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Intervention funds, investment hold ace to non-oil sector financing


As the nation braces up for non-oil sector financing in order to achieve sustainable development, the Central Bank of Nigeria(CBN) and analysts have identified intervention funds as well as private sector investment as the panacea.
According to facilitators at the just-concluded seminar for finance correspondents and Business editors organised by the Central Bank of Nigeria(CBN) in Abakaliki, Ebonyi State, the failure of financial institutions and government parastatals to fund critical sectors of the economy has made it imperative for CBN and private investors to pick up the bill.
To demonstrate this, the Ebonyi State government is currently planning to liaise with private investors to revive the state-owned Niger Cement company(Niger Cem). According to the state governor, David Umahi, when fully operational, the company would provide employment opportunities for its citizens and boost both the state and the nation’s economies.
Umahi, who was represented by the state Attorney-General and Commissioner for Justice, Augustine Nwankwagu, said the state is blessed with over 29 mineral resources begging for exploration.
And with emphasis on the diversification of the economy to non-oil sector, the governor called on investors to partner with state to harness the rich mineral resources.
He added that apart from being a beneficiary of the CBN Anchor Borrowers’ Programme, the state is also involved in various agricultural programmes as it is vigorously pursuing food security for the citizenry through its ‘one man one hectare’ policy, among others.
To Dr. Mudashiru Olaitan, the Director, Development Finance of the Central Bank of Nigeria (CBN), the slump in crude prices in the world market is a golden opportunity for the nation to revamp its ailing economy.
Olaitan, in his paper, ‘Real Sector Financing for Inclusive Growth and Economic Development’, said, “given our vulnerability to such external shocks, there is need to leverage on the present challenges to diversify from oil into agriculture, manufacturing, services and other sectors.
Represented by a Deputy Director, Mr, Umar Abubarka Musa, Olaitan traced the real sector intervention by the CBN to the falling oil prices at the global markets as a means of strengthening the capacity of the financial sector to deliver credit to the real sector.
He outlined the various development finance interventions by the apex bank, which are intended to achieve access to finance, economic diversification, job creation and inclusive growth. These include the N200 billion Commercial Agriculture Credit Scheme(CACS), the Nigerian Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) and Anchor Borrowers’ programme (ABP). Others are the N300 billion Real Sector Support Fund (RSSF), N500 billion Export Stimulation Facility (ESF), Power and Airline Intervention Fund (PAIF), Nigeria Electricity Market Stabilization Fund (NEMSF).
As for the promotion of non-oil export, the Nigerian Export Promotion Council (NEPC) raised the hope that the Federal Government would soon resuscitate the suspended Export Expansion Grant (EEG).
According to Mr. George Enyiekpon, who stood in for Mr Olusegun Awolowo, the Executive Director/CEO of NEPC, the suspension of the scheme, which was introduced in1986 to reduce Nigeria’s dependence on oil both as a source of income and foreign exchange earnings, has adversely affected export of manufactured goods which had drastically reduced the country’s volume of exports.
Enyiekpon explained that the recipients of the export grant held an instrument called Negotiable Duty Credit Certificate (NDCC) which is usually used in the payment of import and excise duties.
According to him, the inability of Nigerian exporters to meet delivery targets has weakened the confidence built over the years by foreign importers of Nigerian products.
He said that Nigerian Export Promotion Council (NEPC) had severally held meetings with the Vice President and the Minister of Trade, Commerce and Investment on the need to re-introduce the scheme, to boost the manufacturing sector.
‘We have made it clear to the government to re-introduce EGG to save many companies that are folding up. Some have folded up already. The Vice President has promised us that something will come up soon,” Enyiekpon said.
He added that the exchange rate situation in the country had been difficult for business transactions, adding that the introduction of EEG scheme was also useful for the diversification of Nigeria’s revenue base.
According to him, the policy recorded a major success with the volume of non-oil exports increasing from $700 million in 2005 to $2.9 billion in 2013.
‘It also led to an increase in value chain expansion in terms of processing and manufacturing capabilities which resulted in significant new investments and job creation in the manufacturing sector,” he said.
Meanwhile the CBN Governor, Mr. Godwin Emefiele, has urged business reporters to present the nation’s economy in good light.
He noted that foreign investors form their perception about the nation’s economy based on their reports, and financial journalists should therefore be conscious of this.
“If you misreport Nigeria, that is the  impression everybody is going to have about Nigeria.But if you report Nigeria correctly, then we would improve investment climate. Look at Ghanaian media, not too much noise is made about what is happening in the country.That does not mean that the media in Ghana is not alive to their rsponsibilities.But they try to downplay the negative aspects of the country and promote the positive aspects. So in your professional calling, always endeavour to seek the good side of Nigeria,” he added.
Emefiele, who said this in a keynote remarks presented on his behalf by the Director, Monetary Policy Department, Mr. Moses Tule, noted that efforts of the Central Bank transcend its core mandate of monetary and price stability, but involves developmental activities to stimulate growth. According to him, the developmental initiatives become necessary given the fact that the nation is a developing economy with the inherent development challenges.
He explained that that informed the decision of the apex bank to devote critical resources via its various intervention programmes such as the N220 billion Agriculture, Micro, small and Medium Enterprises (MSMEs) and in the area of infrastructure. These interventions include the Agricultural Credit Guarantee Scheme Fund (ACGSF), Commercial Agricultural Credit Scheme (CACS), etc. He, however, explained that these interventions do not intend to crowd out financial institutions in credit delivery, but rather as incentives to propel lending at reasonable rates to the real sector.

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12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.


The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

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Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.



In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

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Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

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