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Speaking on Wednesday in Abuja, Nasir Sani-Gwarzo, permanent secretary, federal ministry of industry, trade and investment, emphasised the importance of exploring investment potential in free trade zones to create profitable and sustainable businesses.
He spoke at a one-day sensitisation workshop themed, ‘Creating Awareness on the Activities of the Free Trade Zones in Order to Stimulate Investment in The Sub-Sector’.
“As a ministry, we are committed to supporting activities that will help harness the immense benefit of free trade zones to the economy, which is at the core of why the ministry set up a review committee not too long,” NAN quoted him as saying.
The World Bank’s June 2021 77-page Nigeria Development Update instructs in particular federal economic policy formulators and implementors that “rising prices alone – even without incorporating the direct impact of COVID-19 on welfare – pushed an estimated seven million Nigerians below the poverty line in 2020.” The corollary is focus by the apex bank on attainment of the principal object which mandates it to “ensure monetary and price stability” that alone would have brought about the desirable outcome of successfully keeping seven million Nigerians (who were on or near the border line) from slipping into extreme poverty in 2020. x
It should be quickly pointed out that apart from the attribution solely to inflation of the specific numerical size of affected Nigerians, the 2021 NDU report is actually the umpteenth verdict that the underlying heterodox fiscal and monetary preferences by successive federal administrations have been co
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PIB: Sinkhole called frontier basin development The Punch
Published 6 July 2021
The news of the passage of the Petroleum Industry Bill hit the airwaves like a tsunami last week, sparking surprise, disbelief, and confusion among stakeholders in the Nigerian oil and gas industry. Like the miracle in Cana in Galilee, the House of Representatives passed 318 clauses in less than 20 minutes! This is a feat four to five republics of the National Assembly could not achieve in nearly two decades! Shortly afterwards, the PIB also passed the third reading in the Senate amid chaos and heated debate by the federal lawmakers.
Out of the five parts, eight schedules, and 319 clauses of the Bill, Clause 9(4) relating to the Frontier Exploration Fund is the most startling provision that has dominated discussions since the passage last Thursday. The FEF comprises 10% of rents on petroleum prospecting licences, 10% rent on petroleum mining leases, and 30% of NNPC Limited’s profit