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Naija News Now Today

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President Muhammadu Buhari in Guangzhou, China said his administration would take urgent measures to restructure Nigeria’s market by supporting new investments in agriculture, mining and production.

The President, who stated this at a reception in his honour by the Communist naija.comnews Party of China, said Nigeria would welcome the support of foreign investors, the Chinese government and local businesses for efforts to diversify the nation’s economy.

Other agreements signed and declared during the visit, in accordance with the statement, comprise a $1billion facility for the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

The statement said the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at 200million dollars for the construction of two 500MT/day float gas facilities.

It further stated that an arrangement, valued at downstream industrial park in Kogi State and $363 million for the establishment of a comprehensive farm was also declared at the Nigeria-China company forum.

Additionally, arrangements undergoing dialogues include a $500 million project for the provision of television broadcast equipment and a $25 million facility for production of pre-paid smart meters between Microstar Company Limited and Mojec International Limited.

A statement issued in Abuja by his Senior Special Assistant on Media and Marketing, Mallam Garba Shehu, quoted the President as saying the diversification of the Nigerian economy was long overdue, as continued reliance on crude oil exports had always made the economy vulnerable to shocks.

"This time we shall be more deliberate. Businesses and the authorities will be entailed," Buhari said.

The statement added that Buhari also visited the Sino-Singapore Knowledge City in Guangzhou, "which showcases advancements by China in medical, science and technological inventions."

Buhari said the several arrangements concluded with the Chinese would have a huge and positive impact on vital sectors of the Nigerian economy, including rail transportation, solid minerals, agriculture, home and power.

"In the electricity sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at $478,657,941.28 million for the construction of 300 megawatts solar power in Shiriro, Niger State."

In the solid minerals sector, Shanghai Shibang and Granite and Marble Nigeria Limited signed an agreement valued at 55 million dollars for the building and equipping of granite mining plant in Nigeria."

According to the statement, a total of $1billion is always to be invested under an agreement reached Sinohydro Corporation Limited and by the Infrastructure Bank in the development of a greenfield expressway for Abuja-Ibadan-Lagos.

It further said that both companies also secured a $250 million deal to develop an ultra modern 27-storey highrise complex and a $2.5 billion agreement for the development of the Lagos Metro Rail Transit Red Line endeavor.

According to the statement, about 100 Nigerian businesses and 300 Chinese companies participated in the Nigeria-China business forum, which took place a day after Buhari began his v isit to China.

Brewer said that the enterprise was a franchise of a, and made the disclosure at the launching of a fitness centre owned by the company at Zone E, Abuja, Apo Legislative Quarters

She said "Curve Fitness Centre in Abuja creates a chance to promote well-being" and female fitness and to strengthen a new fitness franchise industry in Nigeria

She said that the centre which began in Lagos in 2014 would be targeting to open about 200 additional centres across the country.

In accordance with the envoy, the fitness centre established by the company has 7,000 factory outlets in 94 nations of the world.

She identified great healthy lifestyle, personal hygiene and balanced diet as panacea for longevity of life.

Guest Speaker Pastor Tunde Bakare, at the occasion, lauded the initiative of the company for setting such centre in Abuja.

He urged Nigerians to be creative about what they could add to the world’s market and think apart from population.

Based on the cleric, it’s time for Nigerians to think of what they could package for the world’s economy instead what they are able to get from it.

Before, Operations Supervisor of the centre, Mrs Peace Elimimian, had expressed confidence the center would affect meaningfully on the lives of girls.

The course that was began eight years ago by NIPSS is targeted at creating a vital means of getting technocrats involved with policy making for national development.

Speaking on "The Job of ICPC in the War breaking news in naija today Against Corruption: Strategies, Mandate and Challenges’’, Nta said that corruption was a huge challenge that faced the state and manifested at all levels.

He said the threat was a worldwide phenomenon which had not been confined to Nigeria.

According to him, corruption is more prevalent where there is systemic failure, bad governance and poor value orientation.

He said that though public awareness was that the commission was just participated in prosecuting corrupt government officials on account of the thoughts it was focusing on other corrupt practices.

These, he said, contained land administration in the Federal Capital Territory (FCT) and the monitoring and execution of particular government policies.

