AUGUST 25th, 2017
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BUHARI SIGNS EXTRADITION TREATY WITH UAE, OTHER PACTS TO CHECK GRAFT, BOOST ECONOMY
President Muhammadu Buhari Thursday in Abuja signed nine international agreements, including an extradition treaty with the United Arab Emirates (UAE), aimed at strengthening the anti-corruption war, boosting the economy and improving security in the country.
Buhari also expressed hope that signing the agreements would enable the country to pursue the war against corruption with vigour, check illicit flow of funds, boost the tax regime, guarantee food security and improve living standards.
The president, who signed the agreements in the Conference Hall of the First Lady’s office in the State House, Abuja, directed all relevant agencies to ensure that they play their defined roles in the implementation and application of the treaties, with a view to providing Nigeria with the inherent benefits.
The Guardian Newspaper, Pages 1& 6 - Buhari tightens noose on graft war, signs extradition, economic treaties http://guardian.ng/news/buhari-tightens-noose-on-graft-war-signs-extradition-economic-treaties/
EU, NIGERIA COLLABORATE TO UPGRADE BANNED EXPORTS – PAGE 19
· ECOWAS targets regional quality agency
The European Union (EU) has begun collaboration with Nigerian authorities to improve the quality of some exports from the country, which had been banned in Europe due to the products’ deficiency in meeting European specifications.
The banned export items included beans and some fish products.
The Head of Cooperation, EU Delegation to Nigeria & ECOWAS, Kurt Cornelis, who made the disclosure in Abuja on the sidelines of the enlarged regional steering committee meetings, West Africa Quality System Project (WAQSP), said although the exports were desirable, the EU needed to protect its consumers.
“We are working with the Nigerian authorities in trying to improve the quality of exports that are concerned, i.e. beans and some fish products.
FG UNVEILS $200M BAILOUT FOR OIL, GAS FIRMS – PAGE 23
The Federal Government on Thursday launched a fund with an initial value of $200m to support local oil and gas firms.
The intervention fund, according to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, is part of measures to improve access to low-cost credit for oil and gas firmsl operating in the economy.
The Nigerian Content Development Fund is expected to be financed through the allocation of one per cent of the value of all contracts awarded in the upstream oil and gas industry, the petroleum ministry said.
Oil sales make up about two-thirds of national revenues, which is in its first recession in 25 years largely caused by low global crude prices.
The new fund would offer finance to energy firms setting up manufacturing facilities or acquiring assets such as oil rigs, ministry officials said.
It would also offer project financing and help refinance existing loans, they said.
REVERSING NIGERIA’S JOBLESS ECONOMIC GROWTH- BACKPAGE
“16 years after $16bn and over N3tn had been spent on power sector, all we hear are excuses why we are not having stable power, yet the same government continues to approve electricity tariffs beyond the reach of most Nigerians”
–Banji Oyeyinka, a former Director, Office for Africa, UN- Habitat, 14 August 2017
A few years back, Nigerian leaders waxed eloquent about our joining the league of the most advanced economies by 2020. We already were, or so the narrative went, a secure middle level power in the ranks of Brazil, Russia and Mexico, and with a growth rate higher than the global average, so, our ascent to economic superpower status was projected as assured. It took a dramatic downswing in the price of oil to force on us the reality that we lived in a bubble, and that the soaring number of private jets did not tally with economic development. Now that we are in a recession, and slipping back into debt slavery, experts are focusing their lenses on our false starts, comforting illusions and deceptive narratives, with a view to proffering a pathway for pulling us out of the economic forest of a thousand demons, into which we have wandered.
ICT CONTRIBUTES N1.6TR TO GDP QUARTERLY – NCC – PAGE 13
The quarterly contribution of Information and Communications Technology (ICT) sector to the Gross Domestic Product (GDP) has increased to N1.6 trillion from N1.4trn, the Nigerian Communications Commission has said.
The NCC’s Executive Vice Chairman, Professor Umar Danbatta, who disclosed this yesterday when he paid a courtesy visit to the Minister of Federal Capital Territory, also said the ICT sector is now contributing close to 10 per cent to the GDP annually.
The country, he added, recorded an increase in internet users hitting 92 million as at June.
He said that broadband penetration was expected to hit 30 per cent next year, and that would further increase the number of internet users in the country.
“Telecommunications has attracted more than $68 billion in private sector investment since 2001,” he said.
He, however said the sector faced some challenges like lack of collocation guidelines, increase in fees for building permits, retrospective FCTA laws, activities of road construction, delayed approval for installation of base stations/fibre deployments among others in the FCT.