creation as an industry in the country, and much more; Canon will present its revolutionary range of mirrorless products: EOS R3, EOS R5 C, EOS R7 and EOS R10 in an effort to introduce a much broader range of technology solutions in Africa.

    Canon Central and North Africa embarked on the Canon R Tour in Abidjan, Côte d'Ivoire, which coincides with the company's vision of bringing together the latest imaging technology solutions on the African continent.

    R-Tour attendees were introduced to the latest line-up of cutting-edge products from its renowned EOS R system, including the EOS R3, EOS R5 C, EOS R7 and EOS R10.

    The EOS R3 offers all the familiarity and speed of Canon's celebrated EOS-1 series, with the innovation and versatility of the pioneering EOS R system, while the EOS R5 C is a powerful hybrid cinema camera that combines the features of professional Cinema EOS shooting.

    range with the photographic capabilities of the EOS R system.

    A high-resolution full-frame CMOS sensor, DIGIC X processor and RF mount are the three crucial elements that enable high-fidelity 8K capture and 45-megapixel still photography at burst speeds of up to 20 frames per second, all in one EOS R5 C body.

    “Canon's robust new collection expands capabilities like never before.

    It has made life simpler for creatives around the world at the touch of a button, and now creators in Côte d'Ivoire can get in on the action too.

    These award-winning cameras and lenses add up to a better storytelling experience, and this is what Africa needs to compete on a global scale, in such a competitive content creation space,” said Amine Djouahra, Director of Sales and Marketing, Canon Africa Central and North.

    .

    Connect, Communicate and Co-Create At our consumer-focused event, the panel discussion focused on why mirrorless is taking over photography and how there is a growing need to switch from DSLRs to mirrorless.

    Our experts also spoke about the growth of the content creation industry, both globally and in Africa.

    This was followed by a greater understanding of the full capabilities of R System imaging at the different experiential booths, each with a specific purpose or need to serve a particular audience.

    The booths offered an exciting experience for avid documentarians and cinematographers, simulating a food documentary experience, while action and sports photography enthusiasts were able to experience various techniques that showcased an adrenaline-fueled aerial performance.

    In addition, they were able to obtain orientation at the Check-and-clean stand.

    Following the success of our first Canon Creator Summit during the R Tour of Nigeria, Canon photographers took center stage as audience members learned useful tips and tricks for getting the most out of these cutting-edge cameras and lenses.

    At this event, our panel discussion focused on the importance of quality content creation and how it can grow industries.

    Attendees heard how to excel at creating fashion content from Ramez Aoude and were able to test his skills afterwards with the hands-on fashion workshop.

    Later that day, Jean Goun shared his experiences as an event photographer and how to broaden his skill set in this field, which was also followed by a hands-on workshop.

    Guests were also introduced to the new mirrorless range and were able to touch and try them for themselves.

    In 2021, UNESCO published a report (https://bit.ly/3EiDBZJ) on the continent's film and audiovisual industries which revealed that this sector accounts for $5 billion in Gross Domestic Product (GDP), which is promising for local content creators.

    to tap into this creative industry and with Canon R-tour we can show how the latest equipment and the right tools can help develop this sector and upskill young content creators.

    Along with the photo and video imaging technology highlighted on the R-Tour, a variety of printing solutions were demonstrated to showcase print quality, highlighting the complete input-to-output solutions that Canon offers.

    The event also focused on providing the required printing solutions to an important vertical market of copy centers that seek to add value to the work they do for universities, schools and SMEs in the country by detailing the printing landscape and helping them identify the The right printing solutions that are profitable for your business, that can handle everything from the smallest printing requirements to large format printing.

    The spirit of storytelling The R-tour also organized the Canon Academy Workshops and Photo Walk in Grand-Bassam, which was specially awarded by the Ivory Coast government and this event was attended by 30 photographers, videographers and content creators who enjoyed the opportunity to get hands-on experience with our products.

    The city is known for its busy palm-fringed beach that stretches along the Atlantic coast.

    Professional photographer, former Chairman of Photography Officer and Canon Certified Trainer Seibou presented a hands-on workshop, where he took the audience through Canon's leading mirrorless cameras, the R3, R5C, R7, R10.

    Overall, it was an extraordinary tour.

    “We are very excited to see what kind of amazing content comes out of Côte d'Ivoire with this new range of mirrorless EOS-R system cameras.

    We believe that now is the time for content creators in Côte d'Ivoire to seize this opportunity by adding even greater value to their products, creating more authentic channels and benefiting from mirrorless cameras that incorporate the latest technology,” said Amine Djouahra.

