Business
Minister of State For Industry Charges NEPZA on Impactful Performance
Throws Support Behind Current Management
Honourable Minister of State For Industry, Senator John Owan Enoh today Thursday the 19th of December, identified the importance of enhanced performance with direct impact on the lives of the Nigerian people as critical to the implementation of the core mandate of agencies within the Industrial sector of the Federal Ministry of Industry, Trade and Investment.
Speaking when the top management of NEPZA led by the Managing Director/CEO, Dr. Olufemi Ogunyemi paid him a visit in his office to deliver a progress report on the activities of the authority, the Minister of State for Industry, charged the management of NEPZA to pay greater attention on delivering enhanced performance with focus on industrial matters that will impact the Nigerian people in line with the Renewed Hope Agenda of the present administration. While expressing his readiness to work closely with the leadership of the authority to achieve this objective, he called for continued engagement with the management of NEPZA to achieve this shared objective.
Presenting his progress report to the Honourable Minister of State, Dr. Ogunyemi stated that NEPZA is committed to repositioning itself through various initiatives to ensure continued growth and excellence. He stated that in line with the Renewed Hope Agenda of the present administration, the agency has expanded the Free Trade Zones and clusters to 55 across the nation and generated 13,720 jobs in the process
Within the year under review, the authority also registered 39 new enterprises, registered three new trade zones, facilitated the establishment of the Lekki Deep Sea Port development within the Lagos Free Trade Zone in record time and brought in significant Foreign Direct Investment (FDI) inflow into the country’s economy. Within the period under review, the Managing Director informed the Minister that the work of the authority has led to the inflow of $1 billion worth of investment into the country from the trade zones this year alone. This, in addition to the sum of N425 billion, the trade zones paid as customs duty to the Nigeria Customs.
NEPZA, he said, is engaging with the Securities and Exchange Commission (SEC), the Nigeria Stock Exchange (NGX), and other stakeholders to draft regulations for listing Free Zone Enterprises on the Nigerian Stock Exchange.
The listing he said will enable free zone entities, to access additional finance through the Nigerian capital market, create a framework for Free Zone Entities to contribute to the growth of the capital market and enhance NEPZA’s regulatory oversight of listed Free Zone Entities.
He appealed for the support of the Honourable Minister to enable the authority to overcome current challenges. These include outdated legal and regulatory frameworks, limited understanding of the Free Trade Zone concept, multiple taxation by revenue agencies, limited access to foreign exchange, and inadequate infrastructure, among others.
Business
FG Targets Improved Wheat Production With Subsidies Agricultural Growth Scheme
Joel Ajayi
The Federal Government has launched a groundbreaking initiative to enhance Nigeria’s wheat production, aligning with its efforts to strengthen food security and reduce dependence on imported wheat
.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who stated this in his office in Abuja, disclosed that the Ministry is thus advancing Nigeria’s wheat production through the National Agricultural Growth Scheme and Agro Pocket (NAGS-AP).
The initiative, he said, spans 16 wheat-producing States, aiming to enhance agricultural productivity and boost economic growth.
National Project Coordinator, Ishaku Buba, while briefing the Minister, informed that the scheme is targeting 280,000 smallholder farmers and a select group of medium-scale farmers in selected clusters.
Participants, he said, are required to contribute resources to cover inputs for one hectare of irrigated land, noting that fertilizer packages vary, with farmers in most States receiving 50kg of Urea and 100kg of NPK fertilizer, while farmers in Jigawa State will receive increased inputs due to its soil nutrient demands and a commitment of the State Government to boost wheat production.
He added that the project provides significant financial support, including 25% subsidies on certified wheat seeds and 50% subsidies on fertilizers, thus reducing costs for participating farmers.
To facilitate distribution, 409 redemption centres have been established, with 281 already operational, reaching 68,389 farmers (24.42% of the target).The program is expected to conclude its input distribution phase later this month, aligning with the wheat planting calendar.
Enhanced security measures have also been enacted, with personnel drawn from the Police, DSS, and NSCDC in place at redemption centres to ensure smooth operations.
In his closing remarks, HM Edun commended the project team for their efforts, emphasizing the scheme’s potential to strengthen food security, support rural economies, and reduce Nigeria’s dependence on imported wheat.
With this innovative subsidy scheme, Nigeria is poised to make significant strides in wheat production, ultimately contributing to a more food-secure and prosperous nation.
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