He said that ICPC was collaborating with the Nigeria Labour Congress (NLC) and Economic and Financial Crimes Commission (EFCC) in some of the duties.

Nta said the commission was presently investigation a state where public capital have been transferred into three distinct bank accounts, adding that the details would be made public in due time.

He further said that the commission newsnaija com had so far regained billions of naira in cash and forfeited assets, stressing that it was also running study that was systemic in some conditions in some universities.

He said that the measure followed reported cases of pupil harassment in some universities in the nation.

Nta added that ICPC was also reviewing the country’s primary health care system in collaboration to address its decay over time.

He stressed that it was regrettable that in spite of the various legislations against corruption in the nation, it still continued, as the legislations seemed to not be helping the dilemmas.

The ICPC chief, consequently, called to review corruption laws in the nation to ensure deterrence, efficiency and greater operation.

He listed social principles, tolerance, political and socio economic policies, weak government institutions and limitation of ICPC prosecution to State High Courts as some of the challenges facing the commission.

He also said that inadequate protection of whistleblowers and dangers to officials were some other challenges facing the commission.

The breaking news naija com Agency of Nigeria (NAN) reports that the class participants were drawn in the military, the Authorities and other government agencies.

The 21st session of the course focused on corruption in the indices and the country driving it.

The Minister for Finance, Mrs. Kemi Adeosun, says Nigeria will overcome its economic challenges without taking loan facility from the International Monetary Fund (IMF).

In a statement issued in Abuja on Saturday, the observation was made by Adeosun at the ongoing Spring Meetings of the IMF-World Bank in Washington DC in response to why the government has refused to apply for IMF loans.

The statement quoted the minister as saying by executing fiscal policies to direct the nation back on track for steady growth with a diversified market that Nigeria was adjusting to its new realities.

Signed by the Special Advisor to the Minister on Media, Mr. Festus Akanbi, the statement said the minister expressed optimism that sound fiscal policies and investments would boost Nigeria’s market by 2017.

Adeosun insisted that what the nation was passing through was surmountable because government was already using a "cocktail of measures to address the issue.

"Nigeria is just not ill. The actual vulnerability in the Nigerian economy is over-dependence on just one source of revenue; oil.

"we've resolved to develop resilience into the country’s economy to hedge against future oil shocks. This is because reliance on oil brings about vulnerability and laziness.">"So, we're doing a mixture of stuff to diversify our economy, with earnings mobilisation to enable sufficient investment in developing the non-petroleum sectors.

" we've amazing opportunities to reset the Nigerian market and ensure that as we go forward, increase will be in a sustainable manner so that we wo’t be exposed to petroleum cost changes.’’

The powerful business case in Nigeria is that the fundamentals remain very powerful, a teaming, youthful growing population, rich in resources and with a government decided to finally get it right.

The wonderful thing is that long term investors comprehend the difference between short term and long term problems and recognise this and the case for Nigeria convinces one to plan for the longer term opportunities,’’ the statement quoted her as saying.

Fayose urges China to not grant Nigeria’s $2b loan

Ayodele Fayose, the Ekiti State Governor, has written to the Chinese government seeking the stoppage of the $2 billion loan.

President Muhammadu Buhari’s visit to China this week was to discuss the development of the country’s infrastructure, including a $2 billion loan for railway jobs.

In the letter dated April 12, 2016, with reference number: EK/GOV/28/10, addressed to President Jinping and presented by Fayose’s Chief of Staff, Mr. Dipo Anisulowo, in Abuja yesterday through the Chinese Ambassador to Nigeria, Gu Xiaojie, the governor said some of the jobs for which the loan was being sought were not shot in the controversial 2016 budget, which has been sent to President Buhari by the National Assembly for his assent.

The letter reads in part: "I write as among the major stakeholders in the job Nigeria, and a governor of one among the federating units making up Nigeria, to draw your attention to report the Federal Government of Nigeria is on the brink of obtaining a $2 billion loan from the Export-Import Bank of China.

"This $2 billion loan a part of the N1.84 trillion the Federal Government of Nigeria has proposed to borrow to finance the 2016 budget, which is yet to be signed by the President, Muhammadu Buhari, owing to unending controversies between the Executive and Legislative arms of authorities."


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Guest Martes, 20 Febrero 2018