  •  Commodities Brokers Association of Nigeria CBAN has urged the National Assembly to re visit Charted Institute of Commodity Brokers of Nigeria Est etc Bill 2018 Mr Ishaq Yahaya North Central Zonal Chairman of the association said this in an interview with the News Agency of Nigeria on Tuesday in Abuja He said that the bill which was passed by the Eighth Assembly but was unfortunately not assented to should be re visited in view of its importance in ensuring food security among others According to him if passed and assented to the bill will largely contribute to economic growth He said some objectives of the bill include training and certifying professionals as commodity brokers for the agricultural solid minerals and oil and gas sectors among others Yahaya said passing and assenting to the bill would go a long way in achieving the diversification effort of the present administration This is an important bill that when passed and assented to will help boost the non oil sector which will in turn contribute greatly to Nigeria s Gross Domestic Product GDP So we appeal to the National Assembly to kindly bring up this bill to enable it make the list of bills passed by this Assembly We are hopeful that once the bill gets to the table of the President this time he will consider it for assent because of the vital role it will play in boosting the economy he said NAN reports that commodity brokers are certified professionals authorised to deal in commodities on behalf of their clients NAN also reports that they are known years back for trading in livestock and grain However today they have expanded to cover various range of financial derivatives based on bonds energy oil and gas and stock among others NewsSourceCredit NAN
    Food security: Commodity brokers urge NASS to re-visit institute bill
     Commodities Brokers Association of Nigeria CBAN has urged the National Assembly to re visit Charted Institute of Commodity Brokers of Nigeria Est etc Bill 2018 Mr Ishaq Yahaya North Central Zonal Chairman of the association said this in an interview with the News Agency of Nigeria on Tuesday in Abuja He said that the bill which was passed by the Eighth Assembly but was unfortunately not assented to should be re visited in view of its importance in ensuring food security among others According to him if passed and assented to the bill will largely contribute to economic growth He said some objectives of the bill include training and certifying professionals as commodity brokers for the agricultural solid minerals and oil and gas sectors among others Yahaya said passing and assenting to the bill would go a long way in achieving the diversification effort of the present administration This is an important bill that when passed and assented to will help boost the non oil sector which will in turn contribute greatly to Nigeria s Gross Domestic Product GDP So we appeal to the National Assembly to kindly bring up this bill to enable it make the list of bills passed by this Assembly We are hopeful that once the bill gets to the table of the President this time he will consider it for assent because of the vital role it will play in boosting the economy he said NAN reports that commodity brokers are certified professionals authorised to deal in commodities on behalf of their clients NAN also reports that they are known years back for trading in livestock and grain However today they have expanded to cover various range of financial derivatives based on bonds energy oil and gas and stock among others NewsSourceCredit NAN
    Food security: Commodity brokers urge NASS to re-visit institute bill
    Economy2 months ago

    Food security: Commodity brokers urge NASS to re-visit institute bill

    Commodities Brokers Association of Nigeria (CBAN), has urged the National Assembly to re-visit Charted Institute of Commodity Brokers of Nigeria (Est. etc) Bill, 2018. Mr Ishaq Yahaya, North Central Zonal Chairman of the association said this in an interview with the News Agency of Nigeria on Tuesday in Abuja.

    He said that the bill, which was passed by the Eighth Assembly, but was unfortunately not assented to, should be re-visited in view of its importance in ensuring food security among others.

    According to him, if passed and assented to, the bill will largely contribute to economic growth.

    He said some objectives of the bill include training and certifying professionals as commodity brokers for the agricultural, solid minerals and oil and gas sectors among others.

    Yahaya said passing and assenting to the bill would go a long way in achieving the diversification effort of the present administration.

    “This is an important bill that when passed and assented to, will help boost the non-oil sector, which will in turn contribute greatly to Nigeria’s Gross Domestic Product (GDP).

    “So, we appeal to the National Assembly to kindly bring up this bill to enable it make the list of bills passed by this Assembly.

    “We are hopeful that once the bill gets to the table of the President this time, he will consider it for assent because of the vital role it will play in boosting the economy,’’ he said.

    NAN reports that commodity brokers are certified professionals authorised to deal in commodities on behalf of their clients.

    NAN also reports that they are known years back for trading in livestock and grain.

    However, today they have expanded to cover various range of financial derivatives based on bonds, energy, oil and gas, and stock among others.


    NewsSourceCredit: NAN

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